Ireland | 001-35803 | 98-1088325 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Exhibit | |
99.1 | ||
99.2 | ||
99.3 | ||
99.4 | ||
99.5 |
MALLINCKRODT PUBLIC LIMITED COMPANY | ||||
(registrant) | ||||
Date: | February 26, 2019 | By: | /s/ George A. Kegler | |
George A. Kegler | ||||
Executive Vice President and Chief Financial Officer, Interim |
MALLINCKRODT PLC | |||||||||||
INCOME STATEMENT FINANCIAL INFORMATION | |||||||||||
Nine Months Ended September 28, 2018 | |||||||||||
(unaudited, in millions, except per share data) | |||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Expected Results | |||||||||
Net sales | $ | 1,844.3 | $ | 536.4 | $ | 2,380.7 | |||||
Cost of sales | 936.7 | 336.1 | 1,272.8 | ||||||||
Gross profit | 907.6 | 200.3 | 1,107.9 | ||||||||
Selling, general and administrative expenses | 520.7 | 73.8 | 594.5 | ||||||||
Research and development expenses | 223.9 | 36.8 | 260.7 | ||||||||
Restructuring charges, net | 96.5 | 5.3 | 101.8 | ||||||||
Non-restructuring impairment charges | — | 2.0 | 2.0 | ||||||||
Loss on divestiture and license | 0.6 | — | 0.6 | ||||||||
Operating income | 65.9 | 82.4 | 148.3 | ||||||||
Interest expense | (280.1 | ) | — | (280.1 | ) | ||||||
Interest income | 6.6 | — | 6.6 | ||||||||
Other income, net | 17.5 | 0.3 | 17.8 | ||||||||
Loss from continuing operations before income taxes | (190.1 | ) | 82.7 | (107.4 | ) | ||||||
Income tax benefit | (222.0 | ) | 18.1 | (203.9 | ) | ||||||
Income from continuing operations | 31.9 | 64.6 | 96.5 | ||||||||
Income from discontinued operations, net of income taxes | 79.5 | (64.6 | ) | 14.9 | |||||||
Net income | $ | 111.4 | $ | — | $ | 111.4 | |||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 0.38 | $ | 1.15 | |||||||
Income from discontinued operations | 0.94 | 0.18 | |||||||||
Net income | 1.32 | 1.32 | |||||||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 0.37 | $ | 1.13 | |||||||
Income from discontinued operations | 0.93 | 0.17 | |||||||||
Net income | 1.31 | 1.31 | |||||||||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 84.2 | 84.2 | |||||||||
Diluted | 85.2 | 85.2 | |||||||||
MALLINCKRODT PLC | |||||||||||||
NON-GAAP MEASURES | |||||||||||||
Nine Months Ended September 28. 2018 | |||||||||||||
(unaudited, in millions except per share data) | |||||||||||||
Gross profit | Selling, general and administrative expenses | Income from continuing operations | Diluted income from continuing operations per share | ||||||||||
GAAP Historical As Reported | $ | 907.6 | $ | 520.7 | $ | 31.9 | $ | 0.37 | |||||
Reclass from discontinued operations | 200.3 | 73.8 | 64.6 | 0.76 | |||||||||
Adjusted (1) | 1,107.9 | 594.5 | 96.5 | 1.13 | |||||||||
Adjustments: | |||||||||||||
Intangible asset amortization | 541.6 | (5.0 | ) | 546.5 | 6.41 | ||||||||
Restructuring and related charges, net (2) | 2.9 | (1.9 | ) | 106.6 | 1.25 | ||||||||
Inventory step-up expense | 79.5 | — | 79.5 | 0.93 | |||||||||
Change in contingent consideration fair value | — | 33.3 | (33.3 | ) | (0.39 | ) | |||||||
Non-restructuring impairment charges | — | — | 2.0 | 0.02 | |||||||||
Acquisition related expenses | — | (3.8 | ) | 3.8 | 0.04 | ||||||||
Divestiture | — | — | 0.6 | 0.01 | |||||||||
Significant legal and environment charges | — | 11.8 | (11.8 | ) | (0.14 | ) | |||||||
Gain on repurchase of debt | — | — | (6.5 | ) | (0.08 | ) | |||||||
Legal entity and intercompany financing reorganization (3) | — | — | (82.3 | ) | (0.97 | ) | |||||||
U.S. Tax Reform (4) | (9.1 | ) | (0.11 | ) | |||||||||
Income taxes (5) | — | — | (181.5 | ) | (2.13 | ) | |||||||
As adjusted (1) | $ | 1,731.9 | $ | 628.9 | $ | 511.0 | $ | 6.00 | |||||
Percent of net sales | 72.7 | % | 26.4 | % | 21.5 | % | |||||||
Gross profit | Selling, general and administrative expenses | Income from continuing operations(i) | Diluted income from continuing operations per share | ||||||||||
Depreciation | $ | 11.4 | $ | 2.8 | $ | 17.7 | $ | 0.21 | |||||
Amortization | 6.6 | 0.2 | 6.8 | 0.08 |
MALLINCKRODT PLC | |||||||||||
INCOME STATEMENT FINANCIAL INFORMATION | |||||||||||
Three Months Ended September 28, 2018 | |||||||||||
(unaudited, in millions, except per share data) | |||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Expected Results | |||||||||
Net sales | $ | 640.0 | $ | 159.9 | $ | 799.9 | |||||
Cost of sales | 326.2 | 107.3 | 433.5 | ||||||||
Gross profit | 313.8 | 52.6 | 366.4 | ||||||||
Selling, general and administrative expenses | 164.0 | 29.4 | 193.4 | ||||||||
Research and development expenses | 78.5 | 7.6 | 86.1 | ||||||||
Restructuring charges, net | 14.7 | 0.1 | 14.8 | ||||||||
Non-restructuring impairment charges | — | 2.0 | 2.0 | ||||||||
Loss on divestiture and license | 0.6 | — | 0.6 | ||||||||
Operating income | 56.0 | 13.5 | 69.5 | ||||||||
Interest expense | (93.6 | ) | — | (93.6 | ) | ||||||
Interest income | 2.0 | — | 2.0 | ||||||||
Other income, net | 13.4 | — | 13.4 | ||||||||
Loss from continuing operations before income taxes | (22.2 | ) | 13.5 | (8.7 | ) | ||||||
Income tax benefit | (125.2 | ) | 2.3 | (122.9 | ) | ||||||
Income from continuing operations | 103.0 | 11.2 | 114.2 | ||||||||
Income (loss) from discontinued operations, net of income taxes | 10.8 | (11.2 | ) | (0.4 | ) | ||||||
Net income | $ | 113.8 | $ | — | $ | 113.8 | |||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 1.24 | $ | 1.37 | |||||||
Income from discontinued operations | 0.13 | — | |||||||||
Net income | 1.37 | 1.37 | |||||||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 1.21 | $ | 1.34 | |||||||
Income from discontinued operations | 0.13 | — | |||||||||
Net income | 1.34 | 1.34 | |||||||||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 83.2 | 83.2 | |||||||||
Diluted | 85.0 | 85.0 | |||||||||
MALLINCKRODT PLC | |||||||||||||
NON-GAAP MEASURES | |||||||||||||
Three Months Ended September 28. 2018 | |||||||||||||
(unaudited, in millions except per share data) | |||||||||||||
Gross profit | Selling, general and administrative expenses | Income from continuing operations | Diluted income from continuing operations per share | ||||||||||
GAAP Historical As Reported | $ | 313.8 | $ | 164.0 | $ | 103.0 | $ | 1.21 | |||||
Reclass from discontinued operations | 52.6 | 29.4 | 11.2 | 0.13 | |||||||||
Adjusted (1) | 366.4 | 193.4 | 114.2 | 1.34 | |||||||||
Adjustments: | |||||||||||||
Intangible asset amortization | 182.7 | (1.6 | ) | 184.2 | 2.17 | ||||||||
Restructuring and related charges, net (2) | 2.9 | (1.9 | ) | 19.6 | 0.23 | ||||||||
Inventory step-up expense | 31.0 | — | 31.0 | 0.36 | |||||||||
Change in contingent consideration fair value | — | 4.2 | (4.2 | ) | (0.05 | ) | |||||||
Non-restructuring impairment charges | — | — | 2.0 | 0.02 | |||||||||
Acquisition related expenses | — | (0.7 | ) | 0.7 | 0.01 | ||||||||
Divestiture | — | — | 0.6 | 0.01 | |||||||||
Significant legal and environment charges | — | 11.8 | (11.8 | ) | (0.14 | ) | |||||||
Legal entity and intercompany financing reorganization (3) | — | — | (82.3 | ) | (0.97 | ) | |||||||
U.S. Tax Reform (4) | (9.1 | ) | (0.11 | ) | |||||||||
Income taxes (5) | — | — | (54.0 | ) | (0.64 | ) | |||||||
As adjusted (1) | $ | 583.0 | $ | 205.2 | $ | 190.9 | $ | 2.25 | |||||
Percent of net sales | 72.9 | % | 25.7 | % | 23.9 | % | |||||||
Gross profit | Selling, general and administrative expenses | Income from continuing operations (i) | Diluted income from continuing operations per share | ||||||||||
Depreciation | $ | 7.0 | $ | 1.2 | $ | 9.7 | $ | 0.11 | |||||
Amortization | 2.7 | 0.1 | 2.8 | 0.03 |
MALLINCKRODT PLC | |||||||||||
INCOME STATEMENT FINANCIAL INFORMATION | |||||||||||
Three Months Ended June 29, 2018 | |||||||||||
(unaudited, in millions, except per share data) | |||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Expected Results | |||||||||
Net sales | $ | 631.7 | $ | 193.8 | $ | 825.5 | |||||
Cost of sales | 314.7 | 116.8 | 431.5 | ||||||||
Gross profit | 317.0 | 77.0 | 394.0 | ||||||||
Selling, general and administrative expenses | 164.3 | 25.6 | 189.9 | ||||||||
Research and development expenses | 81.3 | 11.3 | 92.6 | ||||||||
Restructuring charges, net | 58.7 | 0.1 | 58.8 | ||||||||
Operating income | 12.7 | 40.0 | 52.7 | ||||||||
Interest expense | (95.1 | ) | — | (95.1 | ) | ||||||
Interest income | 1.4 | — | 1.4 | ||||||||
Other expense, net | (0.5 | ) | 0.3 | (0.2 | ) | ||||||
Loss from continuing operations before income taxes | (81.5 | ) | 40.3 | (41.2 | ) | ||||||
Income tax benefit | (53.4 | ) | 9.0 | (44.4 | ) | ||||||
(Loss) income from continuing operations | (28.1 | ) | 31.3 | 3.2 | |||||||
Income from discontinued operations, net of income taxes | 43.7 | (31.3 | ) | 12.4 | |||||||
Net income | $ | 15.6 | $ | — | $ | 15.6 | |||||
Basic earnings per share: | |||||||||||
(Loss) income from continuing operations | $ | (0.34 | ) | $ | 0.04 | ||||||
Income from discontinued operations | 0.53 | 0.15 | |||||||||
Net income | 0.19 | 0.19 | |||||||||
Diluted earnings per share: | |||||||||||
(Loss) income from discontinued operations | $ | (0.34 | ) | $ | 0.04 | ||||||
Income from discontinued operations | 0.53 | 0.15 | |||||||||
Net income | 0.19 | 0.19 | |||||||||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 83.2 | 83.2 | |||||||||
Diluted | 83.2 | 83.5 | |||||||||
MALLINCKRODT PLC | |||||||||||||
NON-GAAP MEASURES | |||||||||||||
Three Months Ended June 29, 2018 | |||||||||||||
(unaudited, in millions except per share data) | |||||||||||||
Gross profit | Selling, general and administrative expenses | (Loss) income from continuing operations | Diluted (loss) income from continuing operations per share | ||||||||||
GAAP Historical As Reported | $ | 317.0 | $ | 164.3 | $ | (28.1 | ) | $ | (0.34 | ) | |||
Reclass from Discontinued operations | 77.0 | 25.6 | 31.3 | 0.37 | |||||||||
Adjusted (1) | 394.0 | 189.9 | 3.2 | 0.04 | |||||||||
Adjustments: | |||||||||||||
Intangible asset amortization | 182.6 | (1.7 | ) | 184.3 | 2.21 | ||||||||
Restructuring and related charges, net (2) | — | — | 58.8 | 0.70 | |||||||||
Inventory step-up expense | 31.5 | — | 31.5 | 0.38 | |||||||||
Change in contingent consideration fair value | — | 27.5 | (27.5 | ) | (0.33 | ) | |||||||
Acquisition related expenses | — | 0.1 | (0.1 | ) | — | ||||||||
Income taxes (3) | — | — | (70.0 | ) | (0.84 | ) | |||||||
As adjusted (1) | $ | 608.1 | $ | 215.8 | $ | 180.2 | $ | 2.16 | |||||
Percent of net sales | 73.7 | % | 26.1 | % | 21.8 | % | |||||||
Gross profit | Selling, general and administrative expenses | Income from continuing operations (i) | Diluted income from continuing operations per share | ||||||||||
Depreciation | $ | 3.8 | $ | 1.2 | $ | 6.4 | $ | 0.08 | |||||
Amortization | 2.7 | 0.1 | 2.8 | 0.03 |
MALLINCKRODT PLC | |||||||||||
INCOME STATEMENT FINANCIAL INFORMATION | |||||||||||
Three Months Ended March 30, 2018 | |||||||||||
(unaudited, in millions, except per share data) | |||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Expected Results | |||||||||
Net sales | $ | 572.6 | $ | 182.7 | $ | 755.3 | |||||
Cost of sales | 295.8 | 112.0 | 407.8 | ||||||||
Gross profit | 276.8 | 70.7 | 347.5 | ||||||||
Selling, general and administrative expenses | 192.4 | 18.8 | 211.2 | ||||||||
Research and development expenses | 64.1 | 17.9 | 82.0 | ||||||||
Restructuring charges, net | 23.1 | 5.1 | 28.2 | ||||||||
Operating (loss) income | (2.8 | ) | 28.9 | 26.1 | |||||||
Interest expense | (91.4 | ) | — | (91.4 | ) | ||||||
Interest income | 3.2 | — | 3.2 | ||||||||
Other income, net | 4.6 | — | 4.6 | ||||||||
Loss from continuing operations before income taxes | (86.4 | ) | 28.9 | (57.5 | ) | ||||||
Income tax benefit | (43.4 | ) | 6.8 | (36.6 | ) | ||||||
Loss from continuing operations | (43.0 | ) | 22.1 | (20.9 | ) | ||||||
Income from discontinued operations, net of income taxes | 25.0 | (22.1 | ) | 2.9 | |||||||
Net loss | $ | (18.0 | ) | $ | — | $ | (18.0 | ) | |||
Basic earnings per share: | |||||||||||
Loss from continuing operations | $ | (0.50 | ) | $ | (0.24 | ) | |||||
Income from discontinued operations | 0.29 | 0.03 | |||||||||
Net loss | (0.21 | ) | (0.21 | ) | |||||||
Diluted earnings per share: | |||||||||||
Loss from continuing operations | $ | (0.50 | ) | $ | (0.24 | ) | |||||
Income from discontinued operations | 0.29 | 0.03 | |||||||||
Net loss | (0.21 | ) | (0.21 | ) | |||||||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 86.1 | 86.1 | |||||||||
Diluted | 86.1 | 86.1 | |||||||||
MALLINCKRODT PLC | |||||||||||||
NON-GAAP MEASURES | |||||||||||||
Three Months Ended March 30, 2018 | |||||||||||||
(unaudited, in millions except per share data) | |||||||||||||
Gross profit | Selling, general and administrative expenses | (Loss) income from continuing operations | Diluted (loss) income from continuing operations per share (4) | ||||||||||
GAAP Historical As Reported | $ | 276.8 | $ | 192.4 | $ | (43.0 | ) | $ | (0.50 | ) | |||
Reclass from discontinued operations | 70.7 | 18.8 | 22.1 | 0.26 | |||||||||
Adjusted (1) | 347.5 | 211.2 | (20.9 | ) | (0.24 | ) | |||||||
Adjustments: | |||||||||||||
Intangible asset amortization | 176.3 | (1.7 | ) | 178.0 | 2.06 | ||||||||
Restructuring and related charges, net (2) | — | — | 28.2 | 0.33 | |||||||||
Inventory step-up expense | 17.0 | — | 17.0 | 0.20 | |||||||||
Change in contingent consideration fair value | — | 1.6 | (1.6 | ) | (0.02 | ) | |||||||
Acquisition related expenses | — | (3.2 | ) | 3.2 | 0.04 | ||||||||
Gain on repurchase of debt | — | — | (6.5 | ) | (0.08 | ) | |||||||
Income taxes (3) | — | — | (57.5 | ) | (0.67 | ) | |||||||
As adjusted (1) | $ | 540.8 | $ | 207.9 | $ | 139.9 | $ | 1.62 | |||||
Percent of net sales | 71.6 | % | 27.5 | % | 18.5 | % | |||||||
Gross profit | Selling, general and administrative expenses | Income from continuing operations (i) | Diluted income from continuing operations per share | ||||||||||
Depreciation | $ | 0.6 | $ | 0.4 | $ | 1.6 | $ | 0.02 | |||||
Amortization | 1.2 | — | 1.2 | 0.01 |
MALLINCKRODT PLC | |||||||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||||||
(unaudited, in millions) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
March 30, 2018 | June 29, 2018 | September 28, 2018 | September 28, 2018 | ||||||||||||
Specialty Brands | |||||||||||||||
H.P. Acthar Gel | $ | 243.8 | $ | 293.2 | $ | 290.1 | $ | 827.1 | |||||||
Inomax | 139.8 | 131.0 | 133.2 | 404.0 | |||||||||||
Ofirmev | 82.0 | 85.6 | 87.1 | 254.7 | |||||||||||
Therakos | 57.4 | 56.8 | 60.0 | 174.2 | |||||||||||
BioVectra | 10.5 | 11.3 | 13.9 | 35.7 | |||||||||||
Other | 14.9 | 4.2 | 4.9 | 24.0 | |||||||||||
Specialty Brands Total | 548.4 | 582.1 | 589.2 | 1,719.7 | |||||||||||
Specialty Generics and Amitza | |||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 13.9 | 16.9 | 15.5 | 46.3 | |||||||||||
Oxycodone (API) and oxycodone-containing tablets | 16.6 | 13.1 | 13.6 | 43.3 | |||||||||||
Acetaminophen (API) | 49.4 | 51.7 | 47.9 | 149.0 | |||||||||||
Amitiza | 23.0 | 48.0 | 48.2 | 119.2 | |||||||||||
Other controlled substances | 89.0 | 99.5 | 69.5 | 258.0 | |||||||||||
Other | 14.9 | 14.3 | 16.0 | 45.2 | |||||||||||
Specialty Generics and Amitiza Total | 206.8 | 243.5 | 210.7 | 661.0 | |||||||||||
Net Sales | $ | 755.2 | $ | 825.6 | $ | 799.9 | $ | 2,380.7 |
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT DATA | ||||||||||||||||
Nine Months Ended September 28, 2018 | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Other Adjustments | Expected Segment Results | |||||||||||||
Net sales: | ||||||||||||||||
Specialty Brands | $ | 1,844.3 | $ | — | $ | (124.6 | ) | $ | 1,719.7 | |||||||
Specialty Generics and Amitiza | — | 536.4 | 124.6 | 661.0 | ||||||||||||
Net sales | $ | 1,844.3 | $ | 536.4 | $ | — | $ | 2,380.7 | ||||||||
Operating income: | ||||||||||||||||
Specialty Brands | $ | 794.0 | $ | — | $ | (6.8 | ) | $ | 787.2 | |||||||
Specialty Generics and Amitiza (1) | — | 91.3 | 10.6 | 101.9 | ||||||||||||
Segment operating income | 794.0 | 91.3 | 3.8 | 889.1 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Corporate and allocated expenses (2) | (81.9 | ) | — | (3.8 | ) | (85.7 | ) | |||||||||
Intangible asset amortization | (544.8 | ) | (1.7 | ) | — | (546.5 | ) | |||||||||
Restructuring and related charges, net (3) | (101.4 | ) | (5.2 | ) | — | (106.6 | ) | |||||||||
Non-restructuring impairments | — | (2.0 | ) | — | (2.0 | ) | ||||||||||
Operating income | $ | 65.9 | $ | 82.4 | $ | — | $ | 148.3 | ||||||||
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT DATA | ||||||||||||||||
Three Months Ended September 28, 2018 | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Other Adjustments | Expected Segment Results | |||||||||||||
Net sales: | ||||||||||||||||
Specialty Brands | $ | 640.0 | $ | — | $ | (50.8 | ) | $ | 589.2 | |||||||
Specialty Generics and Amitiza | — | 159.9 | 50.8 | 210.7 | ||||||||||||
Net sales | $ | 640.0 | $ | 159.9 | $ | — | $ | 799.9 | ||||||||
Operating income: | ||||||||||||||||
Specialty Brands | $ | 287.8 | $ | — | $ | (6.1 | ) | $ | 281.7 | |||||||
Specialty Generics and Amitiza (1) | — | 15.5 | 7.3 | 22.8 | ||||||||||||
Segment operating income | 287.8 | 15.5 | 1.2 | 304.5 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Corporate and allocated expenses (2) | (28.0 | ) | — | (1.2 | ) | (29.2 | ) | |||||||||
Intangible asset amortization | (184.2 | ) | — | — | (184.2 | ) | ||||||||||
Restructuring and related charges, net (3) | (19.6 | ) | — | — | (19.6 | ) | ||||||||||
Non-restructuring impairments | — | (2.0 | ) | — | (2.0 | ) | ||||||||||
Operating income | $ | 56.0 | $ | 13.5 | $ | — | $ | 69.5 | ||||||||
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT DATA | ||||||||||||||||
Three Months Ended June 29, 2018 | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Other Adjustments | Expected Segment Results | |||||||||||||
Net sales: | ||||||||||||||||
Specialty Brands | $ | 631.7 | $ | — | $ | (49.6 | ) | $ | 582.1 | |||||||
Specialty Generics and Amitiza | — | 193.8 | 49.6 | 243.4 | ||||||||||||
Net sales | $ | 631.7 | $ | 193.8 | $ | — | $ | 825.5 | ||||||||
Operating income: | ||||||||||||||||
Specialty Brands | $ | 265.9 | $ | — | $ | (2.5 | ) | $ | 263.4 | |||||||
Specialty Generics and Amitiza (1) | — | 40.1 | 4.8 | 44.9 | ||||||||||||
Segment operating income | 265.9 | 40.1 | 2.3 | 308.3 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Corporate and allocated expenses (2) | (10.2 | ) | — | (2.3 | ) | (12.5 | ) | |||||||||
Intangible asset amortization | (184.3 | ) | — | — | (184.3 | ) | ||||||||||
Restructuring and related charges, net (3) | (58.7 | ) | (0.1 | ) | — | (58.8 | ) | |||||||||
Non-restructuring impairments | — | — | — | — | ||||||||||||
Operating income | $ | 12.7 | $ | 40.0 | $ | — | $ | 52.7 | ||||||||
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT DATA | ||||||||||||||||
Three Months Ended March 30, 2018 | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations | Other Adjustments | Expected Segment Results | |||||||||||||
Net sales: | ||||||||||||||||
Specialty Brands | $ | 572.6 | $ | — | $ | (24.2 | ) | $ | 548.4 | |||||||
Specialty Generics and Amitiza | — | 182.7 | 24.2 | 206.9 | ||||||||||||
Net sales | $ | 572.6 | $ | 182.7 | $ | — | $ | 755.3 | ||||||||
Operating income: | ||||||||||||||||
Specialty Brands | $ | 240.3 | $ | — | $ | 1.8 | $ | 242.1 | ||||||||
Specialty Generics and Amitiza (1) | — | 35.7 | (1.5 | ) | 34.2 | |||||||||||
Segment operating income | 240.3 | 35.7 | 0.3 | 276.3 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Corporate and allocated expenses (2) | (43.7 | ) | — | (0.3 | ) | (44.0 | ) | |||||||||
Intangible asset amortization | (176.3 | ) | (1.7 | ) | — | (178.0 | ) | |||||||||
Restructuring and related charges, net (3) | (23.1 | ) | (5.1 | ) | — | (28.2 | ) | |||||||||
Non-restructuring impairments | — | — | — | — | ||||||||||||
Operating income | $ | (2.8 | ) | $ | 28.9 | $ | — | $ | 26.1 | |||||||
MALLINCKRODT PLC | |||||||||||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||
March 31, 2017 | June 30, 2017 | September 29, 2017 | December 29, 2017 | December 29, 2017 | |||||||||||||||
Specialty Brands | |||||||||||||||||||
H.P. Acthar Gel | $ | 271.8 | $ | 319.4 | $ | 308.7 | $ | 295.2 | $ | 1,195.1 | |||||||||
Inomax | 128.4 | 125.5 | 125.7 | 125.6 | 505.2 | ||||||||||||||
Ofirmev | 73.4 | 75.7 | 75.4 | 78.0 | 302.5 | ||||||||||||||
Therakos | 51.2 | 51.2 | 55.3 | 57.2 | 214.9 | ||||||||||||||
BioVectra | 9.9 | 10.5 | 16.0 | 18.3 | 54.7 | ||||||||||||||
Other | 25.1 | 17.8 | 19.4 | 17.3 | 79.6 | ||||||||||||||
Specialty Brands Total | 559.8 | 600.1 | 600.5 | 591.6 | 2,352.0 | ||||||||||||||
Specialty Generics and Amitiza | |||||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 30.3 | 23.0 | 10.0 | 22.0 | 85.3 | ||||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 24.8 | 27.3 | 15.5 | 20.4 | 88.0 | ||||||||||||||
Acetaminophen (API) | 49.8 | 44.4 | 48.6 | 42.7 | 185.5 | ||||||||||||||
Amitiza | — | — | — | — | — | ||||||||||||||
Other controlled substances | 110.3 | 108.1 | 99.3 | 94.3 | 412.0 | ||||||||||||||
Other | 35.9 | 21.6 | 20.0 | 21.3 | 98.8 | ||||||||||||||
Specialty Generics and Amitiza Total | 251.1 | 224.4 | 193.4 | 200.7 | 869.6 | ||||||||||||||
Net Sales | $ | 810.9 | $ | 824.5 | $ | 793.9 | $ | 792.3 | $ | 3,221.6 |
MALLINCKRODT PLC | ||||||||||||||||
SEGMENT DATA | ||||||||||||||||
Fiscal Year Ended December 29, 2017 | ||||||||||||||||
(unaudited, in millions) | ||||||||||||||||
GAAP Historical As Reported | Reclass from Discontinued Operations (3) | Other Adjustments | Expected Segment Results | |||||||||||||
Net sales: | ||||||||||||||||
Specialty Brands | $ | 2,325.3 | $ | — | $ | 26.7 | $ | 2,352.0 | ||||||||
Specialty Generics and Amitiza | 839.5 | — | 30.1 | 869.6 | ||||||||||||
Other | 56.8 | (56.8 | ) | — | ||||||||||||
Net sales | $ | 3,221.6 | $ | — | $ | — | $ | 3,221.6 | ||||||||
Operating income: | ||||||||||||||||
Specialty Brands | $ | 1,155.2 | $ | — | $ | (8.9 | ) | $ | 1,146.3 | |||||||
Specialty Generics and Amitiza | 231.5 | — | 34.9 | 266.4 | ||||||||||||
Segment operating income | 1,386.7 | — | 26.0 | 1,412.7 | ||||||||||||
Unallocated amounts: | ||||||||||||||||
Corporate and allocated expenses (1) | (172.0 | ) | — | 46.8 | (125.2 | ) | ||||||||||
Intangible asset amortization | (694.5 | ) | — | — | (694.5 | ) | ||||||||||
Restructuring and related charges, net (2) | (36.4 | ) | — | — | (36.4 | ) | ||||||||||
Non-restructuring impairments | (63.7 | ) | — | — | (63.7 | ) | ||||||||||
Operating income | $ | 420.1 | $ | — | $ | 72.8 | $ | 492.9 | ||||||||