(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(Title of each class) | ||
Exhibit No. | Exhibit | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). | |||||||
MALLINCKRODT PLC | ||||||||||||||
(registrant) | ||||||||||||||
Date: | March 15, 2022 | By: | /s/ Bryan M. Reasons | |||||||||||
Bryan M. Reasons | ||||||||||||||
Executive Vice President and Chief Financial Officer (principal financial and accounting officer) |
MALLINCKRODT PLC | |||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(unaudited, in millions, except per share data) | |||||||||||||||||
Three Months Ended 1 | |||||||||||||||||
December 31, 2021 | Percent of Net sales | December 25, 2020 | Percent of Net sales | ||||||||||||||
Net sales | $ | 597.2 | 100.0 | % | $ | 682.8 | 100.0 | % | |||||||||
Cost of sales | 358.7 | 60.1 | 372.3 | 54.5 | |||||||||||||
Gross profit | 238.5 | 39.9 | 310.5 | 45.5 | |||||||||||||
Selling, general and administrative expenses | 173.5 | 29.1 | 200.9 | 29.4 | |||||||||||||
Research and development expenses | 38.9 | 6.5 | 65.0 | 9.5 | |||||||||||||
Restructuring charges, net | 9.4 | 1.6 | 21.7 | 3.2 | |||||||||||||
Non-restructuring impairment charges | 90.4 | 15.1 | — | — | |||||||||||||
Gains on divestiture | — | — | (6.5) | (1.0) | |||||||||||||
Opioid-related litigation settlement gain | — | — | (9.3) | (1.4) | |||||||||||||
Operating (loss) income | (73.7) | (12.3) | 38.7 | 5.7 | |||||||||||||
Interest expense | (61.9) | (10.4) | (60.2) | (8.8) | |||||||||||||
Interest income | — | — | 0.5 | 0.1 | |||||||||||||
Other income, net | 6.1 | 1.0 | 6.3 | 0.9 | |||||||||||||
Reorganization items, net | (99.0) | (16.6) | (61.4) | (9.0) | |||||||||||||
Loss from continuing operations before income taxes | (228.5) | (38.3) | (76.1) | (11.1) | |||||||||||||
Income tax (benefit) expense | (24.4) | (4.1) | 78.1 | 11.4 | |||||||||||||
Loss from continuing operations | (204.1) | (34.2) | (154.2) | (22.6) | |||||||||||||
Income from discontinued operations, net of income taxes | 0.1 | — | 1.3 | 0.2 | |||||||||||||
Net loss | $ | (204.0) | (34.2) | % | $ | (152.9) | (22.4) | % | |||||||||
Basic loss per share: | |||||||||||||||||
Loss from continuing operations | $ | (2.41) | $ | (1.82) | |||||||||||||
Income from discontinued operations | — | 0.02 | |||||||||||||||
Net loss | $ | (2.41) | $ | (1.81) | |||||||||||||
Diluted loss per share: | |||||||||||||||||
Loss from continuing operations | $ | (2.41) | $ | (1.82) | |||||||||||||
Income from discontinued operations | — | 0.02 | |||||||||||||||
Net loss | $ | (2.41) | $ | (1.81) | |||||||||||||
Weighted-average number of shares outstanding | |||||||||||||||||
Basic weighted-average shares outstanding | 84.7 | 84.6 | |||||||||||||||
Diluted weighted-average shares outstanding | 84.7 | 84.6 |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||
CONSOLIDATED ADJUSTED EBITDA | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | December 25, 2020 | ||||||||||||||||||||||||||||
Gross Profit | SG&A | R&D | Adjusted EBITDA | Gross Profit | SG&A | R&D | Adjusted EBITDA | ||||||||||||||||||||||
Net loss | $ | 238.5 | $ | 173.5 | $ | 38.9 | $ | (204.0) | $ | 310.5 | $ | 200.9 | $ | 65.0 | $ | (152.9) | |||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Interest expense, net | — | — | — | 61.9 | — | — | — | 59.7 | |||||||||||||||||||||
Income taxes | — | — | — | (24.4) | — | — | — | 78.1 | |||||||||||||||||||||
Depreciation(1) | 18.1 | (4.2) | (2.1) | 24.4 | 17.7 | (18.8) | (1.8) | 38.3 | |||||||||||||||||||||
Amortization | 144.4 | (0.9) | — | 145.3 | 170.6 | (0.8) | — | 171.4 | |||||||||||||||||||||
Restructuring charges, net | — | — | — | 9.4 | — | — | — | 21.7 | |||||||||||||||||||||
Non-restructuring impairment charge | — | — | — | 90.4 | — | — | — | — | |||||||||||||||||||||
Income from discontinued operations | — | — | — | (0.1) | — | — | — | (1.3) | |||||||||||||||||||||
Change in contingent consideration fair value | — | (0.2) | — | 0.2 | — | (7.5) | — | 7.5 | |||||||||||||||||||||
Significant legal and environmental charges (2) | — | (34.3) | — | 34.3 | 0.9 | (2.6) | — | (5.8) | |||||||||||||||||||||
Gains on divestiture | — | — | — | — | — | — | — | (6.5) | |||||||||||||||||||||
Separation costs | — | (0.2) | — | 0.2 | — | (18.4) | — | 18.4 | |||||||||||||||||||||
Unrealized gain on equity investment | — | — | — | 0.1 | — | — | — | (1.6) | |||||||||||||||||||||
Reorganization items, net | — | — | — | 99.0 | — | — | — | 61.4 | |||||||||||||||||||||
Share-based compensation | 0.1 | (1.5) | (0.2) | 1.8 | 0.4 | (6.0) | (1.3) | 7.7 | |||||||||||||||||||||
Japanese consumption tax credit | — | — | — | (6.8) | — | — | — | — | |||||||||||||||||||||
As adjusted: | $ | 401.1 | $ | 132.2 | $ | 36.6 | $ | 231.7 | $ | 500.1 | $ | 146.8 | $ | 61.9 | $ | 296.1 | |||||||||||||
MALLINCKRODT PLC | |||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||
SEGMENT OPERATING INCOME | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended | |||||||||||
December 31, 2021 | December 25, 2020 | ||||||||||
Specialty Brands | $ | 224.2 | $ | 250.7 | |||||||
Specialty Generics | 34.1 | 50.9 | |||||||||
Segment operating income | 258.3 | 301.6 | |||||||||
Unallocated amounts: | |||||||||||
Corporate and unallocated expenses (1) | (60.5) | (13.8) | |||||||||
Depreciation and amortization | (169.7) | (209.7) | |||||||||
Share-based compensation | (1.8) | (7.7) | |||||||||
Restructuring charges, net | (9.4) | (21.7) | |||||||||
Non-restructuring impairment charges | (90.4) | — | |||||||||
Separation costs | (0.2) | (18.4) | |||||||||
Opioid-related litigation settlement gain | — | 9.3 | |||||||||
Medicaid lawsuit | — | (0.9) | |||||||||
Operating (loss) income | $ | (73.7) | $ | 38.7 |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | December 25, 2020 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands | $ | 397.4 | $ | 506.6 | (21.6) | % | (0.1) | % | (21.5) | % | |||||||||||||||||||
Specialty Generics | 199.8 | 177.1 | 12.8 | 0.1 | 12.7 | ||||||||||||||||||||||||
Segment net sales | 597.2 | 683.7 | (12.7) | (0.1) | (12.6) | ||||||||||||||||||||||||
Medicaid lawsuit | — | (0.9) | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 597.2 | $ | 682.8 | (12.5) | % | (0.1) | % | (12.4) | % |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||||||||||||||
SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | December 25, 2020 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands | |||||||||||||||||||||||||||||
Acthar Gel | $ | 169.7 | $ | 191.3 | (11.3) | % | — | % | (11.3) | % | |||||||||||||||||||
INOmax | 110.2 | 135.6 | (18.7) | — | (18.7) | ||||||||||||||||||||||||
Ofirmev | 4.9 | 60.5 | (91.9) | — | (91.9) | ||||||||||||||||||||||||
Therakos | 68.7 | 64.5 | 6.5 | (0.9) | 7.4 | ||||||||||||||||||||||||
Amitiza | 41.1 | 50.6 | (18.8) | — | (18.8) | ||||||||||||||||||||||||
Other | 2.8 | 4.1 | (31.7) | — | (31.7) | ||||||||||||||||||||||||
Specialty Brands Total | 397.4 | 506.6 | (21.6) | (0.1) | (21.5) | ||||||||||||||||||||||||
Specialty Generics | |||||||||||||||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 22.0 | 26.1 | (15.7) | — | (15.7) | ||||||||||||||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 19.0 | 20.4 | (6.9) | — | (6.9) | ||||||||||||||||||||||||
Acetaminophen (API) | 69.1 | 58.5 | 18.1 | — | 18.1 | ||||||||||||||||||||||||
Other controlled substances | 84.8 | 66.1 | 28.3 | 0.2 | 28.1 | ||||||||||||||||||||||||
Other | 4.9 | 6.0 | (18.3) | — | (18.3) | ||||||||||||||||||||||||
Specialty Generics Total | 199.8 | 177.1 | 12.8 | 0.1 | 12.7 | ||||||||||||||||||||||||
Segment net sales | 597.2 | 683.7 | (12.7) | (0.1) | (12.6) | ||||||||||||||||||||||||
Medicaid lawsuit | — | (0.9) | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 597.2 | $ | 682.8 | (12.5) | % | (0.1) | % | (12.4) | % |
MALLINCKRODT PLC | |||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(unaudited, in millions, except per share data) | |||||||||||||||||
Fiscal Year 1 | |||||||||||||||||
December 31, 2021 | Percent of Net sales | December 25, 2020 | Percent of Net sales | ||||||||||||||
Net sales (includes refined estimate of the retrospective one-time charge of $536.0 related to the Medicaid lawsuit for the fiscal year ended December 25, 2020) | $ | 2,208.8 | 100.0 | % | $ | 2,213.4 | 100.0 | % | |||||||||
Cost of sales | 1,317.1 | 59.6 | 1,544.0 | 69.8 | |||||||||||||
Gross profit | 891.7 | 40.4 | 669.4 | 30.2 | |||||||||||||
Selling, general and administrative expenses | 581.8 | 26.3 | 884.1 | 39.9 | |||||||||||||
Research and development expenses | 205.2 | 9.3 | 290.8 | 13.1 | |||||||||||||
Restructuring charges, net | 26.9 | 1.2 | 37.5 | 1.7 | |||||||||||||
Non-restructuring impairment charges | 154.9 | 7.0 | 63.5 | 2.9 | |||||||||||||
Losses (gains) on divestiture | 0.8 | — | (16.6) | (0.7) | |||||||||||||
Opioid-related litigation settlement loss (gain) | 125.0 | 5.7 | (43.4) | (2.0) | |||||||||||||
Medicaid lawsuit | — | — | 105.1 | 4.7 | |||||||||||||
Operating loss | (202.9) | (9.2) | (651.6) | (29.4) | |||||||||||||
Interest expense | (222.6) | (10.1) | (261.1) | (11.8) | |||||||||||||
Interest income | 1.9 | 0.1 | 5.9 | 0.3 | |||||||||||||
Other income, net | 22.0 | 1.0 | 7.4 | 0.3 | |||||||||||||
Reorganization items, net | (428.2) | (19.4) | (61.4) | (2.8) | |||||||||||||
Loss from continuing operations before income taxes | (829.8) | (37.6) | (960.8) | (43.4) | |||||||||||||
Income tax (benefit) expense | (106.3) | (4.8) | 8.9 | 0.4 | |||||||||||||
Loss from continuing operations | (723.5) | (32.8) | (969.7) | (43.8) | |||||||||||||
Income from discontinued operations, net of income taxes | 6.1 | 0.3 | 25.1 | 1.1 | |||||||||||||
Net loss | $ | (717.4) | (32.5) | % | $ | (944.6) | (42.7) | % | |||||||||
Basic loss per share: | |||||||||||||||||
Loss from continuing operations | $ | (8.54) | $ | (11.48) | |||||||||||||
Income from discontinued operations | 0.07 | 0.30 | |||||||||||||||
Net loss | $ | (8.47) | $ | (11.18) | |||||||||||||
Diluted loss per share: | |||||||||||||||||
Loss from continuing operations | $ | (8.54) | $ | (11.48) | |||||||||||||
Income from discontinued operations | 0.07 | 0.30 | |||||||||||||||
Net loss | $ | (8.47) | $ | (11.18) | |||||||||||||
Weighted-average number of shares outstanding: | |||||||||||||||||
Basic | 84.7 | 84.5 | |||||||||||||||
Diluted | 84.7 | 84.5 | |||||||||||||||
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||||||||||||||
CONSOLIDATED ADJUSTED EBITDA | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
December 31, 2021 | December 25, 2020 | ||||||||||||||||||||||||||||
Gross Profit | SG&A | R&D | Adjusted EBITDA | Gross Profit | SG&A | R&D | Adjusted EBITDA | ||||||||||||||||||||||
Net loss | $ | 891.7 | $ | 581.8 | $ | 205.2 | $ | (717.4) | $ | 669.4 | $ | 884.1 | $ | 290.8 | $ | (944.6) | |||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Interest expense, net | — | — | — | 220.7 | — | — | — | 255.2 | |||||||||||||||||||||
Income taxes | — | — | — | (106.3) | — | — | — | 8.9 | |||||||||||||||||||||
Depreciation(1) | 70.3 | (17.6) | (6.8) | 94.7 | 71.9 | (35.1) | (7.0) | 114.0 | |||||||||||||||||||||
Amortization | 577.7 | (3.4) | — | 581.1 | 767.8 | (3.4) | — | 771.2 | |||||||||||||||||||||
Restructuring charges, net | — | — | — | 26.9 | — | — | — | 37.5 | |||||||||||||||||||||
Non-restructuring impairment charge | — | — | — | 154.9 | — | — | — | 63.5 | |||||||||||||||||||||
Income from discontinued operations | — | — | — | (6.1) | — | — | — | (25.1) | |||||||||||||||||||||
Change in contingent consideration fair value | — | 7.4 | — | (7.4) | — | (9.9) | — | 9.9 | |||||||||||||||||||||
Significant legal and environmental charges (2) | — | (34.3) | — | 159.3 | 536.0 | (55.7) | — | 653.4 | |||||||||||||||||||||
Losses (gains) on divestiture | — | — | — | 0.8 | — | — | — | (16.6) | |||||||||||||||||||||
Separation costs | — | (1.2) | — | 1.2 | — | (93.4) | — | 93.4 | |||||||||||||||||||||
Unrealized gain on equity investment | — | — | — | (4.7) | — | — | — | (3.8) | |||||||||||||||||||||
R&D upfront payment | — | — | — | — | — | — | (5.0) | 5.0 | |||||||||||||||||||||
Reorganization items, net | — | — | — | 428.2 | — | — | — | 61.4 | |||||||||||||||||||||
Share-based compensation | 0.5 | (8.1) | (1.6) | 10.2 | 1.3 | (19.9) | (4.1) | 25.3 | |||||||||||||||||||||
Japanese consumption tax credit | — | — | — | (6.8) | — | — | — | — | |||||||||||||||||||||
As adjusted: | $ | 1,540.2 | $ | 524.6 | $ | 196.8 | $ | 829.3 | $ | 2,046.4 | $ | 666.7 | $ | 274.7 | $ | 1,108.6 |
MALLINCKRODT PLC | |||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||
SEGMENT OPERATING INCOME | |||||||||||
(unaudited, in millions) | |||||||||||
Fiscal Year | |||||||||||
December 31, 2021 | December 25, 2020 | ||||||||||
Specialty Brands | $ | 812.8 | $ | 1,015.7 | |||||||
Specialty Generics | 107.9 | 206.4 | |||||||||
Segment operating income | 920.7 | 1,222.1 | |||||||||
Unallocated amounts: | |||||||||||
Corporate and unallocated expenses (1) | (129.6) | (166.1) | |||||||||
Depreciation and amortization | (675.8) | (885.2) | |||||||||
Share-based compensation | (10.2) | (25.3) | |||||||||
Restructuring charges, net | (26.9) | (37.5) | |||||||||
Non-restructuring impairment charges | (154.9) | (63.5) | |||||||||
Separation costs | (1.2) | (93.4) | |||||||||
R&D upfront payment | — | (5.0) | |||||||||
Opioid-related litigation settlement (loss) gain | (125.0) | 43.4 | |||||||||
Medicaid lawsuit | — | (641.1) | |||||||||
Operating loss | $ | (202.9) | $ | (651.6) |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
December 31, 2021 | December 25, 2020 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands | $ | 1,547.0 | $ | 2,059.6 | (24.9) | % | 0.2 | % | (25.1) | % | |||||||||||||||||||
Specialty Generics | 661.8 | 689.8 | (4.1) | 0.1 | (4.2) | ||||||||||||||||||||||||
Segment net sales | 2,208.8 | 2,749.4 | (19.7) | 0.2 | (19.9) | ||||||||||||||||||||||||
Medicaid lawsuit | — | (536.0) | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 2,208.8 | $ | 2,213.4 | (0.2) | % | 0.2 | % | (0.4) | % |
MALLINCKRODT PLC | |||||||||||||||||||||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||||||||||||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||||||||||||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
December 31, 2021 | December 25, 2020 | Percent change | Currency impact | Constant-currency growth | |||||||||||||||||||||||||
Specialty Brands | |||||||||||||||||||||||||||||
Acthar | $ | 593.6 | $ | 767.9 | (22.7) | % | — | % | (22.7) | % | |||||||||||||||||||
INOmax | 448.5 | 574.1 | (21.9) | 0.1 | (22.0) | ||||||||||||||||||||||||
Ofirmev | 28.9 | 276.5 | (89.5) | — | (89.5) | ||||||||||||||||||||||||
Therakos | 266.5 | 238.6 | 11.7 | 1.3 | 10.4 | ||||||||||||||||||||||||
Amitiza | 196.9 | 188.8 | 4.3 | — | 4.3 | ||||||||||||||||||||||||
Other | 12.6 | 13.7 | (8.0) | — | (8.0) | ||||||||||||||||||||||||
Specialty Brands Total | 1,547.0 | 2,059.6 | (24.9) | 0.2 | (25.1) | ||||||||||||||||||||||||
Specialty Generics | |||||||||||||||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 82.7 | 98.0 | (15.6) | — | (15.6) | ||||||||||||||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 68.5 | 68.4 | 0.1 | — | 0.1 | ||||||||||||||||||||||||
Acetaminophen (API) | 215.9 | 213.0 | 1.4 | — | 1.4 | ||||||||||||||||||||||||
Other controlled substances | 272.7 | 289.9 | (5.9) | 0.3 | (6.2) | ||||||||||||||||||||||||
Other | 22.0 | 20.5 | 7.3 | — | 7.3 | ||||||||||||||||||||||||
Specialty Generics Total | 661.8 | 689.8 | (4.1) | 0.1 | (4.2) | ||||||||||||||||||||||||
Segment net sales | 2,208.8 | 2,749.4 | (19.7) | 0.2 | (19.9) | ||||||||||||||||||||||||
Medicaid lawsuit | — | (536.0) | * | * | * | ||||||||||||||||||||||||
Net sales | $ | 2,208.8 | $ | 2,213.4 | (0.2) | % | 0.2 | % | (0.4) | % |
MALLINCKRODT PLC | |||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(unaudited, in millions) | |||||||||||
December 31, 2021 | December 25, 2020 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 1,345.0 | $ | 1,070.6 | |||||||
Accounts receivable, net | 439.1 | 538.8 | |||||||||
Inventories | 347.2 | 344.9 | |||||||||
Prepaid expenses and other current assets | 178.3 | 350.0 | |||||||||
Total current assets | 2,309.6 | 2,304.3 | |||||||||
Property, plant and equipment, net | 776.0 | 833.1 | |||||||||
Intangible assets, net | 5,448.4 | 6,184.5 | |||||||||
Other assets | 382.3 | 393.5 | |||||||||
Total Assets | $ | 8,916.3 | $ | 9,715.4 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt | $ | 1,388.9 | $ | 3,587.9 | |||||||
Accounts payable | 123.0 | 93.3 | |||||||||
Accrued payroll and payroll-related costs | 84.6 | 79.4 | |||||||||
Accrued interest | 17.0 | 26.9 | |||||||||
Accrued and other current liabilities | 328.7 | 331.2 | |||||||||
Total current liabilities | 1,942.2 | 4,118.7 | |||||||||
Pension and postretirement benefits | 30.1 | 34.6 | |||||||||
Environmental liabilities | 43.0 | 59.8 | |||||||||
Deferred income taxes | 20.9 | 80.6 | |||||||||
Other income tax liabilities | 83.2 | 100.1 | |||||||||
Other liabilities | 85.8 | 109.8 | |||||||||
Liabilities subject to compromise | 6,397.7 | 4,192.6 | |||||||||
Total Liabilities | 8,602.9 | 8,696.2 | |||||||||
Shareholders' Equity: | |||||||||||
Preferred shares | — | — | |||||||||
Ordinary shares | 18.9 | 18.8 | |||||||||
Ordinary shares held in treasury at cost | (1,616.1) | (1,616.1) | |||||||||
Additional paid-in capital | 5,597.8 | 5,587.6 | |||||||||
Retained deficit | (3,678.9) | (2,961.5) | |||||||||
Accumulated other comprehensive loss | (8.3) | (9.6) | |||||||||
Total Shareholders' Equity | 313.4 | 1,019.2 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 8,916.3 | $ | 9,715.4 |
MALLINCKRODT PLC | |||||||||||
(DEBTOR-IN-POSSESSION) | |||||||||||
(IN EXAMINATION UNDER PART 10 OF THE IRISH COMPANIES ACT 2014) | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(unaudited, in millions) | |||||||||||
Fiscal Year | |||||||||||
December 31, 2021 | December 25, 2020 | ||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net loss | $ | (717.4) | $ | (944.6) | |||||||
Adjustments to reconcile net cash from operating activities: | |||||||||||
Depreciation and amortization | 675.8 | 885.2 | |||||||||
Share-based compensation | 10.2 | 25.3 | |||||||||
Deferred income taxes | (59.9) | 385.3 | |||||||||
Non-cash impairment charges | 154.9 | 63.5 | |||||||||
Inventory provisions | 11.5 | 18.5 | |||||||||
Losses (gains) on divestiture | 0.8 | (16.6) | |||||||||
Other non-cash items | (13.1) | (40.2) | |||||||||
Reorganization items, net | 22.5 | 10.2 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | 98.2 | 37.9 | |||||||||
Inventories | (14.0) | (51.1) | |||||||||
Accounts payable | (1.1) | 15.7 | |||||||||
Income taxes | 108.5 | (433.8) | |||||||||
Opioid-related litigation settlement liability | 125.0 | — | |||||||||
Medicaid lawsuit | (4.2) | 638.9 | |||||||||
Other | 57.7 | (95.3) | |||||||||
Net cash from operating activities | 455.4 | 498.9 | |||||||||
Cash Flows From Investing Activities: | |||||||||||
Capital expenditures | (55.3) | (47.7) | |||||||||
Proceeds (payments) related to divestiture, net of cash | 15.7 | (0.7) | |||||||||
Other | 1.8 | 37.2 | |||||||||
Net cash from investing activities | (37.8) | (11.2) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Repayment of external debt | (137.5) | (139.5) | |||||||||
Debt financing costs | — | (9.4) | |||||||||
Repurchase of shares | — | (0.4) | |||||||||
Other | — | (36.3) | |||||||||
Net cash from financing activities | (137.5) | (185.6) | |||||||||
Effect of currency rate changes on cash | (1.9) | 2.3 | |||||||||
Net change in cash, cash equivalents and restricted cash | 278.2 | 304.4 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,127.0 | 822.6 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,405.2 | $ | 1,127.0 | |||||||
Cash and cash equivalents at end of period | $ | 1,345.0 | $ | 1,070.6 | |||||||
Restricted cash included in prepaid expenses and other assets at end of period | 24.0 | 20.2 | |||||||||
Restricted cash included in other long-term assets at end of period | 36.2 | 36.2 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,405.2 | $ | 1,127.0 |