Mallinckrodt PLC (NYSE: MNK) reported its fiscal fourth-quarter financial results before the markets opened on Monday. The company had $1.84 in earnings per share (EPS) on $882.4 million in revenue compared to consensus estimates from Thomson Reuters that call for $1.77 in EPS on $870.52 million in revenue. The same period from the previous year had $1.59 in EPS on $789.30 million in revenue.

These results were led by meaningful top- and bottom-line growth in the Specialty Brands segment, which represents 53.1% of this quarter’s Mallinckrodt net sales.

The increase in sales was primarily driven by inclusion of H.P. Acthar Gel and Inomax for inhalation, partially offset by decreased net sales of methylphenidate HCl extended-release tablets, USP, and oxycodone-related products within the Specialty Generics segment.

On the books, the company had cash and equivalents totaling $365.9 million, up from $225.3 million at the end of the fiscal third quarter, despite the use of $75.0 million to repurchase shares in the fourth quarter. Mallinckrodt repurchased 0.8 million shares under its January 2015 stock repurchase program.

Mark Trudeau, President and CEO of Mallinckrodt, commented on earnings:

2015 was another pivotal year for Mallinckrodt. We were particularly pleased that fourth quarter and full year net sales were driven by volume growth. Mallinckrodt’s successful ‘acquire to invest’ growth strategy differentiates us from other specialty pharmaceutical companies as we typically focus on acquiring highly durable, under-resourced therapies that offer effective treatment alternatives for small, underserved and poorly penetrated patient populations.

Trudeau continued:

After acquiring assets, we enhance them with time-proven methods that have created value in the pharmaceutical industry for decades. We invest in manufacturing modernization, lifecycle management and label enhancement. And, most importantly, we focus on generating strong clinical and health economic evidence to further emphasize the effectiveness of our products. With these investments, our goal is to improve patient outcomes, reach new patients in appropriate populations, and increase value for the healthcare system.

Shares of Mallinckrodt closed Friday down 1.5% at $61.00, with a consensus analyst price target of $98.40 and a 52-week trading range of $52.01 to $134.26. Following the release of the earnings report, the stock is up over 9% at $66.56 in early trading indications Monday.

ALSO READ: States with the Best and Worst Diets

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.