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Lookback: Miller Value Partners 2019 Mallinckrodt PLC (MNK) Thesis
If you are looking for the best ideas for your portfolio you may want to consider some of Miller Value Partners top stock picks. Miller Value Partners, an investment management firm, is bullish on Mallinckrodt Plc (NYSE:MNK) stock. In its Opportunity Equity Q3 2019 investor letter – you can download a copy here – the […]
Insider Monkey · 1d ago
Mallinckrodt Announces Real World Data on Hepatorenal Syndrome (HRS) and Acute Kidney Injury (AKI) in Patients with Liver Disease at The Liver Meeting Digital Experience
Mallinckrodt plc, a global biopharmaceutical company, today announced findings from a large U.S. database review of patient profiles and outcomes of patients hospitalized with hepatorenal syndrome (HRS) and acute kidney injury (AKI). The descriptive data on HRS and AKI patients with liver disease may help advance kidney health, aligned with a recent U.S. Executive Order (No. 13879). Findings were presented during a poster presentation at The Liver Meeting Digital Experience, the annual meeting of the American Association for the Study of Liver Diseases (AASLD). The poster can be accessed here on the company's website.
PR Newswire · 11/16 11:45
Mallinckrodt Announces Data from a Multicenter Post Hoc Analysis of Terlipressin in Patients with Hepatorenal Syndrome-Acute Kidney Injury (HRS-AKI) at The Liver Meeting Digital Experience
Mallinckrodt plc, a global biopharmaceutical company, today announced results from a post hoc analysis of a retrospective chart review study of terlipressin in patients with hepatorenal syndrome-acute kidney injury (HRS-AKI) conducted in 26 hospitals in the United Kingdom. HRS-AKI, also known as HRS-1, is an acute and life-threatening syndrome involving acute kidney failure in people with cirrhosis.1 Results were presented during a poster presentation at The Liver Meeting Digital Experience, the annual meeting of the American Association for the Study of Liver Diseases (AASLD). The poster can be accessed here on the company's website.
PR Newswire · 11/16 11:30
Mallinckrodt International Finance SA -- Moody's downgrades Mallinckrodt's PDR to D-PD following Chapter 11 filing
Moody's · 10/12 23:36
Mallinckrodt Bankruptcy Would End Opioid Claims, Wipe out Shares
(Bloomberg) -- Mallinckrodt Plc became the third major opioid maker to go bankrupt after being swamped by claims it profited by fueling the U.S. opioid epidemic.The drug company said Monday it filed for Chapter 11 protection in Delaware after getting creditors and claimants to agree on a restructuring plan that hands ownership to bondholders, wipes out shareholders and sets aside $1.6 billion to resolve all opioid litigation. The filing also will help resolve a U.S. government probe into whether the company defrauded Medicaid by overcharging for Acthar Gel, its top-selling mutiple sclerosis drug.The move comes as Mallinckrodt was readying for two trials over accusations it illegally marketed opioids and failed to properly oversee large shipments of the highly addictive pills, which have been tied to an epidemic of abuse that killed thousands of Americans. A judge is likely to halt all litigation while the bankruptcy plan makes its way through the court process.The agreement includes certain debt holders, state attorneys general and lawyers for municipalities that sued to recoup billions in tax dollars spent on battling opioid addictions. Mallinckrodt will set up a trust to oversee payments from the $1.6 billion fund to claimants, and give them warrants to buy a stake in the reorganized company that could total nearly 20%, according to a statement.Wiped OutCurrent shareholders are likely to get nothing, filings show. The stock, which ended last week at 75 cents a share, has hovered at penny-stock levels for most of this year as the talks progressed, and trading was suspended on Monday after the bankruptcy was filed.Chief Executive Officer Mark Trudeau, who has been in charge for seven years, said the plan puts Mallinckrodt “on a clear path” to ending litigation and turning the company around.Read about what bankruptcy may mean for bondholders“Mallinckrodt has been threatening bankruptcy for over a year, so this comes as no surprise,” Hunter Shkolnik, a lawyer for two New York counties who sued opioid makers and distributors over their mishandling of the pills, said in an emailed statement.The development mirrors Purdue Pharma LP’s move to short-circuit opioid suits against the maker of OxyContin by filing for bankruptcy protection last year. Purdue is proposing a $10 billion settlement plan that would turn that company over to the states and local governments and require the billionaire Sackler family -- which owns the drugmaker -- to come up with $3 billion. Some states and municipalities have opposed the offer, saying it’s not enough to deal with the public health crisis.Insys Therapeutics Inc., maker of the Subsys painkiller, sought bankruptcy protection last year after agreeing to pay hundreds of millions of dollars to settle a probe by U.S. prosecutors over the promotion of its highly addictive opioid-based medicine.Criminal CaseJohn Kapoor, Insys’s founder and former CEO, was sentenced to 5 1/2 years in prison after a jury found him guilty of conspiring with other Insys executives to lure doctors into wrongfully broadening use of a drug intended only to manage severe cancer pain through the use of sham speaker’s fees. He is the first CEO of an opioid maker to face criminal charges.Unlike Purdue and Insys, Mallinckrodt has billions of funded debt obligations to manage. Before its filing, Mallinckrodt crafted a restructuring agreement that’s supported by 84% of the unsecured noteholders as well as 50 states and territories, according to a statement. The plan will allow the company to shed as much as $1.3 billion in debt.First-lien and second-lien holders would get to keep their stakes, with their existing rates and maturities. Investors who hold guaranteed unsecured notes would get their share of $375 million of new secured second-lien notes due seven years after the company emerges from Chapter 11, according to the statement. Those holders would receive 100% of the reorganized company’s equity, subject to certain dilutions.Trade creditors and holders of general unsecured claims are slated to share $150 million in cash, while equity holders and non-guaranteed unsecured noteholders are expected not to recover anything.Acthar AccordOnce it completes its bankruptcy process, Mallinckrodt said it will comply with an injunction to cease operations at its opioid business.The filing paves the way for a $260 million settlement of U.S. government claims that Mallinckrodt executives cheated the government through what the government said were “meteoric” price hikes for its multiple-sclerosis fighting Acthar Gel. The money will be paid out over seven years and will go to states as rebates for the drug’s price hikes.Along with the New York trial, Mallinckrodt faced an upcoming court contest over Tennessee officials’ claims it flooded the eastern part of the state with its opioid painkillers.Tennessee officials and lawyers for an opioid-addicted baby contend the company acted as the equivalent of a drug dealer when it shipped large orders that wound up supplying some pill mills in the state, according to court filings. Mallinckrodt has said the real culprits in the opioids epidemic are illegal dealers of the painkillers.Local Impact“We are disappointed MNK has run to bankruptcy court to avoid our pending trial,” Gerard Stranch, a Nashville-based lawyer representing Tennessee officials in the case, said in an emailed statement. “We are also concerned MNK has worked with states to help them negotiate an allocation of the paltry settlement funds that will favor the state’s general fund but leave local and rural areas uncompensated.”In its Chapter 11 filing, Mallinckrodt estimated liabilities of $1 billion to $10 billion and assets in the same range. Mallinckrodt LLC, the company’s generic drug unit, also sought bankruptcy protection, according to court filings. The company said separating its generic and specialty businesses remains one of its goals through its bankruptcy process.The case is Mallinckrodt Plc, 20-12522, U.S. Bankruptcy Court for the District of Delaware (Wilmington).For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bloomberg · 10/12 15:57
Mallinckrodt's Bankruptcy: The Charts Told the Story Last Year
Mallinckrodt's Bankruptcy: The Charts Told the Story Last Year...MNK
TheStreet.com · 10/12 14:52
Mallinckrodt's stock drops as it announces bankruptcy filing
Shares of Mallinckrodt Plc [S: mnk] tumbled 31.2% in trading on Monday after the company said it had filed for Chapter 11 bankruptcy, in part due to a...
MarketWatch · 10/12 14:37
ROCE Insights For Mallinckrodt
During Q2, Mallinckrodt's (NYSE: MNK) reported sales totaled $700.90 million. Despite a 11803.28% in earnings, the company posted a loss of $726.10 million. Mallinckrodt collected $665.80 million in revenue during Q1, but reported earnings showed a $6.10 million loss.What Is Return On Capital Employed? Return on Capital Employed is a measure of yearly pre-tax profit relative to capital employed by a business. Changes in earnings and sales indicate shifts in a company's ROCE. A higher ROCE is generally representative of successful growth of a company and is a sign of higher earnings per share in the future. A low or negative ROCE suggests the opposite. In Q2, Mallinckrodt posted an ROCE of -0.75%.Keep in mind, while ROCE is a good measure of a company's recent performance, it is not a highly reliable predictor of a company's earnings or sales in the near future.View more earnings on MNKROCE is an important metric for the comparison of similar companies. A relatively high ROCE shows Mallinckrodt is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and earnings per share growth.For Mallinckrodt, the return on capital employed ratio shows the current amount of assets may not actually be helping the company achieve higher returns, a note many investors will take into account when making long-term financial decisions.Q2 Earnings Insight Mallinckrodt reported Q2 earnings per share at $1.89/share, which beat analyst predictions of $1.35/share.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * 12 Healthcare Stocks Moving In Friday's After-Market Session * 10 Healthcare Stocks Moving In Friday's Intraday Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga · 10/12 14:24
Opioid maker Mallinckrodt files for bankruptcy
CNN.com · 10/12 12:22
Mallinckrodt Earlier Announced Initiation Of Chapter 11 Proceedings; Shares Currently Halted
UBLIN, Oct. 12, 2020 /PRNewswire/ -- Mallinckrodt plc (NYSE:MNK) ("Mallinckrodt" or the "Company") today announced that it has voluntarily initiated Chapter 11 proceedings in the U.S.
Benzinga · 10/12 11:38
Wall Street Breakfast: Get Ready For Earnings Season
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. Get ready for earnings seasonFinancial earnings will dominate the current week as the sector tries to break out of the malaise that made it an underperformer throughout the summer's recovery rally. Trading revenue and bank credit loss estimates will give an indication of the pace of the economic recovery, though the four largest lenders more than doubled their war chests for defaulted loans over the first six months of the year. Among those reporting over the
Seekingalpha · 10/12 11:18
Mallinckrodt Files for Bankruptcy Amid Opioid Litigation
TheStreet.com · 10/12 10:59
Mallinckrodt Files For Chapter 11 Bankruptcy To Offload Opioid Fines
Drug manufacturer Mallinckrodt PLC (NYSE: MNK) disclosed Monday that it has voluntarily initiated Chapter 11 bankruptcy proceedings in the U.S.
Benzinga · 10/12 10:22
Apple, Stimulus, Mallinckrodt, Los Angeles Lakers - 5 Things You Must Know Monday
The prospects for further fiscal stimulus remain uncertain; earnings season begins this week; Apple begins shipping devices directly from its retail stores.
TheStreet.com · 10/12 09:12
Mallinckrodt Files For Bankruptcy To Cut Debt, Settle Opioid Legal Claims
Mallinckrodt announced on Monday that it has voluntarily filed for Chapter 11 proceedings in a move to restructure its debt and resolve “several billions dollars” in potential legal liabilities.Mallinckrodt (MNK) said that under its financial restructuring plan it seeks to reduce total debt by approximately $1.3 billion and resolve the opioid-related legal claims against the company, its subsidiaries and related entities. In addition, the speciality biopharma company is hoping to resolve various matters related to its multiple-sclerosis treatment Acthar Gel, including the CMS Medicaid rebate dispute, an associated False Claims Act (FCA) lawsuit and an FCA lawsuit relating to Acthar's previous owner's interactions with an independent charitable foundation.Mallinckrodt said it has now reached an agreement in principle on the terms of an amended proposed settlement that would resolve the opioid-related claims and is supported by a broad array of opioid plaintiffs. Under the terms of the settlement, which would become effective upon Mallinckrodt's emergence from Chapter 11, opioid claims would be channeled to one or more trusts, which would receive $1.6 billion in structured payments.Opioid claimants would also receive warrants for about 19.99% of the company's fully diluted outstanding shares, exercisable at a strike price reflecting an aggregate equity value of $1.551 billion.As part of an agreement reached with certain governmental parties to resolve certain disputes related to Acthar Gel, Mallinckrodt has agreed to pay $260 million over 7 years. Following the execution of the settlement, the company will dismiss its appeal of the CMS Medicaid rebate ruling currently pending in the U.S. Court of Appeals for the D.C. Circuit. The settlement would resolve the CMS Medicaid rebate dispute, the associated FCA lawsuit in Boston and an FCA lawsuit in the Eastern District of Pennsylvania relating to Acthar's previous owner's interactions with an independent charitable foundation.Mallinckrodt expects to complete the settlement over the next several months, during which the company and all of its subsidiaries are continuing to operate and supply customers and patients with products as normal.MNK shares dived 31% on Friday taking this year’s plunge to 79%. Looking ahead, the $1.63 average analyst price target implies 117% upside potential lies ahead.Raymond James analyst Elliot Wilbur last month reiterated a Hold rating on stock after the US Food and Drug Administration announced that it could not approve the company’s terlipressin as a treatment for Hepatorenal Syndrome (HRS-1) based on the available data from the Phase 3 clinical trial. HRS-1 is a life-threatening syndrome involving acute kidney failure.“Terlipressin was supposed to provide MNK with a much needed boost as a growth asset with exclusivity in order to offset headwinds faced by the company, but with terlipressin approval taking a large step back, in tandem with the continued balance sheet and Acthar pressures,” Wilbur remains sidelined on the stock.The rest of the Street is in line with Wilbur’s stock outlook. The Hold analyst consensus shows 7 Holds versus 2 Sells. (See MNK stock analysis on TipRanks)Related News: Twitter Unveils Raft Of New Measures Ahead Of US Elections Amazon Ends ‘Crucible’ Game Development; Street Stays Bullish Apple Allowed To Block Fortnite From App Store Amid Dispute More recent articles from Smarter Analyst: * J&J;’s Tremfya Study Shows Improvement In Crohn’s Disease Patients * Opko’s BioReference Lab Begins Covid-19 Testing At NYC Schools * Eli Lilly In Gates Foundation Supply Deal For Covid-19 Antibodies * ConocoPhillips Boosts Dividend 2.4%; Street Bullish On Outlook
SmarterAnalyst · 10/12 08:57
Mallinckrodt Seeks Bankruptcy to Offload Opioid Liabilities
Drug manufacturer Mallinckrodt Plc became the third major opioid maker to seek bankruptcy protection after being swamped by claims it profited from fueling the U.S. opioid epidemic.
Bloomberg · 10/12 06:50
Mallinckrodt files for Chapter 11 for opioid settlement and debt reduction
Mallinckrodt (MNK) has voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court to modify its capital structure, including restructuring portions of its debt and resolve legal liabilities.The entities that
Seekingalpha · 10/12 05:49
Opioid drug maker Mallinckrodt files for U.S. bankruptcy protection
Reuters · 10/12 05:26
Mallinckrodt files for bankruptcy protection amid U.S. opioid litigation
Mallinckrodt filed for Chapter 11 bankruptcy protection on Monday in the face of lawsuits alleging it fueled the U.S. opioid epidemic and after it lost a court battle to avoid paying higher rebates to state Medicaid programs for its top-selling drug.
Reuters · 10/12 05:03
Mallinckrodt Secures Broad Consensus with Key Stakeholders on Comprehensive Chapter 11 Restructuring
Mallinckrodt plc (NYSE: MNK) ("Mallinckrodt" or the "Company") today announced that it has voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to modify its capital structure, including restructuring portions of its debt, and resolve several billion dollars of otherwise unmanageable potential legal liabilities. Mallinckrodt and all of its subsidiaries are continuing to operate and supply customers and patients with products as normal.
PR Newswire · 10/12 04:12
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About MNKKQ
Mallinckrodt public limited company develops, manufactures, markets and distributes branded and generic specialty pharmaceutical products and therapies. The Company focuses on various therapeutic areas, such as autoimmune and rare disease specialty areas, including neurology, rheumatology, nephrology, ophthalmology and pulmonology; immunotherapy and neonatal critical care respiratory therapies; analgesics and hemostasis products, and central nervous system drugs. Its segments include Specialty Brands and Specialty Generics. The Specialty Brands segment produces and markets branded pharmaceutical products and therapies. The Specialty Generics segment produces and markets specialty generic pharmaceuticals and active pharmaceutical ingredient (API) consisting of biologics, medicinal opioids, synthetic controlled substances, acetaminophen and other active ingredients. Its product portfolio includes Acthar, Inomax, Ofirmev, Therakos immunotherapy, Hemostasis products and StrataGraft.
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