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Mallinckrodt (MNK) investor relations material

Mallinckrodt Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Completed merger of Mallinckrodt and Endo, creating a global, diversified therapeutics leader with expanded product diversity and capabilities; Endo results included post-July 31, 2025.

  • Divested Therakos business for $881.4M, using proceeds to reduce debt.

  • Announced Cristiano Stamolis as new President and CFO, bringing biotech, finance, and strategy expertise.

  • Integration plans underway, with synergy targets of at least $150M annual pretax run rate by year three and $75M in the first twelve months post-merger.

  • Progressing toward a planned spin-off of Par Health, the generics and sterile injectables business, targeted for Q4 2025.

Financial highlights

  • Legacy Endo Q2 2025 revenues were $448M, flat year-over-year; excluding divested International segment, revenues rose 2%.

  • Endo's adjusted EBITDA was $150M (down from $176M YoY); adjusted net income was $64M (down from $105M YoY), mainly due to lower gross margin and higher interest expense.

  • Legacy Mallinckrodt Q2 2025 net sales were $485M, down 5.7% YoY; excluding Therakos divestiture, net sales grew 8.5%. Net income improved to $2.4M from a $43M loss YoY.

  • Mallinckrodt adjusted EBITDA was $137M, down from $174M YoY, impacted by divestiture and increased competition.

  • Gross profit increased 18.9% to $231.8M; gross margin improved to 47.8% from 37.9%.

Outlook and guidance

  • Combined 2025 net sales expected between $3.57B and $3.62B; adjusted EBITDA between $1.1B and $1.13B.

  • Par Health 2025 net sales guided at $1.72B–$1.75B; adjusted EBITDA $450M–$470M.

  • Acthar Gel 2025 net sales guidance raised to 20–30% growth; XIAFLEX revenue growth reaffirmed in high single digits.

  • Plans to separate generics and sterile injectables businesses in Q4 2025, subject to board approval and conditions.

  • Expects continued integration and non-recurring costs related to the Endo deal and planned separation.

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Frequently asked questions

Mallinckrodt plc is a specialty pharmaceutical company that focuses on developing, manufacturing, and commercializing treatments for autoimmune and rare diseases, as well as therapies for pain management and critical care. The company’s portfolio includes a range of branded and generic pharmaceuticals, with a strong emphasis on specialty therapies for conditions such as neurology, nephrology, rheumatology, and pulmonology. Mallinckrodt also offers imaging agents used in diagnostic procedures. Its products are primarily distributed to hospitals, physicians, and healthcare providers. The company is headquartered in Dublin, Ireland, and its shares are listed on the New York Stock Exchange.

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