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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.
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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