Mallinckrodt Beats Estimates, Issues Downbeat Guidance

Shares of Mallinckrodt were lower on Tuesday, despite posting better than expected fourth-quarter revenue and profits.
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Shares of Mallinckrodt (MNK) - Get Report  dropped Tuesday though the company posted top- and bottom-line earnings beats for the fourth quarter. The company's earnings of $2.04 a share on revenue of $887.2 million beat Wall Street's forecasts for the quarter. For the year, the specialty drugmaker reported profit of $5.77 a share and revenue of $3.4 billion. But during its conference call, management said the company's generic business continues to face significant challenges, with sales expected to drop at a double-digit rate next year.

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