May 5, 2020 / 11:43 AM / 23 days ago

BRIEF-Mallinckrodt Posts Q1 Loss Per Share Of $0.60

May 5 (Reuters) - Mallinckrodt Plc:

* REPORTS EARNINGS FOR THE FIRST QUARTER 2020 AND HIGHLIGHTS PIPELINE PROGRESS

* Q1 SALES $665.8 MILLION

* EXPECT NEXT FEW QUARTERS WILL BE CHALLENGING DUE TO IMPACT OF COVID-19

* CONTINUES TO WORK TO RESOLVE OUTSTANDING ISSUES RELATED TO OPIOIDS AND ACTHAR GEL

* CONSIDERS ALL AVAILABLE OPTIONS TO ADDRESS LEGAL AND FINANCIAL CHALLENGES RELATED TO OPIOIDS AND ACTHAR GEL

* DOES NOT ANTICIPATE SIGNIFICANT COVID-19-RELATED MANUFACTURING OR SUPPLY CHAIN DISRUPTIONS

* ACTHAR GEL NET SALES WERE $167.6 MILLION, A 25.1% DECREASE IN QUARTER

* EXPECTS IMPACT DUE TO COVID-19 STAY-AT-HOME ORDERS WILL BE MORE SIGNIFICANT IN Q2 AT LEAST

* CASH BALANCE AT THE END OF Q1 WAS $808.0 MILLION, AND THE REVOLVING CREDIT FACILITY WAS FULLY DRAWN

* AS OF TUESDAY’S EARNINGS ANNOUNCEMENT, THE CURRENT CASH BALANCE IS IN EXCESS OF $700 MILLION

* AS OF TODAY’S EARNINGS ANNOUNCEMENT, CURRENT CASH BALANCE IS IN EXCESS OF $700 MILLION

* Q1 EARNINGS PER SHARE VIEW $1.43, REVENUE VIEW $688.3 MILLION — REFINITIV IBES DATA Source text for Eikon: Further company coverage:

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