MALLINCKRODT PLC | ||||
SELECT PRODUCT LINE NET SALES | ||||
Three Months Ended March 29, 2019 | ||||
(unaudited, in millions) | ||||
Specialty Brands | ||||
Acthar Gel | $ | 223.9 | ||
Inomax | 151.1 | |||
Ofirmev | 95.6 | |||
Therakos | 61.8 | |||
Amitiza | 53.0 | |||
BioVectra | 12.4 | |||
Other | 6.4 | |||
Specialty Brands Total | 604.2 | |||
Specialty Generics | ||||
Hydrocodone (API) and hydrocodone-containing tablets | 17.4 | |||
Oxycodone (API) and oxycodone-containing tablets | 16.5 | |||
Acetaminophen (API) | 46.2 | |||
Other controlled substances | 94.2 | |||
Other | 12.1 | |||
Specialty Generics Total | 186.4 | |||
Net Sales | $ | 790.6 |
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MALLINCKRODT PLC | ||||||||||||
SEGMENT DATA | ||||||||||||
Three Months Ended March 29, 2019 | ||||||||||||
(unaudited, in millions) | ||||||||||||
GAAP (1) Historical As Reported | Adjustments | Expected Segment Results | ||||||||||
Net sales: | ||||||||||||
Specialty Brands | $ | 547.3 | $ | 56.9 | $ | 604.2 | ||||||
Specialty Generics | 243.3 | (56.9 | ) | 186.4 | ||||||||
Net sales | $ | 790.6 | $ | — | $ | 790.6 | ||||||
Operating income: | ||||||||||||
Specialty Brands (2) | $ | 242.0 | $ | 33.5 | $ | 275.5 | ||||||
Specialty Generics | 57.9 | (33.5 | ) | 24.4 | ||||||||
Segment operating income | 299.9 | — | 299.9 | |||||||||
Unallocated amounts: | ||||||||||||
Corporate and allocated expenses (3) | (45.8 | ) | — | (45.8 | ) | |||||||
Intangible asset amortization | (222.8 | ) | — | (222.8 | ) | |||||||
Restructuring and related charges, net | (4.2 | ) | — | (4.2 | ) | |||||||
Non-restructuring impairments | — | — | — | |||||||||
Separation costs (4) | (11.7 | ) | — | (11.7 | ) | |||||||
Operating income | $ | 15.4 | $ | — | $ | 15.4 | ||||||
(1) Generally accepted accounting principles in the United States.
(2) Includes $10.0 million of inventory fair-value step up expense, primarily related to Amitiza.
(3) Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
(4) Represents costs incurred related to the separation of the Company's Specialty Generics business, which are included in selling, general and administrative expenses ("SG&A").
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MALLINCKRODT PLC | |||||||||||||||||||
SELECT PRODUCT LINE NET SALES | |||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||
March 30, 2018 | June 29, 2018 | September 28, 2018 | December 28, 2018 | December 28, 2018 | |||||||||||||||
Specialty Brands | |||||||||||||||||||
Acthar Gel | $ | 243.8 | $ | 293.2 | $ | 290.1 | $ | 283.0 | $ | 1,110.1 | |||||||||
Inomax | 139.8 | 131.0 | 133.2 | 138.7 | 542.7 | ||||||||||||||
Ofirmev | 82.0 | 85.6 | 87.1 | 87.2 | 341.9 | ||||||||||||||
Therakos | 57.4 | 56.8 | 60.0 | 57.0 | 231.2 | ||||||||||||||
Amitiza | 23.0 | 48.0 | 48.2 | 64.6 | 183.8 | ||||||||||||||
BioVectra | 10.5 | 11.3 | 13.9 | 17.4 | 53.1 | ||||||||||||||
Other | 16.1 | 5.8 | 7.5 | 4.5 | 33.9 | ||||||||||||||
Specialty Brands Total | 572.6 | 631.7 | 640.0 | 652.4 | 2,496.7 | ||||||||||||||
Specialty Generics | |||||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 13.9 | 16.9 | 15.5 | 19.6 | 65.9 | ||||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 16.6 | 13.1 | 13.6 | 22.8 | 66.1 | ||||||||||||||
Acetaminophen (API) | 49.4 | 51.7 | 47.9 | 43.7 | 192.7 | ||||||||||||||
Other controlled substances | 89.0 | 99.5 | 69.5 | 85.8 | 343.8 | ||||||||||||||
Other | 13.8 | 12.6 | 13.4 | 10.6 | 50.4 | ||||||||||||||
Specialty Generics Total | 182.7 | 193.8 | 159.9 | 182.5 | 718.9 | ||||||||||||||
Net Sales | $ | 755.3 | $ | 825.5 | $ | 799.9 | $ | 834.9 | $ | 3,215.6 |
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MALLINCKRODT PLC | ||||||||||||
SEGMENT DATA | ||||||||||||
Fiscal Year Ended December 28, 2018 | ||||||||||||
(unaudited, in millions) | ||||||||||||
GAAP Historical As Reported | Adjustments | Expected Segment Results | ||||||||||
Net sales: | ||||||||||||
Specialty Brands | $ | 2,306.2 | $ | 190.5 | $ | 2,496.7 | ||||||
Specialty Generics | 909.4 | (190.5 | ) | 718.9 | ||||||||
Net sales | $ | 3,215.6 | $ | — | $ | 3,215.6 | ||||||
Operating income: | ||||||||||||
Specialty Brands (1) | $ | 1,077.4 | $ | 15.7 | $ | 1,093.1 | ||||||
Specialty Generics | 105.0 | (15.7 | ) | 89.3 | ||||||||
Segment operating income | 1,182.4 | — | 1,182.4 | |||||||||
Unallocated amounts: | ||||||||||||
Corporate and allocated expenses (2) | (155.8 | ) | — | (155.8 | ) | |||||||
Intangible asset amortization | (740.2 | ) | — | (740.2 | ) | |||||||
Restructuring and related charges, net (3) | (108.2 | ) | — | (108.2 | ) | |||||||
Non-restructuring impairments | (3,893.1 | ) | — | (3,893.1 | ) | |||||||
Separation costs (4) | (6.0 | ) | — | (6.0 | ) | |||||||
Operating income | $ | (3,720.9 | ) | $ | — | $ | (3,720.9 | ) | ||||
(1) Includes $118.8 million of inventory fair-value step up expense, primarily related to Amitiza.
(2) Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
(3) Includes restructuring-related accelerated depreciation.
(4) Represents costs incurred related to the separation of the Company's Specialty Generics segment, which are included in SG&A.
4
MALLINCKRODT PLC | ||||||||||||
SEGMENT DATA | ||||||||||||
Three Months Ended December 28, 2018 | ||||||||||||
(unaudited, in millions) | ||||||||||||
GAAP Historical As Reported | Adjustments | Expected Segment Results | ||||||||||
Net sales: | ||||||||||||
Specialty Brands | $ | 586.5 | $ | 65.9 | $ | 652.4 | ||||||
Specialty Generics | 248.4 | (65.9 | ) | 182.5 | ||||||||
Net sales | $ | 834.9 | $ | — | $ | 834.9 | ||||||
Operating income: | ||||||||||||
Specialty Brands (1) | $ | 290.2 | $ | 8.5 | $ | 298.7 | ||||||
Specialty Generics (2) | 3.1 | (8.5 | ) | (5.4 | ) | |||||||
Segment operating income | 293.3 | — | 293.3 | |||||||||
Unallocated amounts: | ||||||||||||
Corporate and allocated expenses (3) | (70.1 | ) | — | (70.1 | ) | |||||||
Intangible asset amortization | (193.7 | ) | — | (193.7 | ) | |||||||
Restructuring and related charges, net (4) | (1.6 | ) | — | (1.6 | ) | |||||||
Non-restructuring impairments | (3,891.1 | ) | — | (3,891.1 | ) | |||||||
Separation costs (5) | (6.0 | ) | — | (6.0 | ) | |||||||
Operating income | $ | (3,869.2 | ) | $ | — | $ | (3,869.2 | ) | ||||
(1) Includes $41.3 million of inventory fair-value step up expense, primarily related to Amitiza.
(2) Beginning in the first quarter through the third quarter of fiscal 2018, the historical financial results attributable to "the Specialty Generics Disposal Group" were reflected in the Company's interim unaudited condensed consolidated financial statements as discontinued operations. As a result of the announcement of the planned separation of the Specialty Generics business, the Specialty Generics Disposal Group no longer met the requirements to be classified as held-for-sale. During the fourth quarter of fiscal 2018, the disposal group was reclassified to held-and-used and measured at its carrying amount before it was classified as held-for-sale, adjusted for depreciation and amortization expense that would have been recognized had the disposal group been continuously classified as held and used. The total depreciation adjustment of $17.7 million was reflected in the Specialty Generics segment operating income during the fourth quarter of 2018, the period in which the held-for-sale criteria were no longer met.
(3) Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
(4) Includes restructuring-related accelerated depreciation.
(5) Represents costs incurred related to the separation of the Company's Specialty Generics business, which are included in SG&A.
5
MALLINCKRODT PLC | ||||||||||||
SEGMENT DATA | ||||||||||||
Three Months Ended September 28, 2018 | ||||||||||||
(unaudited, in millions) | ||||||||||||
GAAP Historical As Reported | Adjustments | Expected Segment Results | ||||||||||
Net sales: | ||||||||||||
Specialty Brands | $ | 589.2 | $ | 50.8 | $ | 640.0 | ||||||
Specialty Generics | 210.7 | (50.8 | ) | 159.9 | ||||||||
Net sales | $ | 799.9 | $ | — | $ | 799.9 | ||||||
Operating income: | ||||||||||||
Specialty Brands (1) | $ | 281.7 | $ | 6.3 | $ | 288.0 | ||||||
Specialty Generics | 22.8 | (6.3 | ) | 16.5 | ||||||||
Segment operating income | 304.5 | — | 304.5 | |||||||||
Unallocated amounts: | ||||||||||||
Corporate and allocated expenses (2) | (29.2 | ) | — | (29.2 | ) | |||||||
Intangible asset amortization | (184.2 | ) | — | (184.2 | ) | |||||||
Restructuring and related charges, net (3) | (19.6 | ) | — | (19.6 | ) | |||||||
Non-restructuring impairments | (2.0 | ) | — | (2.0 | ) | |||||||
Operating income | $ | 69.5 | $ | — | $ | 69.5 | ||||||
(1) Includes $31.0 million of inventory fair-value step up expense, primarily related to Amitiza
(2) Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
(3) Includes restructuring-related accelerated depreciation.
6
MALLINCKRODT PLC | ||||||||||||
SEGMENT DATA | ||||||||||||
Three Months Ended June 29, 2018 | ||||||||||||
(unaudited, in millions) | ||||||||||||
GAAP Historical As Reported | Adjustments | Expected Segment Results | ||||||||||
Net sales: | ||||||||||||
Specialty Brands | $ | 582.1 | $ | 49.6 | $ | 631.7 | ||||||
Specialty Generics | 243.4 | (49.6 | ) | 193.8 | ||||||||
Net sales | $ | 825.5 | $ | — | $ | 825.5 | ||||||
Operating income: | ||||||||||||
Specialty Brands (1) | $ | 263.4 | $ | 1.8 | $ | 265.2 | ||||||
Specialty Generics | 44.9 | (1.8 | ) | 43.1 | ||||||||
Segment operating income | 308.3 | — | 308.3 | |||||||||
Unallocated amounts: | ||||||||||||
Corporate and allocated expenses (2) | (12.5 | ) | — | (12.5 | ) | |||||||
Intangible asset amortization | (184.3 | ) | — | (184.3 | ) | |||||||
Restructuring and related charges, net | (58.8 | ) | — | (58.8 | ) | |||||||
Operating income | $ | 52.7 | $ | — | $ | 52.7 | ||||||
(1) Includes $31.5 million of inventory fair-value step up expense, primarily related to Amitiza
(2) Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
7
MALLINCKRODT PLC | ||||||||||||
SEGMENT DATA | ||||||||||||
Three Months Ended March 30, 2018 | ||||||||||||
(unaudited, in millions) | ||||||||||||
GAAP Historical As Reported | Adjustments | Expected Segment Results | ||||||||||
Net sales: | ||||||||||||
Specialty Brands | $ | 548.4 | $ | 24.2 | $ | 572.6 | ||||||
Specialty Generics | 206.9 | (24.2 | ) | 182.7 | ||||||||
Net sales | $ | 755.3 | $ | — | $ | 755.3 | ||||||
Operating income: | ||||||||||||
Specialty Brands (1) | $ | 242.1 | $ | (0.9 | ) | $ | 241.2 | |||||
Specialty Generics (2) | 34.2 | 0.9 | 35.1 | |||||||||
Segment operating income | 276.3 | — | 276.3 | |||||||||
Unallocated amounts: | ||||||||||||
Corporate and allocated expenses (3) | (44.0 | ) | — | (44.0 | ) | |||||||
Intangible asset amortization | (178.0 | ) | — | (178.0 | ) | |||||||
Restructuring and related charges, net | (28.2 | ) | — | (28.2 | ) | |||||||
Operating income | $ | 26.1 | $ | — | $ | 26.1 | ||||||
(1) Includes $15.0 million of inventory fair-value step up expense, primarily related to Amitiza.
(2) Includes $8.9 million of depreciation expense incurred during the first quarter of fiscal 2018 prior to the Specialty Generics Disposal Group being classified as held and used.
(3) Includes administration expenses and certain compensation, legal, environmental and other costs not charged to the Company's reportable segments.
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