The naysayers want to knock down Mallinckrodt, trying to plant seeds of doubt that their negotiations with Mesoblast amount to diddly squat and lying that MNK's financials are bad. Nice try, I say.
Here:
1. MNK board just expanded the company's share buy-back plan by $1.0 Billion, reflecting the company's ongoing strong performance and future prospects. This authorization is in addition to prior authorizations approved by the Board.
2. CEO Mark Trudeau said: "Mallinckrodt has continued to deliver strong free cash flow, and has maintained manageable net debt leverage while delivering on projected revenues and profitability....Our Acquire to Invest strategy is evident in our focus on portfolio transformation and in developing a robust, organic Specialty Brands pipeline. We have also made significant progress over the past few months in strengthening our specialty pharmaceutical focus," said Trudeau, "Including the completed sale of our Nuclear Imaging business. We believe these actions will provide additional capital for investment in continued growth – including strategic business development opportunities – best positioning Mallinckrodt for the future."
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