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Mallinckrodt Public Limited Company (MNK)

NYSE - NYSE Delayed Price. Currency in USD
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43.28+2.28 (+5.56%)
At close: 4:01PM EDT
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  • I realize some people disagree with me on this, but these shares are not going to start moving up until MNK gets serious about buying back shares. Shorts love hearing that MNK is paying down debt instead of buying shares. Do you really think it matters to anyone that MNK has 5.7 billion in debt vs. 6.2 billion? Of course not.AGN bought back 20% of their shares IN ONE QUARTER, and used debt to do it. Their shares rose 40%. MNK has been buying back 2% here and 5% there, while paying down hundreds of millions in debt--trying to please everyone and be "prudent." They should buy the maximum amount they can under the rules (25% of daily volume) as long as the shares are under $45. There will be plenty of time to pay down debt when the shares are much higher.Go take a look at RH. Their CEO got sick of shorts playing games with his stock, so he bought back about 1/3 of the float and roasted their #$%$.
  • I would love a short squeeze too, but the seems to be more like a change of sentiment.
  • Short interest increased a pathetic 1 million shares this last reporting period, which ended right before Chanos announced his position at the conference. As I've said before, if you listen to shorts, you would think that they all believe this company is doomed. If you look at their actual bets, it's another story. MNK has one of the lower amounts of short interest compared with many other specialty pharma stocks. So who has been selling the tens of millions of shares that got us here? Obviously our fellow investors who clearly don't believe the MNK story.
  • how will the congressional letter to MNK affect price?
  • UBS Healthcare Conference 2PM Eastern

    everyone is frustrated, what are you going to do to help investors?

    MNK has been doing the standard things to create valve

    MNK has:
    transformed portfolio
    increased cashflow
    increased profitability
    created a pipeline
    paid down debt
    share buyback
    capital deployment

    We have a perception issue, especially about the durability of acthar.

    We need to consider a whole range of additional options.

    Perception problem:

    concentration of acthar
    Level of debt
    perceived uncertainty around generics
    lack of understanding our pipeline

    Wide range of options, we need to do something pretty different than we have been doing.
  • MNK: "We are considering a whole NEW RANGE of OPTIONS to increase shareholder value"
  • Simply unbelievable. This time last year, MNK was worth $2 billion more than it is today AND they have made $800+ million since that time. $2.8 billion less value on absolutely nothing but shorts repeating the same set of lies over and over.
  • Sounds like shorts may be "qcor'd" any day...
  • Trudeau at UBS Healthcare...we are living in a world where FACTS don't matter...so all options are on the table
  • "Our Pipeline is extremely ATTRACTIVE"...
  • Mallinckrodt Presents Facts to Refute Short-Seller Claims

    May 19, 2017

    Recent media reports have cited allegations by self-acknowledged short sellers whose thesis on Mallinckrodt, the company believes, is not based on fact and is intentionally misleading. This statement serves to present facts and correct inaccuracies in those media reports.

    Mallinckrodt does not publicly disclose profitability of the individual products in its diversified portfolio. Inflated assertions regarding H.P. Acthar® Gel’s contribution to the company’s overall profitability are incorrect. The drug contributes significantly to the company’s profitability, but at a substantially lower level of operating profitability than the 100% erroneously asserted by short seller claims. The suggestion that there is and will be no operating income contribution from other company products is patently untrue.

    Allegations that Mallinckrodt carries $8 billion in debt are incorrect. As disclosed in Mallinckrodt’s most recent quarterly report from March 31, 2017, the company’s debt was approximately $6 billion and Mallinckrodt’s debt, net of cash, was $5.8 billion.

    In fiscal 2016, Mallinckrodt had $617 million in GAAP operating income and non-GAAP adjusted operating income (OI) of more than $1.4 billion. While Mallinckrodt has not commented on or issued guidance related to OI for 2017, current consensus OI estimates for the company are well in excess of $1 billion on a non-GAAP basis. Speculation that Mallinckrodt’s annualized OI for 2017 will be $300 million based on results from the most recent quarter is erroneous.

    H.P. Acthar Gel’s efficacy in its approved indications is strongly supported by evidence. The U.S. Food and Drug Administration (FDA) reviewed the label in 2010, and determined there in fact was sufficient scientific and clinical evidence to support the 19 indications now in the current label. The drug makes a significant difference in the lives of thousands of very sick patients with high unmet medical needs. Mallinckrodt prices its products responsibly, and in a way that reflects the value they offer patients, providers and the U.S. healthcare system as a whole.

    Since acquiring H.P. Acthar Gel in 2014, Mallinckrodt has invested more than a quarter of a billion dollars into the drug, including building a larger body of evidence for the drug through clinical trials and health economic outcomes research data; payer engagement; manufacturing modernization; and other medical affairs and research activities.

    MNK-1411 (formerly Synacthen® Depot) is simply not a “generic competitor to Acthar” – the two products are very different drugs. MNK-1411 is not approved by the FDA for any indications, and has never been commercialized in the United States. H.P. Acthar Gel is a biologically derived, 39-peptide chain that includes more than simply ACTH, while MNK-1411 is a synthetic 24-peptide chain. Importantly, the company believes the regulatory path for any corticotropin-type new drug application would require FDA approval and could take many years if successful.

    In the commercial reimbursement space, the majority of payers have an established pathway for the use of H.P. Acthar Gel in those patients for whom it is appropriately prescribed – those with conditions covered by the FDA-approved label and for whom the product’s extensive existing data and clinical experience support H.P. Acthar Gel’s use as a proven therapy. The prior-authorization and reimbursement processes used by commercial payers rely on these criteria, and are not bypassed through co-pay programs.

    Mallinckrodt has arms-length contracts for services with subsidiaries of Express Scripts for product distribution to a network of several independent, individually contracted specialty pharmacies, and separately for order processing. A separate subsidiary of Express Scripts, United BioSource Corporation, also manages a patient assistance program which provides free product to low-income, uninsured or underinsured patients who qualify. Utilization of all these services is a standard industry practice for most specialty pharmaceutical drugs, of which H.P. Acthar Gel is one.

    For further information regarding H.P. Acthar Gel, please see: http://www.mallinckrodt.com/about/news-and-media/2263463

    About H.P. Acthar® Gel (repository corticotropin injection)

    H.P. Acthar Gel is an injectable drug approved by the FDA for the treatment of 19 indications. Of these, today the majority of Acthar use is in these indications:

    As an orphan monotherapy medication for the treatment of IS in infants and children under 2 years of age.

    Inducing a diuresis or a remission of proteinuria in nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus.

    Treatment of acute exacerbations of multiple sclerosis in adults.

    Use during an exacerbation or as maintenance therapy in selected cases of systemic lupus erythematosus.

    Use during an exacerbation or as maintenance therapy in selected cases of systemic dermatomyositis (polymyositis).

    Use as adjunct therapy for short-term administration in select cases of rheumatoid arthritis, to tide patients over an acute episode or exacerbation.

    Treatment of symptomatic sarcoidosis.

  • UBS replay at http://www.mallinckrodt.com/investors/presentation-documents

    Presentation Documents | Mallinckrodt Pharmaceuticals
    Visit this page to review all historical presentations and fact sheets from Mallinckrodt Pharmaceuticals.
  • “MNK-1411, formerly Synacthen Depot, is not a ‘generic competitor to Acthar.’ They are two very different drugs. Acthar is a biologically derived, 39-peptide chain that includes more than simply ACTH, while MNK-1411 is a synthetic 24-peptide chain. Mallinckrodt believes the regulatory path for any corticotropin-type new drug application would require FDA approval, which could take years.”

    (MNK-1411 is the drug now licensed to Marathon Pharmaceuticals.)
  • would to how much Chanos contributed to the congress person he called on to investigate pricing. what a deal he goes short and then sets up the investigation. check the money trail.
  • Brian Henry, spokesman for Express Scripts, said the firm found Chanos' presentation "wildly inaccurate." ....
    Express Script's Henry said his company's patient assistance program for Mallinckrodt's Acthar Gel "has no payer impact." He said in a statement that the Acthar Gel patient assistance program managed by United BioSource Corporation (UBC) means that underinsured or uninsured patients who meet clinical requirements for Acthar Gel receive the drug free of charge.

    "There is no payer impact because the cost of the drug is paid fully by the manufacturer," he said. "This program is not like a manufacturer co-pay card program. UBC does not bill payers. We do not circumvent payer prior authorization rules or reimbursement." Henry also said the Acthar Gel PAP (patient assistance program) is a free goods program.
  • So Chanos comes out day before options exp. with his drivel and talk of shorting it like hell. Probably already covered. Only criminals in the house is Chanos.
  • Shares cannot stay at this level. MNK can and will buy back half the shares outstanding before ANI's cortico even reaches the market. At that point EPS would be $15-16 a share with no growth in net income. Even if ANI was able to reduce Acthar by 20% per year thereafter, which is far more than even ANI predicts or wants, MNK could boost earnings 20-30% per year with just buybacks. IF ANI's cortico is rejected, which is the most likely outcome, MNK goes to $100+ a share easily.
  • Yet another lie told by Jim Chanos on Bloomberg: taxpayers are paying the majority of the bill for this drug. Wrong.

    I can't wait to see the new short interest. I'm really hoping we can get to 25 million shares. Despite the rhetoric, shorts are actually pretty light on MNK compared to many other specialty pharmas.
  • Everyone please welcome our newest idiot short seller, Jim Chanos, who announced his short position at the SALT conference. That's what sent MNK diving momentarily as his lemmings piled on. Jim is short MNK and ESRX because the two have a "murky alliance." What a thesis!
  • Nice short squeeze, on pretty good volume. Get those evil shorts! Lol...