Insider Trader Watch: Mallinckrodt PLC

Mallinckrodt PLC (NYSE:MNK) insider has recently participated in insider trading activity. Sr.VP, Investor Strategy & IRO, Lannum Coleman N III bought 700 shares for $43,785 via one transaction Feb 10. Following the transaction, the insider now owns 1,600 shares in total, priced at $99744 as of Friday. Another notable insider trading was done by the same insider on Feb 10. Lannum Coleman N III acquired 600 shares at an average price of $62.61 for a total of $37,566. Moreover, this insider carried out a sale of 800 shares at $66.37 each on Feb 08. The transaction amounted to $53,096. Sr. VP & CFO Harbaugh Matthew K bought 1,300 shares for $81,900 through one transaction Feb 09. Following this sale, this insider’s stake in the company comprises 55,383 shares, priced at $3452576.22 as of Friday.

The stock has experienced a total of 49 insider trades in the past three months. These trades include 16 sell activities and 33 buy trades. Furthermore, over the past 12 months, the stock was traded 94 times by insiders. In 32 of these trades, the insider was a seller while an employee of the company was the buyer in just 62 instances.

Mallinckrodt PLC (MNK) on February 2, 2016 announced that it reported results for the first quarter of fiscal 2016. Amounts reported reflect presentation of the company’s former contrast media and delivery systems (CMDS) business as a discontinued operation. Unless otherwise noted, all comparisons of first quarter fiscal 2016 performance are to the first quarter of fiscal 2015.

Total company net sales were $914.8 million in the first quarter of fiscal 2016, up 20.3% on an operational basis from $768.2 million. Exceptional Specialty Brands segment performance, up 45.4%, was the primary growth contributor driven by solid organic growth in H.P. Acthar Gel and the inclusion of INOMAX for inhalation and Therakos immunotherapy. Specialty Brands results were offset by decreased net sales within the Specialty Generics segment. The impact of foreign currency also lowered reported net sales by $9.2 million.

“The first quarter of fiscal 2016 was a strong one for Mallinckrodt, building on fourth quarter fiscal 2015 momentum, and driven by commercial execution across our Specialty Brands portfolio, particularly for Acthar and INOMAX,” said Mark Trudeau, President and Chief Executive Officer. “We are also pleased with the volume performance of OFIRMEV® (acetaminophen) injection and Therakos. The Specialty Brands segment now contributes nearly 60% of our total net sales.

“We continue to advance the Acquire to invest growth strategy highlighted at our December Investor Briefing,” Trudeau continued. “Our increased R&D investment in the quarter resulted in initiation of three company-sponsored clinical trials and significant additional data generation activities for our Specialty Brands, particularly Acthar. Finally, we are very pleased with the acquisition of three commercial-stage hemostasis products, which adds depth and breadth to our hospital portfolio.”