Legacy Mallinckrodt Second Quarter 2025 Results
Delivers Second Quarter Net Sales of $485.1 Million, Reflecting a 5.7% Year-Over-Year Decrease on a Reported Basis; Excluding Impact of Therakos® Divestiture, Net Sales Grew 8.5%
Reports Net Income of $2.4 Million and Adjusted EBITDA of $137.2 Million
Achieved Highest Acthar® Gel (repository corticotropin injection) Net Sales Growth in Over a Decade
Legacy Endo Second Quarter 2025 Results
Delivers Second Quarter Total Revenues of $447.8 Million, Flat on a Reported Basis;
Excluding Impact of Divested International Segment, Revenues Grew 2.0%
Achieved XIAFLEX® (Collagenase Clostridium Histolyticum) 9.4% Year-Over-Year Revenue Growth
Combined Company Full-Year 2025 Guidance
Expects Total Company 2025 Net Sales of $3.57 Billion to $3.62 Billion and Adjusted EBITDA of $1.10 Billion to $1.13 Billion
Expects Par Health 2025 Net Sales of $1.72 Billion to $1.75 Billion and Adjusted EBITDA of $450 Million to $470 Million
DUBLIN, Aug. 6, 2025 /PRNewswire/ -- Mallinckrodt plc ("Mallinckrodt" or the "Company") today reported its financial results for the second quarter ended June 27, 2025, the last quarter prior to its merger with Endo, Inc. ("Endo"), which occurred on July 31, 2025. The Company is also providing financial results for Endo on a standalone basis for the quarter ended June 30, 2025.
"We are excited to be moving forward as a global, scaled, diversified therapeutics leader following the completion of the merger of Mallinckrodt and Endo last week," said Siggi Olafsson, President and Chief Executive Officer. "With greater diversification and enhanced scale and capabilities, we see significant growth and value creation opportunities ahead for our combined business, and we look forward to working as one team to deliver on the compelling benefits of this merger for our shareholders, customers, employees and, ultimately, the patients we serve."
Mr. Olafsson continued, "The results for both legacy businesses in the second quarter underscore our confidence as we enter this new chapter together. Mallinckrodt's performance demonstrates continued positive momentum and strong execution, including the highest quarter of growth for the Acthar® Gel brand in more than a decade. Endo also continued advancing key growth drivers, as evidenced by strong XIAFLEX® performance and the advancement of the Sterile Injectables pipeline. Both teams have done tremendous work to position our combined company for success, carefully executing our integration plan while continuing to meet important business objectives. I am grateful for their efforts and dedication to our future as one company."
Par Health Spin-Off Update
The Company continues to make progress toward the planned spin-off of the combined generics pharmaceuticals and sterile injectables business, Par Health. With financing secured for the merger, the Company is well positioned to move forward with the spin-off in the fourth quarter of 2025, subject to approval by Mallinckrodt's Board of Directors and other conditions. Until the spin-off, Par Health will continue to operate as a fully owned business of the merged company.
Legacy
Mallinckrodt Second Quarter 2025 Financial Results
Legacy Mallinckrodt's net sales in the second quarter of 2025 were $485.1 million, compared to $514.3 million in the second quarter of 2024. This reflects a 5.7% decrease on a reported and constant currency basis. Excluding the impact of the Therakos® divestiture, total net sales grew by 8.5%.
The Specialty Brands segment reported net sales of $264.3 million in the second quarter of 2025, compared to $274.5 million in the second quarter of 2024. This 3.7% decrease includes the impact of the Therakos divestiture. Excluding Therakos, Specialty Brands net sales grew by 27.5%, driven primarily by growth in Acthar Gel and continued uptake in the SelfJect™ device. Acthar Gel net sales increased $57.4 million, or 48.8%, compared to the second quarter of 2024 to $175.1 million.
The Specialty Generics segment reported net sales of $220.8 million in the second quarter of 2025, compared to $239.8 million in the second quarter of 2024. This 7.9% decrease was driven primarily by competitive pressures on finished dosage opioids and Acetaminophen (APAP) products, somewhat offset by strong performance in finished dose attention deficit hyperactivity disorder (ADHD) and Addiction Treatment product families.
Gross profit in the second quarter of 2025 increased $36.8 million, or 18.9%, to $231.8 million, compared to $195.0 million in the second quarter of 2024. Gross profit margin was 47.8% in the second quarter of 2025, compared with 37.9% in the second quarter of 2024.
Adjusted EBITDA in the second quarter of 2025 was $137.2 million, compared to $174.0 million in the second quarter of 2024, driven by strength in Acthar Gel, largely offset by the impact of the Therakos divestiture, incremental commercial investments for Acthar Gel and the impact of nitric oxide competition in the U.S.
Net income for the second quarter of 2025 was $2.4 million, an improvement from a net loss of $43.3 million in the second quarter of 2024.
Legacy Endo Second Quarter 2025 Financial Results
Legacy Endo's total revenues in the second quarter of 2025 were $447.8 million, flat compared to $446.6 million in the combined second quarter of 2024. Excluding the International Pharmaceuticals business, which was divested in the second quarter, total revenues increased by 2.0%.
The Branded Pharmaceuticals segment reported revenues of $227.9 million in the second quarter of 2025, compared to $225.1 million in the combined second quarter of 2024. This change was led by strong XIAFLEX and SUPPRELIN® LA (histrelin acetate) revenue growth. XIAFLEX revenues increased 9.4% to $138.6 million, compared to $126.6 million in the combined second quarter of 2024.
The Sterile Injectables segment reported revenues of $87.4 million in the second quarter of 2025, compared to $90.8 million in the combined second quarter of 2024. This change was primarily driven by competitive pressure on ADRENALIN® vials and VASOSTRICT®, which was partially offset by increased revenues from ADRENALIN ready-to-use premixed bag products as well as increased volumes across other sterile injectables products.
The Generic Pharmaceuticals segment reported revenues of $119.0 million in the second quarter of 2025, compared to $110.1 million in the combined second quarter of 2024. This change was primarily driven by increased revenue from lidocaine patch 5%.
The International Pharmaceuticals segment reported revenues of $13.4 million in the second quarter of 2025, compared to $20.7 million in the combined second quarter of 2024. This change was a result of the previously announced divestiture of the International Pharmaceuticals business that was completed on June 17, 2025.
Adjusted EBITDA in the second quarter of 2025 was $149.8 million, compared to $175.8 million in the combined second quarter of 2024, primarily driven by lower adjusted gross margin due to changes in product mix and investments in the Sterile Injectables manufacturing network.
Net loss for the second quarter of 2025 was $59.6 million, compared to net income of $6.4 billion in the combined second quarter of 2024. This change was primarily due to gains arising from the Endo International plc plan of reorganization recorded in the second quarter of 2024 and the application of fresh start accounting.
Adjusted net income in the second quarter of 2025 was $63.9 million, compared to $104.7 million in the combined second quarter of 2024. This change was primarily due to a decrease in adjusted EBITDA coupled with an increase in interest expense.
Please see our website () for certain unaudited historical financial information for the combined company on a non-GAAP pro forma basis to supplement the information disclosed in this press release.
Combined Company 2025 Financial Guidance
For the total company for full-year fiscal 2025, the Company expects:
For the Par Health business for full-year fiscal 2025, the Company expects:
In addition, the Company is raising 2025 full-year net sales growth guidance for Acthar Gel from a high-single digit range to a 20% to 30% range and reaffirming guidance for high-single digit XIAFLEX revenue growth for full-year 2025.
The aforementioned guidance ranges for Adjusted EBITDA do not include transaction-related compensation expenses related to the merger.
The Company does not provide comparable GAAP measures for its forward-looking non-GAAP guidance or a reconciliation of such measures because the reconciling items described in the definition of Adjusted EBITDA provided below are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort. The variability of such items may have a significant impact on our future GAAP results.
Please see "Non-GAAP Financial Measures" included in this release for a discussion of non-GAAP measures and reconciliation of GAAP and non-GAAP financial measures for the second quarter.
Please see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Quarterly Report on Form 10-Q for the quarter ended June 27, 2025, to be filed with the U.S. Securities and Exchange Commission (SEC) for additional information.
Second Quarter 2025 Conference Call and Webcast
Mallinckrodt will hold a conference call for investors today, August 6, 2025, at 8:00 a.m. Eastern Time.
The audio webcast may be accessed through , and to access the call through a conference line, participants may dial 800-836-8184 (U.S. and Canada toll-free) or 646-357-8785 (outside the U.S.). Participants are advised to join 10 minutes prior to the scheduled start time. A replay of the webcast will be available following the event.
About Mallinckrodt
Mallinckrodt is a leading provider of life-enhancing therapeutics focused on addressing unmet patient needs and a world-class manufacturer of high-quality generics, sterile injectables, and active pharmaceutical ingredients.
Our company consists of multiple wholly owned subsidiaries that operate in two businesses. Our Brands business is focused on autoimmune and rare diseases in areas including endocrinology, gastroenterology, hepatology, neonatal respiratory critical care, nephrology, neurology, pulmonology, ophthalmology, orthopedics, rheumatology, and urology. Our Par Health business includes generic drugs, sterile injectables, and active pharmaceutical ingredients. To learn more, visit .
Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission ("SEC") disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.
Non-GAAP Financial Measures
This press release contains financial measures, including Adjusted EBITDA, adjusted gross profit, adjusted selling, general, and administrative ("SG&A") expenses, adjusted research and development ("R&D") expenses, net sales growth (loss) on a constant-currency basis, net debt, adjusted net income, adjusted operating expenses, adjusted income taxes, adjusted effective tax rate and EBITDA which are considered "non-GAAP" financial measures under applicable SEC rules and regulations.
The Company has provided these adjusted financial measures because they are used by management, along with financial measures in accordance with GAAP, to evaluate the Company's operating performance and liquidity. In addition, the Company believes that they will be used by investors to measure Mallinckrodt's operating results. Management believes that presenting these adjusted measures provides useful information about the Company's performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance.
These adjusted measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company's definition of these adjusted measures may differ from similarly titled measures used by others.
Because adjusted financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's unaudited condensed consolidated financial statements and publicly filed reports in their entirety. A reconciliation of certain of these historical adjusted financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
Further information regarding non-GAAP financial measures can be found on the Investor Relations page of the Company's website.
Non-GAAP Financial Measures - Mallinckrodt
Adjusted EBITDA
Adjusted EBITDA represents net income or loss prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") and adjusted for certain items that management believes are not reflective of the operational performance of the business. Adjustments to GAAP amounts include, as applicable to each measure, interest expense, net; income taxes; depreciation; amortization from intangible assets and right-of use asset resulting from finance leases; combination, integration, and other related expenses; restructuring charges, net; liabilities management and separation costs; divestitures; reorganization items, net; discontinued operations; changes in fair value of contingent consideration obligations; changes in derivative assets and liabilities fair value; unrealized gain or loss on equity investment; share-based compensation; fresh-start inventory related expenses; and other items identified by the Company.
Adjusted gross profit, adjusted SG&A expenses and adjusted R&D expenses
Adjusted gross profit, adjusted SG&A expenses and adjusted R&D expenses represent amounts prepared in accordance with GAAP, adjusted for certain items that management believes are not reflective of the operational performance of the business. Adjustments to GAAP amounts include, as applicable to each measure, the aforementioned items in the Adjusted EBITDA paragraph. The adjustments for these items are on a pre-tax basis for adjusted gross profit and adjusted SG&A expenses.
Segment net sales growth (loss) on a constant-currency basis
Segment net sales growth (loss) on a constant-currency basis measures the change in segment net sales between current- and prior-year periods using a constant currency, the exchange rate in effect during the applicable prior-year period.
Net debt
Net debt of $374.6 million as of June 27, 2025, reflects $863.6 million in total debt outstanding and $8.8 million in undiscounted finance lease liabilities on a GAAP basis less $497.8 million in cash and cash equivalents (unrestricted cash) on a GAAP basis.
Non-GAAP Financial Measures - Endo
Adjusted net income, Adjusted Gross Profit and Adjusted Operating Expenses
Adjusted net income, Adjusted Gross Profit and Adjusted Operating Expenses are presented as non-GAAP measures and are reconciled to their corresponding GAAP measures of Net income (loss), Gross Profit, defined as revenues less cost of revenues, and Operating Expenses, defined as the sum of (i) Selling, general and administrative; (ii) Research and development; (iii) Acquired in-process research and development; (iv) Litigation-related and other contingencies, net; (v) Asset impairment charges; and (vi) Acquisition related and integration items, net.
Adjustments, to the extent they apply to the corresponding GAAP amounts, may include, but are not limited to expense or income related to: acquisitions and divestitures, such as amortization of intangible assets and of inventory step-up adjustments, certain employee-related charges, including earn-outs, separation, retention, or relocation costs, changes in the fair value of contingent consideration, transaction costs of executed deals, and integration or disintegration-related costs; certain amounts related to strategic review initiatives; certain cost reduction initiatives such as separation benefits, continuity payments, other exit costs; asset impairment charges; certain costs incurred in connection with debt or equity-financing activities, such as non-capitalizable transaction costs incurred in connection with a successful financing transaction and gains or losses associated with early repayments, extinguishment or modification of our debt instruments; litigation-related and other contingent matters; certain legal costs; gains or losses from the sales of businesses and other assets; gains or losses associated with discontinued operations, net of tax; foreign currency gains or losses on intercompany financing arrangements; reorganization items, net; the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments; and certain other items.
Adjusted gross margin
Adjusted gross margin represents total revenues less cost of revenues prepared in accordance with GAAP and adjusted for the certain items enumerated above under the heading "Adjusted net income" to the extent such items relate to cost of revenues. Such items may include, but are not limited to, expenses or income related to: acquisitions and divestitures, such as amortization of intangible assets and of inventory step-up adjustments, certain employee-related charges, including earn-outs, separation, retention, or relocation costs, certain amounts related to strategic review initiatives; certain cost reduction initiatives such as separation benefits, continuity payments, contract termination costs and other exit costs; certain integration or disintegration efforts; certain amounts related to strategic review initiatives; amortization of intangible assets and of inventory step-up adjustments; and certain other items.
Adjusted operating expenses
Adjusted operating expenses represent operating expenses prepared in accordance with GAAP and adjusted for certain items enumerated above under the heading "Adjusted net income" to the extent such items relate to operating expenses. Such items may include, but are not limited to expenses or income related to: acquisitions and divestitures, such as certain employee-related charges, including earn-outs, separation, retention, or relocation costs, transaction costs and changes in the fair value of contingent consideration; cost reduction and integration-related initiatives such as separation benefits, continuity payments, other exit costs; certain integration or disintegration efforts; certain amounts related to strategic review initiatives; asset impairment charges; amortization of intangible assets; inventory step-up recorded as part of our acquisitions; litigation-related and other contingent matters; certain legal costs; certain costs incurred in connection with debt or equity-financing activities, such as non-capitalizable transaction costs incurred in connection with a successful financing transaction and gains or losses associated with early repayments, extinguishment or modification of our debt instruments; and certain other items.
Adjusted income taxes and Adjusted effective tax rate
Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable effective tax rate that will be determined by reference to statutory tax rates in the relevant jurisdictions in which the Company operates. Adjusted income taxes include current and deferred income tax expense commensurate with the non-GAAP measure of profitability. Adjustments are then made for certain items relating to prior years and for tax planning actions that are expected to be distortive to the underlying effective tax rate and trend in the effective tax rate. The most directly comparable GAAP financial measure for Adjusted income taxes is Income tax expense (benefit), prepared in accordance with GAAP. The Adjusted effective tax rate represents the rate generated when dividing Adjusted income taxes by the amount of adjusted pre-tax income.
EBITDA and Adjusted EBITDA
EBITDA represents Net income (loss) before Interest expense, net; Income tax expense; Depreciation; and Amortization, each prepared in accordance with GAAP. Adjusted EBITDA further adjusts EBITDA by excluding those items enumerated above under the heading "Adjusted net income," without duplication, and stock-based compensation costs.
Because adjusted financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, the Company strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. Investors are also encouraged to review the reconciliation of the non-GAAP financial measures used in the Earnings Release to their most directly comparable GAAP financial measures as included in the Earnings Release. However, the Company does not provide reconciliations of projected non-GAAP financial measures to GAAP financial measures, nor does it provide comparable projected GAAP financial measures for such projected non-GAAP financial measures. The Company is unable to provide such reconciliations without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for asset impairments, contingent consideration adjustments, legal settlements, gains or losses on extinguishment or modification of debt, adjustments to inventory and other charges reflected in the reconciliation of historic numbers, the amount of which could be significant.
Information Regarding Forward Looking Statements
Statements in this press release that are not strictly historical, including statements regarding future financial condition and operating results of the combined business and Par Health, expected product launches, legal, economic, business, competitive and/or regulatory factors affecting Mallinckrodt's businesses and any other statements regarding events or developments Mallinckrodt believes or anticipates will or may occur in the future, may be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties.
There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: the expected benefits and synergies of the business combination with Endo ("Business Combination") may not be fully realized in a timely manner, or at all; risks related to Mallinckrodt's increased indebtedness as a result of the Business Combination and significant transaction costs related to the Business Combination; uncertainties related to a future separation of the combined generics pharmaceuticals businesses and sterile injectables business including the risk that the separation may not occur on a timely basis or at all; potential changes in Mallinckrodt's business strategy and performance; exposure to global economic conditions and market uncertainty; the exercise of contingent value rights by the Opioid Master Disbursement Trust II; governmental investigations and inquiries, regulatory actions, and lawsuits, in each case related to Mallinckrodt or its officers; Mallinckrodt's contractual and court-ordered compliance obligations that, if violated, could result in penalties; compliance with and restrictions under the global settlement to resolve all opioid-related claims; matters related to Acthar Gel, including the settlement with governmental parties to resolve certain disputes and compliance with and restrictions under the related corporate integrity agreement; the ability to maintain relationships with Mallinckrodt's suppliers, customers, employees and other third parties following the emergence from the 2023 bankruptcy proceedings ("2023 Bankruptcy Proceedings"); scrutiny from governments, legislative bodies and enforcement agencies related to sales, marketing and pricing practices; pricing pressure on certain of Mallinckrodt's products due to legal changes or changes in insurers' or other payers' reimbursement practices resulting from recent increased public scrutiny of healthcare and pharmaceutical costs; the reimbursement practices of governmental health administration authorities, private health coverage insurers and other third-party payers; complex reporting and payment obligations under the Medicare and Medicaid rebate programs and other governmental purchasing and rebate programs; cost containment efforts of customers, purchasing groups, third-party payers and governmental organizations; changes in or failure to comply with relevant laws and regulations; any undesirable side effects caused by Mallinckrodt's approved and investigational products, which could limit their commercial profile or result in other negative consequences; Mallinckrodt's and its partners' ability to successfully develop, commercialize or launch new products or expand commercial opportunities of existing products, including Acthar Gel (repository corticotropin injection) SelfJect, the INOmax Evolve DS delivery system, and XIAFLEX; Mallinckrodt's ability to successfully identify or discover additional products or product candidates; Mallinckrodt's ability to navigate price fluctuations and pressures, including the ability to achieve anticipated benefits of price increases of its products; competition; Mallinckrodt's and its partners' ability to protect intellectual property rights, including in relation to ongoing and future litigation; limited clinical trial data for Acthar Gel; the timing, expense and uncertainty associated with clinical studies and related regulatory processes; product liability losses and other litigation liability; material health, safety and environmental laws and related liabilities; business development activities or other strategic transactions; attraction and retention of key personnel; the effectiveness of information technology infrastructure, including risks of external attacks or failures; customer concentration; Mallinckrodt's reliance on certain individual products that are material to its financial performance; Mallinckrodt's ability to receive sufficient procurement and production quotas granted by the U.S. Drug Enforcement Administration; complex manufacturing processes; reliance on third-party manufacturers and supply chain providers and related market disruptions; conducting business internationally; Mallinckrodt's significant levels of intangible assets and related impairment testing; natural disasters or other catastrophic events; Mallinckrodt's substantial indebtedness and settlement obligation, its ability to generate sufficient cash to reduce its indebtedness and its potential need and ability to incur further indebtedness; restrictions contained in the agreements governing Mallinckrodt's indebtedness and settlement obligation on Mallinckrodt's operations, future financings and use of proceeds; Mallinckrodt's variable rate indebtedness; Mallinckrodt's tax treatment by the Internal Revenue Service under Section 7874 and Section 382 of the Internal Revenue Code of 1986, as amended; future changes to applicable tax laws or the impact of disputes with governmental tax authorities; the impact of Irish laws; the impact on the holders of Mallinckrodt's ordinary shares if Mallinckrodt were to cease to be a reporting company in the United States; the comparability of Mallinckrodt's post-emergence financial results and the projections filed with the U.S. Bankruptcy Court for the District of Delaware and the lack of comparability of Mallinckrodt's historical financial statements and information contained in its financial statements after the adoption of fresh-start accounting following emergence from the 2023 Bankruptcy Proceedings.
The "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Mallinckrodt's Annual Report on Form 10-K for the fiscal year ended December 27, 2024, its Quarterly Report on Form 10-Q for the quarterly period ended March 28, 2025, and its Quarterly Report for the quarterly period ended June 27, 2025 to be filed with the SEC, its Registration Statement on Form S-4, as amended, filed with the SEC, and other filings with the SEC, all of which are on file with the SEC and available from the SEC's website () and Mallinckrodt's website (), identify and describe in more detail the risks and uncertainties to which Mallinckrodt's businesses are subject. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business. The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law. Given these uncertainties, one should not put undue reliance on any forward-looking statements
CONTACTS
Investor Relations
Bryan Reasons
Executive Vice President and Interim Chief Financial Officer
[email protected]
Media
Michael Freitag / Aura Reinhard / Catherine Simon
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Mallinckrodt, the "M" brand mark, the Mallinckrodt Pharmaceuticals logo, Endo and the Endo logo are trademarks owned or licensed by a Mallinckrodt company. Other brands are trademarks of a Mallinckrodt company or their respective owners. © 2025.
ENDO, INC. FINANCIAL SCHEDULE
SUPPLEMENTAL FINANCIAL INFORMATION
The tables below provide reconciliations of certain of the non-GAAP financial measures included in this release to their most directly comparable GAAP metrics. Refer to the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional details regarding the adjustments to the non-GAAP financial measures detailed throughout this Supplemental Financial Information section.
Reconciliation of Select Other Adjusted Income Statement Data (non-GAAP)
The following tables provide detailed reconciliations of select other income statement data for Endo, Inc. between the GAAP and non-GAAP measure (in thousands):
Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures
Notes to certain line items included in the reconciliations of the GAAP financial measures to the non-GAAP financial measures are as follows:
SOURCE Mallinckrodt plc
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