EX-99.1 2 mnkexhibit991segmentrecast.htm EXHIBIT 99.1 Exhibit


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




1


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").


2


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




3


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.











8