British drug group can’t even give away opioids

📆 8/6/2019 9:02 PM
📰 Breakingviews

⏱ Reading Time:
10 sec. here
2 min. at publisher
📊 Quality Score:
News: 7%
Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Drugmaker Mallinckrodt suspended a plan to spin off its painkiller business to shareholders. With hefty debt, falling sales and potential legal liability from thousands of pending opioid-related lawsuits, the company’s future is grim, writes rob_cyran.

Mallinckrodt said on Aug. 6 it had suspended a plan to spin off its specialty generic drug business. The UK-based drugmaker cited current market conditions and increased uncertainties created by opioid litigation. Most of the unit’s revenue comes from pain killers.Mallinckrodt announced spinoff plans in December. It had previously tried to sell the division.

Mallinckrodt also reported revenue of $823 million in the second quarter, a slight decrease from the same period last year. The company lost 1 cent per share on continuing operations.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Drug distributor stocks fall on report opioid makers propose $10 billion settlement to end state lawsuitsExperts point out that while the market has dropped sharply, it still has a long way to go before a sustainable bottom can be reached.
Source: CNBC - 🏆 12. / 72 Read more »