Solid growth in its Specialty Pharmaceuticals business segment powered pharmaceutical developer Mallinckrodt to double-digit net sales gains in its fourth quarter and fiscal 2014 (end-September 26).
Total sales for the 2014 fiscal year advanced 15% to $2.54 billion, compared with $2.2 billion in 2013. Net sales for the Specialty Pharmaceuticals segment increased 32% to $1.61 billion, compared with $1.22 billion in the previous fiscal year.
On a generally accepted accounting principles (GAAP) basis, Mallinckrodt reported a $319.3 million loss, compared with a $58.8 million gain for fiscal 2013. The fiscal 2014 net loss reflects $355.6 million of noncash impairment charges, as well as $128.6 million of restructuring charges.
Net sales for the fiscal 2014 fourth quarter increased 45% to $789.3 million, compared with $545.2 million in the fourth quarter of 2013. Net sales in Specialty Pharmaceuticals rose 85% to $564.8 million, compared with $304.4 million in 2013. Net sales in the Global Medical Imaging segment decreased to $213.4 million, compared with $229 million in the fourth quarter of fiscal 2013.
On a GAAP basis, the company incurred a net loss for the fourth quarter of $352.4 million, compared with net income of $33.5 million in the same quarter a year ago. The fiscal 2014 quarterly net loss includes the same $355.6 million in noncash impairment charges as the fiscal year, along with $75.1 million of restructuring charges.