CHESTERFIELD, United Kingdom, May 18, 2016 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a leading global specialty biopharmaceutical company, today announced that its Board of Directors has approved a change in the company's fiscal year end to the last Friday in December from the last Friday in September.
The company is making this move to better align Mallinckrodt's financial reporting calendar with its customer base and industry peers. This decision will result in a transition period from Oct. 1 to Dec. 30, 2016. The subsequent first full fiscal year will end on Dec. 29, 2017, with Mallinckrodt's current "4/5/4" reporting convention remaining the same.
"We believe our new fiscal year end will make it easier for the financial community to understand Mallinckrodt's performance and growth relative to our industry peers, most of which have a fiscal year end of December," said Matt Harbaugh, Chief Financial Officer.
The company currently expects to report results for the 13-week transition period ending Dec. 30, 2016 in February 2017.
Mallinckrodt is a global business that develops, manufactures, markets and distributes specialty pharmaceutical and biopharmaceutical products and therapies, as well as nuclear imaging products. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology and pulmonology; immunotherapy and neonatal respiratory critical care therapies; analgesics and hemostasis products; and central nervous system drugs. The company's core strengths include the acquisition and management of highly regulated raw materials and specialized chemistry, formulation and manufacturing capabilities. The company's Specialty Brands segment includes branded medicines; its Specialty Generics segment includes specialty generic drugs, active pharmaceutical ingredients and external manufacturing; and the Nuclear Imaging segment includes nuclear imaging agents. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
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.
Coleman N. Lannum, CFA
Senior Vice President, Investor Strategy and IRO
Senior Communications Manager
Senior Vice President, Communications and Public Affairs
SOURCE Mallinckrodt plc