...NEW YORK (S&P Global Ratings) Nov. 8, 2017--S&P Global Ratings said today that its ratings and outlook on Mallinckrodt PLC (##-/Stable/--) are not affected by the company's weaker-than-expected earnings report for the third quarter of 2017. Mallinckrodt's third-quarter sales were down 10.5% compared to the third quarter of 2016 primarily as a result of unexpected softness in H.P. Acthar Gel revenues as well as one less selling week in 2017. Sales of H.P. Acthar Gel declined 5.6% because of lower prescriptions filled in the third quarter of 2017. We believe this softness will likely continue for the rest of 2017, but that longer-term demand trends for the drug remain relatively stable. At the same time, despite Mallinckrodt's underperformance versus our base-case projections for revenue and EBITDA growth, the company's financial policy has been less aggressive than we had projected, as management has moderated acquisition and share repurchase activity while reducing debt by more than $300...
