Summary: Mallinckrodt PLC

Growing pharmaceutical product diversity supported by the addition of Ofirmev and Acthar. A reliance on acquisitions for diversity.Pricing pressures in the generic segment. Ongoing weakness in Global Imaging. Leverage of 4.7x by fiscal year-end 2015 due to EBITDA growth and modest debt reduction (mandatory amortization. Rapid pace of acquisitions to result in leverage sustained in the 3.5x to 4.5x range. Our stable outlook on Mallinckrodt incorporates our expectation for revenue growth from acquired products that will offset what we expect to be a modest decline in organic revenues. It also reflects gross and EBITDA margin expansion that will keep leverage at less than 5x over the next 12 months and contribute to more than $400 million of free cash flow.

...Leverage of 4.7x by fiscal year-end 2015 due to EBITDA growth and modest debt reduction (mandatory amortization....

Summary