Mallinckrodt leads S&P after second-quarter results beat the Street

Mark Trudeau, chief executive officer of Mallinckrodt Plc
Chris Goodney | Bloomberg | Getty Images
Mark Trudeau, chief executive officer of Mallinckrodt Plc

Shares of Mallinckrodt jumped 14 percent Tuesday after the pharmaceutical company posted better-than-expected quarterly results and upped its full-year earnings forecast.

The British drug maker was the biggest gainer on the S&P 500 in afternoon trading, its best daily performance ever.

Earlier Tuesday, Mallinckrodt reported earnings of $2.20 per share, beating consensus estimates by 19 cents. Revenue rose more than 10 percent to $970.6 million, well above analysts' expectations of $921.8 million, according to Thomson Reuters.

The company upped full-year earnings guidance to $8.50 to $8.80 per share, and expects results to come in above the high end of the previously provided range of $8.15 to $8.50, it said in a statement.

"Mallinckrodt's strong performance in the third quarter of fiscal 2016 reflects an ongoing focus on execution in specialty brands- particularly in our commercial and scientific organizations," Mark Trudeau, president and CEO of Mallinckrodt said in the earnings statement.

"We continue to generate compelling new data and clinical evidence for key brands, and are working to bring this data to new physicians and patients."

Shares of the specialty pharmaceutical company ended the day just shy of $77 at $76.91. The stock is positive for the year, up 3 percent but has fallen nearly 38 percent year over year.