— Mallinckrodt plc (NYSE: MNK) reported fourth-quarter 2019 earnings of $2.40 per share, vs. $2.05 per share expected.
— Q4 net sales fell 3.6% to $804.9 million, vs. $772.5 million expected. The topline was helped by strong performance across hospital products and the Specialty Generics segment.
— Company says it has reached an agreement for a global settlement with a broad-based group of plaintiffs that would resolve all opioid-related claims. It would also take actions to address near-term maturities to strengthen capital structure.
— MNK shares jumped over 20% immediately following the announcement.