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Home » Covidien: Net sales could grow up to 7% in 2010

Covidien: Net sales could grow up to 7% in 2010

September 10, 2009 By MassDevice staff

Covidien told analysts it sees good things ahead for fiscal 2010, despite a slight hangover from lost oxycodone sales.

CFO Charles Dockendorff said in an investor presentation that the Mansfield, Mass.-based medical products conglomerate expects net sales to rise between 4 percent and 7 percent for fiscal 2010, compared to the prior year — and not including sales of oxycodone hydrochloride extended-release tablets, a generic Oxycontin equivalent.

That’s thanks to a settlement with Stamford, Conn.-based Perdue Pharma LP that saw Covidien’s Mallinckrodt Inc. subsidiary agree to stop selling the painkiller to put a patent infringement lawsuit to rest.

Dockendorff said net sales are expected to increase 7 percent to 10 percent over 2009 for the company’s medical devices segment and 2 percent to 5 percent for its medical supplies division. Due to the Perdue settlement, pharma sales look to be down 2 percent to up 1 percent versus 2009, he said.

Covidien, which also said it closed its $64 million deal to acquire Power Medical Interventions Inc., also said it sees operating margins of up to 21 percent for the full year, excluding one-time expenses.

Filed Under: Business/Financial News

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