Despite a decline in sales in its Pharmaceuticals segment, healthcare technology firm Covidien of Dublin posted positive results in the first quarter of fiscal 2011 (end-December 31, 2010).
First-quarter sales increased 5% to $2.77 billion, compared with $2.64 billion in the first quarter of fiscal 2010. Net income rose 4% to $427 million, compared with $412 million in the same quarter of fiscal 2010.
Pharmaceutical sales declined by 8% to $470 million in the first quarter, compared with $511 million in the same quarter a year ago. The company said the reduction was due to its divestiture of its U.S. nuclear pharmacies business in the third quarter of 2010 and fewer sales in specialty pharmaceuticals.
First-quarter sales of contrast products increased to $143 million, compared with $141 million in the first quarter last year. Covidien's medical device sales advanced 11% to $1.88 billion in the first quarter, compared with $1.69 billion in the same quarter of fiscal 2010.
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