Covidien pharmaceutical sales dip in fiscal Q1

By staff writers

January 20, 2010 -- Double-digit radiopharmaceutical sales gains weren't enough to make up for shortfalls in other product areas for Covidien's pharmaceuticals division in its fiscal 2010 first quarter.

For the quarter, the Dublin, Ireland-based firm had sales of $616 million, down 12% from the $697 million reported in the first quarter of fiscal 2009 (which included one-time sales of $96 million from a generic version of the Oxy ER painkiller). Excluding the Oxy ER sales and a favorable foreign exchange benefit, sales would have been essentially unchanged, Covidien said.

The radiopharmaceutical sales gains were aided by an improved supply situation, Covidien said. Sales of contrast products were down, however.

In December, Covidien announced plans to sell its U.S. radiopharmaceutical business, a sale it hopes to complete by the first half of 2010.

Covidien to sell radiopharmacy business, December 17, 2009

Covidien shows mixed results in Q4, fiscal 2009, November 20, 2009

Covidien to modify Optimark labeling, November 9, 2009

Covidien retools, sells sleep unit, September 4, 2009

Covidien says Dutch isotope reactor running again, August 21, 2009

Copyright © 2010


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