BIOTECHNOLOGY

Covidien earnings rise to $1.9B in 2012

COURTESY COVIDIEN LLC.
COVIDIEN PLC saw its profit rise 2.2 percent in the fourth quarter and 2 percent for fiscal year 2012.
Posted 11/12/12

MANSFIELD – Medical technology maker Covidien PLC reported fourth-quarter earnings of $461 million, or 95 cents per diluted share, a rise of 2.2 percent from the $451 million, or 92 cents per diluted share, reported during the same period in 2011.

At the same time, the company’s sales dropped 2.5 percent year over year to $3 billion during the three months ended Sept. 28.

“We delivered a solid performance in the fourth quarter, finishing 2012 in line with our expectations,” José E. Almeida, president and CEO, said in a prepared statement. “Reported results were restrained by the strength of the U.S. dollar against most foreign currencies and by the anomaly of an extra selling week in the fourth quarter of 2011.”

For the fiscal year 2012, the company reported net income of $1.9 billion, or $3.92 per diluted share, a 2 percent increase from $1.86 billion, or $3.76 per diluted share, during fiscal year 2011.

The company’s revenue rose 2.4 percent year-over-year to $11.9 billion from $11.6 billion during fiscal year 2011.

“We made significant progress reshaping our portfolio in 2012,” said Almeida. “We announced the spinoff of the pharmaceuticals business, while adding more than $4 billion in new market opportunities through acquisitions that offer excellent growth prospects.”

During the year, the company’s medical device sales grew 6 percent in the U.S. and 2 percent in non-U.S. markets. Pharmaceutical division sales increased 5 percent during fiscal year 2012 in the U.S., but dropped 4 percent in non-U.S. markets, and Covidien’s medical supplies segment revenue dropped 1 percent in the U.S. and 10 percent outside the U.S. during the year.

“Despite the headwinds of today’s market environment and the U.S. medical device tax, we are confident that our robust pipeline of new products, attractive investment opportunities and capital flexibility will enable us to meet marketplace challenges and deliver good organic growth,” said Almeida, looking toward fiscal year 2013.

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