Covidien updates on pharma spinout
Covidien updates investors on the planned spinout of its pharmaceuticals business, expected by mid-2013.
The Mansfield, Mass.-based medical device company said late last year that it planned to ditch the no-or-low-growth pharma unit, which will become a stand-alone operation.
When it announced the deal in December 2011, Covidien forecast adjusted growth margins of 60.0% for the "New Covidien." That figure is now expected to be 60.4%, according to a regulatory filing, up 40 basis points.