Covidien plc (COV) Updates on Pharma Spinout
11/28/2012 8:02:48 AM
Covidien updates investors on the planned spinout of its pharmaceuticals business, expected by mid-2013. With strong fiscal 2012 numbers under its belt, Covidien (NYSE:COV) updated investors today on its expected financials after it spins out its pharmaceuticals business next year. 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.