Covidien expects better 2013 pharmaceutical sales

Associated Press

NEW YORK (AP) -- Irish drug and medical device maker Covidien PLC said Monday that it expects better sales in its pharmaceutical business in 2013.

Covidien now expects revenue for its Mallinckrodt pharmaceutical business to grow between 3 and 6 percent in 2013, up from a previous estimate of 1 to 4 percent. It said the change reflects good performance from the business and marketing approval for its generic version of the attention deficit hyperactivity disorder drug Concerta.

Covidien started selling its generic form of extended-release Concerta on Monday after it received approval from the Food and Drug Administration. The FDA approved three doses of the drug. One is already being launched, and Covidien plans to start selling the other two during the first quarter of 2013. The company plans to file for FDA approval of one more dose.

Concerta, or methylphenidate, is approved as a treatment for ADHD in patients 6 to 65 and is marketed by Johnson & Johnson. Covidien said it expects six months of marketing exclusivity for the generics.

Covidien is in the process of spinning off Mallinckrodt as a separate publicly traded company. It expects that process to finish in the middle of next year. Covidien says Mallinckrodt is one of the largest generic drug makers in the U.S., and the biggest supplier of opioid pain medications.

The company plans to announces its fiscal first-quarter results on Jan. 25.

Covidien Shares rose 86 cents to $57.17 in afternoon trading.