Covidien reports results for 4Q 2008
HAMILTON, Bermuda The rise in the dollar will likely reduce sales for a manufacturer of drugs, medical supplies and medical devices.
Covidien released fiscal fourth quarter 2008 sales Monday, showing that sales rose to $2.6 billion, a 12 percent increase over the same period last year. The company’s fiscal fourth quarter ended Sept. 26. Net profit increased from $34 million last year to $409 million this year.
Still, the Bermuda-based company expects weaker sales next year.
“Looking at 2009, we remain comfortable with the operational growth targets communicated at our investor day in September,” chairman, president and chief executive Richard Meelia said in a statement. “Although reported results will most likely be negatively impacted by the recent strengthening of the U.S. dollar, we have a strong pipeline of new products, fueled by strategic investments in R&D, that will enhance our growth in the coming year and beyond.”
FDA grants conditional approval to generic version of Wyeth’s Effexor
PITTSBURGH The Food and Drug Administration has given tentative approval to a generic version of Wyeth Pharmaceutical’s Effexor XR, an antidepressant.
Mylan announced the FDA decision Monday for its version of the drug, known generically as venlafaxine hydrochloride. Mylan plans to sell the extended-release capsules in 37.5 mg, 75 mg and 150 mg formulations.
The branded version of the drug had sales of $3 billion during the 12 months ending Sept. 30, according to IMS Health.
Interpol seizes more than $6 million in counterfeit prescription drugs in Asia
NEW YORK More than $6 million in counterfeit drugs were seized in an international Interpol sting as part of an investigation lasting five months.
The bust, called Operation Storm, netted $6.65 million in counterfeits of drugs for malaria, HIV and tuberculosis in Singapore, Myanmar, Vietnam, Thailand, Laos, Cambodia and China.
The international law-enforcement agency arrested 27 people in the sting.