Drug and medical device maker Covidien PLC, with a plant in North Haven, said its profit more than doubled in the fiscal second quarter, compared to a year ago, when it took a $183 million charge to settle securities cases involving Tyco International, its former parent, The Associated Press reports.
The Dublin-based company said it earned $413 million, or 82 cents per share, over the three months ended March 26. It reported a profit of $184 million, or 36 cents per share, in the year-ago period. Revenue fell 5 percent, to $2.66 billion from $2.8 billion.
Covidien operates the former U.S. Surgical Corp. production facility in North Haven.
Analysts expected a profit of 83 cents per share and $2.74 billion in revenue, according to Thomson Reuters.
Covidien said medical device revenue grew 11 percent to $1.62 billion due to better sales of minimally invasive surgery and surgical stapling products and vessel sealants. Medical supply revenue fell 5 percent to $421 million, and pharmaceutical revenue fell 30 percent to $619 million.
A year ago, the company reported $258 million in revenue from sales of the painkiller Oxy ER under a sales agreement that has ended. Covidien experienced greater competition in sales of generic drugs and said sales of brand-name specialty drugs also decreased.
