by
Heather Mayer, DOTmed News Reporter | July 30, 2010
No surprises for medical industry giant Covidien, which reported its third-quarter earnings Thursday, the numbers remaining on track with Street estimates. The company reported third-quarter net sales of $2.56 billion, a 2-percent increase from the $2.52 billion reported this time last year and a third-quarter profit of $364 million, up 30 percent from last year.
The company's medical device unit boasted a 6-percent increase this quarter, $1.63 billion compared to $1.54 billion last year. The 5 percent operational growth can be attributed to new products and increased volume, the company said.
But Covidien's pharmaceuticals sales were down 6 percent, reporting $507 million this quarter compared to last year's $539 million. There was a significant decrease in generic product sales, the company said, due to increased competitive activity, which is driving lower pricing.
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The company does not generally provide guidance for the fourth and final quarter.