Covidien (COV) announced today that it ill spin off its pharmaceutical division, which accounts for about 17% of the company’s sales. Covidien will now be able to focus completely on selling medical devices and supplies. The pharma division, which has lagged the growth rate at the rest of the company, will become its own company (the new company hasn’t yet been named). Covidien “expects to complete the spin in the form of a tax-free distribution to shareholders,” writes Lerrink Swann analyst Rick Wise. Wise thinks the move will be a profitable one for shareholders. “The move further streamlines COV’s businesses—allowing management to focus additional energy and attention on growing its core Medical Device franchise. Without the slower growing and less profitable Pharma business, the company’s growth and profitability profile should improve.” Covidien shares rose 3.7% in afternoon trading. Hope all the Covidien Pharma Managers be first in line for CHOPPING!
Even the investors know the pharma division is a piece of crap! Shares up with the announcement of Covidien dropping the fouled up pharma division!
Yeah, they really f'd it up about 3 1/2 years ago when they brought in the "new" blood...Tim W., Chuck, Ken. Ironic how they've all left in the last year, huh? I'll say a prayer for the reps who are still there...good luck, friends.
What? Wait we were told this was a good thing and all upper mgt folks are very excited about this. Is this not good and does this mean sales reps will lose their jobs soon? I hate this industry all company's seem to be letting people go!
Come on now, those of you still selling the crappy drugs Exalgo and Pennsaid have got to know these are me too, dog drugs and that yes, you'll all be out of job VERY SOON!
this is very bad. it means that as a whole the pharma division is not profitable and will be split off so it stops dragging down the good numbers from covidien as a whole. Meaning it will be sold for peanuts to another company very soon. Start looking for new jobs.
Why are you being so mean about this? This is a good thing we even have our very own president now. We are not gonna lose our jobs. The safe for 18 mos is true and after that we will build a great me Mallencrap
you are a negative person and should not say mean and untrue statements regarding the incoming president. He has a wonderful background, deep experience and will grow the business significantly. There are many talented people at the company who will continue to build their career. selling important drugs that help patients. The future of a new day and growth is here!! Go Mallinckrodt!!
Yeah, I felt that way too until they let all the sociopathic leadership in. They thrive in these types of economic conditions; a very cold, removed and soul-less lot. You should do a little research on that. Good people will be crushed under the practices of these psycho-freaks.
and he was horrible!!! Look how many people are still here from the pennsaid/exalgo launch. At least half the reps if not more are gone. The products are a joke, support from corporate is non existent and management causes more problems than they solve. This is just a shit sandwich.
Yes, look at all districts most have been completely replaced! The smart ones left and the lucky ones were let go. Covidien pharma is a joke and an HR nightmare/lawsuit waiting to happen! The drugs are crappy me too drugs with pathetic coverage!
holy crap I missed a lot since leaving this wonderful company. What has happened in the past couple months?? Big bosses leaving? Lawsuit? the pharma division getting split off from covidien as a whole?? Wow. Any of the original expansion reps or the legacy ones still around?? What the hell happened here?
Alot of legacy reps gone, quit or fired. Quite a few expansion reps have quit for better jobs. Some territories eliminated...this division sucks! No wonder big Covidien wants nothing to do with the pharma side. Pennsaid and Exalgo are me too drugs with poor coverage and even worse management.
What management? You mean babysitter thinks they have to follow up On every little thing! When it does come to an issue that requires a management decision, won't make one. Pusskit!
Be very careful about this new President. Just here to make his money to take the division to be a separate company. Talked to him st he meeting Phoenix...a b it a sexist as he ogled a couple. Of chicks as called them. Who does that in this day and age? And yes he spoke about being recently single as well. Made a few the women in the group very nervous.
