MANY CORPORATE GIANTS count on billion-dollar blockbuster products, from Coca-Cola to the iPad, to make money.
Covidien PLC, on the other hand, has stitched together a bulging catalog of more than 50,000 obscure health products, ranging from surgical instruments to bandages, that together generate billions of dollars in sales a year.
Solid sales and profit growth drove Covidien to number 16 on the Globe 100 - the highest for a medical device maker this year. In 2011, Covidien reported $11.7 billion in revenue, up 11 percent from the previous year. The company’s profits grew even faster - up 17 percent to $1.9 billion. And its market value continued a rise to more than $26 billion.
“We have focused the company in a few areas that are very, very important, and that has resulted in good performance,’’ said Jose E. Almeida, the company’s chief executive. Almeida was promoted to chief executive last summer to succeed Richard Meelia, who retired in July.
Since Covidien was spun out of Tyco International in 2007, the company has made a series of strategic acquisitions in its core areas, divesting some businesses and stepping up investment into new products.
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