NEW YORK ( TheStreet) -- Mallinckrodt, the 145-year-old pharmaceutical company, continues to grow. Mark Trudeau, the company's CEO, told TheStreet's Debra Borchardt that won't change any time soon.
The company is expected to be spun off from Covidien (COV) this year.
Mallinckrodt is a major maker of painkilling drugs. While painkillers can be addictive, Mallinckrodt is focused on using new technology that attempts to decrease abuse while increasing tamper resistance on its products, Trudeau said.
With that in mind, Trudeau said the company has three new drug applications in the pipeline as well as five abbreviated new drug applications. Almost all focus on painkillers or treatments for Attention Deficit Hyperactivity Disorder.Borchardt pointed out that Mallinckrodt has a strong balance sheet and some expiring patents around the corner. Does the company plan to make any acquisitions right now? In short, no. Trudeau says the company is focused on its organic growth, relying on the drugs in its pipeline to fuel future growth, which is expected to be quite strong, according to its guidance. "We've really demonstrated some significant growth here in fiscal 2013. We would expect that to continue over the long run," he said, citing the company's competitive advantage in the controlled substance market. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell