While organic growth remains an issue in their respective businesses, particularly in devices, neither JNJ or ABT will just cede any portion of the market to Covidien. The question, then, is to what length Covidien will go to maintain its growth trajectory, while also maintaining it margins - given its deficit in size when compared to Abbott and Johnson & Johnson. In that regard, there are also questions about how much value will be unlocked if and when Covidien does spin off its drug business, Mallinckrodt, later this year. This is something Abbott knows about all too well after spinning off its drug business AbbVie ( ABBV) in January. As noted above, this is a move that Johnson & Johnson has resisted, despite investors' pleas.