EXHIBIT 12.1 MALLINCKRODT INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS) THREE MONTHS ENDED YEAR ENDED JUNE 30, SEPTEMBER 30, ---------------------------------- 1997 1997 1996 1995 1994 1993 ------------- ------ ------ ------ ------ ------ Earnings (loss) from continuing operations........ ($381.4) $185.7 $153.7 $136.7 $ 79.2 $ 60.4 Add (deduct) provision (benefit) for income taxes... 9.9 102.3 90.0 81.9 46.3 41.3 ------- ------ ------ ------ ------ ------ Earnings (loss) from continuing operations before income taxes................. (371.5) 288.0 243.7 218.6 125.5 101.7 Add (deduct): Portion of rents ( 1/3) considered to be representative of interest factors in the leases...... 1.7 7.4 7.9 7.8 6.6 5.9 Net interest expense........ 18.4 48.1 51.3 45.1 34.6 32.0 Depreciation of capitalized interest................... 0.2 0.8 0.8 0.8 0.5 0.4 Amortization of debt discount and expenses...... 0.2 0.5 0.5 0.4 0.3 0.2 Equity in income of nonconsolidated subsidiaries less dividends.................. 0.0 0.0 0.0 0.0 0.0 0.0 Share of interest charges of 50 percent-owned joint venture.................... 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------ ------ ------ ------ ------ Earnings from continuing operations available for fixed charges................ ($351.0) $344.8 $304.2 $272.7 $167.5 $140.2 ======= ====== ====== ====== ====== ====== Fixed charges: Gross interest expense...... $ 18.4 $ 48.8 $ 52.9 $ 46.4 $ 38.4 $ 36.0 Portion of rents ( 1/3) considered to be representative of interest factors in the leases...... 1.7 7.4 7.9 7.8 6.6 5.9 Amortization of debt discount and expenses...... 0.2 0.5 0.5 0.4 0.3 0.2 Share of interest charges of 50 percent-owned joint venture.................... 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------ ------ ------ ------ ------ Total fixed charges........... $ 20.3 $ 56.7 $ 61.3 $ 54.6 $ 45.3 $ 42.1 ======= ====== ====== ====== ====== ====== Ratio of earnings from continuing operations to fixed charges................ [1] 6.1 5.0 5.0 3.7 3.3 ======= ====== ====== ====== ====== ====== - -------- [1] Earnings were inadequate to cover fixed charges for the three months ended September 30, 1997, primarily due to acquisition charges recorded during the quarter. The coverage deficiency was approximately $371 million.