- Reaffirms Earnings Projections for 2007 - LAKE FOREST, Ill., Aug.
8 /PRNewswire-FirstCall/ -- Hospira, Inc. (NYSE:HSP), a leading
global hospital products company, today reported results for the
second quarter ended June 30, 2007. -- Net sales in the second
quarter increased 29.5 percent to $869.4 million compared to $671.1
million in the second quarter last year. Net sales excluding Mayne
Pharma sales grew 2.8 percent. -- Adjusted* second-quarter 2007
diluted earnings per share were $0.49 versus $0.43 in 2006. GAAP
second-quarter 2007 diluted earnings per share were $0.20 versus
$0.34 for the same period last year. "Backed by another quarter of
solid performance, we are reaffirming our 2007 earnings projections
and continue to expect strong contributions from our specialty
generic injectables and medication management systems products,"
said Christopher B. Begley, chairman and chief executive officer.
"We've made significant, positive progress in advancing our
business strategies and integrating the recently acquired Mayne
Pharma organization, key initiatives that position Hospira for
sustained growth." Second-quarter Financial Highlights The
following table highlights net sales, net income and diluted
earnings per share (EPS) results for the quarter ended June 30: In
$ millions, GAAP Adjusted* except per Three Months Ended Three
Months Ended share amounts June 30 % June 30 % 2007 2006 Change
2007 2006 Change Net Sales $869.4 $671.1 29.5% n/a n/a n/a Net
Income $30.7 $54.2 (43.3%) $78.1 $67.8 15.1% Diluted EPS $0.20
$0.34 (41.2%) $0.49 $0.43 14.0% The primary components of the
year-over-year increase in net sales for the second quarter are as
follows: -- Mayne Pharma acquisition -- 26.7 percentage points; --
Favorable volume/mix in the legacy Hospira business -- 1.8
percentage points; -- Favorable foreign currency translation -- 0.6
percentage point; and -- Favorable pricing in the U.S. -- 0.3
percentage point. A schedule detailing sales by product line for
the three-month and six-month periods of 2007 and 2006 is attached
to this press release. In conjunction with the previous table, the
following summarizes the financial results for the second quarter
of 2007 compared to the same period in 2006: In $ millions GAAP
Adjusted* Three Months Ended Three Months Ended June 30 % June 30 %
2007 2006 Change 2007 2006 Change Gross Profit $266.2 $225.1 18.3%
$328.2 $233.4 40.6% R&D Expense $52.6 $39.1 34.6% $52.1 $38.0
37.1% S,G&A Expense $146.0 $111.1 31.5% $137.0 $102.5 33.7%
Income from Operations $67.6 $75.0 (9.8%) $139.1 $92.9 49.7%
Statistics Gross Margin 30.6% 33.5% 37.8% 34.8% R&D as % of
Sales 6.0% 5.8% 6.0% 5.7% S,G&A as % of Sales 16.8% 16.6% 15.8%
15.3% Operating Margin 7.8% 11.2% 16.0% 13.8% Results under U.S.
Generally Accepted Accounting Principles (GAAP) include the effects
of purchase accounting charges and amortization of intangibles
resulting from the Mayne Pharma acquisition, the Mayne Pharma
integration charges, charges related to Hospira's manufacturing
optimization initiatives, and other items as detailed in the
schedules attached to this press release. The year-over-year
improvement in adjusted* gross margin was attributable primarily to
the inclusion of Mayne Pharma in the consolidated results and a
better mix of Hospira legacy products. The inclusion of the results
of Mayne Pharma accounted for most of the increase in adjusted*
Research and Development (R&D) expense and the adjusted*
Selling, General and Administrative (S,G&A) expense. Also
affecting the adjusted* S,G&A results were higher stock option
expense, as well as inflation and an increase in sales and
marketing expense in the legacy Hospira business. The increase in
adjusted* operating margin was due to higher adjusted* gross
margins, which were partially offset by higher adjusted* R&D
and adjusted* S,G&A. Six-month Financial Highlights The
following highlights the key financial metrics for the first six
months of 2007 compared to the same period in 2006: In $ millions
GAAP Adjusted* except per Six Months Ended Six Months Ended share
amounts June 30 % June 30 % 2007 2006 Change 2007 2006 Change Net
Sales $1,652.2 $1,335.4 23.7% n/a n/a n/a Net Income $1.3 $134.3
(99.0%) $171.9 $171.1 0.5% Diluted EPS $0.01 $0.83 (98.8%) $1.08
$1.06 1.9% Results under U.S. Generally Accepted Accounting
Principles (GAAP) include the effects of the write-off of acquired
in-process R&D relating to the Mayne Pharma acquisition,
purchase accounting charges and amortization of intangibles
resulting from the Mayne Pharma acquisition, the Mayne Pharma
integration charges, charges related to Hospira's manufacturing
optimization initiatives, and other items as detailed in the
schedules attached to this press release. Cash Flow Cash flow from
operations for the first six months of 2007 was $171.6 million,
down from $179.9 million in 2006. Capital expenditures were $88.5
million for the first half of 2007, compared to $139.8 million for
the same period in 2006. The decline is due to lower expenditures
in 2007 on information technology as the company completed the
build-out of its independent system in 2006, decreased expenditures
for the company's manufacturing optimization initiatives and the
overall timing of capital spending. 2007 Projections Hospira has
narrowed the projected range of net sales for the year. Full-year
2007 net sales are now expected to be between $3.40 billion and
$3.44 billion, representing growth of approximately 26 to 28
percent. Excluding Mayne Pharma sales, the company expects net
sales growth to be between 3 and 4 percent. Hospira continues to
project that adjusted* diluted earnings per share for 2007 will be
in the range of $2.11 to $2.16. The reconciliation between the
projected adjusted* diluted earnings per share and GAAP-basis
earnings per share is: Diluted earnings per share -- adjusted*
$2.11 - $2.16 Estimated charges related to previously announced
manufacturing optimization initiatives (mid-point of an estimated
range of $0.13 to $0.17 per diluted share for 2007) ($0.15)
Estimated integration and other acquisition-related expenses
(mid-point of an estimated range of $0.18 to $0.22 per diluted
share for 2007) ($0.20) Estimated purchase accounting charges,
which include acquired in-process R&D and inventory step-up
charges resulting from the Mayne Pharma acquisition (mid-point of
an estimated range of $0.74 to $0.76 per diluted share for 2007)
($0.75) Estimated $46 million for the amortization of intangibles
related to the Mayne Pharma acquisition (11 months of 2007) ($0.19)
Diluted earnings per share -- GAAP basis $0.82 - $0.87 The company
continues to project that cash flow from operations in 2007 will be
in the $450 million to $500 million range. The company also
continues to expect that depreciation and amortization, excluding
amortization related to the Mayne Pharma acquisition, will be
between $185 million and $195 million. The projection for capital
expenditures has been updated and is now expected to be between
$230 million and $250 million. *Use of Non-GAAP Financial Measures
Non-GAAP financial measures used in this press release are
reconciled to the most comparable measures calculated in accordance
with GAAP in the schedules attached to this release. For more
information regarding these non-GAAP financial measures, please see
Hospira's Current Report on Form 8-K filed with the Securities and
Exchange Commission on the date of this press release. Webcast
Hospira will hold a conference call for investors and media at 8
a.m. Central Time on Wednesday, Aug. 8, 2007. A live webcast of the
conference call will be available at
http://www.hospirainvestor.com/. Listeners should log on
approximately 10 minutes in advance to ensure proper computer setup
for receiving the webcast. A replay will be available on the
Hospira Web site for 30 days following the call. About Hospira
Hospira, Inc. is a global specialty pharmaceutical and medication
delivery company dedicated to Advancing Wellness(TM) by developing,
manufacturing and marketing products that help improve the
productivity, safety and efficacy of patient care. In February
2007, Hospira acquired Mayne Pharma Limited to become the world
leader in specialty generic injectable pharmaceuticals. With 70
years of service to the hospital industry, Hospira's portfolio
includes one of the industry's broadest lines of generic acute-care
and oncology injectables, which help address the high cost of
proprietary pharmaceuticals; and integrated solutions for
medication management and infusion therapy. Headquartered north of
Chicago in Lake Forest, Ill., Hospira has approximately 15,000
employees worldwide. Hospira's news releases and other information
can be found at http://www.hospira.com/. Private Securities
Litigation Reform Act of 1995 -- A Caution Concerning
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including projections of
certain measures of Hospira's results of operations, projections of
certain charges and expenses, statements regarding the financial
impact of the acquisition of Mayne Pharma and other statements
regarding Hospira's goals and strategy. Hospira cautions that these
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward-looking statements. Economic, competitive,
governmental, technological and other factors that may affect
Hospira's operations and may cause actual results to be materially
different from expectations include the risks, uncertainties and
factors discussed under the headings "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Hospira's Annual Report on Form 10-K for
the year ended Dec. 31, 2006, and Hospira's Quarterly Report on
Form 10-Q for the quarter ended March 31, 2007, filed with the
Securities and Exchange Commission, which are incorporated by
reference. Hospira undertakes no obligation to release publicly any
revisions to forward-looking statements as the result of subsequent
events or developments. Hospira, Inc. Condensed Consolidated
Statements of Income (Unaudited) (dollars and shares in thousands,
except for per share amounts) Three Months Ended Six Months Ended
June 30 % June 30 % 2007 2006 Change 2007 2006 Change Net sales
$869,356 $671,101 29.5 $1,652,154 $1,335,395 23.7 Cost of products
sold 603,118 446,015 35.2 1,111,367 865,513 28.4 Gross Profit
266,238 225,086 18.3 540,787 469,882 15.1 Research and development
52,558 39,055 34.6 96,069 70,056 37.1 Acquired in-process research
and development - - nm 84,800 - nm Selling, general and
administrative 146,035 111,073 31.5 277,898 212,867 30.6 Income
From Operations 67,645 74,958 (9.8) 82,020 186,959 (56.1) Interest
expense 37,344 7,283 412.8 67,866 14,940 354.3 Other income, net
(5,173) (3,549) 45.8 (5,876) (8,295) (29.2) Income Before Income
Taxes 35,474 71,224 (50.2) 20,030 180,314 (88.9) Income tax expense
4,796 17,074 (71.9) 18,708 45,981 (59.3) Net Income $30,678 $54,150
(43.3) $1,322 $134,333 (99.0) Earnings Per Common Share: Basic
$0.20 $0.35 (42.9) $0.01 $0.85 (98.8) Diluted $0.20 $0.34 (41.2)
$0.01 $0.83 (98.8) Weighted Average Common Shares Outstanding:
Basic 156,699 156,448 0.2 156,393 158,673 (1.4) Diluted 159,526
159,655 (0.1) 158,982 162,026 (1.9) Hospira, Inc. Reconciliation of
Condensed Consolidated Statements of Income (Unaudited) (dollars
and shares in thousands, except per share amounts) Three Months
Ended June 30 2007 2006 GAAP Adjustments Adjusted GAAP Adjustments
Adjusted Net sales $869,356 $ - $869,356 $671,101 $ - $671,101 Cost
of products sold 603,118 (61,980)A 541,138 446,015 (8,303)D 437,712
Gross Profit 266,238 61,980 328,218 225,086 8,303 233,389 Research
and development 52,558 (490)B 52,068 39,055 (1,069)E 37,986
Acquired in-process research and development - - - - - - Selling,
general and administrative 146,035 (9,015)B 137,020 111,073
(8,593)E 102,480 Income From Operations 67,645 71,485 139,130
74,958 17,965 92,923 Interest expense 37,344 - 37,344 7,283 - 7,283
Other income, net (5,173) - (5,173) (3,549) - (3,549) Income Before
Income Taxes 35,474 71,485 106,959 71,224 17,965 89,189 Income tax
expense 4,796 24,082 C 28,878 17,074 4,285 F 21,359 Net Income
$30,678 $47,403 $78,081 $54,150 $13,680 $67,830 Earnings Per Common
Share: Basic $0.20 $0.30 $0.50 $0.35 $0.09 $0.44 Diluted $0.20
$0.29 $0.49 $0.34 $0.09 $0.43 Weighted Average Common Shares
Outstanding: Basic 156,699 156,699 156,699 156,448 156,448 156,448
Diluted 159,526 159,526 159,526 159,655 159,655 159,655 Statistics
(as a % of Total Net Sales, except for income tax rate) Gross
Profit 30.6% 37.8% 33.5% 34.8% R&D 6.0% 6.0% 5.8% 5.7% SG&A
16.8% 15.8% 16.6% 15.3% Income From Operations 7.8% 16.0% 11.2%
13.8% Income Before Income Taxes 4.1% 12.3% 10.6% 13.3% Net Income
3.5% 9.0% 8.1% 10.1% Income Tax Rate 13.5% 27.0% 24.0% 24.0% %
Change vs. Prior Year GAAP Adjusted Net sales 29.5 29.5 Cost of
products sold 35.2 23.6 Gross Profit 18.3 40.6 Research and
development 34.6 37.1 Acquired in-process research and development
nm nm Selling, general and administrative 31.5 33.7 Income From
Operations (9.8) 49.7 Interest expense 412.8 412.8 Other income,
net 45.8 45.8 Income Before Income Taxes (50.2) 19.9 Income tax
expense (71.9) 35.2 Net Income (43.3) 15.1 Earnings Per Common
Share: Basic (42.9) 13.6 Diluted (41.2) 14.0 Weighted Average
Common Shares Outstanding: Basic 0.2 0.2 Diluted (0.1) (0.1) A --
Includes inventory step-up charge of $31,705 and intangible assets
amortization of $13,162 related to the Mayne Pharma acquisition;
charges of $14,605 related to the planned closures of the Donegal,
Ireland; Ashland, OH; Montreal, Canada; and North Chicago, IL
facilities as part of Hospira's manufacturing optimization
initiatives; a reduction of the obligation associated with the sale
of the Salt Lake City manufacturing plant to ICU Medical ($1,579);
and Mayne Pharma integration charges of $4,087. B -- Acquisition
integration charges. C -- Reflects the tax effect of the above
adjustments. D -- Includes charges of $15,892 related to the
planned closures of the Donegal, Ireland; Ashland, OH; Montreal,
Canada; and North Chicago, IL facilities as part of Hospira's
manufacturing optimization initiatives; a reduction of the
obligation associated with the sale of the Salt Lake City
manufacturing plant to ICU Medical ($1,100); a gain on the sale of
the Donegal, Ireland facility ($7,851); and non-recurring
transition charges of $1,362. E -- Non-recurring transition
charges. F -- Reflects the tax effect of the above adjustments and
the impact of decreasing the overall effective tax rate from 26.5%
to 25.5%. Hospira, Inc. Reconciliation of Condensed Consolidated
Statements of Income (Unaudited) (dollars and shares in thousands,
except per share amounts) Six Months Ended June 30 2007 2006 GAAP
Adjustments Adjusted GAAP Adjustments Adjusted Net sales $1,652,154
$ - $1,652,154 $1,335,395 $ - $1,335,395 Cost of products sold
1,111,367 (104,098)A 1,007,269 865,513 (27,131)H 838,382 Gross
Profit 540,787 104,098 644,885 469,882 27,131 497,013 Research and
development 96,069 (642)B 95,427 70,056 (3,004)I 67,052 Acquired
in-process research and development 84,800 (84,800)C - - - -
Selling, general and administrative 277,898 (18,048)D 259,850
212,867 (19,201)I 193,666 Income From Operations 82,020 207,588
289,608 186,959 49,336 236,295 Interest expense 67,866 (2,265)E
65,601 14,940 - 14,940 Other income, net (5,876) (5,653)F (11,529)
(8,295) - (8,295) Income Before Income Taxes 20,030 215,506 235,536
180,314 49,336 229,650 Income tax expense 18,708 44,886 G 63,594
45,981 12,581 J 58,562 Net Income $1,322 $170,620 $171,942 $134,333
$36,755 $171,088 Earnings Per Common Share: Basic $0.01 $1.09 $1.10
$0.85 $0.23 $1.08 Diluted $0.01 $1.07 $1.08 $0.83 $0.23 $1.06
Weighted Average Common Shares Outstanding: Basic 156,393 156,393
156,393 158,673 158,673 158,673 Diluted 158,982 158,982 158,982
162,026 162,026 162,026 Statistics (as a % of Total Net Sales,
except for income tax rate) Gross Profit 32.7% 39.0% 35.2% 37.2%
R&D 5.8% 5.8% 5.2% 5.0% SG&A 16.8% 15.7% 15.9% 14.5% Income
From Operations 5.0% 17.5% 14.0% 17.7% Income Before Income Taxes
1.2% 14.3% 13.5% 17.2% Net Income 0.1% 10.4% 10.1% 12.8% Income Tax
Rate 93.4% 27.0% 25.5% 25.5% % Change vs. Prior Year GAAP Adjusted
Net sales 23.7 23.7 Cost of products sold 28.4 20.1 Gross Profit
15.1 29.8 Research and development 37.1 42.3 Acquired in-process
research and development nm nm Selling, general and administrative
30.6 34.2 Income From Operations (56.1) 22.6 Interest expense 354.3
339.1 Other income, net (29.2) 39.0 Income Before Income Taxes
(88.9) 2.6 Income tax expense (59.3) 8.6 Net Income (99.0) 0.5
Earnings Per Common Share: Basic (98.8) 1.9 Diluted (98.8) 1.9
Weighted Average Common Shares Outstanding: Basic (1.4) (1.4)
Diluted (1.9) (1.9) A -- Includes inventory step-up charge of
$53,113 and intangible assets amortization of $21,590 related to
the Mayne Pharma acquisition; charges of $25,443 related to the
planned closures of the Donegal, Ireland; Ashland, OH; Montreal,
Canada; and North Chicago, IL facilities as part of Hospira's
manufacturing optimization initiatives; a reduction of the
obligation associated with the sale of the Salt Lake City
manufacturing plant to ICU Medical ($1,579); and Mayne Pharma
integration charges of $5,531. B -- Acquisition integration
charges. C -- Acquired in-process research and development related
to the acquisition of Mayne Pharma. D -- Acquisition integration
charges. E -- Other acquisition-related charge: bridge loan fees
incurred as a result of the Mayne Pharma acquisition expensed upon
refinancing of loan during the first quarter. F -- Other
acquisition-related charge: foreign exchange losses related to the
Mayne Pharma acquisition. G -- Reflects the tax effect of the above
adjustments, except for the non-tax deductible write-off of
acquired in-process research and development related to the Mayne
Pharma acquisition. H -- Includes charges of $31,951 related to the
planned closures of the Donegal, Ireland; Ashland, OH; Montreal,
Canada; and North Chicago, IL facilities as part of Hospira's
manufacturing optimization initiatives; a reduction of the
obligation associated with the sale of the Salt Lake City
manufacturing plant to ICU Medical ($1,100); a gain on the sale of
the Donegal, Ireland facility ($7,851); and non-recurring
transition charges of $4,131. I -- Non-recurring transition
charges. J -- Reflects the tax effect of the above adjustments.
Hospira, Inc. Reconciliation of Diluted Earnings Per Share
(Unaudited) Three Months Ended Six Months Ended June 30 June 30
2007 2006 2007 2006 Diluted Earnings Per Common Share - GAAP $0.20
$0.34 $0.01 $0.83 Adjustments: Acquired in-process research and
development -- Mayne Pharma acquisition - - 0.53 - Inventory
step-up charge -- Mayne Pharma acquisition 0.14 - 0.23 -
Integration and other acquisition-related charges 0.05 - 0.13 -
Intangible assets amortization -- Mayne Pharma acquisition 0.05 -
0.09 - Charges related to manufacturing optimization initiatives
0.06 0.08 0.10 0.15 Non-recurring transition charges - 0.06 - 0.13
Gain on the sale of the Donegal, Ireland facility - (0.01) - (0.01)
Reduction of obligation related to the 2005 sale of the Salt Lake
City, UT manufacturing plant (0.01) (0.04) (0.01) (0.04) Subtotal
of Adjustments 0.29 0.09 1.07 0.23 Diluted Earnings per Common
Share - Adjusted $0.49 $0.43 $1.08 $1.06 Hospira, Inc. Condensed
Consolidated Balance Sheets (Unaudited) (dollars in thousands) June
30 December 31 Assets 2007 2006 Current Assets: Cash and cash
equivalents $203,031 $322,045 Net trade receivables 579,766 335,334
Inventories 792,943 626,934 Prepaid expenses, deferred income taxes
and other receivables 257,974 238,577 Total Current Assets
1,833,714 1,522,890 Net property and equipment 1,243,909 1,039,431
Intangible assets, net of amortization 539,084 17,103 Goodwill
1,223,289 91,857 Deferred income taxes 68,927 76,367 Investments
38,785 31,341 Other assets 72,785 68,598 Total Assets $5,020,493
$2,847,587 Liabilities and Shareholders' Equity Current
Liabilities: Short-term borrowings $111,747 $4,532 Trade accounts
payable 190,227 130,968 Salaries payable and other accruals 503,841
470,726 Total Current Liabilities 805,815 606,226 Long-term debt
2,381,518 702,044 Post-retirement obligations, deferred income
taxes and other long-term liabilities 360,128 178,228 Commitments
and Contingencies Total Liabilities 3,547,461 1,486,498 Total
Shareholders' Equity 1,473,032 1,361,089 Total Liabilities and
Shareholders' Equity $5,020,493 $2,847,587 Hospira, Inc. Condensed
Consolidated Statements of Cash Flows (Unaudited) (dollars in
thousands) Six Months Ended June 30 2007 2006 Cash Flow From (Used
in) Operating Activities: Net income $1,322 $134,333 Adjustments to
reconcile net income to net cash from operating activities--
Depreciation 90,084 77,909 Amortization of intangibles 22,901 964
Write-off of acquired in-process research and development 84,800 -
Stock-based compensation expense 23,530 19,584 Gain on sale of
facility - (7,851) Changes in assets and liabilities-- Trade
receivables (40,759) (32,595) Inventories 58,023 (71,669) Prepaid
expenses and other assets (7,347) (6,017) Trade accounts payable
(5,051) 17,416 Other liabilities (67,362) 114 Other, net 11,456
47,744 Net Cash From Operating Activities 171,597 179,932 Cash Flow
From (Used in) Investing Activities: Acquisitions of property and
equipment (88,522) (139,784) Acquisition of Mayne Pharma, net of
cash acquired (1,961,285) - Settlements of foreign currency
contracts (55,701) - Proceeds from dispositions of product rights
13,771 - Proceeds from sale of facility - 11,500 Purchase of
intangibles and other investments - (12,045) Net Cash (Used in)
Investing Activities (2,091,737) (140,329) Cash Flow From (Used in)
Financing Activities: Issuance of long-term debt, net of fees paid
3,336,198 - Repayment of long-term debt (1,575,082) (71) Other
borrowings, net (326) 4,069 Payment to Abbott for international
assets - (98,536) Common stock repurchased - (250,178) Excess tax
benefit from stock-based compensation arrangements 583 3,159
Proceeds from stock options exercised 27,538 34,851 Net Cash From
(Used in) Financing Activities 1,788,911 (306,706) Effect of
exchange rate changes on cash and cash equivalents 12,215 2,938 Net
change in cash and cash equivalents (119,014) (264,165) Cash and
cash equivalents at beginning of period 322,045 520,610 Cash and
cash equivalents at end of period $203,031 $256,445 Hospira, Inc.
Net Sales by Product Line (Unaudited) (dollars in thousands) Three
Months Ended Six Months Ended June 30 June 30 2007 2006 % Change
2007 2006 % Change U.S. -- Specialty Injectable Pharmaceuticals
$205,639 $207,317 (0.8) $411,398 $392,553 4.8 Medication Delivery
Systems 230,823 214,443 7.6 443,804 427,469 3.8 Injectable
Pharmaceutical Contract Manufacturing 36,888 49,687 (25.8) 78,114
101,789 (23.3) Sales to Abbott Laboratories 20,036 21,441 (6.6)
37,187 45,822 (18.8) Mayne Pharma 28,541 - nm 49,600 - nm Other
71,022 64,794 9.6 141,854 139,243 1.9 Total U.S. 592,949 557,682
6.3 1,161,957 1,106,876 5.0 International -- Sales to Third Parties
115,268 93,662 23.1 221,833 192,955 15.0 Sales to Abbott
Laboratories 10,421 19,757 (47.3) 25,910 35,564 (27.1) Mayne Pharma
150,718 - nm 242,454 - nm Total International 276,407 113,419 143.7
490,197 228,519 114.5 Total Net Sales $869,356 $671,101 29.5
$1,652,154 $1,335,395 23.7 Total Net Sales excluding Mayne Pharma
$690,097 $671,101 2.8 $1,360,100 $1,335,395 1.9 Hospira, Inc.
Segment Information (Unaudited) (dollars in thousands) Three Months
Ended June 30 Net Sales Income from Operations % % 2007 2006 Change
2007 2006 Change U.S. $592,949 $557,682 6.3 $63,859 A $83,070 A
(23.1) International 276,407 113,419 143.7 22,142 B 6,700 B 230.5
Total reportable segments $869,356 $671,101 29.5 86,001 89,770
(4.2) Corporate functions (18,356)C (14,812)C 23.9 Income from
operations 67,645 74,958 (9.8) Other, net (32,171)D (3,734) nm
Income before income taxes $35,474 $71,224 (50.2) Included in the
reported Income before income taxes above, are the following
charges: A -- U.S. Charges related to the planned closures of the
Ashland, OH and North Chicago, IL facilities $10,998 $7,732
Acquired in-process research and development -- Mayne Pharma
acquisition - - Inventory step-up charge -- Mayne Pharma
acquisition 5,999 - Intangible assets amortization -- Mayne Pharma
acquisition 3,270 - Integration and other acquisition-related
charges 8,068 - Non-recurring transition charges - 6,996 Reduction
of obligation related to the 2005 sale of the Salt Lake City, UT
manufacturing plant (1,579) (1,100) Total U.S. $26,756 $13,628 B --
International Acquired in-process research and development -- Mayne
Pharma acquisition - - Inventory step-up charge -- Mayne Pharma
acquisition 25,706 - Intangible assets amortization -- Mayne Pharma
acquisition 9,892 - Charges related to the announced closures of
the Donegal, Ireland and Montreal, Canada facilities 3,607 8,160
Integration charges -- Mayne Pharma acquisition 1,141 -
Non-recurring transition charges - 2,869 Gain on the sale of the
Donegal, Ireland facility - (7,851) Total International $40,346
$3,178 C -- Corporate Integration and other acquisition-related
charges 4,383 - Non-recurring transition charges - 1,159 Total
Corporate $4,383 $1,159 D -- Other, net Integration and other
acquisition-related charges - - Total Other, net $ - $ - Total
$71,485 $17,965 Hospira, Inc. Segment Information (Unaudited)
(dollars in thousands) Six Months Ended June 30 Net Sales Income
from Operations % % 2007 2006 Change 2007 2006 Change U.S.
$1,161,957 $1,106,876 5.0 $107,216 A $197,115 A (45.6)
International 490,197 228,519 114.5 12,251 B 18,614 B (34.2) Total
reportable segments $1,652,154 $1,335,395 23.7 119,467 215,729
(44.6) Corporate functions (37,447)C (28,770)C 30.2 Income from
operations 82,020 186,959 (56.1) Other, net (61,990)D (6,645) nm
Income before income taxes $20,030 $180,314 (88.9) Included in the
reported Income before income taxes above, are the following
charges: A -- U.S. Charges related to the planned closures of the
Ashland, OH and North Chicago, IL facilities $19,358 $15,757
Acquired in-process research and development -- Mayne Pharma
acquisition 66,300 - Inventory step-up charge -- Mayne Pharma
acquisition 11,171 - Intangible assets amortization -- Mayne Pharma
acquisition 5,450 - Integration and other acquisition-related
charges 12,465 - Non-recurring transition charges - 16,307
Reduction of obligation related to the 2005 sale of the Salt Lake
City, UT manufacturing plant (1,579) (1,100) Total U.S. $113,165
$30,964 B -- International Acquired in-process research and
development -- Mayne Pharma acquisition 18,500 - Inventory step-up
charge -- Mayne Pharma acquisition 41,942 - Intangible assets
amortization -- Mayne Pharma acquisition 16,140 - Charges related
to the announced closures of the Donegal, Ireland and Montreal,
Canada facilities 6,085 16,194 Integration charges -- Mayne Pharma
acquisition 1,442 - Non-recurring transition charges - 7,663 Gain
on the sale of the Donegal, Ireland facility - (7,851) Total
International $84,109 $16,006 C -- Corporate Integration and other
acquisition-related charges 10,314 - Non-recurring transition
charges - 2,366 Total Corporate $10,314 $2,366 D -- Other, net
Integration and other acquisition-related charges 7,918 - Total
Other, net $7,918 $ - Total $215,506 $49,336
http://www.newscom.com/cgi-bin/prnh/20040503/HSPLOGO
http://photoarchive.ap.org/ DATASOURCE: Hospira, Inc. CONTACT:
Media, Stacey Eisen, +1-224-212-2276, or Tareta Adams,
+1-224-212-2535, or Financial Community, Lynn McHugh,
+1-224-212-2363, all of Hospira, Inc. Web site:
http://www.hospira.com/
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