Hospira Inc.'s (HSP) second-quarter profit more than tripled on
fewer charges as revenue improved for the maker of medical devices
and injectable drugs but fell short of analysts' expectations.
In the period, the company also launched the first product from
Hospira India and commercialized its second biosimilar product in
Europe.
Hospira reported a profit of $83.5 million, or 49 cents a share,
up from $25.5 million, or 16 cents a share, a year earlier.
Excluding acquisition- and litigation-related charges, per-share
earnings rose to 86 cents from 73 cents. Revenue increased 1.2% to
$968.2 million.
Analysts polled by Thomson Reuters most recently estimated
earnings of 79 cents a share and $996 million in revenue.
Gross margin widened to 38.1% from 36.2%.
Sales of specialty injectables--the company's biggest revenue
stream--jumped 23% while medication management systems sales fell
21%.
Shares at Hospira, which affirmed its 2010 forecast, closed at
$56.81 Tuesday and were inactive premarket. The stock has risen 11%
this year.
-By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com