Hospira Inc. (HSP) boosted its financial guidance for 2009 on Thursday due to strength in its U.S. business for specialty injectable drugs.

The company also issued growth forecasts for 2011 that call for improved financial results behind a cost-cutting and restructuring plan that is now underway. The forecasts lifted Hospira shares, which recently traded up 1.8% to $42.92. Shares earlier touched $44.72, marking the highest point in more than three years.

The Lake Forest, Ill., maker of generic drugs and medical devices announced the fresh outlook in a filing with the U.S. Securities and Exchange Commission, and is also discussing its forecasts during an investor conference Thursday. The company now sees global sales rising by 5% to 7% this year, excluding the impact of foreign currency. The company on July 29 had reiterated prior guidance for a 4% to 6% sales climb.

Adjusted per-share earnings, which excludes charges linked to a big company restructuring plan, among other items, are now seen at $2.80 to $2.85 this year. Both ends of the new forecast are up 10 cents from prior guidance, which was increased by three cents on July 29.

Analysts surveyed by Thomson Reuters had, on average, expected earnings for the year of $2.77 a share.

Christopher B. Begley, Hospira's chairman and chief executive, said during the conference that the 2009 guidance was lifted due to the company's domestic specialty injectable drug business. For the year, Hospira now sees specialty injectable sales rising 8% to 10%, up from the prior 4% to 6% growth forecast.

That business had a strong second quarter in part due to wholesaler buying patterns that helped in that period and hurt a year earlier.

Hospira also boosted the upper end of its 2009 gross margin forecast, which is now 39.5% to 40.5%, guided to an operating margin of 18% to 19% and boosted its forecast for 2009 cash flow from operations to a range of $610 million to $660 million.

Looking ahead, Hospira said that for 2011, it sees annual sales growth in the high single-digit range. It also sees adjusted earnings-per-share growth in a low-to-mid double-digit range. The 2009 forecast equates to an 11% to 13% rise.

Hospira anticipates improving its financial performance via the restructuring program, called "Project Fuel," which the company announced in March. The plan includes a 10% workforce reduction and the slimming down of Hospira's product offerings alongside the potential sale of non-core businesses.

Begley said Thursday that the company has to date identified about 3,700 list numbers from its product portfolio that can be eliminated, including the recently divested critical care business. This represents more than 50% of the company's portfolio and is a greater reduction than the company had originally projected when it launched the restructuring plan.

The company also said it has notified more than 50% of the workers impacted by the plan.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com