("Hospira 3Q Results Surge Past Analysts' Expectations,"
published at 7:54 a.m. EDT, misstated global sales growth for
Hospira's specialty injectable drug business. A corrected story
follows.)
DOW JONES NEWSWIRES
Hospira Inc.'s (HSP) third-quarter profit jumped 42% as results
smashed analysts' expectations in part due to the introduction of a
generic cancer agent.
The company, whose products range from injectable drugs to
blood-monitoring devices, also raised its 2009 earnings forecast to
$2.85 to $2.90 a share excluding items, a nickel higher than its
twice-boosted forecast. Hospira's revenue view was affirmed.
Focused on cutting costs and paying down debt, Hospira in March
announced a 10% work-force reduction and is evaluating noncore
businesses other than its strong specialty-injectable drugs and
medication-management systems segments. Hospira spun off from
Abbott Laboratories (ABT) in 2004.
Hospira reported earnings of $116.2 million, or 71 cents a
share, up from $81.8 million, or 51 cents a share, a year earlier.
Excluding acquisition and other impacts, earnings rose to 90 cents
from 63 cents.
Net sales rose 8.9% to $1.01 billion, driven by the 24% jump at
Hospira's specialty injectable drug business.
The mean estimates of analysts surveyed by Thomson Reuters were
for earnings of 69 cents and revenue of $936 million.
Gross margin rose to 39.3% from 36.1%.
Shares of Hospira closed Monday at $46.30 and were inactive
premarket. The stock is up 73% this year.
-By Jenny Park and Kevin Kingsbury, Dow Jones Newswires;
212-416-2354; jenny.park@dowjones.com