Hospira announces third-quarter results

Hospira has reported financial results for the third quarter of 2008.

The company’s net sales increased 10.4 per cent to $925.5 million (580.82 million pounds), compared to $838 million for the same period in the previous year.

Diluted earnings per share increased by 28.6 per cent in the same period to $0.63, compared to $0.49 in the 2007’s third quarter.

Chairman and chief executive officer, Christopher Begley, said that the company is pleased by the “strong growth” achieved over the quarter.

He added: “Both Specialty Injectable Pharmaceuticals and Medication Management Systems posted double-digit sales increases and each area saw favourable developments that will drive future growth. We remain on track to achieve our 2008 earnings projections.”

The organisation highlighted that cash flow for the first nine months of 2008 was down from the same period the year before, at $328.6 million, compared to $354.5 million.

Capital expenditures by Hospira were also down to $126.9 million over the same period of 2008, in comparison with $128.7 million in 2007.

Net sales projections for the full year are set to reflect growth on a constant-currency basis, with full-year net sales expected to increase in a range of six to seven per cent.