Hospira reports year-on-year growth in Q3 2013

Hospira has announced its financial results for the third quarter of 2013, during which it generated a net sales total of $1 billion (621.93 million pounds).

This represented a year-on-year increase of 1.4 percent, while its adjusted diluted earnings per share came to $0.51, up 8.5 percent compared to the third quarter of 2012.

During the three-month period, the company made progress in several areas, receiving European approval in the quarter of the biosimilar therapy Inflectra – the first monoclonal antibody biosimilar to be approved in Europe.

The firm has also seen continued demand for the new premix versions of its branded sedation agent Precedex and has made meaningful advances in its supply recovery efforts and quality-improvement initiatives.

F Michael Ball, the company's chief executive officer, said the company's recent success "is positioning Hospira for a stronger, more competitive future, which we believe will provide sustainable, long-term growth and value to our shareholders".

The company is the former hospital products business of Abbott Laboratories and has been operating as an independent business since 2004.