Hospira Q3 net income up

The company has reported net sales of $925.5 million for the third quarter of 2008, an increase of 10.4%, compared to $838 million posted in the third quarter of 2007. On a GAAP basis diluted earnings per share for the third quarter of 2008 were $0.51, an increase of 37.8%, compared to $0.37 posted in the same period of 2007.

For the first nine months of 2008, Hospira recorded net sales of $2.71 billion, an increase of 9.1%, compared with $2.5 billion in the same period in 2007. On a GAAP basis the company posted net income of $216.3 million, an increase of 256.3%, compared with $60.7 million in the prior-year period.

On a GAAP basis diluted earnings per share for the first nine months of 2008 were $1.34, an increase of 256.2%, compared to $0.38 posted in the same period of 2007.

Christopher Begley, chairman and CEO of Hospira, said: “We are pleased by the strong growth we achieved during the quarter in our primary areas of strategic focus. Both specialty injectable pharmaceuticals and medication management systems posted double-digit sales increases, and each area saw favorable developments that will drive future growth. We remain on track to achieve our 2008 earnings projections and continue to position Hospira for future success.”