hospira inc (HSP) Key Developments
Hospira Inc.(NYSE:HSP) dropped from S&P 500 Value Index
Dec 22 14
Hospira Inc.(NYSE:HSP) dropped from S&P 500 Value Index
Cubist Pharmaceuticals Provides Update on Patent Litigation Against Hospira
Dec 8 14
Cubist Pharmaceuticals Inc. announced that the U.S. District Court in Delaware has ruled on the company’s patent infringement lawsuit against Hospira Inc.
Hospira, Inc. Mourns Passing of Founding Board Member Connie R. Curran
Nov 17 14
The board of directors and employees of Hospira Inc. expressed their deepest sorrow over the loss of Connie R. Curran one of the company's founding board members.
Hospira Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Revises Earnings Guidance for the Full Year of Fiscal 2014
Nov 6 14
Hospira Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company announced net sales of $1,150.6 million compared to $1,008.2 million for the same period a year ago. Income from operations was $227.5 million compared to $29.8 million for the same period a year ago. Income before income taxes was $204.0 million compared to loss before income taxes of $32.5 million for the same period a year ago. Net income was $158.6 million compared to $1.9 million for the same period a year ago. Earnings per common share, diluted were $0.92 compared to $0.01 for the same period a year ago. Adjusted income from operations was $192.6 million compared to $122.0 million for the same period a year ago. Adjusted net income was $127.5 million compared to $84.5 million for the same period a year ago. Adjusted diluted earnings per share were $0.74 compared to $0.51 for the same period a year ago. Net sales benefited from the continued strong global sales of Specialty Injectable Pharmaceuticals (SIP) products. Adjusted income from operations increased primarily reflects the impact of improved pricing and increased volume in sales of the company's SIP products, which were partially offset by higher Research and development expenses, as well as higher Selling, general and administrative expenses.
For the nine months, the company announced net sales of $3,337.2 million compared to $2,918.4 million for the same period a year ago. Income from operations was $426.6 million compared to loss from operations of $36.6 million for the same period a year ago. Income before income taxes was $366.3 million compared to loss before income taxes of $150.7 million for the same period a year ago. Net income was $297.4 million or $1.75 per diluted share compared to net loss of $41.8 million or $0.25 per diluted share for the same period a year ago. Adjusted net sales were $3,337.2 million compared to $3,022.7 million for the same period a year ago. Adjusted income from operations was $523.4 million compared to $349.6 million for the same period a year ago. Adjusted net income was $351.3 million compared to $262.7 million for the same period a year ago. Adjusted diluted earnings per share were $2.06 compared to $1.58 for the same period a year ago. Net cash provided by operating activities was $334.3 million compared to $61.5 million for the same period a year ago, driven primarily by the improved earnings. Capital expenditures (including instruments placed with or leased to customers) were $279.0 million compared to $248.5 million for the same period a year ago. The increase reflects planned spending related to new Vizag, India facility, as well as other plant modernization initiatives. Purchases of intangibles and other investments were $35.2 million compared to $12.2 million for the same period a year ago.
The company revised earnings guidance for the full year of fiscal 2014. Based on the company's assumptions regarding the impact in the fourth quarter of the genericization of Precedex, The company now expects net sales growth for full-year 2014 to range between 8.5% and 9.5% on a constant-currency basis, with minimal impact from foreign currency. The company is now projecting adjusted diluted earnings per share for 2014 to range between $2.40 and $2.50, the upper end of the prior range. Diluted earnings per share GAAP expected to be between $1.80 and $1.90. The company is updating its guidance for full-year 2014 cash flow from operations, which it now expects to range between $425 million and $475 million. Capital expenditure projections remain in a range between $375 million and $425 million. The company continues to expect depreciation and amortization to range between $225 million and $275 million.
Hospira, Inc. Announces U.S. Launch of Generic Paricalcitol Injection
Nov 5 14
Hospira Inc. announced the launch of Paricalcitol Injection, a generic version of AbbVie's Zemplar. Hospira obtained U.S. Food and Drug Administration (FDA) approval of paricalcitol on Oct. 21 and launched the product November 1, 2014. Hospira's paricalcitol - available in three multi-dose vial configurations - is approved for the prevention and treatment of secondary hyperparathyroidism associated with Stage 5 chronic kidney disease (CKD). Hyperparathyroidism contributes to the development of metabolic bone disease. Sterile use of multi-dose vials can reduce waste because the vial's entire contents can be utilized over time, as opposed to single-dose vials, which require clinicians to discard the unused volume of solution after drawing up the patient's specific dose. The current branded drug offers only one of three sizes as a multi-dose configuration. Hospira will offer multi-dose configurations in 5 mcg and 10 mcg vials of paricalcitol in a 5 mcg/mL concentration, and then 2 mcg vials of paricalcitol in a 2 mcg/mL concentration. These are the concentrations that customers have used for many years. Hospira's specialty injectable pharmaceuticals (SIP) offering includes approximately 200 generic injectable drugs in many dosages and formulations. In addition, many of its products are available in popular differentiated presentations, several of which are proprietary, such as ADD-Vantage(TM) drug delivery system and iSecure(TM) prefilled syringes. Therapeutic segments include analgesia, anesthesia, anti-infectives, cardiovascular, oncology, emergency and other areas. Hospira also has robust pipelines of both generic and biosimilar drugs.