Hospira 2Q Profit Surge 72% With Boost From Docetaxel Sales

Hospira Inc.'s (HSP) second-quarter earnings soared 72%, driven by strong sales in the specialty injectable pharmaceuticals group.

Adjusted profit and revenue beat analysts' expectations.

The medical-device and injectable-drug maker raised its 2011 sales growth projections by 2 percentage points to 7% to 9% and affirmed its per-share earnings forecast.

Hospira, which was spun off from Abbott Laboratories (ABT) in 2004, had predicted in April that the second quarter would see the year's lightest earnings due to a shift in U.S. sales of its generic Docetaxel. The Food and Drug Administration's approval in March for Hospira's generic version of the Sanofi-Aventis SA (SNY, SAN.FR) cancer drug Taxotere had essentially pulled forward some of those sales into the first quarter. And the approval earlier this month of a competing version of Taxotere from Novartis AG (NVS) added to the pressure.

Hospira reported a profit of $143.6 million, or 85 cents a share, up from $83.5 million, or 49 cents a share, a year earlier. Excluding acquisition-related charges and other items, earnings were up at 94 cents from 86 cents. Revenue increased 9.9% to $1.06 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of 79 cents on revenue of $973 million.

Gross margin rose to 38.9% from 38.1%.

Shares closed Tuesday at $52.10 and were inactive premarket. The stock is down 6.5% this year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; [e-mail]