(RTTNews) - Specialty pharmaceutical and medication delivery company Hospira Inc. (HSP: News ) on Tuesday posted a sharp growth in third-quarter profit, boosted by the launch of the generic oncolytic oxaliplatin and additional progress toward its Project Fuel initiatives. In addition, the company lifted its financial guidance for the full year.

The Lake Forest, Illinois-based company's third-quarter net income was $116.2 million, up 42.1% from $81.8 million in the prior-year quarter. On a per share basis, earnings rose 39.2% to $0.71 from $0.51 in the same quarter of last year.

Adjusted net income for the latest quarter totaled $147.4 million, a jump of 45.2%, compared to $101.5 million reported a year ago. Adjusted per share earnings climbed 42.9% to $0.90 from $0.63 in the comparable quarter of the previous year.

On average, 8 analysts polled by Thomson Reuters expected the company to post earnings of $0.69 per share. Analysts' estimates typically exclude special items.

Quarterly net sales advanced 8.9% to $1.01 billion from the previous year's net sales of $925.5 million, led by an increase in Specialty Injectable Pharmaceuticals, primarily a result of the third-quarter launch of oxaliplatin in solution form in the United States. Six Wall Street analysts had a consensus revenue estimate of $936.22 million for the quarter.

Christopher Begley, chairman and chief executive officer of Hospira, said, "We continued to position Hospira for future success in this milestone quarter, during which we surpassed the billion dollar revenue mark for the first time and generated strong double-digit earnings per share growth."
Third-quarter sales of the the Americas product line grew 13.8% to $803.4 million from $705.7 million in the previous year, while sales from the Europe, Middle East & Africa decreased 11.6% to $129.6 million from the prior-year's sales of $146.6 million. Total Asia Pacific sales improved 1.8% to $74.5 million from $73.2 million in the comparable quarter of the previous year.

Global pharmaceuticals segment rose 14.3% to $733.1 million from $641.5 million a year ago, and Devices unit fetched quarterly sales of $274.4 million, down 3.4% from $284.0 million in fiscal 2008.

For the nine-month period, the company reported net income of $307.2 million or $1.89 per share, compared to $216.3 million or $1.34 per share in the year-earlier period.

Adjusted net income increased to $362.4 million or $2.23 per share, compared to $281.8 million or $1.75 per share in the same period of last year.

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