Hospira Inc's (HSP.N) sales will remain lackluster through 2014, growing in the mid single digits before accelerating into the low teens, executives said on Wednesday. Speaking at Hospira's investor meeting at its headquarters in suburban Chicago, executives told analysts that it will take 18 to 24 months to fix manufacturing problems at its plants in North Carolina. The company has been grappling with quality issues for about a year after receiving a warning letter from the U.S. Food and Drug Administration. The issues related to emulsion products that were used in some drugs that did not meet the FDA's Good Manufacturing Practices. Chief Financial Officer Tom Werner backed an analyst's estimate that Hospira will spend some $65 million over three years on remediation, which translates to roughly 8 to 10 cents in earnings per share next year alone.
Hospira, Inc. (Hospira) is a specialty pharmaceutical and medication delivery company. Shares of HSP traded higher by 3.12% or $1.38/share to $45.61. In the past year, the shares have traded as low as $42.34 and as high as $60.49. On average, 1338920 shares of HSP exchange hands on a given day and today's volume is recorded at 2327276.
Source
