Oct. 27--Hospital products maker Hospira Inc. this morning reported a 42 percent increase in third-quarter profits on strong sales and improved manufacturing efficiencies from an ongoing company-wide reorganization and cost-reduction plan.

The Lake Forest-based maker of drug delivery devices and generic injectable drugs said earnings jumped 42 precent to $116.2 million, or 71 cents a share in the third quarter ended Sept. 30. That compares to $81.8 million, or 51 cents a share in the year-ago quarter.

Sales rose 9 percent to $1 billion thanks to what the company's top executive called increased sales volumes and improved manufacturing efficiencies driven by its global "project fuel" initiative, which has involved everything from new technologies and job cuts to increased manufacturing and sales efficiencies.

Results were also buoyed by the launch of a generic colon cancer treatment the company introduced. The drug, oxaliplatin, is the generic version of Sanofi-Aventis' branded Eloxatin.

"Hospira delivered strong results in the third quarter, aided by the launch of the generic oncolytic oxaliplatin and additional progress toward our Project Fuel initiatives," said Hospita chairman and chief executive officer Christopher B. Begley in a statement issued this morning. "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. We remain confident in our projections for full-year sales and are increasing our earnings per share guidance."

Hospira increased its full-year adjusted earnings-per-share guidance range to "$2.85-$2.90 from $2.80-$2.85, primarily due to an anticipated tax benefit," the company said.

bjapsen@tribune.com

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