Hospira reports Q1

LAKE FOREST, Ill. — Hospira had net sales of $1 billion during first quarter 2011, the generic drug maker said Tuesday.

Sales for the quarter, which ended March 31, declined by 0.5%, compared with first quarter 2010, while profits were $149.9 million, a 5.8% increase over last year.

“Hospira started out the year with a stronger-than-expected first quarter, aided by strong U.S. sales of docetaxel and gemcitabine, two major oncolytic pharmaceuticals,” executive chairman and former CEO Christopher Begley said, referring to generic versions of two chemotherapy drugs. “During the quarter, we gained momentum on several of our existing and newly launched specialty pharmaceuticals and made good progress in decreasing our level of backorders to better serve our customers. We remain focused on driving quality enhancements throughout the organization and on improving shareholder value through strong execution and sustainable growth.”

Begley also welcomed new CEO F. Michael Ball, who joined the company on March 28.