Hospira sees profits fall 73%

Hospira ($HSP), which makes pharma products and medical devices, saw its first-quarter net income drop sharply to $40.2 million, down from $149.9 million a year earlier. Quality issues and generic competition were cited as reasons for the decline. Still, company executives expressed optimism for the coming quarters. "Hospira delivered first-quarter results in line with our expectations, which reflects a difficult year-over-year comparison and the impact of our quality improvement initiatives," said CEO F. Michael Ball. Hospira release | Story