Hospira Reports Fourth-Quarter and Full-Year 2011 Results

In $ millions,

except per share

amounts

GAAP

Three Months Ended

Dec. 31,

Adjusted*

Three Months Ended

Dec. 31,

2011

2010

%

Change

2011

2010

%

Change

Net Sales

$1,014.0

$992.1

2.2%

n/a

n/a

n/a

Gross Profit (Net Sales less

Cost of Products Sold)

$281.2

$347.9

(19.2)%

$344.5

$388.1

(11.2)%

(Loss) Income from Operations

$(212.3)

$53.6

nm

$110.8

$141.6

(21.8)%

Diluted (Loss) Earnings per Share

$(1.30)

$0.36

nm

$0.51

$0.77

(33.8)%

Statistics (as a % of Net Sales)

Gross Profit (Net Sales less

Cost of Products Sold)

27.7%

35.1%

34.0%

39.1%

(Loss) Income from Operations

(20.9)%

5.4%

10.9%

14.3%

In $ millions,

except per share

amounts

GAAP

Year Ended

Dec. 31,

Adjusted*

Year Ended

Dec. 31,

2011

2010

%

Change

2011

2010

%

Change

Net Sales

$4,057.1

$3,917.2

3.6%

n/a

n/a

n/a

Gross Profit (Net Sales less

Cost of Products Sold)

$1,397.6

$1,514.4

(7.7)%

$1,563.5

$1,666.0

(6.2)%

Income from Operations

$56.8

$519.2

(89.1)%

$668.6

$783.9

(14.7)%

Diluted (Loss) Earnings per Share

$(0.06)

$2.11

(102.8)%

$3.04

$3.31

(8.2)%

Statistics (as a % of Net Sales)

Gross Profit (Net Sales less

Cost of Products Sold)

34.4%

38.7%

38.5%

42.5%

Income from Operations

1.4%

13.3%

16.5%

20.0%

Diluted earnings per share -- adjusted*

$2.00 - $2.30

Estimated amortization of intangible assets related to
certain acquisitions (mid-point of an estimated range of $0.28 to $0.32 per diluted share)

($0.30)

Estimated charges for certain quality and product-related
matters (mid-point of an estimated range of $0.50 to $0.62 per diluted share)

($0.56)

Estimated charges related to capacity expansion (mid-point of an estimated range of $0.09 to $0.11 per diluted share)

($0.10)

Diluted earnings per share -- GAAP

$1.04 - $1.34

Private Securities Litigation Reform Act of 1995 --

A Caution Concerning Forward-Looking Statements

Hospira, Inc.

Condensed Consolidated Statements of (Loss) Income

(Unaudited)

(dollars and shares in millions, except for per share amounts)

Three Months Ended December 31,

% Change

2011

2010

Net sales

$                        1,014.0

$                           992.1

2.2%

Cost of products sold

732.8

644.2

13.8%

Restructuring, impairment and (gain) on disposition of assets, net

14.6

23.5

(37.9)%

Goodwill impairment

245.2

-

nm    

Research and development

66.8

103.2

(35.3)%

Selling, general and administrative

166.9

167.6

(0.4)%

   Total operating costs and expenses

1,226.3

938.5

30.7%

       (Loss) Income From Operations

(212.3)

53.6

nm    

Interest expense

22.4

27.0

(17.0)%

Other (income) expense, net

(3.2)

4.3

(174.4)%

        (Loss) Income Before Income Taxes

(231.5)

22.3

nm    

Income tax benefit

(10.1)

(28.5)

(64.6)%

Equity income from affiliates, net

(7.4)

(9.8)

(24.5)%

       Net (Loss) Income

$                         (214.0)

$                             60.6

nm    

(Loss) Earnings Per Common Share:

   Basic

$                           (1.30)

$                             0.36

nm    

   Diluted

$                           (1.30)

$                             0.36

nm    

Weighted Average Common Shares Outstanding:

   Basic

164.5

167.0

(1.5)%

   Diluted

164.5

170.1

(3.3)%

Adjusted Gross Profit (1)(2)

$                           344.5

$                           388.1

(11.2)%

Adjusted Income From Operations (1)

$                           110.8

$                           141.6

(21.8)%

Adjusted Net Income (1)

$                             85.0

$                           131.0

(35.1)%

Adjusted Diluted Earnings Per Share (1)

$                             0.51

$                             0.77

(33.8)%

Statistics (as a % of net sales, except for income tax rate):                           

GAAP Three Months Ended December 31,

Adjusted (1) Three Months Ended December 31,

2011

2010

2011

2010

Gross Profit (2)

      27.7%

35.1%

34.0%

                  39.1%

(Loss) Income From Operations

(20.9)%

5.4%

10.9%

14.3%

Net (Loss) Income

(21.1)%

6.1%

8.4%

13.2%

Income Tax Rate

4.4%

(127.8)%

15.2%

(1.8)%

(1)

Adjusted financial measures exclude certain specified items as described and reconciled to comparable GAAP financial measures in the Reconciliation of GAAP to Non-GAAP Financial Measures contained in this press release.

(2)

Gross profit is defined as Net sales less Cost of products sold. Adjusted gross profit excludes certain specified items, as indicated in the previous footnote.

nm - Percentage change is not meaningful.

Hospira, Inc.

Condensed Consolidated Statements of (Loss) Income

(Unaudited)

(dollars and shares in millions, except for per share amounts)

Years Ended December 31,

% Change

2011

2010

Net sales

$                   4,057.1

$                        3,917.2

3.6%

Cost of products sold

2,659.5

2,402.8

10.7%

Restructuring, impairment and (gain) on disposition of assets, net

44.5

19.7

125.9%

Goodwill impairment

400.2

-

nm   

Research and development

258.8

300.5

(13.9)%

Selling, general and administrative

637.3

675.0

(5.6)%

   Total operating costs and expenses

4,000.3

3,398.0

17.7%

        Income From Operations

56.8

519.2

(89.1)%

Interest expense

93.1

101.1

(7.9)%

Other (income) expense, net

(9.2)

38.8

(123.7)%

         (Loss) Income Before Income Taxes

(27.1)

379.3

(107.1)%

Income tax expense

27.9

34.3

(18.7)%

Equity income from affiliates, net

(45.6)

(12.2)

273.8%

        Net (Loss) Income

$                        (9.4)

$                           357.2

(102.6)%

(Loss) Earnings Per Common Share:

   Basic

$                      (0.06)

$                             2.15

(102.8)%

   Diluted

$                      (0.06)

$                             2.11

(102.8)%

Weighted Average Common Shares Outstanding:

   Basic

165.5

166.0

(0.3)%

   Diluted

165.5

169.5

(2.4)%

Adjusted Gross Profit (1)(2)

$                   1,563.5

$                        1,666.0

(6.2)%

Adjusted Income From Operations (1)

$                      668.6

$                           783.9

(14.7)%

Adjusted Net Income (1)

$                      510.3

$                           560.5

(9.0)%

Adjusted Diluted Earnings Per Share (1)

$                        3.04

$                             3.31

(8.2)%

Statistics (as a % of net sales, except for income tax rate):                            

GAAP Years Ended December 31,

Adjusted (1) Years Ended December 31,

2011

2010

2011

2010

Gross Profit (2)

       34.4%

38.7%

38.5%

                   42.5%

Income From Operations

1.4%

13.3%

16.5%

20.0%

Net (Loss) Income

(0.2)%

9.1%

12.6%

14.3%

Income Tax Rate

(103.0)%

9.0%

20.5%

20.5%

(1)

Adjusted financial measures exclude certain specified items as described and reconciled to comparable GAAP financial measures in the Reconciliation of GAAP to Non-GAAP Financial Measures contained in this press release.

(2)

Gross profit is defined as Net sales less Cost of products sold. Adjusted gross profit excludes certain specified items, as indicated in the previous footnote.

nm - Percentage change is not meaningful.

Hospira, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in millions, except for per share amounts)

Three months ended December 31, 2011 Reconciliation of GAAP to Non-GAAP Financial Measures:

Gross Profit (1)

(Loss) Income

From Operations

Net (Loss)

Income (2)

Diluted EPS

GAAP financial measures                                                                                                           

$                             281.2

$                         (212.3)

$                         (214.0)

$                          (1.30)

Specified item:

  Amortization of certain intangible assets (A)

21.7

21.7

15.3

0.09

  Certain quality and product related charges (B)

39.3

39.3

24.6

0.15

  Capacity expansion related charges (C)

2.3

2.3

1.5

0.01

  Impairment of certain assets (D)

-

14.6

13.6

0.08

  Goodwill Impairment (E)

-

245.2

244.0

1.48

Adjusted financial measures (3)

$                             344.5

$                          110.8

$                            85.0

$                            0.51

GAAP results for the three months ended December 31, 2011 include:

(A)

Amortization of certain intangible assets reported in Cost of products sold  resulting from acquisitions including Mayne Pharma Limited ("Mayne Pharma"), Javelin Pharmaceuticals, Inc. ("Javelin Pharma") and a generic injectable business by Hospira Healthcare India Private Limited ("Hospira India").

(B)

Certain quality and product related charges reported in Cost of products sold primarily include third party oversight and consulting costs, reduced production volume related costs directly associated with Hospira's response to the United States Food and Drug Administration ("FDA") and charges related to Hospira's comprehensive device product review.

(C)

Capacity expansion related charges reported in Cost of products sold include start-up charges related to manufacturing capacity expansion in India.

(D)

Impairment of certain assets reported in Restructuring, impairment and (gain) on disposition of assets, net resulting from intangible asset impairments of $7.5 million and equipment impairment of $7.1 million.

(E)

Goodwill impairment related to the Europe, Middle East & Africa ("EMEA") reporting unit of $74.1 million and the Asia Pacific ("APAC") reporting unit of $171.1 million.

Three months ended December 31, 2010 Reconciliation of GAAP to Non-GAAP Financial Measures:

Gross Profit (1)

Income From

Operations

Net Income (2)

Diluted EPS

GAAP financial measures                                                                                                                   

$                             347.9

$                            53.6

$                            60.6

$                            0.36

Specified items:

  Project Fuel and related charges (A)

4.3

11.4

9.2

0.05

  Facilities Optimization charges (B)

2.8

7.7

4.9

0.03

  Amortization of certain intangible assets (C)

19.4

19.4

13.3

0.08

  Certain quality and product related charges (D)

13.4

13.4

8.1

0.05

  Acquisition and integration-related charges (E)

0.3

2.1

1.4

-

  Impairment of certain assets (F)

-

12.7

20.4

0.12

  Research and development charge (G)

-

21.3

13.1

0.08

Adjusted financial measures (3)

$                             388.1

$                          141.6

$                          131.0

$                            0.77

GAAP results for the three months ended December 31, 2010 include:

(A)

Project Fuel and related charges: $4.3 million reported in Cost of products sold, $5.7 million reported in Restructuring, impairment and (gain) on disposition of assets, net and $1.4 million reported in Selling, general and administrative. Project Fuel initiatives include costs for process optimization implementation, severance and other employee benefits, exit costs, and other asset charges.

(B)

Facilities Optimization charges: $2.8 million reported in Cost of products sold, $5.1 million reported in Restructuring, impairment and (gain) on disposition of assets, net and $(0.2) million reported in Research and development. These charges relate to facilities optimization from the closure or departure from certain manufacturing and research and development ("R&D") facilities and include costs for severance and other employee benefits, accelerated depreciation and relocation of production and R&D operations.

(C)

Amortization of certain intangible assets reported in Cost of products sold resulting from acquisitions including Mayne Pharma, Javelin Pharma and a generic injectable business by Hospira India.

(D)

Certain quality and product related charges reported in Cost of products sold primarily include third party oversight and consulting costs, reduced production volume related costs directly associated with Hospira's response to the FDA and charges related to Hospira's comprehensive device product review.

(E)

Acquisition and integration-related charges: $0.3 million reported in Cost of products sold, $1.4 million reported in Research and development and $0.4 million reported in Selling, general and administrative. These charges include acquisition and integration costs resulting from acquisitions including Javelin Pharma and a generic injectable business by Hospira India.

(F)

Impairment of certain assets: $12.7 million reported in Restructuring, impairment and (gain) on disposition of assets, net for impairment of an intangible asset and $8.8 million reported in Other income, net for impairment of cost-method investments.

(G)

Research and development charge resulting from an initial payment related to an agreement and corresponding milestone reached for development of a hematology product that has not yet achieved regulatory approval.

(1)

Gross profit is defined as Net sales less Cost of products sold.

(2)

Adjusted Net Income is shown net of tax of $24.1 million and $26.4 million for the three months ended December 31, 2011 and 2010, respectively, based on the statutory tax rates in the various tax jurisdictions in which the items occurred.

(3)

The Non-GAAP financial measures contained in this press release (including adjusted gross profit, adjusted income from operations, adjusted net income and adjusted diluted Earnings Per Share) adjust for certain specified items. All Non-GAAP financial measures are intended to supplement the applicable GAAP measures and should not be considered in isolation from, or a replacement for, financial measures prepared in accordance with GAAP. Refer to Hospira’s filing on Form 8-K filed on February 14, 2012 for additional information.

Hospira, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in millions, except for per share amounts)

Year ended December 31, 2011 Reconciliation of GAAP to Non-GAAP Financial Measures:

Gross Profit (1)

Income From

Operations

Net (Loss)

Income(2)

Diluted EPS

GAAP financial measures                                                                                                                  

$                          1,397.6

$                            56.8

$                             (9.4)

$                          (0.06)

Specified items:

  Project Fuel and related charges (A)

5.0

9.6

6.3

0.04

  Facilities Optimization charges (B)

0.8

1.1

0.7

0.01

  Amortization of certain intangible assets (C)

80.3

80.3

55.4

0.33

  Certain quality and product related charges (D)

76.0

76.0

47.4

0.29

  Capacity expansion related charges (E)

3.8

3.8

2.5

0.02

  Other restructuring charges (F)

-

7.8

5.8

0.04

  Impairment of certain assets (G)

-

33.0

26.0

0.16

  Goodwill impairment (H)

-

400.2

395.3

2.39

  Settlement of IRS tax audit benefit (I)

-

-

(19.7)

(0.12)

  Diluted shares impact

(0.06)

Adjusted financial measures (3)

$                          1,563.5

$                          668.6

$                          510.3

$                            3.04

GAAP results for the year ended December 31, 2011 include:

(A)

Project Fuel and related charges: $5.0 million reported in Cost of products sold, $3.4 million reported in Restructuring, impairment and (gain) on disposition of assets, net and $1.2 million reported in Selling, general and administrative. Project Fuel initiatives include costs for process optimization implementation, severance and other employee benefits, exit costs, and other asset charges.

(B)

Facilities Optimization charges: $0.8 million reported in Cost of products sold and $0.3 million reported in Restructuring, impairment and (gain) on disposition of assets, net. These charges relate to facilities optimization from the closure or departure from certain manufacturing and R&D facilities and include costs for severance and other employee benefits, accelerated depreciation and relocation of production and R&D operations.

(C)

Amortization of certain intangible assets reported in Cost of products sold resulting from acquisitions including Mayne Pharma, Javelin Pharma and a generic injectable business by Hospira India.

(D)

Certain quality and product related charges reported in Cost of products sold primarily include third party oversight and consulting costs, reduced production volume related costs directly associated with Hospira's response to the FDA and charges related to Hospira's comprehensive device product review.

(E)

Capacity expansion related charges reported in Cost of products sold include start-up charges related to manufacturing capacity expansion in India.

(F)

Other restructuring charges reported in Restructuring, impairment and (gain) on disposition of assets, net for distribution contract termination charges related to certain Latin America operations.

(G)

Impairment of certain assets reported in Restructuring, impairment and (gain) on disposition of assets, net, resulting from intangible asset impairments of $25.9 million and equipment impairment of $7.1 million.

(H)

Goodwill impairment related to the EMEA reporting unit of $229.1 million and the APAC reporting unit of $171.1 million.

(I)

Settlement of IRS tax audit benefit reported in Income tax expense. This discrete income tax benefit is related to the completion and effective settlement of U.S. tax return audits.

Year ended December 31, 2010 Reconciliation of GAAP to Non-GAAP Financial Measures:

Gross Profit (1)

Income From

Operations

Net Income (2)

Diluted EPS

GAAP financial measures                                                                                                                     

$                          1,514.4

$                          519.2

$                          357.2

$                            2.11

Specified items:

  Project Fuel and related charges (A)

16.4

27.8

15.7

0.09

  Facilities Optimization charges (B)

10.0

16.9

11.2

0.07

  Amortization of certain intangible assets (C)

70.0

70.0

47.7

0.28

  Certain quality and product related charges (D)

54.3

54.3

33.8

0.20

  Acquisition and integration-related charges (E)

0.9

20.2

12.8

0.07

  Impairment of certain assets (F)

-

12.7

20.4

0.12

  Research and development charges (G)

-

48.8

30.3

0.18

  Litigation settlement and related charges (H)

-

14.0

8.5

0.05

  Loss on early debt extinguishment (I)

-

-

22.9

0.14

Adjusted financial measures (3)

$                          1,666.0

$                          783.9

$                          560.5

$                            3.31

GAAP results for the year ended December 31, 2010 include:

(A)

Project Fuel and related charges: $16.4 million reported in Cost of products sold, $11.3 million reported in Restructuring, impairment and (gain) on disposition of assets, net, $0.3 million reported in Research and development and $11.2 million reported in Selling, general and administrative. Project Fuel initiatives include costs for process optimization implementation, severance and other employee benefits, exit costs, accelerated depreciation and other asset charges. These charges are offset by a $11.4 million gain reported in Restructuring, impairment and (gain) on disposition of assets, net related to the disposal of the non-strategic net assets associated with the Wasserburg, Germany, facility.

(B)

Facilities Optimization charges: $10.0 million reported in Cost of products sold, $7.1 million reported in Restructuring, impairment and (gain) on disposition of assets, net and $(0.2) million reported in Research and development. These charges relate to facilities optimization from the closure or departure from certain manufacturing and R&D facilities and include costs for severance and other employee benefits, accelerated depreciation and relocation of production and R&D operations.

(C)

Amortization of certain intangible assets reported in Cost of products sold resulting from acquisitions including Mayne Pharma, Javelin Pharma and a generic injectable business by Hospira India.

(D)

Certain quality and product related charges reported in Cost of products sold primarily include third party oversight and consulting costs, reduced production volume related costs and penalties for failure to supply certain product to customers. These charges are directly associated with Hospira's response to the FDA Warning Letter received in April 2010.

(E)

Acquisition and integration-related charges: $0.9 million reported in Cost of products sold, $5.1 million reported in Research and development and $14.2 million reported in Selling, general and administrative. These charges include acquisition and integration costs resulting from acquisitions including Javelin Pharma and a generic injectable business by Hospira India.

(F)

Impairment of certain assets: $12.7 million reported in Restructuring, impairment and (gain) on disposition of assets, net for impairment of an intangible asset and $8.8 million reported in Other expense, net for impairment of cost-method investments.

(G)

Research and development charges resulting from initial payments related to agreements and corresponding milestones reached for development of a long-acting local anesthetic and a hematology product that have not yet achieved regulatory approval.

(H)

Litigation settlement and related charges reported in Selling, general and administrative.

(I)

Loss on early debt extinguishment of $36.8 million reported in Other (income) expense, net.

(1)

Gross profit is defined as Net sales less Cost of products sold.

(2)

Adjusted Net Income is shown net of tax of $72.4 million and $106.8 million, exclusive of the 2011 tax audit settlement, for the years ended December 31, 2011 and 2010, respectively, based on the statutory tax rate in the various tax jurisdictions which the adjustments occurred.

(3)

The Non-GAAP financial measures contained in this press release (including adjusted gross profit, adjusted income from operations, adjusted net income and adjusted diluted Earnings Per Share) adjust for certain specified items. All Non-GAAP financial measures are intended to supplement the applicable GAAP measures and should not be considered in isolation from, or a replacement for, financial measures prepared in accordance with GAAP. Refer to Hospira’s filing on Form 8-K filed on February 14, 2012 for additional information.

Hospira, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(dollars in millions)

December 31,

December 31,

Assets

2011

2010

Current Assets:

Cash and cash equivalents

$                597.5

$              604.3

Trade receivables, less allowances of $15.7 in 2011 and $8.2 in 2010

639.9

605.0

Inventories

1,027.0

955.5

Deferred income taxes

174.4

165.2

Prepaid expenses

45.9

43.6

Other receivables

86.0

103.9

          Total Current Assets

2,570.7

2,477.5

Property and equipment, net

1,355.0

1,279.2

Intangible assets, net

355.8

480.3

Goodwill

1,082.9

1,500.8

Deferred income taxes

232.2

178.8

Investments

48.7

64.7

Other assets

133.8

65.0

          Total Assets

$             5,779.1

$           6,046.3

Liabilities and Shareholders' Equity

Current Liabilities:

Short-term borrowings

$                  36.6

$                33.5

Trade accounts payable

241.3

320.7

Salaries, wages and commissions

113.0

136.0

Other accrued liabilities

456.9

441.4

          Total Current Liabilities

847.8

931.6

Long-term debt

1,711.9

1,714.4

Deferred income taxes

5.7

4.4

Post-retirement obligations and other long-term liabilities

275.7

212.4

Commitments and Contingencies

Total Shareholders' Equity

2,938.0

3,183.5

Total Liabilities and Shareholders' Equity

$             5,779.1

$           6,046.3

Hospira, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(dollars in millions)

Years Ended December 31,

2011

2010

Cash Flow From Operating Activities:

 Net (loss) income

$              (9.4)

$          357.2

 Adjustments to reconcile net (loss) income to net cash from operating activities-

   Depreciation

164.6

164.3

   Amortization of intangible assets

91.5

81.6

   Loss on early debt extinguishment

-

36.8

   Stock-based compensation expense

41.2

47.5

   Undistributed equity income from affiliates

(45.6)

(12.2)

   Distributions received from equity method affiliates

40.0

-

   Deferred income tax and other tax adjustments

(47.1)

(14.0)

   Impairment and other asset charges

441.1

25.1

   Gains on disposition of assets

(1.7)

(11.4)

 Changes in assets and liabilities

   Trade receivables

(43.6)

(94.5)

   Inventories

(61.3)

(201.8)

   Prepaid expenses and other assets

(80.5)

(18.5)

   Trade accounts payable

(80.4)

84.6

   Other liabilities

16.4

(76.0)

 Other, net

9.2

(53.8)

     Net Cash Provided by Operating Activities

434.4

314.9

Cash Flow From Investing Activities:

 Capital expenditures (including instruments placed with or leased to customers)

(290.5)

(208.5)

 Acquisitions, net of cash acquired, and payments for contingent consideration

-

(540.8)

 Purchases of intangibles and other investments

(6.9)

(18.7)

 Proceeds from disposition of businesses and assets

15.1

62.6

   Net Cash Used in Investing Activities

(282.3)

(705.4)

Cash Flow From Financing Activities:

 Issuance of long-term debt, net of fees paid

-

492.5

 Repayment of long-term debt

-

(500.3)

 Payment on early debt extinguishment

-

(36.8)

 Other borrowings, net

(2.2)

5.1

 Common stock repurchased

(200.0)

(100.0)

 Excess tax benefit from stock-based compensation arrangements

7.5

21.3

 Proceeds from stock options exercised

47.7

153.3

   Net Cash (Used in) Provided by Financing Activities

(147.0)

35.1

Effect of exchange rate changes on cash and cash equivalents

(11.9)

13.7

Net change in cash and cash equivalents

(6.8)

(341.7)

Cash and cash equivalents at beginning of year

604.3

946.0

Cash and cash equivalents at end of year

$           597.5

$          604.3

Supplemental Cash Flow Information:

Cash paid during the year-

  Interest

$           102.2

$          101.8

  Income taxes, net of refunds

$             42.7

$            78.8

Hospira, Inc.

Net Sales by Product Line

(Unaudited)

(dollars in millions)

Three Months Ended December 31,

Years Ended December 31,

2011

2010

% Change at

Actual Currency

Rates

% Change at

Constant Currency

Rates (1)

2011

2010

% Change at

Actual Currency

Rates

% Change at

Constant Currency

Rates (1)

Americas--

  Specialty Injectable Pharmaceuticals

$                     475.7

$                     458.7

3.7%

4.3%

$                     2,000.9

$                     1,829.0

9.4%

9.1%

  Medication Management

213.0

206.2

3.3%

3.6%

809.4

827.5

(2.2)%

(2.8)%

  Other Pharma

97.9

114.0

(14.1)%

(14.0)%

396.2

481.4

(17.7)%

(17.8)%

Total Americas                                                    

786.6

778.9

1.0%

1.4%

3,206.5

3,137.9

2.2%

1.8%

Europe, Middle East & Africa--

  Specialty Injectable Pharmaceuticals

72.8

77.7

(6.3)%

(5.7)%

292.6

283.2

3.3%

(1.9)%

  Medication Management

31.4

32.9

(4.6)%

(3.6)%

128.7

126.6

1.7%

(3.1)%

  Other Pharma

29.3

18.4

59.2%

60.3%

96.1

78.7

22.1%

18.4%

Total Europe, Middle East & Africa

133.5

129.0

3.5%

4.3%

517.4

488.5

5.9%

1.1%