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Hospira Inc. (NYSE:HSP) reported its results for the fourth quarter.  Reported a loss of $214 million ($1.30 per diluted share) in the quarter. Hospira Inc. had a net income of $60.6 million or 36 cents per share in the year earlier quarter. Revenue rose 2.2% to $1.01 billion from the year earlier quarter.  Hospira Inc. reported adjusted net income of 51 cents per share. By that measure, the company beat the mean estimate of 45 cents per share. It beat the average revenue estimate of $952.5 million.

“While 2011 was a challenging year as a result of our quality transformation efforts, we met our revised financial expectations, generating over $4 billion in sales, and advanced our remediation efforts,” said F. Michael Ball, chief executive officer. “We made significant progress on many fronts during the year, including the launch in the United States of two important oncolytic products and an anti-infective drug, as well as initiating the Phase III U.S. clinical program for our biosimilar erythropoietin. We remain firmly committed to reinforcing our foundation and instilling a culture of high quality throughout the organization, actions we believe will create a strong competitive advantage for Hospira and position us for sustainable, long-term growth and increased shareholder value.”

Competitors to Watch: Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA), Mylan Inc. (NASDAQ:MYL), Akorn, Inc. (NASDAQ:AKRX), Novartis AG (NYSE:NVS), Baxter International Inc. (NYSE:BAX), Watson Pharmaceuticals, Inc. (NYSE:WPI), Pfizer Inc. (NYSE:PFE), DURECT Corporation (NASDAQ:DRRX), ICU Medical, Incorporated (NASDAQ:ICUI), and Allergan, Inc. (NYSE:AGN).

Watson Pharmaceuticals Inc. (NYSE:WPI) reported higher profit for the fourth quarter as revenue showed growth. Net income for the pharmaceutical company rose to $94.8 million (75 cents per share) vs. $18.3 million (15 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter. Revenue rose 62.1% to $1.54 billion from the year earlier quarter. Watson Pharmaceuticals Inc. reported adjusted net income of $1.77 per share. By that measure, the company beat the mean estimate of $1.75 per share. Analysts were expecting revenue of $1.54 billion.

“2011 continued a track record of success and growth for Watson. Revenues for the fourth quarter grew by 62 percent and non-GAAP earnings per share increased by 90 percent versus 2010. Additionally, strong cash flow from operations for the year of more than $630 million enabled us to reduce our debt to adjusted EBITDA ratio to below 1.0x at year end, putting us in a strong position to continue to execute on our strategies including investments in acquisitions that provide long-term growth for the Company and its shareholders,” said Paul Bisaro, President and CEO.

Competitors to Watch: Mylan Inc. (NASDAQ:MYL), Novartis AG (NYSE:NVS), Par Pharmaceutical Companies, Inc. (NYSE:PRX), Pfizer Inc. (NYSE:PFE), Impax Laboratories, Inc. (NASDAQ:IPXL), Lannett Company, Inc. (AMEX:LCI), Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA), Columbia Laboratories Inc. (NASDAQ:CBRX), Perrigo Company (NASDAQ:PRGO), and Johnson & Johnson (NYSE:JNJ).

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com