reported a lower third-quarter profit, largely because of start-up costs relating to the company's spin off from
The Illinois-based company said net income fell 8.3% to $61.3 million, or 39 cents a share, vs. $66.8 million, or 43 cents a share, in the year-ago period. The company said the result included "nonrecurring transition expenses" of 5 cents a share related to "building the company's independent infrastructure."
Analysts expected EPS of 32 cents, based on a Thomson First Call survey.
Revenue rose 1% to $656.1 million.
The specialty pharmaceuticals and medication delivery company was spun off from Abbott earlier this year.
"We performed above our expectations, in part because of unusually strong sales in our specialty injectable pharmaceuticals and contract manufacturing product lines," the company said.
The company forecast full-year EPS of $1.76 to $1.81, or $1.65 to $1.70 on an adjusted basis. The consensus forecast is $1.61.
Shares closed at $32.80, near their high for the year.