Abbott Laboratories ( ABT) Monday outlined terms of the spinoff of its Hospira hospital products unit.

The Illinois-based health care products company said shareholders will receive one share of the new Hospira stock for every 10 Abbott shares they now own.

The new shares, what the company called a special dividend distribution, are expected to be paid on April 30 to shareholders of record as of April 22. Hospira common stock is expected to begin trading May 3 on the New York Stock Exchange under the symbol HSP.

Abbott also said that first quarter EPS on continuing operations would be 53 cents to 57 cents, which excludes about 4 cents a share from Hospira earnings. Excluding charges, full-year earnings without Hospira would be $2.24 to $2.31 a share, 16 cents to 17 cents less than if the unit's earnings were included.

Abbott first offered the analysis last week when it released better-than-expected first-quarter results. The company had net income of $822.9, or 52 cents a share, vs. $801 million, or 51 cents a share, a year ago. Excluding charges, profit was $896.4 million, or 57 cents a share. Analysts expected the company to earn 56 cents a share, according to Thomson First Call.

Also Monday, J.P. Morgan cut its rating on Abbott to underweight from neutral.

Abbott shares fell $1.03, or 2.4%, to $41.29.

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