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  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT PURSUANT<br>
  TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<br>
  SECURITIES EXCHANGE ACT OF 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">May&nbsp;7, 2008</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of Earliest Event Reported)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">HOSPIRA, INC.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Its Charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other Jurisdiction of Incorporation)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-31946</font></b></p>
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    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20-0504497</font></b></p>
    </td>
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    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
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    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer Identification No.)</font></p>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">275 N. Field Drive</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Lake Forest, Illinois 60045</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address Of Principal Executive Offices, including Zip Code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s Telephone Number, Including Area Code:&nbsp; <b>(224) 212-2000</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not Applicable</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former Name or Former Address, If Changed Since Last Report)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under
  the Securities Act (17 CFR 230.425)</font></p>
  
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  under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
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  to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  2.02 Results of Operations and Financial Condition</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;7, 2008, we
  issued a press release announcing our 2008 first quarter results of
  operations.&nbsp; Such press release is furnished as Exhibit&nbsp;99.1, and
  incorporated by reference into this Item 2.02.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Forward-Looking
  Statements</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Item 2.02, including
  the press release incorporated by reference herein, contains forward-looking
  statements within the meaning of the Private Securities Litigation Reform Act
  of 1995, including projections of certain measures of our results of
  operations, projections of certain charges and expenses, statements regarding
  the financial impact of the acquisition of Mayne Pharma Limited (&#147;Mayne Pharma&#148;)
  and other statements regarding our goals and strategy. Hospira cautions that
  these forward-looking statements are subject to risks and uncertainties that
  may cause actual results to differ materially from those indicated in the
  forward-looking statements. Economic, competitive, governmental, technological
  and other factors that may affect Hospira&#146;s operations and may cause actual
  results to be materially different from expectations include the risks,
  uncertainties and factors discussed under the headings &#147;Risk Factors&#148; and &#147;Management&#146;s
  Discussion and Analysis of Financial Condition and Results of Operations&#148; in
  Hospira&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
  2007, filed with the Securities and Exchange Commission, which are incorporated
  by reference. Hospira undertakes no obligation to release publicly any revisions
  to forward-looking statements as the result of subsequent events or
  developments.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Use of
  Non-GAAP Financial Measures</font></i></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We present &#147;non-GAAP
  financial measures&#148; in the press release, including:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted cost of products sold;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted gross profit;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted research and development (R&amp;D) expense;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted selling, general and administrative expense;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted income from operations;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted interest expense;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted other income (net);</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted income tax expense;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted net income;</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">adjusted basic and diluted earnings per share; and</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">statistics using one or more of such adjusted
  measures.</font></p>
  
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These non-GAAP financial
  measures exclude certain items from the most comparable financial measure
  calculated in accordance with generally accepted accounting principles of the
  United States (&#147;GAAP&#148;).&nbsp; Each of these measures is presented together with
  the most comparable measure calculated in accordance with GAAP.&nbsp; The
  excluded items are:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Facilities
  Optimization Charges.&nbsp; </font></i><font size="2" style="font-size:10.0pt;">These charges and expenses relate to the closure, or
  pending closures, of our Ashland, Ohio; Donegal, Ireland; and Montreal, Canada
  facilities and our departure from the North Chicago, Illinois manufacturing
  facility, which were announced in 2006, and recently announced in April 2008,
  the pending exit out of the Morgan Hill, California manufacturing facility. In
  2007, as a result of changes in sales projections, management made a decision
  to limit, and transfer, R&amp;D facility operations related to brain-function
  monitoring devices. These charges and expenses include restructuring charges
  and expenses relating to the relocation of production and R&amp;D operations
  from the affected facilities to other facilities.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of these
  manufacturing facilities were transferred to us in connection with our 2004
  spin-off from Abbott Laboratories, and our management determined that these
  facilities would not be used in our operations in future periods to reduce our
  future ongoing operating costs and improve the efficiency of our manufacturing
  operations. Further, management makes strategic decisions on the allocation of
  resources to improve the efficiency of our R&amp;D facility operations.
  Accordingly, we do not believe that the charges and expenses relating to the
  closure or disposal of these facilities, and the transfer of production and
  R&amp;D operations to other facilities, are necessarily indicative of our
  ongoing business performance and normal operations.&nbsp; We expect to incur
  expenses for these initiatives through 2011.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As the product relocation
  expenses and certain restructuring charges are incurred in cash, excluding
  these items has the effect of excluding significant cash expenditures from the
  adjusted financial measures.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We incurred these charges
  and expenses, on a pre-tax basis in the amount of $7.8 million and $10.8
  million in the three months ended March&nbsp;31, 2008 and 2007, which are
  recorded in cost of products sold and R&amp;D as detailed in the schedules to
  the press release.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Purchase
  Accounting Charges.</font></i><font size="2" style="font-size:10.0pt;">&nbsp;
  &nbsp;On February&nbsp;2, 2007, we acquired Mayne Pharma, Limited (&#147;Mayne
  Pharma&#148;).&#160; For the three months ended March&nbsp;31,
  2007, we recorded a $21.4 million non-cash inventories step-up charge in cost
  of products sold.&#160; During the three
  months ended March&nbsp;31, 2007, we also incurred a non-cash charge of $84.8
  million of acquired in-process research and development.&#160; As these types of charges are incurred in
  connection with, and in the period of, the completion of acquisitions, and the
  amount of these charges depends upon the allocation of the purchase price in
  accordance with applicable accounting rules, the timing and amount of these
  charges are unpredictable.&nbsp; These charges have materially affected our
  reported financial results for the three months ended March&nbsp;31, 2007, but
  are not necessarily reflective of our ongoing business performance.&#160; Exclusion of these charges from the adjusted
  financial measures results in economic costs to us not being reflected in our
  adjusted net income and earnings per share.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Acquisition
  and Integration-Related Expenses.&nbsp;&nbsp; </font></i><font size="2" style="font-size:10.0pt;">During the three months ended March&nbsp;31, 2008 and
  2007 we incurred $10.0 million and $10.8 million, respectively, of expenses
  relating to the integration of Mayne Pharma into our operations.&#160; These are recorded as cost of products sold,
  research and development expense and selling, general and administrative
  expense as detailed in the schedules to the press release.&nbsp;&nbsp;During
  the three months ended March&nbsp;31, 2007, we also incurred $7.9 million of
  other acquisition-related charges, including foreign exchange losses relating
  to the Mayne Pharma acquisition (recorded in other income, net) and fees
  incurred in connection with the bridge loan to finance the acquisition
  (recorded in interest expense).&nbsp;&nbsp;During the two-year period after the
  closing of the Mayne Pharma acquisition, we estimate that we will incur
  approximately $60 million to $75 million of aggregate cash expenses related to
  the integration and other acquisition-related expenses.&nbsp; We do not believe
  that these expenses are necessarily indicative of our ongoing business
  operations, as they were necessitated by a significant acquisition and will be
  incurred over a finite period.&nbsp; Excluding these expenses will have the
  effect of excluding significant cash expenditures from the adjusted financial
  measures.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amortization
  of Mayne Pharma Intangible Assets.&nbsp; </font></i><font size="2" style="font-size:10.0pt;">Based on our purchase price allocation relating to the
  Mayne Pharma acquisition, we recorded $518.2 million of intangible assets on
  our balance sheet, which will be amortized over their estimated useful lives,
  resulting in significant non-cash expenses.<b>&#160; </b>During the three months ended March&nbsp;31,
  2008 and 2007, we recorded $15.7 million and $8.4 million, respectively, of
  amortization expense resulting from the Mayne Pharma acquisition in cost of
  products sold.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of
  amortization expense can vary significantly among companies in our industry
  depending on the frequency, size and nature of acquisitions. While recording
  amortization is intended to represent the decrease in value of these intangible
  assets over time, the amount of recorded amortization may not necessarily
  represent our operating performance during the periods recorded because of the
  uncertainties inherent in estimating the fair value and useful lives of
  intangible assets at the time of the acquisition.&nbsp; In order to assist
  comparability to our prior results and to the results of other companies in our
  industry with different acquisition histories, we have excluded the
  amortization of acquired intangible assets in connection with the Mayne Pharma
  acquisition from our adjusted financial measures.&nbsp; We have not previously
  excluded amortization expense in calculating our adjusted measures.&nbsp; Prior
  to the Mayne Pharma acquisition, amortization has not been material to prior
  periods.&nbsp; Exclusion of amortization relating to the Mayne Pharma
  acquisition effectively results in the recording of acquired intangible assets
  without recording any expense relating to the use of these assets in our
  business.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The schedules included in
  the press release that reconcile the adjusted financial measures to the
  financial measures calculated in accordance with GAAP indicate the amount of
  such net expenses excluded from cost of products sold, research and development
  expense, selling, general and administrative expense, interest expense and
  other income, net to arrive at the corresponding adjusted financial measure.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments have been
  made to income tax expense in the appropriate period to take into account any
  tax effect of each excluded item.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\aneetz\08-13204-2\task2918975\13204-2-bc.htm',USER='aneetz',CD='May  6 16:48 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All adjusted measures are
  reconciled to the most comparable measure calculated in accordance with GAAP in
  the press release.&nbsp; We believe that presenting measures excluding the items
  described above, along with measures calculated in accordance with GAAP,
  provide investors with more information to assess our operating performance and
  prospects.&nbsp; We also believe that excluding these items assists
  comparability with past performance.&nbsp; Our management uses these adjusted
  measures as supplemental measures in assessing its own performance&#151;for example,
  these measures are used in establishing our annual and long-term operating
  plans, presented to our board of directors in its review of our financial
  performance and considered in establishing targets under employee incentive
  plans. Since these measures allow investors to assess our performance on a
  similar basis as our management assesses our performance, we believe that
  investors have more information to assess the performance of management in
  executing its goals and strategies.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-GAAP financial
  measures are not presented in accordance with a body of comprehensive
  accounting principles and should not be considered a substitute for any GAAP
  measure.&nbsp; The measures we use result largely from our management&#146;s
  determination as to whether the facts and circumstances surrounding certain
  transactions and events are indicative of the ordinary course of the ongoing
  operation of our business.&nbsp; As a result, non-GAAP financial measures as
  presented by us may not be comparable to similarly titled measures reported by
  other companies.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our management uses
  non-GAAP financial measures as a supplement to, and not a substitute for,
  measures prepared in accordance with GAAP.&nbsp; Accordingly, these measures
  should be considered together with the corresponding financial measures
  prepared in accordance with GAAP.&nbsp; In addition, our management reviews,
  and encourages investors to review, our balance sheets and statements of cash
  flows in order to make a complete evaluation and assessment of our financial
  performance.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h1 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.01&nbsp;
  Financial Statements and Exhibits</font></b></h1>
  
  <h1 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</font></p>
  
  <p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This exhibit is furnished
  pursuant to Item 2.02 hereof and should not be deemed to be &#147;filed&#148; under the
  Securities Exchange Act of 1934.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
   <tr>
    <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:8.9%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.04%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:88.06%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:8.9%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:88.06%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.9%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.04%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="88%" valign="top" style="padding:0in .7pt 0in .7pt;width:88.06%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release, dated
    May&nbsp;7, 2008</font></p>
    </td>
   </tr>
  </table>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></b></h1>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.3%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPIRA, INC.</font></p>
    </td>
    <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.02%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.3%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.02%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.3%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.02%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="13%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:13.3%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.02%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp;&nbsp;May&nbsp;7,
    2008</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:48.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
    </font><font size="2" style="font-size:10.0pt;">Brian J. Smith</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian J. Smith</font></p>
    </td>
   </tr>
   <tr>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.68%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Its:</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.76%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President,
    General<br>
    Counsel and Secretary</font></p>
    </td>
   </tr>
   <tr height="0">
    <td width="349" style="border:none;"></td>
    <td width="34" style="border:none;"></td>
    <td width="65" style="border:none;"></td>
    <td width="299" style="border:none;"></td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-13204_28k.htm", "description": "8-K", "secsgml_size_bytes": 42369}]
metadata_filer: {"company-data": {"conformed-name": "HOSPIRA INC", "cik": "0001274057", "assigned-sic": "2834", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31946", "film-number": "08808294"}, "business-address": {"street1": "275 FIELD DR", "city": "LAKE FOREST", "state": "IL", "zip": "60045", "phone": "8479376472"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 8-K
  CURRENT REPORT PURSUANT
  TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934
  May 7, 2008
  Date of Report (Date of Earliest Event Reported)
  HOSPIRA, INC.
  (Exact Name of Registrant as Specified in Its Charter)
  Delaware
  (State or Other Jurisdiction of Incorporation)
  1-31946
  20-0504497
  (Commission File Number)
  (I.R.S. Employer Identification No.)
  275 N. Field Drive
  Lake Forest, Illinois 60045
  (Address Of Principal Executive Offices, including Zip Code)
  Registrant's Telephone Number, Including Area Code:
  (224) 212-2000
  Not Applicable
  (Former Name or Former Address, If Changed Since Last Report)
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions:
  o
  Written communications pursuant to Rule 425 under
  the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant
  to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant
  to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item
  2.02 Results of Operations and Financial Condition
  On May 7, 2008, we
  issued a press release announcing our 2008 first quarter results of
  operations.  Such press release is furnished as Exhibit 99.1, and
  incorporated by reference into this Item 2.02.
  Forward-Looking
  Statements
  This Item 2.02, including
  the press release incorporated by reference herein, contains forward-looking
  statements within the meaning of the Private Securities Litigation Reform Act
  of 1995, including projections of certain measures of our results of
  operations, projections of certain charges and expenses, statements regarding
  the financial impact of the acquisition of Mayne Pharma Limited ("Mayne Pharma")
  and other statements regarding our goals and strategy. Hospira cautions that
  these forward-looking statements are subject to risks and uncertainties that
  may cause actual results to differ materially from those indicated in the
  forward-looking statements. Economic, competitive, governmental, technological
  and other factors that may affect Hospira's operations and may cause actual
  results to be materially different from expectations include the risks,
  uncertainties and factors discussed under the headings "Risk Factors" and "Management's
  Discussion and Analysis of Financial Condition and Results of Operations" in
  Hospira's Annual Report on Form 10-K for the year ended December 31,
  2007, filed with the Securities and Exchange Commission, which are incorporated
  by reference. Hospira undertakes no obligation to release publicly any revisions
  to forward-looking statements as the result of subsequent events or
  developments.
  Use of
  Non-GAAP Financial Measures
  We present "non-GAAP
  financial measures" in the press release, including:
  ·
  adjusted cost of products sold;
  ·
  adjusted gross profit;
  ·
  adjusted research and development (R&D) expense;
  ·
  adjusted selling, general and administrative expense;
  ·
  adjusted income from operations;
  ·
  adjusted interest expense;
  ·
  adjusted other income (net);
  ·
  adjusted income tax expense;
  ·
  adjusted net income;
  ·
  adjusted basic and diluted earnings per share; and
  ·
  statistics using one or more of such adjusted
  measures.
  These non-GAAP financial
  measures exclude certain items from the most comparable financial measure
  calculated in accordance with generally accepted accounting principles of the
  United States ("GAAP").  Each of these measures is presented together with
  the most comparable measure calculated in accordance with GAAP.  The
  excluded items are:
  Facilities
  Optimization Charges.
  These charges and expenses relate to the closure, or
  pending closures, of our Ashland, Ohio; Donegal, Ireland; and Montreal, Canada
  facilities and our departure from the North Chicago, Illinois manufacturing
  facility, which were announced in 2006, and recently announced in April 2008,
  the pending exit out of the Morgan Hill, California manufacturing facility. In
  2007, as a result of changes in sales projections, management made a decision
  to limit, and transfer, R&D facility operations related to brain-function
  monitoring devices. These charges and expenses include restructuring charges
  and expenses relating to the relocation of production and R&D operations
  from the affected facilities to other facilities.
  All of these
  manufacturing facilities were transferred to us in connection with our 2004
  spin-off from Abbott Laboratories, and our management determined that these
  facilities would not be used in our operations in future periods to reduce our
  future ongoing operating costs and improve the efficiency of our manufacturing
  operations. Further, management makes strategic decisions on the allocation of
  resources to improve the efficiency of our R&D facility operations.
  Accordingly, we do not believe that the charges and expenses relating to the
  closure or disposal of these facilities, and the transfer of production and
  R&D operations to other facilities, are necessarily indicative of our
  ongoing business performance and normal operations.  We expect to incur
  expenses for these initiatives through 2011.
  2
  As the product relocation
  expenses and certain restructuring charges are incurred in cash, excluding
  these items has the effect of excluding significant cash expenditures from the
  adjusted financial measures.
  We incurred these charges
  and expenses, on a pre-tax basis in the amount of $7.8 million and $10.8
  million in the three months ended March 31, 2008 and 2007, which are
  recorded in cost of products sold and R&D as detailed in the schedules to
  the press release.
  Purchase
  Accounting Charges.
  On February 2, 2007, we acquired Mayne Pharma, Limited ("Mayne
  Pharma").  For the three months ended March 31,
  2007, we recorded a $21.4 million non-cash inventories step-up charge in cost
  of products sold.  During the three
  months ended March 31, 2007, we also incurred a non-cash charge of $84.8
  million of acquired in-process research and development.  As these types of charges are incurred in
  connection with, and in the period of, the completion of acquisitions, and the
  amount of these charges depends upon the allocation of the purchase price in
  accordance with applicable accounting rules, the timing and amount of these
  charges are unpredictable.  These charges have materially affected our
  reported financial results for the three months ended March 31, 2007, but
  are not necessarily reflective of our ongoing business performance.  Exclusion of these charges from the adjusted
  financial measures results in economic costs to us not being reflected in our
  adjusted net income and earnings per share.
  Acquisition
  and Integration-Related Expenses.
  During the three months ended March 31, 2008 and
  2007 we incurred $10.0 million and $10.8 million, respectively, of expenses
  relating to the integration of Mayne Pharma into our operations.  These are recorded as cost of products sold,
  research and development expense and selling, general and administrative
  expense as detailed in the schedules to the press release.  During
  the three months ended March 31, 2007, we also incurred $7.9 million of
  other acquisition-related charges, including foreign exchange losses relating
  to the Mayne Pharma acquisition (recorded in other income, net) and fees
  incurred in connection with the bridge loan to finance the acquisition
  (recorded in interest expense).  During the two-year period after the
  closing of the Mayne Pharma acquisition, we estimate that we will incur
  approximately $60 million to $75 million of aggregate cash expenses related to
  the integration and other acquisition-related expenses.  We do not believe
  that these expenses are necessarily indicative of our ongoing business
  operations, as they were necessitated by a significant acquisition and will be
  incurred over a finite period.  Excluding these expenses will have the
  effect of excluding significant cash expenditures from the adjusted financial
  measures.
  Amortization
  of Mayne Pharma Intangible Assets.
  Based on our purchase price allocation relating to the
  Mayne Pharma acquisition, we recorded $518.2 million of intangible assets on
  our balance sheet, which will be amortized over their estimated useful lives,
  resulting in significant non-cash expenses.
  During the three months ended March 31,
  2008 and 2007, we recorded $15.7 million and $8.4 million, respectively, of
  amortization expense resulting from the Mayne Pharma acquisition in cost of
  products sold.
  The amount of
  amortization expense can vary significantly among companies in our industry
  depending on the frequency, size and nature of acquisitions. While recording
  amortization is intended to represent the decrease in value of these intangible
  assets over time, the amount of recorded amortization may not necessarily
  represent our operating performance during the periods recorded because of the
  uncertainties inherent in estimating the fair value and useful lives of
  intangible assets at the time of the acquisition.  In order to assist
  comparability to our prior results and to the results of other companies in our
  industry with different acquisition histories, we have excluded the
  amortization of acquired intangible assets in connection with the Mayne Pharma
  acquisition from our adjusted financial measures.  We have not previously
  excluded amortization expense in calculating our adjusted measures.  Prior
  to the Mayne Pharma acquisition, amortization has not been material to prior
  periods.  Exclusion of amortization relating to the Mayne Pharma
  acquisition effectively results in the recording of acquired intangible assets
  without recording any expense relating to the use of these assets in our
  business.
  The schedules included in
  the press release that reconcile the adjusted financial measures to the
  financial measures calculated in accordance with GAAP indicate the amount of
  such net expenses excluded from cost of products sold, research and development
  expense, selling, general and administrative expense, interest expense and
  other income, net to arrive at the corresponding adjusted financial measure.
  Adjustments have been
  made to income tax expense in the appropriate period to take into account any
  tax effect of each excluded item.
  3
  All adjusted measures are
  reconciled to the most comparable measure calculated in accordance with GAAP in
  the press release.  We believe that presenting measures excluding the items
  described above, along with measures calculated in accordance with GAAP,
  provide investors with more information to assess our operating performance and
  prospects.  We also believe that excluding these items assists
  comparability with past performance.  Our management uses these adjusted
  measures as supplemental measures in assessing its own performance—for example,
  these measures are used in establishing our annual and long-term operating
  plans, presented to our board of directors in its review of our financial
  performance and considered in establishing targets under employee incentive
  plans. Since these measures allow investors to assess our performance on a
  similar basis as our management assesses our performance, we believe that
  investors have more information to assess the performance of management in
  executing its goals and strategies.
  Non-GAAP financial
  measures are not presented in accordance with a body of comprehensive
  accounting principles and should not be considered a substitute for any GAAP
  measure.  The measures we use result largely from our management's
  determination as to whether the facts and circumstances surrounding certain
  transactions and events are indicative of the ordinary course of the ongoing
  operation of our business.  As a result, non-GAAP financial measures as
  presented by us may not be comparable to similarly titled measures reported by
  other companies.
  Our management uses
  non-GAAP financial measures as a supplement to, and not a substitute for,
  measures prepared in accordance with GAAP.  Accordingly, these measures
  should be considered together with the corresponding financial measures
  prepared in accordance with GAAP.  In addition, our management reviews,
  and encourages investors to review, our balance sheets and statements of cash
  flows in order to make a complete evaluation and assessment of our financial
  performance.
  Item 9.01 
  Financial Statements and Exhibits
  (d)    Exhibits.
  This exhibit is furnished
  pursuant to Item 2.02 hereof and should not be deemed to be "filed" under the
  Securities Exchange Act of 1934.
  Exhibit No.
  Exhibit
  99.1
  Press Release, dated
    May 7, 2008
  SIGNATURE
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.
  HOSPIRA, INC.
  Dated:  May 7,
    2008
  By:
  /s/
  Brian J. Smith
  Brian J. Smith
  Its:
  Senior Vice President,
    General
  Counsel and Secretary
  4