Baxter International 3Q Profit Rises 12 Percent

NEW YORK (AP) — Specialty drug and medical device maker Baxter International Inc. said Thursday its profit grew 12 percent in the third quarter despite unfavorable currency exchange rates that held back its sales.

The Deerfield, Illinois, company said sales of drugs, surgical products and medical equipment all improved and sales costs fell, helping its gross margins. Its profit rose to $530 million, or 87 cents per share, from $472 million, or 74 cents per share, a year ago.

Baxter reported $91 million in one-time charges in the third quarter. Those costs came from ending development of a drug delivery system called Solomix, and in retirement expenses connected to the Syndeo PCA syringe pump.

Excluding the items, profit improved to 98 cents per share from 88 cents per share, a penny above Wall Street expectations.

Revenue was roughly unchanged at $3.15 billion, while analysts expected $3.19 billion, according to a poll by Thomson Reuters.

Sales of the company's plasma proteins and antibody products came in below expectations, leading some analysts to question the market for those products.