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Baxter Delivers Solid Financial Performance In Line With Guidance For Third Quarter 2012

Baxter International Inc. (NYSE:BAX) today reported third quarter net income of $583 million, or $1.06 per diluted share. This compares to net income in the same period last year of $576 million, or $1.01 per diluted share, reflecting an increase of 5 percent on a per share basis. Baxter’s third quarter 2012 financial results included an after-tax research and development charge of $45 million (or $0.08 per diluted share) associated with the company’s recently announced European licensing agreement with Onconova Therapeutics, Inc. Financial results from the third quarter 2011 included an after-tax charge of $48 million (or $0.08 per diluted share).

On an adjusted basis, excluding special items from both periods, Baxter’s third quarter net income of $628 million increased 1 percent from $624 million reported in 2011. Adjusted earnings per diluted share of $1.14 rose 5 percent from $1.09 per diluted share last year and was in line with the guidance the company previously provided of $1.12 to $1.14 per diluted share.

Worldwide sales totaled $3.5 billion, which were comparable to revenues generated in the third quarter last year. Excluding the impact of foreign currency, Baxter’s sales advanced 5 percent. Sales within the United States of $1.5 billion accelerated 8 percent, while international sales of $2.0 billion declined 5 percent. Excluding the impact of foreign currency, international sales increased 2 percent as strength across many countries in Latin America and Asia Pacific offset continued softness in mature European markets.

BioScience revenues of $1.5 billion were similar to sales in the prior-year period. Excluding the impact of foreign currency, BioScience revenues rose 5 percent, driven by double-digit growth in the U.S. across all key product categories. This was primarily the result of robust growth in demand for ADVATE [Antihemophilic Factor (Recombinant), Plasma/Albumin-Free Method], GAMMAGARD LIQUID [Immune Globulin Intravenous (Human)], and other plasma-based therapeutics including FEIBA, an inhibitor bypass therapy, and products to treat hereditary emphysema. In addition, the company benefited from the recent acquisition of Synovis Life Technologies, generating incremental sales in the quarter of approximately $20 million. The strong U.S. performance was partially offset by the impact of tenders in markets outside the U.S., largely related to the timing of purchases for certain plasma-based therapeutics.

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