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

Stocks in this article: BAX

Medical Products sales of $2.0 billion were also in line with the prior-year period. Excluding the impact of foreign currency, Medical Products revenues increased 4 percent resulting from strong growth of injectable drugs, anesthesia products and nutritional therapies, and the benefit from the company’s acquisition of Baxa Corporation, with incremental sales totaling more than $40 million.

''The solid underlying fundamentals of our businesses continue to be supported by the medically-necessary nature of our portfolio and therapies, growing global demand, and our broad global presence,'' said Robert L. Parkinson, Jr., chairman and chief executive officer. ''In addition, our company’s strong financial position provides continued flexibility to invest in innovation, advance our new product pipeline, and pursue new business development opportunities to enhance future growth.''

Nine-Month Results

For the first nine months of 2012, Baxter’s net income increased 4 percent to $1.83 billion from $1.76 billion last year, while earnings per diluted share advanced 8 percent to $3.29 per diluted share from $3.06 per diluted share reported in the prior-year period. On an adjusted basis, excluding special items, Baxter reported net income for the nine-month period of $1.82 billion, comparable to the prior-year period. On a per share basis, adjusted earnings per diluted share of $3.27 increased 4 percent from $3.14 last year.

Baxter’s worldwide revenues totaled $10.4 billion and increased 1 percent (or 4 percent excluding the impact of foreign currency) compared to sales of $10.3 billion in the same period of 2011. The company’s sales within the United States grew 6 percent in the year-to-date period, while international sales declined 2 percent during the period (and increased 3 percent excluding the impact of foreign currency). On a year-to-date basis, sales within the company’s BioScience business totaled $4.6 billion, and increased 2 percent (or 5 percent excluding the impact of foreign currency). Medical Products sales grew 1 percent (or 4 percent excluding the impact of foreign currency) to $5.9 billion.

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