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Baxter Reports Solid Second Quarter Financial Results

Stocks in this article: BAX

Baxter International Inc. (NYSE:BAX) today announced solid financial results for the second quarter, with earnings that exceeded the company’s previously issued guidance, and confirmed its full-year 2013 financial outlook.

For the second quarter, Baxter reported net income of $590 million and earnings per diluted share of $1.07, compared to net income of $661 million and earnings per diluted share of $1.19 in the same period last year. Second quarter 2013 results include after-tax special items totaling $49 million (or $0.09 per diluted share) primarily for costs associated with Baxter’s planned acquisition of Gambro AB. Second quarter 2012 results included a net after-tax benefit from special items totaling $42 million of income (or $0.07 per diluted share).

On an adjusted basis, excluding special items in both periods, Baxter’s second quarter net income of $639 million increased 3 percent from $619 million reported in 2012. Adjusted earnings per diluted share of $1.16 rose 4 percent from $1.12 per diluted share last year, exceeding the company’s previously issued earnings guidance of $1.12 to $1.14 per diluted share.

Worldwide sales totaled $3.7 billion and increased 3 percent from prior-year levels. Excluding the impact of foreign currency, worldwide sales rose 4 percent. Sales within the United States advanced 3 percent to $1.5 billion, and international sales of $2.1 billion also increased 3 percent. Excluding foreign currency, international sales grew 4 percent.

BioScience revenues of $1.6 billion increased 5 percent from the prior-year period. Excluding the impact of foreign currency, BioScience sales rose 6 percent driven primarily by improved demand for the company’s hemophilia therapies, including ADVATE [Antihemophilic Factor (Recombinant), Plasma/Albumin-Free Method] and FEIBA (an inhibitor therapy), as well as accelerated growth of select specialty plasma-based therapeutics and vaccines.

Medical Products sales of $2.0 billion increased 1 percent from the prior-year period, and excluding the impact of foreign currency, sales grew 2 percent. This performance was driven primarily by gains in peritoneal dialysis patients, as well as growth of certain injectable therapies and anesthesia products.

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