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TheStreet Open House

Baxter Meets Expectations With Solid Financial Results For The Third Quarter 2013

Stock quotes in this article: BAX

Baxter International Inc. (NYSE:BAX) today posted solid financial results for the third quarter which met expectations as the company further augmented its portfolio with the acquisition of Gambro AB, and continued to advance its new product pipeline by launching new products, achieving multiple regulatory milestones, and establishing new collaborations. The company also provided guidance for the fourth quarter and confirmed its full-year 2013 financial outlook.

For the third quarter, Baxter reported net income of $544 million and earnings per diluted share of $0.99, compared to net income of $583 million and earnings per diluted share of $1.06 in the same period last year. These results include after-tax special items totaling $111 million (or $0.20 per diluted share), for costs associated with Baxter’s acquisition of Gambro, which was completed in the quarter, increased litigation reserves and payments associated with previously announced collaborations. Third quarter 2012 results included after-tax special items of $45 million (or $0.08 per diluted share).

On an adjusted basis, excluding special items in both periods, Baxter’s net income and earnings per diluted share advanced 4 percent to $655 million, or $1.19 per diluted share, which was in line with the company’s previously-issued earnings guidance.

Worldwide sales totaled $3.8 billion and increased 9 percent from prior-year levels. Excluding the contribution of Gambro revenues, which totaled $100 million, Baxter’s sales increased 6 percent. Foreign currency did not have a material impact on sales growth in the quarter. Sales within the United States exceeded $1.6 billion and advanced 9 percent, and international sales of $2.1 billion also increased 9 percent.

BioScience revenues of $1.6 billion rose 6 percent from the prior-year period 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 the benefit from government collaborations and the timing of international tenders.

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