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

Medical Products sales of $2.2 billion increased 10 percent from the prior-year period, and includes revenues associated with the Gambro acquisition. Excluding foreign currency and the contribution from the acquisition, Medical Products sales grew 6 percent. This performance was driven by gains in peritoneal dialysis patients, as well as growth of anesthetics and certain injectable therapies, specifically cyclophosphamide, a generic oncology drug.

Nine-Month Results

For the first nine months of 2013, Baxter reported net income of $1.7 billion, or $3.06 per diluted share. Excluding special items in both periods, Baxter’s adjusted net income for the nine-month period increased 3 percent to $1.9 billion, and earnings per diluted share of $3.41 grew 4 percent from $3.27 per diluted share reported in the comparable prior-year period.

Baxter’s worldwide sales for the nine-month period totaled $10.9 billion and rose 4 percent. Excluding the impact of foreign currency and revenues associated with the Gambro acquisition, Baxter’s revenues also increased 4 percent. BioScience sales of $4.8 billion advanced 5 percent (and excluding foreign currency sales increased 6 percent), while Medical Products sales of $6.1 billion grew 4 percent from the prior-year period (and excluding foreign currency sales also increased 4 percent). Excluding foreign currency and revenues associated with the Gambro acquisition, Medical Products sales increased 2 percent on a year-to-date basis.

During the first three quarters of 2013, Baxter generated cash flows from operations of approximately $2.1 billion and returned significant value to shareholders. On a year-to-date basis, Baxter has returned over $1.6 billion to shareholders through share repurchases of $863 million (or approximately 12.4 million shares) and dividends totaling $757 million, reflecting more than a 35 percent increase in dividend payments versus the prior-year period.

''Our global presence and diversified healthcare model, together with the advancements we’ve made to our business portfolio and new product pipeline are focused on driving improved access to care, better outcomes for patients and enhanced value for our shareholders,'' said Robert L. Parkinson, Jr., chairman and chief executive officer.

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