Company Further Advances Its Portfolio With Acquisitions and
Collaborations, While Achieving New Product Pipeline Milestones
DEERFIELD, Ill.--(BUSINESS WIRE)--
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
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
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.