Baxter Reports First Quarter 2010 Financial
Results In-Line With Guidance
Company Lowers Full-Year Outlook
April 22, 2010 07:05 AM Eastern Daylight Time
DEERFIELD, Ill.--(EON: Enhanced Online News)--Baxter International Inc. (NYSE:BAX) today reported first
quarter net income of $525 million, an increase of 2 percent from $516 million reported in the first quarter of 2009.
Earnings per diluted share of $0.86 increased 4 percent from $0.83 per diluted share reported in the prior-year
period. Baxter’s first quarter financial results included a one-time, non-cash special charge of $39 million (or $0.07
per diluted share) related to a change in the tax treatment of post-retirement prescription drug benefits under recent
U.S. healthcare reform legislation.
On an adjusted basis, excluding the special item, Baxter’s net income of $564 million increased 9 percent from $516
million reported in 2009. Adjusted earnings per diluted share of $0.93 increased 12 percent from $0.83 per diluted
share reported in the prior-year period and were in-line with the guidance the company previously provided of $0.92
to $0.94 per diluted share.
Baxter’s global sales of $3.1 billion advanced 11 percent from the $2.8 billion reported in the same period last year.
Excluding the impact of foreign currency, worldwide sales increased 5 percent. Sales within the United States
increased 4 percent to $1.3 billion in the first quarter, while international sales grew 17 percent to $1.8 billion.
Excluding the impact of foreign currency, international sales grew 5 percent.
By business, BioScience revenues totaled $1.4 billion and advanced 9 percent (and excluding foreign currency,
BioScience sales increased 3 percent) as a result of continued growth of recombinant therapies, such as ADVATE
[Antihemophilic Factor (Recombinant), Plasma/Albumin-Free Method] for the treatment of hemophilia, biosurgery
products and shipments of CELVAPAN, the company’s H1N1 pandemic vaccine. This performance was partially
offset by an incre