Baxter International Q3 net income $583 mln

Illinois-based Baxter International Inc has reported third quarter net income of $583 million or $1.06 per diluted share, as compared with net income in the same period last year of $576 million,  or $1.01 per diluted share.

This reflects an increase of 5% on a per share basis. American healthcare company’s third quarter 2012 financial results included an after-tax research and development charge of $45 million or $0.80 per diluted share associated with the company’s recently announced European licensing pact with Onconova Therapeutics, Inc.

The financial results from the third quarter 2011 included an after-tax charge of $48 million (or $0.80 per diluted share). On an adjusted basis, excluding special items from both periods, Baxter’s third quarter net income of $628 million rose 1% from $624 million reported in 2011.  

The adjusted earnings per diluted share of $1.14 surged 5% from $1.09 per diluted share last year and was in line with the guidance the company previously provided of $1.12 to $1.14 per diluted share.

The worldwide sales totaled $3.5 billion, which were comparable to revenues generated in the third quarter last year. Its sales advanced 5%.

Besides, sales within U.S. of $1.5 billion accelerated 8% while international sales of $2.0 billion declined 5%. Apart from the impact of foreign currency, the international sales rose 2% as strength across many countries in Asia Pacific and Latin America offset continued softness in the mature European markets.

The BioScience revenues rose $1.5 billion were similar to sales in the prior-year period. The BioScience revenues increased 5%, driven by double-digit growth in the U.S. across all the key product categories.

The company also benefited from the recent acquisitions of Synovis Life Technologies, generating incremental sales in the quarter of approximately $20 million.

The medical products sales of $2.0 billion were also in line with the prior-year period.

The medical products revenues also rose 4% resulting from strong growth of injectable drugs, anesthesia products and nutritional therapies and the advantage of the company’s acquisition of Baxa Corporation, with incremental sales totaling of more than $40 million. 

Robert L Parkinson, Junior Chairman and Chief Executive Officer said, “The solid underlying fundamentals of our businesses continue to be supported by the medically-necessary nature of our portfolio and therapies, growing global demand and our broad global presence.”

Mr. Parkinson also said, “In addition, our company’s strong financial position provides continued flexibility to invest in innovation, advance our new product pipeline, and pursue new business development opportunities to enhance future growth.”

Baxter International Inc is an American health care company based in Deerfield, Illinois. It primarily focuses on products to treat hemophilia, kidney diseases, immune disorders and other chronic and acute medical conditions.