Baxter International is a global medical products and services company. Via its principal operating subsidiary, Baxter Healthcare Corporation, the company delivers products, which are sold in over 100 countries and are used by health-care professionals and their patients in the treatment of complex medical conditions, including haemophilia, immune disorders, kidney disease, cancer and trauma.
Baxter International posts Q1 profit, on strong sales
Drug and medical device maker () reported first-quarter profit grew three percent on Thursday amid strong demand for its hemophilia and immune disease treatments.
Net earnings climbed to $588 million, or $1.04 per share for the quarter ended March 31. This compares with $570 million, or 98 cents per share, last year.
Stripping out one-time items, the company earned $1.01 per share.
Revenue rose by three percent to $3.39 billion from $3.28 billion.
On average, analysts were forecasting profits of $1 per share, on revenue of $3.30 billion, according to Bloomberg.
The BioScience division reported sales growth of four percent to $1.5 billion, driven by strong demand for Advate used for the treatment of haemophilia.
Revenue from its Medical Products unit rose three percent to $1.9 billion, fuelled by strong growth in anesthesia products and injectable and nutritional therapies.
Quarterly results were also bolstered by Baxter’s $325 million acquisition of in February.
Synovis makes medical devices used procedures like soft tissue repair, obesity and vascular surgery, and hernia repair.
Gross margin slipped though to 50.6 percent from 51 percent.
In addition, Baxter raised the low end of its full-year profit forecast. It now expects earnings of between $4.49 to $4.57 per share. The company is also expecting revenue growth of two to three percent.
Analysts expect a profit of $4.54 per share and $14.19 billion in revenue, on average.
For the second-quarter, the company expects to make $1.10 to $1.12 per share, and said revenue will be unchanged to up as much as one percent.
Analysts expect Baxter to post earnings of $1.12 per share and $3.56 billion in revenue.
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