(Corrects year-earlier net adjusted income figure in paragraph
2 to $659 million from $639 million. Also corrects year-ago
per-share figure to $1.20 from $1.16)
July 17 Medical device and drug maker Baxter
International Inc reported higher-than-expected
quarterly earnings and revenue, helped by surging sales in its
medical products division.
Net adjusted income rose to $692 million, or $1.26 per share
in the second quarter ended June 30, from $659 million, or $1.20
per share, a year earlier.
Revenue rose about 16 percent to $4.26 billion.
Analysts on average had expected earnings of $1.22 per
share, excluding items, on revenue of $4.12 billion, according
to Thomson Reuters I/B/E/S.
The medical products business, which includes intravenous
fluid systems, dialysis, biosurgery and some specialty
pharmaceuticals such as anesthesia and nutrition, rose about 24
percent to $2.51 billion.
Baxter's biotech business, which includes plasma-based
proteins to treat hemophilia and other bleeding disorders,
jumped about 7 percent to $1.75 billion.
The company said in March it planned to spin off its
biotechnology operations into a publicly traded company by the
middle of the next year and focus on its core medical technology
Baxter also tightened its full-year adjusted profit forecast
on Thursday to $5.10-$5.20 per share from $5.05-$5.25.
Analysts on average were expecting earnings of $5.15 per
Deerfield, Illinois-based Baxter's stock closed at $76.60 on
the New York Stock Exchange on Wednesday.
(Reporting by Natalie Grover in Bangalore; Editing by Maju