CORRECTED - UPDATE 1-Baxter quarterly profit in line, but lowers outlook

(Corrects paragraph 6 and third bullet point to show company lowered 2010 outlook; adds that information to first paragraph and headline)

* Q1 adjusted EPS of 93 cents in line with expectations

* Sales rise 11 percent to $3.1 billion

* Lowers 2010 profit target to $3.92-$4.00 per share

CHICAGO, April 22 (Reuters) - Medical products maker Baxter International IncBAX.N reported on Thursday quarterly earnings that matched analysts' expectations, but lowered its full-year outlook due to health reform costs.

First-quarter net profit was $525 million, or 86 cents a share, compared with $516 million, or 83 cents a share, a year earlier.

Excluding a one-time charge related to post-retirement prescription drug benefits under U.S. health reform legislation, Baxter said it earned $564 million, or 93 cents a a share.

Analysts on average had expected 93 cents a share, according to Thomson Reuters I/B/E/S.

The Deerfield, Illinois-based maker of intravenous drug pumps, blood therapy products and devices used in kidney dialysis said its first-quarter sales rose 11 percent to $3.1 billion.

Baxter lowered its outlook for 2010 earnings to a range of $3.92 to $4.00 per share from the previous forecast of $4.20 to $4.28. It lowered its forecast for sales growth excluding the impact of foreign exchange to a range of 1 percent to 3 percent. (Reporting by Susan Kelly, editing by Gerald E. McCormick)