Strong first quarter positions Baxter well to meet full year 2002 commitments.(Brief Article)

2002 JUN 26 - (NewsRx.com & NewsRx.net) -- Baxter International, Inc., (BAX) reported strong growth in sales and earnings in the first quarter.

Sales advanced 11% to $1.95 billion, up from the $1.76 billion reported for the same period last year, fueled by increased sales of the company's recombinant and plasma-derived hemophilia products, as well as growth in its vaccines, oncology, and drug delivery businesses. Without the impact of foreign exchange, Baxter's sales grew 14%. Domestic sales increased 12%, while international sales rose 10% (or 15% excluding the impact of foreign exchange). BioScience sales rose 18% in the quarter, totaling $746 million. Sales of medication delivery products grew 10% to $739 million, while renal sales advanced 2% to $465 million.

Baxter's net income in the quarter rose 18% to $253 million, from the $214 million reported last year (before a 2001 accounting change). Earnings per diluted share grew 17% to $0.41, an increase from the $0.35 per share reported last year.

"Our strong financial performance for the quarter reflects our focus and discipline around operational excellence and our commitment to achieve growth that is sustainable, profitable and capital efficient. We continue to benefit from the groundwork we've laid with expanded manufacturing capacity, continued successful integration of acquisitions, and advancement of key new technologies like our protein-free recombinant manufacturing, vero-cell vaccine and drug delivery platforms," said Harry M. Jansen Kraemer, Jr., chairman and CEO.

The company's new recombinant treatment for hemophilia achieved an important milestone in the first quarter with completion of its pivotal phase III clinical trials. The company expects to file its regulatory submission for the U.S. in the second quarter, and for Europe in the third quarter of 2002. The only product of its kind, this new recombinant Factor VIII excludes any added proteins or raw materials derived from human or animal sources in the manufacture, purification, and formulation of the final product. The product was developed to virtually eliminate the theoretical risk of transmission of infectious agents potentially associated with products ...