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Home Industry News Baxter announces ‘solid’ first quarter results

Baxter announces ‘solid’ first quarter results

21st April 2008

Baxter International has announced its financial results for the first quarter of the 2008 fiscal year, with the company consequently increasing its financial outlook for the full year.

For the quarter, the firm reported an eight per cent rise in worldwide sales to $2.9 billion (1.45 billion pounds), while net income increased by six per cent to $429 million.

This net income resulted in a ten per cent rise in earnings per diluted share to $0.67, with these results including an after-tax charge of $45 million relating to a delay in recommercialisation of the Colleague infusion pump remediation programme.

Research and development investment rose by 19 per cent in the quarter to $190 million with the company seeking to advance its development pipeline across all parts of its business portfolio.

Robert L Parkinson, chairman and chief executive officer of the company, said: “Our favourable outlook for the full year allows us to continue to accelerate our investments in research and development programs that will improve treatment for patients, expand access to care and enhance the quality of life for people around the world.”

He added that the company’s robust and improving financial position is a result of its ongoing momentum.

Last month, Baxter International and the Baxter Foundation reported almost $53 million in charitable giving during 2007.

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