Baxter “quite pleased” by financial results

Baxter International recorded an income of $433 million (220 million pounds) in the fourth quarter of 2006.

Representing a 47 per cent increase on the previous period, company chairman Robert Parkinson said he is “quite pleased with the results”.

The health care company also exceeded its earning per share (EPS) guidance, with an EPS of $0.66 per diluted share, compared to predictions of between $0.60 and $0.62 per share.

Attributing the performance to strong sales growth, Baxter also said it benefited from gross margin expansion and lower income tax expense.

Its global sales totalled $2.8 billion for the three-month period – up 11 per cent on the corresponding period in 2005.

Domestic sales accounted for $1.2 billion, while international sales reached $1.5 billion, with all businesses reporting “strong” sales growth.

“We are quite pleased with our strong fourth quarter results and are very well positioned as we move into 2007,” said Mr Parkinson.

“Of particular importance was our ability to significantly accelerate R&D spending, which is essential to support growth in the coming years,” he added.

Baxter claims to have been a leading heath care firm for more than 70 years and provides a range of services, including medical and pharmaceutical products that are used to process, collect and store blood components.