Baxter raises outlook following ‘strong financial results’

Baxter Healthcare has announced its first-quarter financial results for the 2007 fiscal year, reporting strong figures and raising its full-year outlook accordingly.

The company generated revenues of $2.7 billion (1.35 billion pounds) for the quarter, a rise of 11 per cent on the first quarter of last year. Net income rose 43 per cent in the quarter to $403 million, while earnings per diluted share increased by 42 per cent to $0.61.

Baxter reported continued growth in its BioScience segment, citing robust performance of its recombinant products to treat haemophilia A, antibody therapeutics and speciality plasma products, in addition to strong vaccine sales, including its H5N1 candidate vaccine to government stockpiles.

As a consequence of these results, the firm now anticipates a full-year increase in sales of four to five per cent, with predicted earnings per diluted share forecast to rise to $2.60 to $2.65.

Robert L Parkinson, chairman and chief executive officer of the firm, said: “Our strong first-quarter financial results reflect the building momentum in our business and our disciplined focus on driving margin improvements.”

He added that the performance of the company in the first quarter of the year showed the value existing in its business portfolio and facilitated a rise of 15 per cent in its research and development investment.

Earlier this week, Baxter announced that it was to continue its support of the Global Alliance for Progress programme from the World Federation of Haemophilia.