Baxter reports ‘strong’ financial results

Baxter International has announced its financial results for third quarter of the year 2007, with the company announcing “strong” figures and consequently raising its financial outlook for the full year for the third successive quarter.

The company reported an eight per cent increase in worldwide sales to $2.8 billion (1.37 billion pounds), while net income for the quarter rose six per cent to $395 million.

Net earnings per diluted share rose seven per cent over the figure for the same period last year to $0.61.

In the third quarter the company boosted its investment in research and development by 36 per cent, with the firm reporting a number of agreements and collaborations over the period.

Robert L Parkinson Jr, chairman and chief executive officer of Baxter, said: “Our consistent, strong operational performance, driven by our focus on gross margin expansion affords us the opportunity to accelerate investments to grow our business for the longer-term, while at the same time, allowing us to meet or exceed our shorter-term objectives.”

He added that the firm has maintained its focus on carrying out its business strategies and increasing value for its shareholders.

Last month, Baxter signed an agreement with Halozyme for the use of its Enhanze Technology for the development of a new method of administering its Kiovig liquid product.