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Baxter Raises Full-Year 2008 Outlook Following Strong Second-Quarter Financial Results
Date:7/17/2008

Company Posts Second Quarter EPS of $0.85 Per Diluted Share, An Increase of

31 Percent

DEERFIELD, Ill., July 17 /PRNewswire-FirstCall/ -- Baxter International Inc. (NYSE: BAX) today posted strong financial results for the second quarter of 2008 and raised its full-year financial outlook.

For the second quarter, Baxter reported net income of $544 million and earnings per diluted share of $0.85, which compared favorably to the company's earnings guidance of $0.81 to $0.83 per diluted share. Net income increased 26 percent compared to $431 million reported in the second quarter of 2007, and earnings per diluted share increased 31 percent from $0.65 per diluted share reported last year. 2007 results include an after-tax restructuring charge of $46 million or $0.07 per diluted share. On an adjusted basis, net income and earnings per diluted share increased 14 percent and 18 percent, respectively, compared to the prior year period.

The company's strong financial performance can be attributed to continued gross margin expansion as a result of enhanced business, product and geographic mix, favorable pricing across multiple businesses and manufacturing efficiencies.

"Our positive financial performance in the first half of 2008 continues to reflect the strength of our diversified business model, and positions us well in this uncertain global economy," said Robert L. Parkinson, Jr., chairman and chief executive officer.

Baxter's worldwide sales totaled $3.2 billion in the second quarter, an increase of 13 percent (or 5 percent excluding the impact of foreign exchange). Positive momentum continued in Baxter's BioScience business in the second quarter, with revenues totaling approximatel
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SOURCE Baxter International Inc.
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