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

y $1.4 billion, an increase of 16 percent. Double-digit growth across the portfolio was the result of robust sales of plasma-based therapies, products used for the treatment of hemophilia and immune disorders, biosurgery products and strong demand for the company's encephalitis vaccine.

Medication Delivery sales grew 12 percent in the quarter to approximately $1.2 billion, driven by strong international sales of IV therapy products and injectable drugs, as well as anesthesia products globally. Renal sales increased 8 percent to approximately $600 million as a result of an increase in peritoneal dialysis patients in many markets around the world.

The company continues to advance its product pipeline across its business portfolio. Investments in research and development in the quarter totaled $222 million, reflecting an increase of 25 percent over the prior-year period.

Six-Month Results

For the first six months of 2008, Baxter's net income totaled $973 million and increased 17 percent, with earnings per diluted share increasing 21 percent to $1.52. On an adjusted basis, Baxter's net income of $1.0 billion increased 16 percent from $880 million last year. Adjusted earnings per diluted share for the six-month period of $1.59 increased 20 percent, from $1.33 per diluted share in the prior year period.

Baxter's worldwide sales grew 10 percent in the first half of the year to $6.1 billion, an increase from $5.5 billion last year. Excluding the impact of foreign exchange, sales growth for the first six months of the year was 3 percent. Sales within the United States totaled $2.4 billion, an increase of 4 percent over the same period last year, and international sales grew 15 percent (or 3 percent excluding the impact of foreign exchange) to $3.6 billion.

Third Quarter and Full-Year 2008 Outlook

As a result of the strong performance in the first half of the year, Baxter is raising its financial outlook for full-year 2008. The
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SOURCE Baxter International Inc.
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