Baxter Reports Solid First Quarter Financial Results and Raises Full-Ye... ( Company Continues to Advance Product...)

Baxter Reports Solid First Quarter Financial Results and Raises Full-Year Outlook

Date:4/17/2008

Company Continues to Advance Product Pipeline with Increased Investment in

Research & Development

DEERFIELD, Ill., April 17 /PRNewswire-FirstCall/ -- Baxter International Inc. (NYSE: BAX) today reported solid financial results for the first quarter of 2008, and raised its financial outlook for the full year.

For the first quarter, Baxter reported net income of $429 million, a 6 percent increase compared to $403 million in the first quarter of 2007. Earnings per diluted share of $0.67 increased 10 percent from $0.61 per diluted share reported last year. These results include an after-tax charge of $45 million, or $0.07 per diluted share, for additional costs associated with the company's COLLEAGUE infusion pump remediation program due to an expected delay in recommercialization in the United States.

On an adjusted basis, Baxter's net income of $474 million increased 18 percent. Adjusted earnings per diluted share of $0.74 increased 21 percent versus the prior year period and compares favorably to the guidance previously provided of $0.71 to $0.73 per diluted share. This performance was the result of improved margins due to enhanced business and product mix, improved pricing, continued manufacturing cost improvements and favorable foreign exchange.

Baxter's worldwide sales totaled $2.9 billion in the first quarter, an increase of 8 percent (or 2 percent excluding the impact of foreign exchange). Excluding revenues from Transfusion Therapies, a business the company divested in the first quarter of 2007, Baxter's global sales increased 10 percent (or 4 percent excluding foreign exchange) versus the prior year.

In Baxter's BioScience business, positive momentum continued in the first
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Baxter Reports Solid First Quarter Financial Results and Raises Full-Ye...( Company Continues to Advance Product...)