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Baxter Reports Strong Third Quarter Sales and Earnings
Date:10/18/2007

7 by 15 percent. As a result of these activities, Baxter has returned more than $2.0 billion to shareholders year-to-date.

Nine-Month Results

For the first nine months of 2007, Baxter's net income totaled $1.2 billion and increased 27 percent, with earnings per diluted share increasing 27 percent to $1.87. On an adjusted basis, excluding special items from both 2007 and 2006, Baxter's year-to-date net income of $1.3 billion grew 30 percent from the $1.0 billion reported last year. Adjusted earnings per diluted share increased 29 percent to $2.03, from $1.57 per diluted share in the prior year period.

Baxter's worldwide sales increased 8 percent in the first three quarters of the year to approximately $8.3 billion, up from $7.6 billion reported for the same period last year. Excluding the impact of foreign exchange, sales growth for the first nine months of 2007 was 5 percent. Sales within the United States totaled $3.5 billion, an increase of 6 percent over the same period last year, and international sales grew 11 percent to $4.7 billion. Excluding revenues related to the Transfusion Therapies business, Baxter's worldwide sales of $8.1 billion increased 11 percent from $7.2 billion recorded in the prior year.

Cash flows from operations totaled $1.55 billion for the nine-month period, an improvement of approximately $130 million compared to $1.42 billion in the same period in 2006. Free cash flow (cash flows from operations, less capital expenditures of $424 million for the first nine months of 2007) was $1.1 billion for the first nine months of 2007.

Fourth Quarter and Full-Year 2007 Outlook

Given its strong financial results year-to-date, Baxter is raising its earnings outlook for full-year 2007. The company now expects to achieve earnings per diluted share of $2.75 to $2.77, compared to its previous range of $2.65 to $2.70, both excluding special items. Baxter continues to expect sales growth, excluding the impact of foreign ex
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SOURCE Baxter International Inc.
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