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Financial Report: Baxter 4Q09

Late-stage programs increase R&D costs

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Baxter 4Q09

4Q Revenues: $3.4 billion (+11%)

4Q Earnings: $576 million (+1%)

FY Revenues: $12.6 billion (+2%)

FY Earnings: $2.2 billion (+9%)

Comments: Baxter took a $56 million charge in 4Q09 for restructuring costs. The BioScience business rose 12% in 4Q09 to $1.5 billion, aided by foreign currency fluctuations. Medication Delivery sales rose 12% to $1.3 billion in the quarter. Renal evens were up 12% to $625 million. For FY09, BioScience was up 5% to $5.6 billion, Medication Delivery rose 2% to $4.6 billion, and Renal dropped 2% to $2.3 billion. R&D costs rose 6% during FY09 to $917 million, as the company advanced 14 Phase III trials and a number of early-stage programs.

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