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Financial Report: Baxter

BioScience revenues up 5% in the quarter and FY

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By: Kristin Brooks

Managing Editor, Contract Pharma

Baxter

4Q Revenues: $4.4 billion (+16%)

4Q Earnings: $326 million (-34%)

FY Revenues: $15.3 billion (+8%)

FY Earnings: $2.0 billion (-13%)

Comments: Excluding the contribution of Gambro revenues in the quarter, sales increased 5% to $4.0 billion. Sales in the U.S. totaled $1.8 billion (+13%), and international sales were $2.6 billion (+19%). BioScience revenues were $1.8 billion in the quarter, up 5%, driven by hemophilia therapies ADVATE and FEIBA in the U.S. and Europe, as well as biosurgery products. Medical Products sales were $2.6 billion, up 25%, including revenues associated with the Gambro acquisition of $413 million. Results in the quarter include after-tax special items totaling $366 million, primarily for costs associated with the Gambro acquisition, business optimization programs and recent collaborations with Coherus Biosciences and Cell Therapeutics. BioScience sales were $6.6 billion for the year, up 5%, and Medical Products sales were $8.7 billion, up 9%.

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