Baxter sales up 15% in 3rd-qtr 2008
US health care firm Baxter's profit was up 19% for the third quarter of 2008, compared to the same period of the year before, on rising international sales, particularly of plasma-based and biosurgery products, according to the firm.
Revenue was up 15% to $3.15 billion, whereas R&D expense rose 13% to $230.0 million. Net income was $472.0 million, or $0.76 per share, versus $395.0 million, or $0.62 per share.
The third-quarter results include after-tax special charges totaling $91.0 million for fixed asset write-offs associated with the discontinuation of the Clearshot pre-filled syringe program, additional remediation costs associated with the Colleague infusion pump and costs for in-process R&D related to the firm's collaboration with Innocoll Pharmaceuticals (Marketletter September 1). On an adjusted basis, Baxter reported net income up 23% to $563.0 million and net earnings per diluted share of $0.88.
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