FINAL Q4 2010 Earnings Press Release - Baxter

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BAXTER REPORTS 4th QUARTER FINANCIAL RESULTS – Page 2 in the prior-year period. Adjusted earnings per diluted share increased 8 percent to $1.11 per diluted share from $1.03 reported in the fourth quarter of 2009. These results were in line with the company’s previously issued earnings guidance of $1.09 to $1.11 per diluted share. Worldwide sales in the fourth quarter totaled $3.5 billion and increased 1 percent over the same period last year. Excluding the impact of foreign currency, worldwide sales advanced 3 percent. Sales within the United States increased by more than 1 percent to $1.4 billion and international sales of $2.1 billion were comparable to the prior-year period. Excluding the impact of foreign currency, international sales increased 3 percent. By business, BioScience revenues exceeded $1.5 billion and increased 1 percent from the comparable prior-year period. Excluding the impact of foreign currency, BioScience sales increased 4 percent. Contributing to this performance was strong demand for GAMMAGARD LIQUID [Immune Globulin Intravenous (Human)] (marketed as KIOVIG outside of the United States), several specialty plasma-based therapeutics, and biosurgery products, resulting in double-digit sales growth across these product categories. This strength was partially offset by the expected decline in recombinant protein and vaccine revenues. Medication Delivery sales also increased 1 percent to $1.3 billion (or 3 percent excluding the impact of foreign currency), driven primarily by growth of intravenous therapies (including the company’s parenteral nutrition products), injectable drugs and anesthesia products. Renal sales of $626 million were comparable to the prior-year period (and increased 1 percent excluding the impact of foreign currency), as the company continued to post solid gains in
BAXTER REPORTS 4th QUARTER FINANCIAL RESULTS – Page 3 peritoneal dialysis patients, particularly in the United States, Latin America and Asia. Full-Year 2010 Results For the full year, Baxter reported net income of $1.4 billion or $2.39 per diluted share, compared to net income of $2.2 billion or $3.59 per diluted share last year. On an adjusted basis, excluding special charges in both years, Baxter’s net income in 2010 was $2.4 billion which represents an increase of 2 percent, over the prior-year period, while earnings per diluted share of $3.98 increased 5 percent from $3.80 reported in 2009. Baxter’s worldwide sales increased 2 percent and totaled $12.8 billion for full-year 2010, including a first-quarter revenue adjustment of $213 million associated with the COLLEAGUE infusion pump recall. On an adjusted basis, excluding the COLLEAGUE charge, Baxter’s worldwide sales totaled $13.1 billion in 2010, an increase of 4 percent over the prior year revenues of $12.6 billion (and increased 3 percent excluding the impact of foreign currency). Sales within the United States (excluding the COLLEAGUE adjustment) increased 3 percent to $5.5 billion in 2010, and international sales grew 5 percent to $7.6 billion. Excluding the impact of foreign currency, international sales rose 3 percent. “2010 was an unusually challenging year for our company; however, we continue to benefit from the diversified and medically-necessary nature of our portfolio, broad geographic reach and strong financial position,” said Robert L. Parkinson, Jr., chairman and chief executive officer. “We also executed on our key commercial, operational and organizational strategies intended to enhance
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FINAL Q4 2010 Earnings Press Release - Baxter

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