Baxter International Inc., New York symbol BAX, has two divisions: Medical Products (57% of sales) makes intravenous pumps, syringes and kidney-dialysis equipment; and BioScience (43%) makes vaccines and drugs.
Overseas markets account for 60% of its sales. As well, about half of Baxter’s sales are single-use medical products that hospitals and clinics must continually reorder.
Baxter’s sales in the first quarter of 2011 rose 12.2%, to $3.3 billion from $2.9 billion a year earlier. The company is seeing strong demand for intravenous and nutritional therapies. Demand for injectable drugs is also rising.
The stock market investment’s first-quarter 2011 earnings were $570 million, up 1.1% from $564 million a year earlier. Earnings per share rose 5.4%, to $0.98 from $0.93, on fewer shares outstanding. The year-earlier figures exclude costs related to the recall of defective drug infusion pumps. Research spending declined 5.7%, to $214 million (or 6.5% of sales) in the 2011 first quarter from $227 million (7.8% of sales).
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