The Deerfield, Ill.-based company posted profits of $333 million, or 64¢ per share, on sales of $2.8 billion for the three months ended March 31, 2020, for a 2.6% bottom-line slide on sales growth of 6.2%.
Adjusted to exclude one-time items, earnings per share were 82¢, 10¢ ahead of Wall Street, where analysts were looking for sales of $2.75 billion.
Baxter noted in a news release that sales during the first quarter reflected increased demand for select products in response to the COVID-19 pandemic, including its continuous renal replacement therapy portfolio, IV solutions, generic injectables and parenteral nutrition therapies.
The company announced earlier this month that it’s hiring thousands of additional employees to boost its COVID-19 product supply, while earlier this week, the FDA granted emergency use authorization for its Oxiris blood purification filter in COVID-19 patients.
“Baxter’s medically essential portfolio puts us on the front lines of the COVID-19 pandemic, and our deepest gratitude goes to the healthcare providers and first responders battling the spread and impact of COVID-19,” Baxter chairman & CEO José Almeida said in a news release. “Thanks as well to Baxter’s 50,000 employees, whose tireless efforts are making a meaningful difference for patients around the world. In response to the COVID-19 pandemic, we saw significant increases in demand for several products, particularly in the latter part of the first quarter.
“While the pandemic poses continued challenges, our ongoing transformation has strengthened our ability to respond to this global healthcare crisis while advancing our strategic priorities in line with our mission to save and sustain lives.”
Baxter said it is not offering financial guidance for the fiscal year amid uncertainties caused by the ongoing COVID-19 pandemic.
BAX shares were up 0.1% at $91.57 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.1%.