Deerfield, Ill.-based Baxter posted profits of $583 million, or $1.06 per share, on sales of $3.48 million for the 3 months ended Sept. 30. That represents flat sales growth and a 1.2% profit increase. Excluding 1-time items, adjusted earnings per share were $1.14, in line with Wall Street’s expectations.
BAX shares closed up 1.3% today at $62.47.
”The solid underlying fundamentals of our businesses continue to be supported by the medically-necessary nature of our portfolio and therapies, growing global demand, and our broad global presence,” chairman & CEO Robert Parkinson Jr. said in prepared remarks. ”In addition, our company’s strong financial position provides continued flexibility to invest in innovation, advance our new product pipeline, and pursue new business development opportunities to enhance future growth.”
Baxter tightened its full-year earnings guidance, saying it now expects diluted EPS of $4.51-$4.54, and sales growth of 4%-5%, or 2% on a constant-currency basis.
The company also said it closed enrollment on a 24-patient study of its home hemodialysis system, with which it plans to back a CE Mark application in the European Union next year.