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Baxter posts 26 per cent rise in net income

US-based pharmaceutical company, Baxter International, has posted strong financial results for the second quarter of 2008, reporting a 26 per cent increase in net income, which the company says has raised its full-year financial outlook

US-based pharmaceutical company, Baxter International, has posted strong financial results for the second quarter of 2008, reporting a 26 per cent increase in net income, which the company says has raised its full-year financial outlook.

Baxter's net income for the second quarter of 2008 was $544m compared to $431m for the same fiscal period in 2007. Earnings per diluted share were reported at $0.85, faring better than the company's earning guidance of $0.81 to $0.83 per diluted share. Overall, earnings per share rose by 31 per cent from $0.65 in 2007.

The company also posted a 13 per cent increase in worldwide sales during the second quarter of 2008 to $3.2bn in addition to a 16 per cent rise in revenues totalling approximately $1.4bn.

According to Baxter, its strong financial performance and double-digit growth across the portfolio for the period was because of robust sales of plasma-based therapies, products used for the treatment of haemophilia and immune disorders. There was also strong demand for the drug manufacturer's encephalitis vaccine.

Robert Parkinson, chairman and CEO of Baxter International, said: "Our positive financial performance in the first half of 2008 continues to reflect the strength of our diversified business model and positions us well in this uncertain global economy."

Baxter says it is continuing to advance its product pipeline across its business portfolio and invested $222m in R&D during the quarter, a 25 per cent rise from the amount reported for the same period in 2007.

17th July 2008

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