Acquisition costs take toll on Baxter’s 3rd-qtr financials
USA-based Baxter International (NYSE:BAX) has posted solid financial results for the third quarter of 2013, showing that net income fell 6.6% to $544 million, or $0.99 a share, as s result of costs related to its $4 billion acquisition of the Swedish dialysis products maker Gambro (The Pharma Letter December 4, 2012) weighing on earnings.
Adjusted for the Gambro purchase and other one-time costs, income rose 4% to $655 million or $1.19 a share, in line with Wall Street expectations. Global sales rose 9% to $3.8 billion, also in line with analysts' expectations.
Baxter said the results met expectations as the company further augmented its portfolio with the acquisition of Gambro, and continued to advance its new product pipeline by launching new products, achieving multiple regulatory milestones, and establishing new collaborations.
Confirms full-year financial outlook
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