[April 26, 2016] |
|
Baxter Reports First Quarter 2016 Results and Provides Updated Financial Outlook for Full-Year 2016
Baxter International Inc. (NYSE:BAX) today reported results for the
first quarter of 2016, and also increased its earnings per share outlook
for full-year 2016. First quarter worldwide sales totaled $2.4 billion,
an increase of 4 percent on a constant currency basis as compared to the
prior year period. On a reported basis, sales declined 1 point as
foreign exchange negatively impacted sales by five percentage points in
the quarter.
''We are off to a strong start in 2016, with first quarter results
exceeding our expectations,'' said José (Joe) E. Almeida, chairman and
chief executive officer. ''Our new strategic framework focused on
portfolio optimization, operational excellence and capital allocation is
driving improved performance throughout the organization and is
reflected in our increased financial outlook for the year. We are
confident our strategy positions the company for sustainable growth and
value creation for all our stakeholders.''
During the quarter, Baxter achieved a number of operational, pipeline
and commercial milestones in support of its strategy to accelerate
profitable growth, including:
-
U.S. launch of ready-to-use VANCOMYCIN injection in 0.9% Sodium
Chloride (Normal Saline) in 500 mg, 750 mg and 1 gram presentations.
Baxter is the only manufacturer to offer VANCOMYCIN in a premixed
presentation, which uses the company's proprietary frozen GALAXY
container technology. With this launch, Baxter now supplies VANCOMYCIN
in both saline and dextrose presentations, providing additional
therapy options for a critical antibiotic that has appeared
periodically on the FDA Drug Shortage list. In addition, Baxter has
now submitted to the FDA for review the third of the nine molecules
expected to launch over the next several years.
-
CE marking for the expanded indication of HEMOPATCH in the European
Union for tissue sealing and dura replacement in addition to
hemostasis. The advanced surgical patch now has one of the broadest
indications available for advanced surgical patches in Europe.
-
Japanese approval for the expanded use of our flowable hemostat
FLOSEAL to include endoscopic surgery.
-
Marketing authorization in United Kingdom and Denmark, the initial of
20 country approvals sought in 2016 for NUMETA G13E, the only
triple-chamber, commercially prepared parenteral nutrition system
approved to meet the critical needs of vulnerable neonatal patients.
-
Enrollment of the first patient in the U.S. clinical trial for VIVIA,
an investigational home hemodialysis (HD) system. The trial is
designed to study more frequent, extended duration nocturnal home HD
therapy (High Dose HD).
-
Retirement of approximately $3.7 billion of gross debt through
utilization of a portion of the retained stake in Baxalta Incorporated
(Baxalta) through two debt-for-equity exchanges. At the end of the
quarter, Baxter held approximately 30.5 million Baxalta shares and
currently intends to utilize this remaining equity through a
contribution to its U.S. qualified pension plan and an
equity-for-equity exchange. While subject to regulatory approval, both
of these transactions are currently expected to be completed during
the second quarter.
Financial Results
During the quarter, Baxter reported income from continuing operations of
$3.4 billion, or $6.13 per diluted share, on a GAAP (Generally Accepted
Accounting Principles) basis. These results included an after-tax net
gain of approximately $3.3 billion from the disposition of shares the
company retained following the spin-off of Baxalta in July 2015.
Partially offsetting these results were net after-tax special items
totaling $109 million (or $0.20 per diluted share) primarily related to
debt extinguishment, intangible asset amortization, Baxalta related
spin-off costs and certain business optimization initiatives.
On an adjusted basis, excluding special items, Baxter's first quarter
income from continuing operations totaled $199 million, or $0.36 per
diluted share, exceeding the company's previously-issued guidance of
$0.28 to $0.30 per diluted share.
Sales within the United States advanced 5 percent to $992 million, while
international sales totaled $1.4 billion, representing a 4 percent
increase on a constant currency basis, and a 5 percent decline on a
reported basis. There was no impact on Baxter's total sales growth in
the quarter from U.S. cyclophosphamide.
By business, Hospital Products sales of $1.5 billion increased 4 percent
on a constant currency basis and declined 1 percent on a reported basis.
Hospital Products performance in the quarter benefited from strong sales
of Baxter's next-generation SIGMA SPECTRUM infusion pump and IV
solutions in the United States as well as increased demand for the
company's injectable drug compounding services.
Baxter's Renal Products sales totaled $898 million, representing a 5
percent increase on a constant currency basis, and a 2 percent decline
on a reported basis. Increased demand for peritoneal dialysis products
and continuous renal replacement therapies contributed to sales growth
in the quarter.
Financial Outlook
Based on the company's strong first quarter performance, Baxter is
raising its financial outlook for full-year 2016. Baxter now expects
constant currency sales growth for full-year 2016 of approximately 3
percent, or approximately 4 percent after adjusting for increased U.S.
competition for cyclophosphamide. On a reported basis, including the
impact of foreign exchange, Baxter now expects sales to increase
approximately 1 percent as compared to previous guidance of a decline of
approximately 1 percent. In addition, the company now expects earnings
from continuing operations, before special items, of $1.59 to $1.67 per
diluted share for the full year as compared to previous guidance of
$1.46 to $1.54 per diluted share.
For the second quarter, the company expects constant currency sales
growth of approximately 4 percent, and on a reported basis, sales growth
of approximately 2 percent. Baxter expects earnings from continuing
operations, before special items, of $0.38 to $0.40 per diluted share
for the second quarter of 2016.
The earnings guidance for the second quarter and full-year 2016 excludes
approximately $1.94 and $8.01, respectively, per diluted share of
realized gains related to the planned use of the Baxalta retained stake;
$0.05 and $0.21, respectively, per diluted share of intangible asset
amortization expense; an estimated $0.08 to $0.09 and $0.30 to $0.34,
respectively, per diluted share related to business optimization and
Baxalta separation-related expense activities; and $0.11 per diluted
share of debt extinguishment loss and product related reserve
adjustments for full-year 2016. These estimates are based on information
reasonably available at the time of this release and future events or
new information may result in different actual results. Reconciling for
the inclusion of these items results in GAAP earnings of $2.18 to $2.21
per share for the second quarter of 2016 and $8.94 to $9.06 per diluted
share for full-year 2016.
A webcast of Baxter's first quarter conference call for investors can be
accessed live from a link on the company's website at www.baxter.com
beginning at 7:30 a.m. CDT on April 26, 2016. Baxter will be hosting an
investor conference on Monday, May 9, 2016 in New York City. The
investor conference will feature an innovation hall displaying product
and therapy advancements from Baxter's pipeline beginning at 11:00 a.m.
EDT and presentations by certain members of the Baxter executive team
will begin at 1:00 p.m. EDT. To register for the conference and for more
information, click here.
Please see www.baxter.com
for more information regarding these and future investor events and
webcasts.
Baxter provides a broad portfolio of essential renal and hospital
products, including home, acute and in-center dialysis; sterile IV
solutions; infusion systems and devices; parenteral nutrition;
biosurgery products and anesthetics; and pharmacy automation, software
and services. The company's global footprint and the critical nature of
its products and services play a key role in expanding access to
healthcare in emerging and developed countries. Baxter's employees
worldwide are building upon the company's rich heritage of medical
breakthroughs to advance the next generation of healthcare innovations
that enable patient care.
This release includes forward-looking statements concerning the
company's financial results, business development activities, capital
structure, cost savings initiatives, R&D pipeline including results of
clinical trials and planned product launches, and outlook for 2016. The
statements are based on assumptions about many important factors,
including the following, which could cause actual results to differ
materially from those in the forward-looking statements: demand for and
market acceptance of risks for new and existing products, and the impact
of those products on quality or patient safety concerns; product
development risks; product quality or patient safety concerns; future
actions of regulatory bodies and other governmental authorities,
including the FDA and foreign counterparts; failures with respect to
compliance programs; future actions of third-parties, including payers;
US healthcare reform and other global austerity measures; pricing,
reimbursement, taxation and rebate policies of government agencies and
private payers; the impact of competitive products and pricing,
including generic competition, drug reimportation and disruptive
technologies; global, trade and tax policies; accurate identification of
and execution on business development and R&D opportunities and
realization of anticipated benefits; fluctuations in supply and demand;
the availability of acceptable raw materials and component supply; the
inability to create timely production capacity or other manufacturing
supply difficulties; the ability to achieve the intended results
(including targeted margin improvements) associated with the separation
of the biopharmaceutical and medical products businesses and the
associated disposition of the company's retained stake in Baxalta on a
tax-free basis; the ability to complete the disposition of the remainder
of the Baxalta retained stake on a tax-free basis (including as a result
of delays in obtaining required regulatory approvals or the impact of
recently issued US Treasury regulations on the proposed Baxalta - Shire
plc merger);the ability to enforce owned or in-licensed patents or the
patents of third parties preventing or restricting manufacture, sale or
use of affected products or technology; the impact of global economic
conditions; fluctuations in foreign exchange and interest rates
(including with respect to emerging market currencies); any change in
law concerning the taxation of income, including income earned outside
the United States; actions taken by tax authorities in connection with
ongoing tax audits; breaches or failures of the company's information
technology systems; loss of key employees or inability to identify and
recruit new employees; the outcome of pending or future litigation; the
adequacy of the company's cash flows from operations to meet its ongoing
cash obligations and fund its investment program; and other risks
identified in Baxter's most recent filing on Form 10-K and other
Securities and Exchange Commission filings, all of which are available
on Baxter's website. Baxter does not undertake to update its
forward-looking statements.
|
BAXTER INTERNATIONAL INC.
|
Consolidated Statements of Income
|
Three Months Ended March 31, 2016 and 2015
|
(unaudited)
|
(in millions, except per share and percentage data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
|
|
NET SALES
|
|
|
|
$2,375
|
|
$2,403
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
COST OF SALES
|
|
|
|
1,410
|
|
1,384
|
|
2%
|
|
|
|
|
|
|
|
|
|
GROSS MARGIN
|
|
|
|
965
|
|
1,019
|
|
(5%)
|
% of Net Sales
|
|
|
|
40.6%
|
|
42.4%
|
|
(1.8 pts)
|
|
|
|
|
|
|
|
|
|
MARKETING AND ADMINISTRATIVE EXPENSES
|
|
|
|
641
|
|
784
|
|
(18%)
|
% of Net Sales
|
|
|
|
27.0%
|
|
32.6%
|
|
(5.6 pts)
|
|
|
|
|
|
|
|
|
|
RESEARCH AND DEVELOPMENT EXPENSES
|
|
|
|
136
|
|
143
|
|
(5%)
|
% of Net Sales
|
|
|
|
5.7%
|
|
6.0%
|
|
(0.3 pts)
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
188
|
|
92
|
|
104%
|
% of Net Sales
|
|
|
|
7.9%
|
|
3.8%
|
|
4.1 pts
|
|
|
|
|
|
|
|
|
|
NET INTEREST EXPENSE
|
|
|
|
28
|
|
30
|
|
(7%)
|
|
|
|
|
|
|
|
|
|
OTHER INCOME, NET A
|
|
|
|
(3,169)
|
|
(86)
|
|
NM
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
|
|
3,329
|
|
148
|
|
NM
|
|
|
|
|
|
|
|
|
|
INCOME TAX (BENEFIT) EXPENSE
|
|
|
|
(58)
|
|
14
|
|
NM
|
% of Income from Continuing Operations before Income Taxes
|
|
|
|
-1.7%
|
|
9.5%
|
|
(11.2 pts)
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
3,387
|
|
134
|
|
NM
|
|
|
|
|
|
|
|
|
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX B
|
|
|
|
(7)
|
|
296
|
|
(102%)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
|
$3,380
|
|
$430
|
|
NM
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$6.17
|
|
$0.25
|
|
NM
|
Diluted
|
|
|
|
$6.13
|
|
$0.24
|
|
NM
|
|
|
|
|
|
|
|
|
|
INCOME FROM DISCONTINUED OPERATIONS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
-$0.01
|
|
$0.54
|
|
(102%)
|
Diluted
|
|
|
|
-$0.01
|
|
$0.54
|
|
(102%)
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON SHARE
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$6.16
|
|
$0.79
|
|
NM
|
Diluted
|
|
|
|
$6.12
|
|
$0.78
|
|
NM
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
549
|
|
543
|
|
|
Diluted
|
|
|
|
552
|
|
548
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING INCOME (excluding special items)
|
|
|
|
$249
|
C
|
$161
|
C
|
55%
|
ADJUSTED PRE-TAX INCOME FROM CONTINUING OPERATIONS (excluding
special items)
|
|
|
|
$248
|
C
|
$217
|
C
|
14%
|
ADJUSTED INCOME FROM CONTINUING OPERATIONS (excluding special
items)
|
|
|
|
$199
|
C
|
$187
|
C
|
6%
|
ADJUSTED DILUTED EPS FROM CONTINUING OPERATIONS (excluding
special items)
|
|
|
|
$0.36
|
C
|
$0.34
|
C
|
6%
|
NM -
|
|
Not Meaningful
|
A
|
|
Other Income, net for the period ended March 31, 2016
includes $3.2 billion net realized gains on the Retained Shares
transactions and a $101 million net debt extinguishment loss.
|
B
|
|
Operating results from Baxalta are classified as discontinued
operations for all periods presented.
|
C
|
|
Refer to page 8 for a description of the adjustments and a
reconciliation to generally accepted accounting principles (GAAP)
measures.
|
|
|
|
|
|
|
BAXTER INTERNATIONAL INC.
|
Note to Consolidated Statements of Income
|
Three Months Ended March 31, 2016 and 2015
|
Description of Adjustments and Reconciliation of GAAP to Non-GAAP
Measures
|
(unaudited)
|
(in millions, except per share and percentage data)
|
|
|
|
|
|
|
|
|
|
The company's GAAP results for the three months ended March 31, 2016
and 2015 included special items which impacted the GAAP measures as
follows:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
Gross Margin
|
|
|
|
$965
|
|
$1,019
|
|
(5%)
|
Intangible asset amortization expense 1
|
|
|
|
40
|
|
40
|
|
|
Business optimization items 2
|
|
|
|
12
|
|
(7)
|
|
|
Product-related items 3
|
|
|
|
(12)
|
|
-
|
|
|
Adjusted Gross Margin
|
|
|
|
$1,005
|
|
$1,052
|
|
(4%)
|
% of Net Sales
|
|
|
|
42.3%
|
|
43.8%
|
|
(1.5 pts)
|
|
|
|
|
|
|
|
|
|
Marketing and Administrative Expenses
|
|
|
|
$641
|
|
$784
|
|
(18%)
|
Business optimization items 2
|
|
|
|
(3)
|
|
(24)
|
|
|
Separation-related costs 4
|
|
|
|
(18)
|
|
(12)
|
|
|
Adjusted Marketing and Administrative Expenses
|
|
|
|
$620
|
|
$748
|
|
(17%)
|
% of Net Sales
|
|
|
|
26.1%
|
|
31.1%
|
|
(5 pts)
|
|
|
|
|
|
|
|
|
|
Research and Development Expenses
|
|
|
|
$136
|
|
$143
|
|
(5%)
|
% of Net Sales
|
|
|
|
5.7%
|
|
6.0%
|
|
(0.3 pts)
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
$188
|
|
$92
|
|
104%
|
Impact of special items
|
|
|
|
61
|
|
69
|
|
|
Adjusted Operating Income
|
|
|
|
$249
|
|
$161
|
|
55%
|
% of Net Sales
|
|
|
|
10.5%
|
|
6.7%
|
|
3.8 pts
|
|
|
|
|
|
|
|
|
|
Other Income, Net
|
|
|
|
$(3,169)
|
|
$(86)
|
|
NM
|
Net realized gains on Retained Share transactions 5
|
|
|
|
3,243
|
|
-
|
|
|
Loss on debt extinguishment 6
|
|
|
|
(101)
|
|
-
|
|
|
Adjusted Other Income, Net
|
|
|
|
$(27)
|
|
$(86)
|
|
(69%)
|
|
|
|
|
|
|
|
|
|
Pre-Tax Income from Continuing Operations
|
|
|
|
$3,329
|
|
$148
|
|
NM
|
Impact of special items
|
|
|
|
(3,081)
|
|
69
|
|
|
Adjusted Pre-Tax Income from Continuing Operations
|
|
|
|
$248
|
|
$217
|
|
14%
|
|
|
|
|
|
|
|
|
|
Income Tax (Benefit) Expense
|
|
|
|
$(58)
|
|
$14
|
|
NM
|
Impact of special items
|
|
|
|
107
|
|
16
|
|
|
Adjusted Income Tax Expense
|
|
|
|
$49
|
|
$30
|
|
63%
|
% of Adjusted Pre-Tax Income from Continuing Operations
|
|
|
|
19.8%
|
|
13.8%
|
|
6 pts
|
|
|
|
|
|
|
|
|
|
Income from Continuing Operations
|
|
|
|
$3,387
|
|
$134
|
|
NM
|
Impact of special items
|
|
|
|
(3,188)
|
|
53
|
|
|
Adjusted Income from Continuing Operations
|
|
|
|
$199
|
|
$187
|
|
6%
|
|
|
|
|
|
|
|
|
|
Diluted EPS from Continuing Operations
|
|
|
|
$6.13
|
|
$0.24
|
|
NM
|
Impact of special items
|
|
|
|
(5.77)
|
|
0.10
|
|
|
Adjusted Diluted EPS from Continuing Operations
|
|
|
|
$0.36
|
|
$0.34
|
|
6%
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
|
|
|
|
|
Diluted
|
|
|
|
552
|
|
548
|
|
|
1
|
|
The company's results in 2016 and 2015 included intangible asset
amortization expense of $40 million ($29 million, or $0.05 per
diluted share, on an after-tax basis) and $40 million ($32 million,
or $0.06 per diluted share, on an after-tax basis), respectively.
|
|
|
|
2
|
|
The company's results in 2016 included a net charge of $15 million
($10 million, or $0.02 per diluted share, on an after-tax basis)
related to business optimization initiatives. This included a net
charge of $4 million related to employee termination costs, $7
million of Gambro integration costs and $4 million of consulting
fees and other costs associated with the company's business
optimization programs. The company's results in 2015 included a
business optimization net charge of $17 million ($12 million, or
$0.02 per diluted share, on an after-tax basis) which included a net
benefit of $1 million related to employee termination costs and $18
million related to the integration of Gambro.
|
|
|
|
3
|
|
The company's results in 2016 included a benefit of $12 million ($7
million, or $0.01 per diluted share, on an after-tax basis) related
to an adjustment to the SIGMA SPECTRUM infusion pump reserves.
|
|
|
|
4
|
|
The company's results in 2016 and 2015 included costs incurred
related to the Baxalta separation totaling $18 million ($12 million,
or $0.02 per diluted share, on an after-tax basis) and $12 million
($9 million, or $0.02 per diluted share, on an after-tax basis),
respectively.
|
|
|
|
5
|
|
The company's results in 2016 included net realized gains of $3.2
billion ($3.3 billion, or $5.97 per diluted share, on an after-tax
basis), related to the debt-for-equity exchanges of the company's
retained shares in Baxalta for certain company indebtedness
(together the "Retained Shares transactions"). A tax benefit of
$54 million was recognized as a result of the Retained Shares
transactions.
|
|
|
|
6
|
|
The company's results in 2016 included a net debt extinguishment
loss totaling $101 million ($65 million, or $0.12 per diluted share,
on an after-tax basis) related to the March 2016 debt-for-equity
exchange for certain company indebtedness.
|
|
|
|
For more information on the company's use of non-GAAP financial
measures in this press release, please see the company's Current
Report on Form 8-K filed with the Securities and Exchange Commission
on the date of this press release.
|
|
BAXTER INTERNATIONAL INC.
|
Net Sales
|
Periods Ending March 31, 2016 and 2015
|
(unaudited)
|
($ in millions)
|
|
|
|
|
|
|
|
Q1
|
|
Q1
|
|
% Growth @
|
|
% Growth @
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Actual Rates
|
|
Constant Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renal
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
$201
|
|
$186
|
|
8%
|
|
8%
|
International
|
|
|
|
|
|
697
|
|
727
|
|
(4%)
|
|
5%
|
Total Renal
|
|
|
|
|
|
$898
|
|
$913
|
|
(2%)
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital Products
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
$791
|
|
$759
|
|
4%
|
|
4%
|
International
|
|
|
|
|
|
686
|
|
731
|
|
(6%)
|
|
3%
|
Total Hospital Products
|
|
|
|
|
|
$1,477
|
|
$1,490
|
|
(1%)
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baxter International Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
|
|
$992
|
|
$945
|
|
5%
|
|
5%
|
International
|
|
|
|
|
|
1,383
|
|
1,458
|
|
(5%)
|
|
4%
|
Total Baxter
|
|
|
|
|
|
$2,375
|
|
$2,403
|
|
(1%)
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAXTER INTERNATIONAL INC.
|
Sales by Franchise
|
Periods Ending March 31, 2016 and 2015
|
(unaudited)
|
($ in millions)
|
|
|
|
|
|
|
|
Q1
|
|
Q1
|
|
% Growth @
|
|
% Growth @
|
|
|
|
|
|
|
2016
|
|
2015
|
|
Actual Rates
|
|
Constant Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Renal 1
|
|
|
|
|
|
$898
|
|
$913
|
|
(2%)
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital Products
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluid Systems 2
|
|
|
|
|
|
$524
|
|
$493
|
|
6%
|
|
11%
|
Integrated Pharmacy Solutions 3
|
|
|
|
|
|
556
|
|
564
|
|
(1%)
|
|
3%
|
Surgical Care 4
|
|
|
|
|
|
305
|
|
322
|
|
(5%)
|
|
(2%)
|
Other 5
|
|
|
|
|
|
92
|
|
111
|
|
(17%)
|
|
(14%)
|
Total Hospital Products
|
|
|
|
|
|
$1,477
|
|
$1,490
|
|
(1%)
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Baxter
|
|
|
|
|
|
$2,375
|
|
$2,403
|
|
(1%)
|
|
4%
|
1
|
|
Includes sales of the company's peritoneal dialysis, hemodialysis
and continuous renal replacement therapies.
|
|
|
|
2
|
|
Includes sales of the company's IV therapies, infusion pumps and
administration sets.
|
|
|
|
3
|
|
Includes sales of the company's premixed and oncology drug
platforms, nutrition products and pharmacy compounding services.
|
|
|
|
4
|
|
Includes sales of the company's inhaled anesthesia products as well
as biological products and medical devices used in surgical
procedures for hemostasis, tissue sealing and adhesion prevention.
|
|
|
|
5
|
|
Includes sales primarily from the company's pharmaceutical
partnering business.
|
|
|
|
BAXTER INTERNATIONAL INC.
|
Franchise Sales by U.S. and International
|
Periods Ending March 31, 2016 and 2015
|
(unaudited)
|
($ in millions)
|
|
|
|
|
|
|
|
Q1 2016
|
|
|
|
|
|
Q1 2015
|
|
|
|
|
|
% Growth
|
|
|
|
|
|
|
U.S.
|
|
International
|
|
Total
|
|
|
|
|
|
U.S.
|
|
International
|
|
Total
|
|
|
|
|
|
U.S.
|
|
International
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Renal
|
|
|
|
|
|
$201
|
|
$697
|
|
$898
|
|
|
|
|
|
$186
|
|
$727
|
|
$913
|
|
|
|
|
|
8%
|
|
(4%)
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospital Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluid Systems
|
|
|
|
|
|
$298
|
|
$226
|
|
$524
|
|
|
|
|
|
$232
|
|
$261
|
|
$493
|
|
|
|
|
|
28%
|
|
(13%)
|
|
6%
|
Integrated Pharmacy Solutions
|
|
|
|
|
|
264
|
|
292
|
|
556
|
|
|
|
|
|
270
|
|
294
|
|
564
|
|
|
|
|
|
(2%)
|
|
(1%)
|
|
(1%)
|
Surgical Care
|
|
|
|
|
|
181
|
|
124
|
|
305
|
|
|
|
|
|
186
|
|
136
|
|
322
|
|
|
|
|
|
(3%)
|
|
(9%)
|
|
(5%)
|
Other
|
|
|
|
|
|
48
|
|
44
|
|
92
|
|
|
|
|
|
71
|
|
40
|
|
111
|
|
|
|
|
|
(32%)
|
|
10%
|
|
(17%)
|
Total Hospital Products
|
|
|
|
|
|
$791
|
|
$686
|
|
$1,477
|
|
|
|
|
|
$759
|
|
$731
|
|
$1,490
|
|
|
|
|
|
4%
|
|
(6%)
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Baxter
|
|
|
|
|
|
$992
|
|
$1,383
|
|
$2,375
|
|
|
|
|
|
$945
|
|
$1,458
|
|
$2,403
|
|
|
|
|
|
5%
|
|
(5%)
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426005464/en/
[ Back To TMCnet.com's Homepage ]
|