Baxter International Inc. reported that its fourth quarter income and revenues slightly beat analyst expectations because of higher sales of its dialysis and hemophilia products. Net income dropped 34% to $326 million, or 59 cents a share, compared to $494 million, or 89 cents a diluted share in the same period a year earlier. The company said these results include after-tax special items totaling $366 million, or 67 cents per share, primarily for costs associated with Baxter's acquisition of Gambro, business optimization programs and recent collaborations with Coherus Biosciences and Cell Therapeutics Inc.
On an adjusted basis, excluding special items, Baxter's net income totaled $692 million, or $1.26 per share, in line with the company's previously-issued earnings guidance.
Worldwide sales totaled $4.4 billion and increased 16% compared to the same quarter last year. Excluding the contribution of Gambro revenues in the quarter, Baxter's sales increased 5% to $4 billion (or 6% excluding the impact of foreign currency). Sales within the United States totaled $1.8 billion and advanced 13%, and international sales of $2.6 billion increased 19% (or 20% excluding the impact of foreign currency).
Medical Products sales of $2.6 billion increased 25 percent from the prior-year period (or 27 percent excluding the impact of foreign currency), and included revenues associated with the Gambro acquisition of $413 million. Excluding foreign currency and the contribution from the acquisition, medical products sales grew 7%.