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On Tuesday, Baxter International Inc (NYSE:BAX) reported second-quarter adjusted EPS of $0.68, beating the consensus of $0.66 and the management guidance of $0.65-$0.67.
The company reported sales of $3.812 billion, which beat the consensus of $3.755 billion.
Sales increased 3% on a reported basis and 4% on a constant currency basis, exceeding the company’s previously issued guidance of approximately 1% and 2% to 3%, respectively.
Related: Carlyle’s $4B Purchase Of Baxter’s Kidney Division Backed By Ares And HPS Financing.
Baxter achieved better-than-expected sales growth across all segments in the second quarter at constant currency.
Pharmaceuticals segment sales increased 11% to $602 million, driven by the ongoing impact of new product launches and heightened demand for Drug Compounding services.
Medical Products & Therapies sales increased 4% to $1.32 billion, reflecting the benefit of positive pricing and demand for a wide range of products across the portfolio, including the first U.S. sales of the Novum IQ large volume infusion pump with Dose IQ Safety Software.
Healthcare Systems & Technologies revenues increased 1% to $748 million, driven by increased demand for Care & Connectivity Solutions products, particularly our Patient Support Systems products, partially offset by lower sales of Front Line Care products,
Growth in kidney care was driven by positive pricing and demand for acute therapies and peritoneal dialysis products, and this was partially offset by an expected decline in sales of in-center hemodialysis products due to select products and market exits.
Baxter’s preparations continue for the proposed separation of its Kidney Care segment. No final decision on the separation structure has been made. Regardless of the selected path, Baxter expects the separation of its Kidney Care business to be completed in late 2024 or early 2025.
Guidance: Baxter expects 2024 sales growth of approximately 3% on a reported and constant currency basis, compared to 2% and 2% to 3%, respectively, expected earlier.
The company expects adjusted EPS of $2.93-$3.01 compared to the consensus of $2.91 and the prior guidance of $2.88-$2.98.
For the third quarter, the company expects sales growth of approximately 3%-4% on a reported basis and 4%-5% on a constant currency basis.
Price Action: BAX stock is up 6.47% at $36.88 at the last check on Tuesday.
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Posted In: BAX
