Blood product and dialysis company Baxter reported a 3% rise in sales to $2.65 billion in the second quarter, and while profits slipped back it said the performance had prompted a hike in 2006 earnings per share projections.
Driving the sales growth was the company’s biosciences business, which includes its Advate (octocog alfa; recombinant coagulation factor VIII) product for haemophiia and intravenous immunoglobulin for immune disorders. Overall sales at this unit rose 13% to $1.1 billion, helped by the launch of a new high-strength formulation of Advate in the USA.
Renal product sales increased 2% to $516 million, helped by a hike in the number of patients receiving peritoneal dialysis treatment for end-stage renal disease, but held back by a decline in fusion pump sales which resulted in part from the lingering effects of its Colleague product recall, which was taken off the shelves last year following links to a number of patient injuries and up to seven deaths
Income from continuing operations fell 5% to $309 million, but Baxter raised its full-year earnings forecasts by 4%-5% to $2.13-$2.17 from its earlier estimate of $2.10-$2.16, delivered alongside its first-quarter results statement.
Baxter said it now expects sales from its existing businesses to be up 6% in 2006.