Baxter BioScience Corporation, CA (BAX) Reports Strong Third Quarter Financial Results and Confirms Full-Year Guidance
10/20/2011 11:24:34 AM
DEERFIELD, Ill.--(BUSINESS WIRE)--Baxter International Inc. (NYSE:BAX) today reported third quarter net income of $576 million, an increase of 10 percent from $525 million reported in the third quarter of 2010. Earnings per diluted share of $1.01 advanced 13 percent from $0.89 per diluted share reported in the prior-year period. Baxter’s third quarter financial results included an after-tax special charge of $48 million (or $0.08 per diluted share) for the resolution of long-standing litigation pertaining to average wholesale prices (AWP) and certain historical rebate and discount adjustments. Baxter’s third quarter 2010 financial results included an after-tax special item of $70 million (or $0.12 per diluted share) related to the impairment of assets associated with the divestiture of the U.S. multi-source generic injectables business.