- Baxter International Inc (NYSE:BAX) posted Q3 revenue of $3.23 billion, in line with the consensus, up 9% on a reported basis, 7% on a constant currency basis, and 6% on an operational basis.
- Adjusted EPS of $1.02 increased 23% and surpassed the estimate of $0.94.
- Growth was led by increased sales in BioPharma Solutions, which benefitted from multiple collaborations to help manufacture COVID-19 vaccines on a contract basis.
- Medication Delivery sales growth advanced low double digits, driven by strength in the U.S. for IV therapies and infusion systems products.
- Clinical Nutrition, Acute Therapies, and Advanced Surgery delivered mid-single-digit growth, driven by ongoing demand, particularly outside the U.S.
- The gross and operating margins remained almost unchanged at 40% and 16%, respectively.
- Outlook: Baxter expects FY21 sales growth of approximately 7% – 8% on a reported basis, 5% – 6% on a constant currency basis, and 4% – 5% on an operational basis.
- It expects an adjusted EPS of $3.58 – $3.62, better than the previous guidance of $3.49 – $3.55, versus the $3.34 consensus.
- For Q4, Baxter expects an adjusted EPS of $1.00 to $1.04, with sales growth of 3% – 4% on a reported basis, 4% – 5% on a constant currency basis and 3% – 4% on an operational basis
- Price Action: BAX shares traded 4.07% lower at $78.72 on the last check Thursday.
Baxter Shares Fall Despite Better-Than-Expected Q3 Earnings, FY21 EPS Outlook Boost
Baxter International Inc (NYSE:BAX) posted Q3 revenue of $3.23 billion, in line with the consensus, up 9% on a reported…
