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Baxter International 4th-quarter profit climbs, boosted by sales in its BioScience division

Baxter International 4th-quarter profit climbs, boosted by sales in its BioScience division

Baxter International Inc., which makes intravenous supplies and treatments for cancer and kidney disease, said Thursday fourth-quarter profit from continuing operations rose 47 percent, driven by increased sales from its BioScience division.
Income from continuing operations was $433 million (euro332.95 million), or 66 cents per share, up from $294 million, or 46 cents per share, a year ago. Excluding items, the company had adjusted profit of $379 million, or 60 cents per share in the 2005 period.
Revenue rose 11 percent to $2.76 billion (euro2.12 billion) from $2.49 billion in the prior-year period.
Analysts polled by Thomson Financial expected net income of 61 cents per share on revenue of $2.72 billion (euro2.09 billion).
The company said results were helped by higher sales, gross margin expansion and lower income tax expense. Sales within Baxter's BioScience business grew 18 percent to $1.2 billion (euro920 million), driven by demand for its hemophilia and antibody therapy products.