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BAXTER REPORTS RECORD 1991 SALES AND EARNINGS

 BAXTER REPORTS RECORD 1991 SALES AND EARNINGS
 DEERFIELD, Ill., Jan. 22 /PRNewswire/ -- Baxter International Inc.


(NYSE: BAX) today announced record 1991 sales and earnings. The company reported sales of $8.9 billion, a 10 percent increase over the previous year. Operating income was $1.1 billion. Net income was $591 million and earnings per common share were $2.03. Compared to 1990, operating income increased 17 percent, net income increased 21 percent and earnings per common share increased 23 percent, excluding the company's 1990 restructuring charge.
 "Our operating performance in 1991 was superb," said Vernon R. Loucks Jr., Baxter's chairman and chief executive officer. "Our restructuring program, which we began two years ago, is resulting in increased productivity. Strong sales and profit growth are allowing us to invest aggressively in several high-growth, research-driven markets, such as kidney and blood therapy, diagnostic testing and cardiovascular medicine. There are promising new developments in each of these businesses."
 The company also is continuing to expand its leadership position in health care outside of hospitals, primarily through its Caremark subsidiary, which launched programs in 1991 in women's health care and ambulatory infusion centers for patients with cancer and other disorders. Plans are in place to invest further in these areas and other new business opportunities, Loucks said.
 Sales for the fourth quarter of 1991 were $2.4 billion, an increase of 10 percent over the same period in 1990. Operating income was $314 million, a 15 percent increase. Net income was $184 million. Earnings per common share were 64 cents. Earnings per share in the fourth quarter of 1990 included net gains of approximately 6 cents from asset dispositions.
 Domestic sales for 1991 were $6.8 billion, up 10 percent over 1990. Sales from international markets increased 11 percent to $2.1 billion. For the fourth quarter, domestic sales were $1.8 billion and international sales were $566 million. International sales growth in local currency was approximately 13 percent for the quarter and 9 percent for the year.
 Baxter is the leading worldwide manufacturer and marketer of health-care products, systems and services. It offers more than 120,000 products to health-care providers in 100 countries.
 BAXTER INTERNATIONAL INC.
 Consolidated Statements of Income
 (Unaudited - in millions, except per share data)
 Periods ended Three Months Pct. Year
 Dec. 31 1991 1990 Inc. 1991 1990
 OPERATIONS
 Net sales $2,390 $2,174 10 $8,921 $8,100
 OPERATING COSTS AND EXPENSES
 Cost of goods and services
 sold 1,508 1,373 5,651 5,197
 Marketing and admin-
 istrative expenses 480 439 1,825 1,647
 Research and development
 expenses 71 71 289 261
 Goodwill amortization 17 17 68 67
 Restructuring program costs -- -- -- 566
 Total operating costs
 and expenses 2,076 1,900 7,833 7,738
 Operating income 314 274 15 1,088 362
 NON-OPERATING EXPENSES (INCOME)
 Interest expense 55 64 222 259
 Interest income (9) (13) (32) (48)
 Other, net 24 (17) 93 46
 Total non-operating expenses 70 34 283 257
 Income before income taxes 244 240 805 105
 Income tax expense 60 62 214 65
 Net income $ 184 $ 178 $ 591 $ 40
 PER SHARE DATA
 Primary earnings per
 common share $ 0.64 $ 0.62 $ 2.03 $(0.05)
 Fully diluted earnings
 per common share $ 0.63 $ 0.61 $ 2.00 $(0.05)
 AVERAGE NUMBER OF COMMON
 SHARES AND EQUIVALENTS
 OUTSTANDING
 Primary 280 279 280 253
 Fully diluted 284 282 285 253
 BAXTER INTERNATIONAL INC.
 Net Sales By Industry Segments (Unaudited)
 (In millions)
 Periods Three Months Pct. Year Pct.
 ended 1991 1990 Inc. 1991 1990 Inc.
 Dec. 31 (Dec.) (Dec.)
 Hospital products $1,185 $1,098 8 $4,404 $4,071 8
 Medical systems and
 specialities 502 479 5 1,854 1,729 7
 Alternate site
 products and services 585 477 23 2,191 1,820 20
 Industrial products 118 120 (2) 472 480 (2)
 Total net sales $2,390 $2,174 10 $8,921 $8,100 10
 -0- 1/22/92
 /CONTACT: Geoffrey D. Fenton of Baxter, 708-948-3436/
 (BAX) CO: Baxter International Inc. ST: Illinois IN: MTC SU: ERN


GK -- NY020 -- 2126 01/22/92 09:45 EST
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Date:Jan 22, 1992
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