Baxter 3rd-qtr profit rises 6 percent on hemophilia sales, company boosts full-year targets

Baxter International Inc. said Thursday that its third-quarter profits rose 6 percent on strong sales of its hemophilia therapy, prompting the drug maker to boost full-year financial targets.

Net income climbed to $395 million, or 61 cents per share for the quarter ending Sept. 30.

That's up from $374 million, or 57 cents per share, during the same period last year.

Baxter shares jumped 7 percent, or $3.90, to $59.20 at the open of trading.

The July-to-September latest quarter included one-time charges of $63 million, or 9 cents per share, related to an acquisition and a lawsuit.

Excluding items, earnings hit $458 million, or 70 cents per share, beating Wall Street forecasts.

Sales climbed 8 percent to $2.75 billion from $2.56 billion last year.

"The company remains focused on executing our strategies and continuing to build shareholder value," Robert L. Parkinson, Jr., chairman and chief executive officer said in a statement.

On average, analysts surveyed by Thomson Financial forecast a profit of 66 cents per share and revenue of $2.68 billion.

Those estimates typically exclude one-time charges.

The Deerfield-based company said its bioscience business boosted sales by 14 percent, helped by growth of Advate, its treatment for hemophilia A. Meanwhile, worldwide sales of in its medical delivery unit grew 10 percent and its renal division climbed 8 percent.

For the year Baxter now expects earnings per share, excluding special items, of $2.75 to $2.77. It expected $2.65 to $2.70 per share previously.

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