Baxter reports Q1 GAAP net income down 76% from a year ago to US$71M, with revenue up 26% year-over-year to US$3.7B; US sales up 49% from a year ago to US$1.8B, with net income decline attributable to expenses related to Hillrom acquisition

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DEERFIELD, Illinois , May 2, 2022 (press release) –

  • First-quarter revenue of $3.7 billion increased 26% on a reported basis, 29% on a constant currency basis and 3% on an operational basis1
  • First-quarter U.S. GAAP earnings per share (EPS) totaled $0.14; Adjusted EPS totaled $0.93
  • Baxter expects full-year 2022 sales growth of 23% to 24% on a reported basis, 25% to 26% on a constant currency basis and approximately 3% on an operational basis
  • Baxter expects full-year U.S. GAAP EPS of $2.35 to $2.43 and adjusted EPS of $4.12 to $4.20
  • The company is hosting an Investor Conference on May 25, 2022, to provide additional details regarding its strategic outlook and updated long-term financial guidance

Baxter International Inc. (NYSE:BAX), a global medtech leader, today reported results for the first quarter of 2022.

“Our positive momentum in the first quarter of 2022 was fueled by the diversity and durability of our medically essential product portfolio – dynamics that have further strengthened with our recent acquisition of Hillrom,” said José (Joe) E. Almeida, chairman, president and chief executive officer. “As we continue to navigate the impact of COVID-19, geopolitical unrest, inflationary pressures and supply chain challenges, we remain focused on advancing our lifesaving Mission and enhancing shareholder value through innovation, increased global portfolio access and our steadfast focus on operational effectiveness. We look forward to sharing more information at our upcoming 2022 Investor Conference on how our strategy, long-range plan and trajectory will benefit our many stakeholder communities.”

First-Quarter Financial Results

Worldwide sales in the first quarter totaled approximately $3.7 billion, an increase of 26% on a reported basis, 29% on a constant currency basis and 3% on an operational basis. Operational sales in the quarter exclude the impacts of foreign exchange and the December 2021 acquisition of Hillrom.

Sales in the U.S. totaled $1.76 billion, increasing 49% on a reported basis and 3% operationally. International sales of $1.95 billion increased 10% on a reported basis, 16% at constant currency and 3% operationally.

Among Baxter’s businesses, Medication Delivery achieved double-digit growth at constant currency rates, driven by improving rates of hospital admissions and increased sales of large and small volume parenteral solutions as well as infusion systems. BioPharma Solutions also achieved double-digit constant-currency growth, reflecting the year-over-year impact of multiple collaborations to help manufacture COVID-19 vaccines on a contract basis. Advanced Surgery delivered high single-digit growth at constant currency rates, driven by an improvement in the rate of surgical procedures compared to the same period last year. Additionally, Renal Care and Clinical Nutrition grew at low single digits year-over-year at constant rates. Growth was partially offset by a decline in Pharmaceuticals, due to generic competition for certain molecules and supply constraints impacting product availability. Acute Therapies declined high single digits at constant currency rates, following last year’s surging demand for continuous renal replacement therapy (CRRT) products in the comparable period to help treat COVID-19.

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