Baxter Q1 net income rises to $518m

US-based Baxter International has reported a net income of $518m, or $0.83 per diluted share, for the first quarter of 2009, an increase of 20%, compared to $432m, or $0.67 per diluted share, reported for the first quarter of 2008.

The company has reported net sales of $2.82 billion for the first quarter of 2009, a decrease of 2%, compared to $2.87 billion for the first quarter of 2008.

For the second quarter of 2009, Baxter expects sales growth, excluding the impact of foreign currency, of approximately 7%.

Robert Parkinson Jr, chairman and chief executive officer of Baxter International, said: Despite the challenging, global macro-economic environment, our first quarter financial results underscore the value of our diversified healthcare model, the solid fundamentals underpinning our portfolio, and our disciplined focus on driving margin improvement.

We continue to believe that we are very well-positioned given our broad geographic reach and the medically-necessary nature of our portfolio to expand access to care, improve treatments and enhance the quality of life for patients around the world.

Baxter International through its subsidiaries, develops, manufactures and markets products that sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.