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Baxter announced Thursday that first-quarter sales in its medical products unit surged 22 percent year-over-year to $2.3 billion, boosted by the acquisition of Gambro and "strong sales" of peritoneal dialysis products. The company noted that revenue from Gambro reached $400 million in the three-month period.
Overall sales at Baxter, which said last month that it plans to split into two separate entities, with one focused on medical products and the other on biopharmaceuticals, jumped 15 percent to just under $4 billion, ahead of analyst expectations of nearly $3.9 billion. Net income in the three-month period reached $556 million, up from $552 million in the prior-year quarter.
"Positive momentum is building and Baxter is off to a strong start in 2014," commented CEO Robert L. Parkinson. The company also confirmed its full-year outlook with sales growth of 9 percent to 10 percent, and earnings of $5.05 per share to $5.25 per share. Analysts estimate earnings per share of $5.13 for 2014.
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