Baxter International (NYSE:BAX) released its second-quarter earnings this morning, beating consensus for both EPS and revenue. Per the report, Baxter posted adjusted earnings per share of $1.26 for the quarter on $4.3 billion in worldwide sales. Wall Street, by contrast, was expecting an adjusted earnings per share of $1.22 on $4.12 billion in sales.
The company saw a nice jump in medical product sales for the quarter due to its Gambro acquisition, which accounted for nearly 20% of the growth observed in this business segment. All told, medical product sales came in at $2.5 billion for the quarter, a princely 24% increase compared to the same period a year ago.
Baxter's BioScience Division also had a strong quarter, generating $1.8 billion in sales, up 7% year-over-year. Although BioSciences saw healthy growth across its product portfolio, the company's hemophilia treatment, Advate, led the way by posting double-digit sales growth in the quarter.
Looking ahead, Baxter is now projecting full-year revenue growth for 2014 of 10% to 11%, propelled mainly by the strong performance of Advate and Gambro. Management also noted in the release that they are on track to complete the planned split into a separate medical products and a biopharmaceutical company by mid-2015.