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.
George Budwell has no position in any stocks mentioned. The Motley Fool recommends Baxter International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.