Baxter exceeds expectations in first quarter of 2012

Baxter has reported better-than-expected results for the first quarter of the 2012 fiscal year.

The healthcare company's worldwide sales revenues came in at $3.4 billion (2.1 billion pounds), up by three percent, while income and earnings levels also exceeded previous guidance.

Primary drivers of bioscience business sales included rising demand for products such as Advate and Gammagard Liquid, as well as the acquisition of Synovis, while its medical division was bolstered by strong growth in anaesthesia products and certain injectable and nutritional therapies.

The company expects that further expansion will take place this year driven by recent investments and portfolio additions.

Robert Parkinson Jr, chairman and chief executive officer of Baxter, said: "Our sustained focus on innovation and growth opportunities enables us to respond effectively to an evolving macroeconomic environment, while strengthening our market leadership and expanding access to care."

Earlier this week, the company also announced plans to create a new US biologics manufacturing facility in Georgia as it seeks to expand its commercial capabilities.