Piper Jaffray Comments On Baxter Q1 Results

According to Piper Jaffray, Baxter International BAX Q1 results were strong across the board with a solid beat in the company's Bioscience (+$68MM) and Medication Delivery (+$73MM). Piper Jaffray said that within the segments, the Bioscience beat was driven by the key franchises of Recombinants (+$35MM) and Antibody Therapies (+$18MM). “The beat in Antibody Therapies supports our thesis of Baxter's IVIG position finishing the year stronger than expected driven in part by a continuing trend of stabilizing growth and from manufacturers picking up the slack in supply in the wake of Octapharma's withdrawal in September. In Medication Delivery, excluding the beat in Injectables, driven by the delayed divestiture of the Generic Injectables business, the beat was led by IV Therapies (+$17MM), with Infusion Systems (+$5MM) coming approximately in-line with our expectations. We re-iterate our Overweight rating on BAX and will revisit our projections and provide a more detailed review of the company's businesses later in the day.” Baxter International closed yesterday at $54.52.