Strong growth in Baxter International's biotechnology and cardiovascular lines pushed the company to a 2% increase in net income for the fourth quarter ended Dec. 31, 1995, to $176 million, or 65 cents per share, from $172 million, or 61 cents per share, in the year-ago quarter. Revenues rose 9% to $1.4 billion.
The figures include a $26 million after-tax charge, or 9 cents per share, for the spinoff of Baxter's healthcare cost-management company. Excluding the special charge, Baxter earned $202 million in the fourth quarter, a 17% increase from the 1994 quarter.
For the year, Baxter reported a 9% increase in net income to $649 million, or $2.35 per share, from $596 million, or $2.13 per share, in 1994. Revenues rose 13% to $5.05 billion.
Last November Baxter announced it will split into two separate firms: a global medical technology company and a cost-management company. It expects to complete the separation by the end of 1996.
Baxter's financial results have been restated to differentiate between the two operations. Those results show that income from continuing operations of medical technology declined for the year, to $371 million from $406 million, while income from discontinued operations (the cost-management side) rose to $278 million from $190 million.