Baxter gives 5-year earnings, sales growth goals

NEW YORK -- Specialty drug and medical device maker Baxter International said Wednesday it is aiming for annual earnings-per-share growth of 11 to 13 percent over the next five years, with sales rising 7 to 8 percent each year.

Its sales forecast excludes the effects of foreign currency exchange rates.

Baxter's main business are bioscience, which sells drugs and surgical products, and medication delivery, which sells infusion pumps, dialysis equipment, and other items.

The Deerfield-based company said it is aiming for $4 billion in annual cash flow by 2014.

For 2009, Baxter currently expects an adjusted profit of $3.76 to $3.80 per share, up about 11 percent. It says revenue will be about the same as its $12.35 billion last year. Excluding currency exchanges, that is a gain of 7 to 8 percent.

On average, analysts surveyed by Thomson Reuters forecast an annual profit of $3.79 per share on revenue of $12.43 billion.

In morning trading, Baxter shares fell 5 cents to $55.90.