Biotech Values

[DewDiligence]

BAX 1Q10 Sales/Growth/Geography by Segment

IVIG, the segment most responsible for the reduction in 2010 EPS
guidance, is the most US-oriented of BAX’s business segments (69%
of sales from US), presumably due to the high price of the product.
In contrast, BAX’s international business has been strong. In 1Q10,
BAX derived 59% of total sales (including a whopping 84% of sales
in the dialysis division) from outside the US.

 
                  1Q10   % of   Growth    % of 
                  Sales  Total  in Const  Segmnt 
                 (MUSD)  Sales  Currency  Ex-US 
  
 Recombinant 
 proteins          510    16%     8%      56% 
  
 IVIG              322    10%    -7%      31% 
  
 Plasma proteins 
 excluding IVIG    292     9%    -1%      68% 
  
 BioSurgery        119     4%    14%      48% 
  
 H1N1 and misc. 
 biopharma         119     4%    20%      92% 
 =============== =====    ===    ===      === 
 Subtotal        1,362    44%     3%      55% 
  
  
 Generic drugs     451    14%    14%      45% 
 IV disposables    391    13%     6%      68% 
 IV systems        209     7%    -1%      42% 
 Anesthesia        127     4%    11%      35% 
 =============== =====    ===    ===      === 
 Subtotal        1,182    38%     8%      51% 
  
  
 Pertnl dialysis   474    15%     5%      84% 
 Hemo-dialysis     110     4%     5%      83% 
 =============== =====    ===    ===      === 
 Subtotal          584    19%     5%      84% 
  
  
 TOTAL SALES     3,128   100%     5%      59%