Baxter International (BAX) FY2011 results: revenue $13.9 billion, up 8.2% on the year
Baxter International Inc. (BAX) reported revenue of $13.9 billion for fiscal 2011, the year ended 31 December 2011, up 8.2% on the year before. Net income was $2.2 billion, up 56.6%, and diluted earnings per share $3.88. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2012.
Revenue
$13.9 billion
+8.2% on the year
FY2007FY2011
Operating margin
n/a
FY2007FY2011
Net income
$2.2 billion
+56.6% on the year
FY2007FY2011
Diluted EPS
$3.88
+62.3% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
13,893
12,843
12,562
+8.2%
Cost of revenue
6,847
6,885
6,037
-0.6%
Gross profit
7,046
5,958
6,525
+18.3%
Gross margin
50.7%
46.4%
51.9%
Research and development
946
915
917
+3.4%
Selling, general and administrative
3,154
2,907
2,731
+8.5%
Interest expense
92.0
115
117
-20.0%
Pre-tax income
2,809
1,890
2,734
+48.6%
Income tax
553
463
519
+19.4%
Effective tax rate
19.7%
24.5%
19.0%
Net income
2,224
1,420
2,205
+56.6%
Net margin
16.0%
11.1%
17.6%
Diluted EPS
$3.88
$2.39
$3.59
+62.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,817
3,003
2,909
-6.2%
Capital expenditure
960
963
1,014
-0.3%
Free cash flow
1,857
2,040
1,895
-9.0%
Free cash flow margin
13.4%
15.9%
15.1%
Cash from investing
-1,427
-1,264
-1,146
Cash from financing
-1,137
-1,716
-1,012
Depreciation and amortisation
670
685
638
-2.2%
Share-based compensation
119
120
140
-0.8%
Buybacks
1,583
1,453
1,216
+8.9%
Dividends paid
709
688
632
+3.1%
Dividend per share
$1.26
$1.18
$1.07
+7.2%
Diluted shares, weighted
573m
594m
614m
-3.5%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,585
6,567
7,191
+0.3%
Non-controlling interest
243
229
229
+6.1%
Short-term borrowings
n/a
n/a
29.0
Debt
5,195
4,387
3,440
+18.4%
Other liabilities
7,050
6,306
6,465
+11.8%
Total liabilities and equity
19,073
17,489
17,354
+9.1%
Fixed assets
5,525
5,260
5,159
+5.0%
Goodwill
2,317
2,015
1,825
+15.0%
Intangible assets
826
500
513
+65.2%
Cash and equivalents
2,905
2,685
2,786
+8.2%
Receivables
n/a
2,265
2,302
Inventory
2,628
2,371
2,557
+10.8%
Other assets
4,872
2,393
2,212
+103.6%
Total assets
19,073
17,489
17,354
+9.1%
10-K for the year ended 31 December 2011, filed 23 February 2012: the filing.