Baxter International Annual Report 1996

Plain-text annual report

Baxter International 1996 Annual Report Baxter International Inc. One Baxter Parkway Deerﬁeld, Illinois 60015 Baxter International 1996 Annual Report O U R V I S I O N A ll of Baxter’s businesses hold leading positions in high-growth global markets. Driving this leadership are talented, dedicated people, all pursuing the same vision—to be recognized worldwide as a leader in providing select, innovative health-care technologies, products and services to improve lives. Featured on the cover are Drs. Weiyun Yu and Geoffrey White of the Royal Prince Alfred Hospital and the University of Sydney, Australia. The two preeminent vascular researchers, along with Baxter, are testing an innovative minimally invasive endovascular graft system that has the potential to change the way many life-threatening abdominal aortic aneurysyms are repaired. 490187 Printed in the United States of America Saving Lives Worldwide P R O F I L E O F T H E C O R P O R A T I O N the businesses of Baxter International S I X - Y E A R S U M M A R Y O F S E L E C T E D F I N A N C I A L D A T A Baxter International Inc., through its subsidiaries, is a global medical-products and services company that is a leader in technologies related to the blood and circulatory system. The company has market-leading positions in four global businesses: biotechnology, cardiovascular medicine, renal therapy and intravenous systems/ medical products.The company has achieved global leadership by continuously improving its scientiﬁc, marketing and manufacturing capabilities while bringing innovative technologies to the medical ﬁeld. BIOTECH CARDIOVASCULAR RENAL I.V. SYSTEMS / MEDICAL PRODUCTS Baxter is a leading developer and manufacturer of products and Baxter provides products and services to treat late-stage heart and Baxter is a leading provider of lifesaving products and services for Baxter is well-known for its intravenous (IV) products used in hospitals therapies used in transfusion medicine. The company provides systems vascular disease. The company is a leading manufacturer of tissue patients who suffer from chronic kidney failure. The two primary and other health-care settings such as home care and nursing for collecting, storing and separating blood and its components, and heart valves, valve-repair products and cardiac-monitoring products. treatments for kidney failure are dialysis and transplantation, and homes, but the company’s I.V. Systems/Medical Products business is a pioneer in the development of such lifesaving therapies as Baxter also produces embolectomy catheters and other instruments Baxter continues to innovate in both areas. Baxter provides products also manufactures a range of products for pain management, clotting factors for people with hemophilia, and immune globulins and equipment used in vascular surgery. The company is a leading for both hemodialysis, which is administered within a hospital or ambulatory infusion and automated prescription-ﬁlling systems. for patients with immune deﬁciencies. On its own, and through provider of blood-ﬁltration devices used during bypass surgery, and clinic, and for peritoneal dialysis (PD), which can be administered It also distributes other medical products outside the United States. partnerships, it is developing cellular therapies to treat blood contract perfusion services. Baxter’s perfusionists operate heart-lung anywhere. Because patients can resume their normal activities while diseases, cancer and other disorders. Baxter invests approximately bypass machines and other mechanical devices used during surgery. undergoing PD, and because it generally is a lower-cost therapy than Key Events: The I.V. Systems/Medical Products business has $150 million annually in biotechnology research. hemodialysis, PD is the fastest-growing form of dialysis therapy, experienced strong growth in Asia and South America, and has estab- Key Events: During 1996, Baxter completed its acquisition of particularly outside the United States. lished joint ventures and alliances to market, or to manufacture and Key Events: Baxter’s Biotech business achieved several milestones PSICOR, Inc., the nation’s leading provider of contract perfusion market IV products and services in such countries as Argentina, in 1996, including becoming the ﬁrst company to initiate U.S. Phase III services, and several other perfusion-service providers. The company Key Events: Baxter’s Renal business has expanded in recent years Chile, Hungary, Indonesia, the Philippines, Taiwan, Thailand and clinical trials for HemAssist™ (Diaspirin Cross-linked Hemoglobin or strengthened its position in minimally invasive surgery with two with the opening of several manufacturing facilities and Renal Turkey. Last year, Baxter began to establish alliances through DCLHb), its “blood substitute,” and conducting U.S. Phase II and III moves: an agreement with two preeminent vascular researchers to Therapy Service centers in Asia, Latin America and Europe. Closer to which it will construct two new manufacturing facilities in China that clinical trials for Sealagen™ fibrin sealant, a plasma-derived develop an innovative, endovascular graft system that has the home, Baxter unveiled Renal Management Strategies Inc., a renal- will produce IV solutions and other Baxter products. Baxter’s I.V. surgical “glue” being studied for its ability to stop bleeding in potential to change the therapy for repairing abdominal aortic disease management organization dedicated to creating renal-care Systems business is the cornerstone of a seven-year, multi-billion- surgical wounds and promote healing. The company also acquired aneurysms, and an agreement to acquire Research Medical, Inc., networks across the United States that focus on improving the quality dollar purchasing agreement with Premier, the largest alliance more than 50 percent of Immuno International AG, an international a provider of specialized cannula and cardioplegia products used and reducing the cost of long-term renal care. Meanwhile, Baxter’s of hospital and health systems in the United States. During the leader in infectious-disease research and the development of blood in open-heart surgery. Baxter’s Novacor ® left-ventricular assist Nextran unit continues its research-and-development efforts in year, Baxter reintegrated its parenteral-nutrition business into products, related biologics and vaccines. This acquisition will allow system achieved an important milestone in July 1996: a German xenotransplantation—animal-to-human transplants—to offer a I.V. Systems. That business had been part of Clintec Nutrition the two companies to leverage their research-and-development patient celebrated his two-year anniversary on the system, believed potential solution to thousands of patients who die each year Company, the company’s former joint venture with Nestlé S.A. efforts, complementary product lines and global presence. to be the longest duration any patient has spent on such a system. awaiting donor organs. that was dissolved in 1996. Biotech Net Sales (in billions of dollars) CardioVascular Net Sales (in billions of dollars) Renal Net Sales (in billions of dollars) I.V. Systems/Medical Products Net Sales (in billions of dollars) 2.0 1.0 0 94 95 96 2.0 1.0 0 94 95 96 2.0 1.0 0 94 95 96 2.0 1.0 0 years ended December 31 OPERATIONS (in millions) CAPITAL EMPLOYED (in millions) PER COMMON SHARE PRODUCTIVITY MEASURES GROWTH STATISTICS (percent change from prior year) FINANCIAL RETURNS AND STATISTICS Net sales Income (loss) from continuing operations Net income (loss) Depreciation and amortization Research and development expenses Working capital Capital expenditures Net property, plant and equipment Total assets Net debt 3 Long-term debt and lease obligations Stockholders’ equity Total capitalization Average number of common shares outstanding (in millions)4 Earnings (loss) Continuing operations Net income Cash dividends declared Market price – high Market price – low Net book value Employees at year-end Sales per employee Operating assets per employee5 Net sales Income (loss) from continuing operations Cash dividends per common share Net book value per year-end common share Income from continuing operations as a percent of sales Return on average common stockholders’ equity – total company Net-debt-to-net-capital ratio 19966 19951 $ 5,438 575 $ 669 $ 348 $ 340 $ $ 1,035 398 $ $ 1,843 $ 7,596 $ 1,280 $ 1,695 $ 2,504 $ 4,199 5,048 371 649 336 345 757 399 1,749 9,437 2,115 2,372 3,704 6,076 1994 4,479 406 596 302 303 502 380 1,642 9,039 2,404 2,341 3,720 6,061 19932 4,116 (193) (198) 273 280 546 332 1,434 9,211 3,139 2,800 3,185 5,985 1992 3,857 373 441 251 257 347 362 1,469 8,310 2,902 2,433 3,795 6,228 1991 3,635 302 591 231 226 539 306 1,337 8,428 2,338 2,246 4,373 6,619 272 277 280 277 279 280 2.11 $ 2.46 $ 1.17 $ $ 47.88 $ 40.00 9.19 $ 37,000 $147,132 $113,934 1.34 2.35 1.11 44.75 26.75 13.39 1.45 2.13 1.025 28.88 21.63 13.28 (0.70) (0.72) 1.00 32.75 20.00 11.52 1.34 1.56 0.86 40.50 30.50 13.59 1.08 2.03 0.74 40.88 25.63 14.45 35,500 142,037 108,708 32,400 138,138 107,211 32,600 126,099 96,927 32,000 120,400 99,167 32,300 112,462 89,660 7.7% 55.0% 5.4% (31.4)% 12.7 (8.6) 8.3 0.8 10.6% 7.3 21.6% 33.8% 17.5 36.3 8.8 N/A 2.5 15.3 9.0 17.3 39.2 6.7 N/A 16.3 (15.2) 6.1 23.5 16.2 (5.9) (4.7) 9.7 (5.7) 49.7 11.3 43.3 N/A N/A 15.6 7.4 8.3 15.2 34.5 1.Income from continuing operations includes a provision for restructuring charges of a pretax amount of $103 million and a net special charge for litigation of a pretax amount of $96 million. 2.Income (loss) from continuing operations includes a provision for restructuring charges of a pretax amount of $216 million and a net special charge for litigation of a pretax amount of $330 million. 3.Total debt and lease obligations net of cash and equivalents. 4.Excludes common stock equivalents. 5.Accounts receivable, notes and other current receivables, inventories and net property, plant and equipment. 6. Certain balance sheet data are signiﬁcantly affected by the spin-off of Allegiance in 1996. 94 95 96 Printed on recycled paper BelliniDesign, Chicago Anderson Lithograph, Los Angeles P R O F I L E O F T H E C O R P O R A T I O N the businesses of Baxter International S I X - Y E A R S U M M A R Y O F S E L E C T E D F I N A N C I A L D A T A Baxter International Inc., through its subsidiaries, is a global medical-products and services company that is a leader in technologies related to the blood and circulatory system. The company has market-leading positions in four global businesses: biotechnology, cardiovascular medicine, renal therapy and intravenous systems/ medical products.The company has achieved global leadership by continuously improving its scientiﬁc, marketing and manufacturing capabilities while bringing innovative technologies to the medical ﬁeld. BIOTECH CARDIOVASCULAR RENAL I.V. SYSTEMS / MEDICAL PRODUCTS Baxter is a leading developer and manufacturer of products and Baxter provides products and services to treat late-stage heart and Baxter is a leading provider of lifesaving products and services for Baxter is well-known for its intravenous (IV) products used in hospitals therapies used in transfusion medicine. The company provides systems vascular disease. The company is a leading manufacturer of tissue patients who suffer from chronic kidney failure. The two primary and other health-care settings such as home care and nursing for collecting, storing and separating blood and its components, and heart valves, valve-repair products and cardiac-monitoring products. treatments for kidney failure are dialysis and transplantation, and homes, but the company’s I.V. Systems/Medical Products business is a pioneer in the development of such lifesaving therapies as Baxter also produces embolectomy catheters and other instruments Baxter continues to innovate in both areas. Baxter provides products also manufactures a range of products for pain management, clotting factors for people with hemophilia, and immune globulins and equipment used in vascular surgery. The company is a leading for both hemodialysis, which is administered within a hospital or ambulatory infusion and automated prescription-ﬁlling systems. for patients with immune deﬁciencies. On its own, and through provider of blood-ﬁltration devices used during bypass surgery, and clinic, and for peritoneal dialysis (PD), which can be administered It also distributes other medical products outside the United States. partnerships, it is developing cellular therapies to treat blood contract perfusion services. Baxter’s perfusionists operate heart-lung anywhere. Because patients can resume their normal activities while diseases, cancer and other disorders. Baxter invests approximately bypass machines and other mechanical devices used during surgery. undergoing PD, and because it generally is a lower-cost therapy than Key Events: The I.V. Systems/Medical Products business has $150 million annually in biotechnology research. hemodialysis, PD is the fastest-growing form of dialysis therapy, experienced strong growth in Asia and South America, and has estab- Key Events: During 1996, Baxter completed its acquisition of particularly outside the United States. lished joint ventures and alliances to market, or to manufacture and Key Events: Baxter’s Biotech business achieved several milestones PSICOR, Inc., the nation’s leading provider of contract perfusion market IV products and services in such countries as Argentina, in 1996, including becoming the ﬁrst company to initiate U.S. Phase III services, and several other perfusion-service providers. The company Key Events: Baxter’s Renal business has expanded in recent years Chile, Hungary, Indonesia, the Philippines, Taiwan, Thailand and clinical trials for HemAssist™ (Diaspirin Cross-linked Hemoglobin or strengthened its position in minimally invasive surgery with two with the opening of several manufacturing facilities and Renal Turkey. Last year, Baxter began to establish alliances through DCLHb), its “blood substitute,” and conducting U.S. Phase II and III moves: an agreement with two preeminent vascular researchers to Therapy Service centers in Asia, Latin America and Europe. Closer to which it will construct two new manufacturing facilities in China that clinical trials for Sealagen™ fibrin sealant, a plasma-derived develop an innovative, endovascular graft system that has the home, Baxter unveiled Renal Management Strategies Inc., a renal- will produce IV solutions and other Baxter products. Baxter’s I.V. surgical “glue” being studied for its ability to stop bleeding in potential to change the therapy for repairing abdominal aortic disease management organization dedicated to creating renal-care Systems business is the cornerstone of a seven-year, multi-billion- surgical wounds and promote healing. The company also acquired aneurysms, and an agreement to acquire Research Medical, Inc., networks across the United States that focus on improving the quality dollar purchasing agreement with Premier, the largest alliance more than 50 percent of Immuno International AG, an international a provider of specialized cannula and cardioplegia products used and reducing the cost of long-term renal care. Meanwhile, Baxter’s of hospital and health systems in the United States. During the leader in infectious-disease research and the development of blood in open-heart surgery. Baxter’s Novacor ® left-ventricular assist Nextran unit continues its research-and-development efforts in year, Baxter reintegrated its parenteral-nutrition business into products, related biologics and vaccines. This acquisition will allow system achieved an important milestone in July 1996: a German xenotransplantation—animal-to-human transplants—to offer a I.V. Systems. That business had been part of Clintec Nutrition the two companies to leverage their research-and-development patient celebrated his two-year anniversary on the system, believed potential solution to thousands of patients who die each year Company, the company’s former joint venture with Nestlé S.A. efforts, complementary product lines and global presence. to be the longest duration any patient has spent on such a system. awaiting donor organs. that was dissolved in 1996. Biotech Net Sales (in billions of dollars) CardioVascular Net Sales (in billions of dollars) Renal Net Sales (in billions of dollars) I.V. Systems/Medical Products Net Sales (in billions of dollars) 2.0 1.0 0 94 95 96 2.0 1.0 0 94 95 96 2.0 1.0 0 94 95 96 2.0 1.0 0 years ended December 31 OPERATIONS (in millions) CAPITAL EMPLOYED (in millions) PER COMMON SHARE PRODUCTIVITY MEASURES GROWTH STATISTICS (percent change from prior year) FINANCIAL RETURNS AND STATISTICS Net sales Income (loss) from continuing operations Net income (loss) Depreciation and amortization Research and development expenses Working capital Capital expenditures Net property, plant and equipment Total assets Net debt 3 Long-term debt and lease obligations Stockholders’ equity Total capitalization Average number of common shares outstanding (in millions)4 Earnings (loss) Continuing operations Net income Cash dividends declared Market price – high Market price – low Net book value Employees at year-end Sales per employee Operating assets per employee5 Net sales Income (loss) from continuing operations Cash dividends per common share Net book value per year-end common share Income from continuing operations as a percent of sales Return on average common stockholders’ equity – total company Net-debt-to-net-capital ratio 19966 19951 $ 5,438 575 $ 669 $ 348 $ 340 $ $ 1,035 398 $ $ 1,843 $ 7,596 $ 1,280 $ 1,695 $ 2,504 $ 4,199 5,048 371 649 336 345 757 399 1,749 9,437 2,115 2,372 3,704 6,076 1994 4,479 406 596 302 303 502 380 1,642 9,039 2,404 2,341 3,720 6,061 19932 4,116 (193) (198) 273 280 546 332 1,434 9,211 3,139 2,800 3,185 5,985 1992 3,857 373 441 251 257 347 362 1,469 8,310 2,902 2,433 3,795 6,228 1991 3,635 302 591 231 226 539 306 1,337 8,428 2,338 2,246 4,373 6,619 272 277 280 277 279 280 2.11 $ 2.46 $ 1.17 $ $ 47.88 $ 40.00 9.19 $ 37,000 $147,132 $113,934 1.34 2.35 1.11 44.75 26.75 13.39 1.45 2.13 1.025 28.88 21.63 13.28 (0.70) (0.72) 1.00 32.75 20.00 11.52 1.34 1.56 0.86 40.50 30.50 13.59 1.08 2.03 0.74 40.88 25.63 14.45 35,500 142,037 108,708 32,400 138,138 107,211 32,600 126,099 96,927 32,000 120,400 99,167 32,300 112,462 89,660 7.7% 55.0% 5.4% (31.4)% 12.7 (8.6) 8.3 0.8 10.6% 7.3 21.6% 33.8% 17.5 36.3 8.8 N/A 2.5 15.3 9.0 17.3 39.2 6.7 N/A 16.3 (15.2) 6.1 23.5 16.2 (5.9) (4.7) 9.7 (5.7) 49.7 11.3 43.3 N/A N/A 15.6 7.4 8.3 15.2 34.5 1.Income from continuing operations includes a provision for restructuring charges of a pretax amount of $103 million and a net special charge for litigation of a pretax amount of $96 million. 2.Income (loss) from continuing operations includes a provision for restructuring charges of a pretax amount of $216 million and a net special charge for litigation of a pretax amount of $330 million. 3.Total debt and lease obligations net of cash and equivalents. 4.Excludes common stock equivalents. 5.Accounts receivable, notes and other current receivables, inventories and net property, plant and equipment. 6. Certain balance sheet data are signiﬁcantly affected by the spin-off of Allegiance in 1996. 94 95 96 Printed on recycled paper BelliniDesign, Chicago Anderson Lithograph, Los Angeles OPERATING RESULTS Net sales (Dollars in millions, except per share data) Income from continuing operations before income taxes Income from continuing operations Net income Earnings per common share Continuing operations Net income “Operational cash ﬂow” Capital expenditures Research-and-development expenses Return on common equity 1 Dividends per common share Total assets 1 Net-debt-to-net-capital ratio Stockholders’ equity Common stockholders of record at year-end INVESTMENTS RETURNS OTHER See ﬁnancial section for more information. 1.Excludes discontinued operations. Net Sales (in billions of dollars) Operational Cash Flow (in billions of dollars) 6.0 4.0 2.0 0 3.0 2.0 1.0 0 94 95 96 Earnings Per Share from Continuing Operations (in dollars) 94 95 96 1.0 0.5 0 45 30 15 0 94 95 96 Baxter Stock Price (in dollars) F I N A N C I A L H I G H L I G H T S 1996 $ 5,438 $ $ $ 793 575 669 $ 2.11 $ 2.46 $ $ $ 682 398 340 24.3% $ 1.17 $ 7,596 33.8% $ 2,504 65,400 1995 $ 5,048 $ 524 $ 371 $ 649 $ 1.34 $ 2.35 $ 587 $ 399 $ 345 18.5% $ 1.11 $ 6,818 36.3% $ 3,704 74,400 C O N T E N T S Letter to Shareholders One Baxter Biotech CardioVascular Renal I.V. Systems/Medical Products Community Leadership Financial Information Index 2 4 6 8 10 12 14 16 1 94 95 96 B A X T E R I N T E R N A T I O N A L 1996 annual repor t L E T T E R T O S H A R E H O L D E R S a message from the Chairman and Chief Executive Ofﬁcer Nineteen ninety-six was a year of tremendous accomplishment. We continued to create signiﬁcant shareholder value. We enhanced our leading-edge technologies. We built on our preeminent positions in high-growth medical markets worldwide. And, we spun off our health-care cost management and distribution operations as a separate, publicly traded company called Allegiance Corporation. As a result, Baxter is focused on executing its strategies of global expansion and technological innovation, which we believe will continue to drive signiﬁcant shareholder value in 1997 and beyond. Chairman and Chief Executive Ofﬁcer, Vernon R. Loucks Jr. Baxter today is a reinvigorated company, backed by a legacy of leadership more than six decades in the making. While the historic spin-off of Allegiance may have been the “headline,” there were many important achievements in 1996. These include Baxter’s clear leadership in the drive to market a successful hemoglobin therapeutic, or “blood substitute;” our acquisition of Immuno International AG, a top European provider of products and services for transfusion medicine; and ongoing growth in attractive markets from Argentina to China. OUR FINANCIAL COMMITMENTS Most important of all, in 1996 Baxter kept its commitment to shareholders by meeting or exceeding our aggressive ﬁnancial targets. For several years we have set and delivered to speciﬁc, and ambitious, targets designed to generate growth and improve return and cash ﬂow to increase consistently the value of your investment. For 1996, our ﬁnancial targets were to: n Generate $500 million in “operational cash ﬂow,” deﬁned as total cash ﬂow less working capital and capital expenditures. We generated more than $680 million in operational cash ﬂow. n Grow net earnings in the high single digits, which we accomplished. n Target a net-debt-to-capital ratio between 35 percent and 40 percent. This ratio, which was 50 percent at year-end 1993, was reduced to 34 percent by year-end 1996. n Continue to leverage marketing-and-administrative expenses. These costs have fallen from 21.5 percent of sales in 1995 to 21 percent of sales in 1996. n Double inventory turns by 1998, using 1993 as a base. While we made signiﬁcant progress toward this goal in 1996, we still have substantial work to do. n Continue to repurchase an additional $500 million in common stock during the next few years. We are on track to meet this commitment, having repurchased $267 million of shares in 1996. Of course, the ﬁnancial measure that matters most is total shareholder return (stock price plus dividend), which rose 14 percent during 1996. It was your company’s 40th consecutive annual dividend increase. Over the last three years, total shareholder return has increased at a compound annual growth rate of 28 percent—higher than the Dow Jones Industrial Average and the S&P 500. This performance was, however, slightly below the S&P Medical Products and Supplies Index. Therefore, management’s bonuses, which are tied directly to the performance of Baxter’s total return in relation to this index, were not paid out in full. 2 B A X T E R I N T E R N A T I O N A L 1996 annual repor t We tie incentives to such benchmarks because we ﬁrmly believe that aligning the interests of managers and shareholders improves performance. We encourage stock ownership by employees. Many senior managers participated in a voluntary program through which they took out personal loans to purchase Baxter stock. Last year, the company gave options to senior managers priced at a signiﬁcant premium to Baxter’s stock price. Baxter’s board of directors also is compensated in stock. By investing in growth opportunities, particularly internationally; leveraging our cost position; focusing on cash-ﬂow generation; and linking compensation to shareholder returns, we expect to meet our 1997 ﬁnancial goals, including: n Increasing net sales approximately 10 percent before the impact of acquisitions. Including acquisitions, 1997 sales growth will exceed 20 percent. n Growing net earnings in the low double digits. This will accelerate in 1998 and beyond. n Generating $300 million to $400 million in operational cash ﬂow. This is after investing $1 billion in capital expenditures and research-and-development expenditures, but before litigation payments. Shareholder Return 1993–1996 (in percent) 40 30 20 10 0 Dow Jones S&P 500 Baxter S&P Medical Index OUR CORPORATE STRENGTHS Achieving these aggressive goals means capitalizing on Baxter’s unique competitive strengths. Your company is an acknowledged global leader in technologies related to the blood and circulatory system. Our medical manufacturing skills are recognized and respected worldwide. And, our expanding global presence results in more than half our sales coming from international markets, where spending and demand for medical care are growing rapidly. Building on these strengths, Baxter continued to grow its international businesses in 1996—announcing, among other initiatives, a joint venture in Indonesia; plans to build manufacturing plants in China; expansion of our Renal Therapy Services business in Latin America, Asia and Europe; and the formation of regional senior-management boards to aggressively manage ongoing expansion in Europe, Latin America, North America, Japan and Asia. We also continued to develop innovative technologies. Our “blood substitute” became the ﬁrst such product approved for the ﬁnal stage of clinical testing in the United States, and we introduced our QUANTUM PD™ nightly exchange system for peritoneal-dialysis patients. In research and development, we made progress in minimally invasive technologies to repair diseased blood vessels and arteries; continued clinical trials for our Sealagen™ biologic “glue” used to stop bleeding in surgical wounds; and conducted the ﬁrst trials using genetically altered porcine livers as a “bridge” to transplant. Bringing these ideas to life and these products to market are more than 35,000 Baxter employees. They hand-craft replacement heart valves in Irvine, California; ﬁll ﬂexible bags with dialysis solutions in Guangzhou, China; and manufacture immune globulins in Lessines, Belgium. Baxter employees are committed to quality and to excellence—not because it says so in a vision statement, but because they know customers count on them, sometimes literally with their lives. In the end, that’s what your company is all about. 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