CHICAGO (Reuters) - Medical products makers Baxter International Inc
Shares of both companies were up about 3 percent in trading before the market opened.
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Baxter said its first-quarter net earnings came to $577 million, or 98 cents per share, compared with a year-earlier loss of $60 million, or 11 cents per share, that included a big charge for the recall of its Colleague pump.
Analysts on average were expecting earnings of 93 cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose to $3.28 billion from $2.93 billion, led by a 20 percent sales increase in Baxter's medical products business, which sells IV therapies and injectable drugs.
Covidien reported net earnings rose to $455 million, or 91 cents per share, in second quarter ended March 25, from $413 million, or 82 cents a share, a year earlier.
Net sales rose 10 percent to $2.80 billion. Sales of medical devices increased 16 percent to $1.88 billion, and pharmaceutical sales fell 4 percent to $490 million.
The company now expects fiscal 2011 net sales to grow 8 percent to 11 percent, including foreign exchange at current rates, compared with its earlier growth forecast of 6 percent to 9 percent.
Shares of Covidien were up 2.6 percent at $55.25 in trading before the market opened, while Baxter gained 3.3 percent to $56.30.
After the market closed on Wednesday, Boston Scientific Corp
The company's shares rose 2.4 percent to $7.25.
(Reporting by Debra Sherman; Editing by Lisa Von Ahn)