Piper Jaffray Comments on May Data for Baxter International

“We see the May data as proving continued support for an important element of our bullish thesis on Baxter International Inc. (NYSE: BAX),” Piper Jaffray wrote in a report this morning. “IVIG growth will remain stable over the intermediate and long term. After a tumultuous 1Q10 last year driven primarily by share-shifts related to the company's premium-priced brand, the company has seen steady improvements in growth as Baxter's share position stabilized, boosted further for the near and intermediate term by the exit of Octapharma from the market.

“We see positive catalysts for Baxter's IVIG business in the upcoming approval for Sub-Q, the filing of HyQ, annualizing of pricing "touch-ups", and European MMN approval. Next steps for Octa's return to the US include re-inspection of the company's octagam manufacturing plant in Stockholm, on the resolution of the 4/15 FDA warning letter.”

Baxter International closed Friday at $58.50.