Oct. 16--Baxter International Inc. reported Thursday that third-quarter profit rose 12 percent, thanks to sales of bioscience products such as its blood-clotting drug Advate.

The Deerfield-based medical-product giant said net income grew to $530 million, or 87 cents a share, compared with $472 million, or 74 cents, in the year-earlier quarter.

Sales were essentially flat at $3.14 billion, compared with $3.15 billion in the year-ago quarter, hurt by the negative impact of foreign exchange.

Excluding special items, Baxter recorded earnings of 98 cents per share, above its guidance for the quarter.

In a statement, Baxter described "key drivers" as bioscience sales that include Advate and other blood therapies as well as treatments for immune system disorders.

Worldwide bioscience sales were up 8 percent, to nearly $1.4 billion, in the quarter.

Baxter's top executive credited the double-digit percentage increase in profit to the company's balanced portfolio of products, which also include medication-delivery devices and treatments for kidney diseases.

"We continue to leverage the benefits derived from our diversified health care model to achieve solid financial performance despite a challenging global macroeconomic environment," said Baxter Chief Executive Robert Parkinson.

Baxter raised its profit outlook for the year. The company now forecasts earnings of $3.79 to $3.81 per share, compared with a prior forecast of $3.76 to $3.80 per share. It says revenue will be flat to up 1 percent from the $12.35 billion it reported in 2008.

But some analysts expressed concern after third-quarter sales of the company's plasma proteins and antibody products came in below their expectations.

Shares tumbled $2.50, or 4.4 percent, to $54.50.

The Associated Press contributed to this report.

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