Baxter International has reported 2009 first quarter net income of $516 million, an increase of 20 percent from the $429 million in net income it recorded in the first quarter of 2008.

The Deerfield, Ill.-based company said its worldwide revenues totaled $2.8 billion in the first quarter, a 2 percent decline from last year. Excluding the impact of foreign currency, worldwide sales increased 6 percent. U.S. sales increased 5 percent to $1.2 billion, while international sales declined 7 percent to $1.6 billion. Excluding the impact of foreign currency, Baxter said its international sales grew 7 percent.

In the first quarter, Baxter said that medication delivery sales of $1 billion declined 3 percent. Renal sales of $515 million declined 8 percent. The results were driven by growth across core components of these portfolios, including the peritoneal dialysis franchise, anesthesia products, intravenous therapies and global injectables.

"Despite the challenging, global macro-economic environment, our first quarter financial results underscore the value of our diversified healthcare model, the solid fundamentals underpinning our portfolio, and our disciplined focus on driving margin improvement," said Robert L. Parkinson, Jr., Baxter's chairman and CEO.