Baxter International Inc. (BAX) issued long-range financial goals on Wednesday that continue to target double-digit earnings growth over the next five years while the company ramps up spending in research and development.

The maker of medical products targeting serious conditions such as hemophilia and kidney failure is holding an all-day investor conference Wednesday to review its financial goals and research efforts. In a release ahead of the meeting, Baxter said it expects to boost sales by about 7% to 8% over the next five years, excluding the impact of foreign currency, while boosting earnings per share by about 11% to 13%.

This outlook is similar to five-year targets announced in early 2007, and heading into the new forecasts, Credit Suisse analyst Kristen Stewart said earnings growth at this rate "seems like a reasonable target."

In March 2007, Baxter said that through 2011, it expected annual sales of at least 6% to 8% and per-share earnings growth of at least 11% to 13%.

The Deerfield, Ill., company's latest long-range forecasts also call for generating annual cash flow of about $4 billion by 2014 and increasing investment in research and development by at least an 8% to 10% compound annual rate.

"We believe we have a balanced outlook and are well-positioned to achieve our results while making appropriate investments to enhance future growth and delivering value to shareholders," Robert L. Parkinson, Jr., the company's chairman and chief executive, said in a release.

Shares of Baxter closed at $55.95 on Tuesday after slipping 1.7%. They are up about 4.4% on the year, however.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com