Company overview
Global medtech; manufactures in 20+ countries, sells in 100+ countries post Kidney Care sale
98%
Source evidence
“we manufactured products in over 20 countries and sold them in over 100 countries”
Baxter International Inc.
BAX
$23.49
Updated: 24/09/2026, 10:35:57
Market Cap
$12.14B
Sector
Healthcare
Industry
Medical - Instruments & Supplies
Country
US
Stock valuation chart
One-year closing share-price history for BAX
Company Profile
Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution. Further expanding its pharmaceutical offerings, Baxter delivers pre-mixed and oncology drug platforms, inhaled anesthetic agents, critical care products, and pharmacy compounding services. Nutritional support is provided through its parenteral nutrition therapies and associated products. For surgical procedures, the company develops biological products and medical devices vital for achieving hemostasis, tissue sealing, and preventing adhesions. Additionally, Baxter supplies continuous renal replacement therapies (CRRT) and other organ support solutions, primarily tailored for intensive care units. Beyond direct medical supplies, Baxter provides sophisticated connected care solutions, integrating devices, software, communication systems, and other advanced technologies. This includes a range of patient monitoring and diagnostic technologies designed to aid in the diagnosis, treatment, and management of numerous illnesses and conditions, spanning respiratory therapy, cardiology, vision screening, and physical assessment. The surgical suite benefits from its specialized video technologies, operating tables, lights, pendants, precision positioning tools, and various ancillary accessories. The company also offers contracted services to a multitude of pharmaceutical and biopharmaceutical companies. Baxter's products are utilized across diverse healthcare environments, including hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and for home-based patients under medical supervision. Operating in approximately 100 countries, Baxter distributes its extensive product line through a direct sales force, independent distributors, drug wholesalers, and specialty pharmacies or other alternative site providers. The company also holds a collaborative agreement with Celerity Pharmaceutical, LLC, focused on developing generic injectable pre-mixed medications for acute care and oncolytic molecules. Established in 1931, Baxter International Inc. is headquartered in Deerfield, Illinois.
USD
NYSE
CEO: Andrew Hider
Employees: 37,500
Asset Summaries
Latest generated summaries for BAX
No summaries found.
Detailed business
Evidence-backed facts extracted from the latest official annual filing.
BAX-10-k-fy2025.html3.2 MBtext/htmlENFiled 12/02/2026Period ended 31/12/2025
Business monitoring
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Evidence-backed · 57 KPI observations
Revenue
$11.2B
FY 2025 · Reported
Net income
$-1.0B
FY 2025 · Reported
Gross margin
30.1%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
4.6%
FY 2025 · Calculated
Share repurchases
N/A
FY — · Reported
Earnings and cash generation
USD billions, directly sourced from inline XBRL; free cash flow is operating cash flow less capex.
Profitability and reinvestment
Margins and R&D as a percentage of revenue.
Top products and services
Products and services mentioned in the filing; a quantitative sales breakdown was not disclosed.
Other offerings mentioned without separate sales
Medical Products & Therapies segment products
Pharmaceuticals segment products
Healthcare Systems & Technologies segment products
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Geographic footprint
What the filing identifies, separated by location role so partner manufacturing is not presented as Apple-owned factories.
1 named headquarters
0 manufacturing countries
0 individually named factories
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Named headquarters Manufacturing partner country
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
How the business makes money
Three reportable segments
Medical Products & Therapies; Healthcare Systems & Technologies; Pharmaceuticals
98%
Source evidence
“our business is currently comprised of three reportable segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals”
GPO and IDN contracting dependence
Significant dependence on GPOs and IDNs in the US with multi-year contracts limiting pricing
94%
Source evidence
“We have purchasing agreements with several of the major GPOs in the United States, which are subject to renewal from time to time”
Dependence on GPOs, IDNs, and distributors
Segments significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers
90%
Source evidence
“Segments of our business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers”
Sales and distribution channels
Direct sales force plus distributors; Cardinal Health and Medline warehouse/ship significant portion in US
95%
Source evidence
“third parties, such as Cardinal Health, Inc. and Medline Inc., warehouse and ship a significant portion of our products”
Medical Products & Therapies segment products
Sterile IV solutions, infusion systems, administration sets, parenteral nutrition, hemostats/sealants
97%
Source evidence
“The Medical Products & Therapies segment includes sales of our sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant and adhesion prevention products”
Pharmaceuticals segment products
Specialty injectables, inhaled anesthetics, drug compounding services
97%
Source evidence
“The Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthetics and drug compounding services”
Healthcare Systems & Technologies segment products
Smart beds, patient monitoring/diagnostics, respiratory health, advanced surgical equipment
96%
Source evidence
“The Healthcare Systems & Technologies segment includes sales of our connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices and advanced equipment for the surgical space”
Operations and dependencies
Global manufacturing footprint
Manufactures products at various facilities globally; several facilities are leased; implementing restructuring initiatives to reduce manufacturing footprint
90%
Source evidence
“As of December 31, 2025, we manufacture our products at various facilities globally.”
Dependence on GPOs, IDNs and distributors
Segments of the business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers
90%
Source evidence
“Segments of our business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers.”
Global workforce
~37,500 employees worldwide
95%
Source evidence
“global medical technology with approximately 37,500 employees worldwide”
Unionized workforce
A portion of the workforce is unionized, creating potential labor disruption risk
90%
Source evidence
“A portion of our workforce is unionized, and we could face labor disruptions that would interfere with our operations”
Unionized workforce
A portion of the workforce is unionized; could face labor disruptions
85%
Source evidence
“A portion of our workforce is unionized, and we could face labor disruptions that would interfere with our operations.”
Positioning and strategy
Hurricane Helene IV solutions demand impact
Hurricane Helene damage drove customer fluid conservation practices causing sustained reduced IV solutions demand
95%
Source evidence
“certain customers have enacted fluid conservation practices embedded with clinical practice changes which have resulted in, and are currently expected to continue to result in, reduced demand in our intravenous (IV) solutions business”
Sale of Kidney Care business to Carlyle
Kidney Care (Vantive) sold to Carlyle for $3.80B ($3.71B pre-tax proceeds), closed Jan 31, 2025
98%
Source evidence
“we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash”
Sale of BioPharma Solutions (BPS) business
BPS sold Sep 29, 2023 for $3.96B proceeds; $2.88B pre-tax gain
97%
Source evidence
“we completed the sale of our BioPharma Solutions (BPS) business and received cash proceeds of $3.96 billion”
Risks, financing, and outlook
Tariffs, inflation and supply chain cost pressures
Tariffs and inflation adversely affecting results; mitigation via select tariff offsets; sole-source suppliers limit flexibility
93%
Source evidence
“we expect for our results to continue to be negatively affected by tariffs”
Total indebtedness outstanding
Approximately $9.48 billion of indebtedness outstanding as of December 31, 2025; repaid $3.81 billion of legacy indebtedness in 2025 (excluding $2.00 billion repaid with proceeds from a new notes offering)
97%
Source evidence
“As of December 31, 2025, we had approximately $9.48 billion of indebtedness outstanding. While we repaid $3.81 billion of legacy indebtedness in 2025”
2025 debt repayment and leverage target
Repaid $3.81B legacy debt in 2025; targeting ~3.0x net leverage by end-2026; dividend reduced Nov 2025, no buybacks
96%
Source evidence
“we are committed to retaining our investment grade rating, including taking actions toward achieving a net leverage target of approximately 3.0x by the end of 2026”
Welch Allyn trade name impairment charge 2025
$290M pre-tax Welch Allyn trade name impairment in Q4 2025 (Healthcare Systems & Technologies), driven by lower forecasted revenues and margins
97%
Source evidence
“we recognized a pre-tax impairment charge of $290 million to reduce the carrying amount of the Welch Allyn trade name within our Healthcare Systems & Technologies segment”
Hillrom acquisition integration ongoing
Hillrom acquired in 2021; integration has taken longer than originally anticipated
95%
Source evidence
“we acquired Hillrom in 2021 and continue to work to fully integrate it into our business. Certain aspects of the integration have taken longer than originally anticipated.”
IPR&D impairment charge 2024
$50M pre-tax IPR&D impairment in Q4 2024, classified in R&D expense, multi-period excess earnings method at 11% discount rate
95%
Source evidence
“we recognized a pre-tax impairment charge of $50 million to reduce the carrying amount of an IPR&D asset to its fair value”
Indefinite-lived intangible assets balance
Total indefinite-lived intangible assets of $497 million as of December 31, 2025
95%
Source evidence
“The total carrying amount of our indefinite-lived intangible assets was $497 million as of December 31, 2025, comprised of a trade name intangible asset and IPR&D”
Kidney Care divestiture
Sold Kidney Care business in January 2025 to Vantive/Carlyle; continues to provide transition services and products under TSA and MSA, with stranded costs and retained pre-closing liabilities
95%
Source evidence
“As part of our strategy to realign our product portfolio, we sold our Kidney Care business in January 2025.”
Kidney Care divestiture and Hillrom acquisition execution risk
Company may not achieve anticipated benefits of the sale of its Kidney Care business and the Hillrom acquisition
90%
Source evidence
“We may not achieve the anticipated benefits of our significant transactions, including the sale of our Kidney Care business and our acquisition of Hillrom”
FDA Warning Letter status for Claris Ahmedabad facility
FDA classified June 2025 re-inspection of Ahmedabad site as VAI; Baxter expects the 2023 Warning Letter to be closed with no outstanding Warning Letters
95%
Source evidence
“On October 31, 2025, FDA classified the June 2025 inspection as VAI, indicating that the site is in acceptable compliance with FDA’s current Good Manufacturing Practice requirements”
Stringent and evolving worldwide environmental laws
Baxter is subject to environmental laws that are becoming more stringent throughout the world, which may impose costs or result in liability.
85%
Source evidence
“We are also subject to environmental laws, which are becoming more stringent throughout the world.”
Novum IQ Large Volume Pump Class I recalls and ship hold
Novum LVP Class I recalls; US/Canada ship hold since July 2025; ~$105M charges in 2025; no meaningful sales expected while holds in effect
97%
Source evidence
“We have recorded estimates for sales reductions, for returns or exchanges of Novum LVP, and certain other charges... of approximately $105 million in the aggregate in 2025”
EEA desflurane restriction by 2026 affects anesthesia products
EEA restricted desflurane (one of Baxter's anesthesia products) as an inhalation anesthetic by 2026, and requires fluorinated gases in the inhaled anesthetic portfolio to be captured.
95%
Source evidence
“the EEA has restricted the use of desflurane, which is one of our anesthesia products, as an inhalation anesthetic by 2026, except in instances where alternatives cannot be used for medical grounds”
Dividend reduction
Recently decreased quarterly dividend to $0.01 per share
95%
Source evidence
“We recently decreased our quarterly dividend to $0.01 per share and cannot guarantee that we will increase the amount of dividends we pay”
Chemical use restrictions (PVC, PFAS) could impair manufacturing/supply
Governments are limiting or considering prohibiting certain chemicals including polyvinyl chloride and PFAS used in certain Baxter products, which could materially adversely impact ability to manufacture or supply certain products.
95%
Source evidence
“Other governments globally are collecting information regarding, or have limited or prohibited, or are considering limiting or prohibiting, the use of certain chemicals, including, but not limited to, polyvinyl chloride, which is used in certain of our products, and per- and polyfluoroalkyl substances (PFAS)”
DEHP phase-out risk in EEA and U.S. states
Baxter obtained EEA authorization to continue using DEHP in certain products; removal processes in progress but may not be completed before scheduled phase-outs, potentially impacting global competitiveness.
95%
Source evidence
“We have obtained authorization to continue to use DEHP in certain of our products in the EEA, and our processes to remove DEHP from these products are in progress, but we cannot guarantee they will be completed prior to the effectiveness of all scheduled phase-outs”
Novum IQ Large Volume Pump voluntary corrections
In 2025, initiated voluntary corrections for Novum LVP and implemented a voluntary ship and installation hold in the U.S. and Canada, which remains ongoing
93%
Source evidence
“in 2025, we initiated a series of voluntary corrections for the Novum LVP and have implemented a voluntary ship and installation hold in the U.S. and Canada, which remains ongoing.”
Single-site manufacturing concentration
Some products manufactured at a single facility or stored at a single site; North Cove facility was damaged by Hurricane Helene
92%
Source evidence
“such as we experienced at our North Cove facility as a result of Hurricane Helene”
Sanctions/embargo exposure from limited dealings with restricted jurisdictions
Certain Baxter subsidiaries have limited dealings with or provide humanitarian donations to sanctioned/embargoed jurisdictions — insignificant to net sales but exposing the company to FX, fund-access, and sanctions-violation risks.
90%
Source evidence
“certain of our subsidiaries have limited business dealings with and/or provide humanitarian donations to jurisdictions subject to sanctions and/or embargoes. These dealings represent an insignificant amount of our combined net sales and income”
Nitrosamine impurity scrutiny risk
Increased regulatory scrutiny around potential nitrosamine impurities could lead to recalls, seizures, fines, production interruptions causing shortages, import bans, and approval delays.
90%
Source evidence
“increased regulatory scrutiny around potential impurities, such as nitrosamines, in our products could lead to regulatory and legal actions, product recalls and seizures, fines and penalties, interruption of production leading to product shortages”
Key forward-looking risk factors
Disclosed risks include indebtedness/debt service burden, Kidney Care sale and Hillrom acquisition execution, pricing pressure from health care consolidation and governmental price controls, GPO/IDN/distributor dependence, supply chain and sterilization disruptions, quality issues, cybersecurity, AI integration, unionized labor, climate and privacy/AI regulation, and pending litigation
90%
Source evidence
“Segments of our business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers”
Anti-corruption enforcement prioritized in healthcare sector
Governments have chosen or may choose to prioritize anti-corruption efforts in the healthcare sector; violations may result in large civil and criminal penalties, debarment, or exclusion from government programs.
90%
Source evidence
“governments have chosen or may choose to prioritize anti-corruption efforts in the healthcare sector as part of their law enforcement activities.”
Debt service burden
Significant indebtedness requires substantial cash flow for debt service and constrains ability to pursue growth strategies and advance R&D
90%
Source evidence
“Our significant indebtedness requires us to use a substantial amount of our cash flow for debt service and constrains our ability to pursue growth strategies and advance our R&D capabilities”
Impairment warning for future periods
Further adverse changes to macroeconomic conditions or earnings forecasts could lead to material additional goodwill or long-lived asset impairment charges
90%
Source evidence
“Further adverse changes to macroeconomic conditions or our earnings forecasts could lead to additional goodwill or other long-lived asset impairment charges in future periods and such charges could be material to our results of operations”
Regulatory and reimbursement exposure
Subject to global regulations; reimbursement or payment reductions in U.S. or foreign countries and healthcare program compliance risks; party to a number of pending lawsuits and other disputes
88%
Source evidence
“If reimbursement or other payment for our current or future products is reduced or modified in the U.S. or in foreign countries, or there are changes to policies with respect to pricing, taxation, or rebates, our business could suffer.”
Reliance on limited transport service providers
Relies heavily on a limited number of providers of transport services for reliable and secure point-to-point transport of products
88%
Source evidence
“We rely heavily on a limited number of providers of transport services for reliable and secure point-to-point transport of our products”
AI and emerging technology risk
Exposed to risks from incorporating AI, machine learning and other emerging technologies into products, services and operations
88%
Source evidence
“We are exposed to risks associated with incorporating AI, machine learning and other emerging technologies into our products, services and operations.”
Compliance failures have caused departure/termination of key personnel
Failure to comply with applicable laws or internal policies has resulted in, and may in the future result in, the departure or termination of key personnel, potentially disrupting operations or future performance.
85%
Source evidence
“failure to comply with applicable laws or our internal policies has resulted in, and may in the future result in, the departure or termination of key personnel, which has the potential of disrupting our operations or future performance”
Currency and interest rate exposure
Changes in foreign currency exchange rates and interest rates have had, and may have, an adverse effect on results of operations, financial condition, cash flows, and liquidity
85%
Source evidence
“Changes in foreign currency exchange rates and interest rates have had, and may in the future have, an adverse effect on our results of operations, financial condition, cash flows, and liquidity”
Healthcare industry consolidation and price controls
Continued health care consolidation or governmental controls on pricing and access could lead to increased price concession demands or limit sales to significant market segments
85%
Source evidence
“Continued consolidation in the health care industry or additional governmental controls exerted over pricing and access in key markets could lead to increased demands for price concessions”
Emerging technology (AI/ML) integration risk
Exposure to risks from incorporating AI, machine learning and other emerging technologies, plus expanding privacy, AI and cybersecurity laws
85%
Source evidence
“We are exposed to risks associated with incorporating AI, machine learning and other emerging technologies into our products, services and operations”
Material exposure graph
GPOs, IDNs, and distributors
Supplier Dependency
Business segments are significantly dependent on major contracts with GPOs, IDNs, and other distributors and purchasers, making revenue vulnerable to consolidation and price concessions.
Relevance 85·Dependency 80·Confidence 90
Source evidence
“Segments of our business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers.”
GPOs, IDNs and hospital customers
Customer Exposure
Major US GPO/IDN purchasing agreements govern pricing with limits on price increases and minimum purchase quantities; loss or renewal risk is a stated dependence.
Relevance 85·Dependency 80·Confidence 93
Source evidence
“Segments of our business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers”
GPOs, IDNs, and distributors
Customer Exposure
Segments are significantly dependent on major contracts with GPOs, IDNs, and other distributors and purchasers, creating contract-renewal and pricing pressure risk.
Relevance 85·Dependency 75·Confidence 90
Source evidence
“Segments of our business are significantly dependent on major contracts with GPOs, IDNs, and certain other distributors and purchasers”
IV solutions
Demand Driver
Post-Hurricane Helene fluid conservation and clinical practice changes are reducing IV solutions demand, expected to persist.
Relevance 80·Dependency 75·Confidence 93
Source evidence
“reduced demand in our intravenous (IV) solutions business and may impact other aspects of our business”
North Cove facility
Manufacturing Dependency
Single-site manufacturing concentration; Hurricane Helene damaged the North Cove facility, showing vulnerability of single-facility products to natural disasters.
Relevance 80·Dependency 70·Confidence 92
Source evidence
“Loss or damage to, or closure of, a manufacturing facility or storage site due to a natural disaster (such as we experienced at our North Cove facility as a result of Hurricane Helene)”
Novum IQ Large Volume Pump
Demand Driver
Class I recalls and a US/Canada distribution and installation hold eliminate meaningful Novum LVP sales; Spectrum IQ remains the available alternative.
Relevance 80·Dependency 70·Confidence 96
Source evidence
“we expect no meaningful sales of Novum LVP while these holds are in effect”
Welch Allyn
Revenue Exposure
Welch Allyn trade name impairment in Healthcare Systems & Technologies segment was driven by lower forecasted revenues and margins, signaling weakening revenue expectations for this product family.
Relevance 80·Dependency 55·Confidence 95
Source evidence
“The reduction in value was primarily due to lower forecasted revenues and margins which contributed to a lower royalty rate and reduced expected future cash flows.”
Tariffs
Cost Driver
US trade policy changes including global and potential medical device/pharmaceutical tariffs have adversely affected results and are expected to continue, with select offsets being implemented.
Relevance 78·Dependency 65·Confidence 92
Source evidence
“announcements regarding changes in U.S. trade policies and practices, including the implementation of global tariffs and proposed further tariffs (including potential medical device and pharmaceutical tariffs), have significantly affected financial markets and economic conditions”
FDA and non-US regulatory agencies
Regulatory Exposure
Products require FDA or applicable non-US approvals/clearances before marketing; failure to obtain or maintain authorizations would materially impact the business; also relevant to Novum LVP corrections which may require regulatory clearance.
Relevance 75·Dependency 75·Confidence 90
Source evidence
“These regulations... require that we obtain specific approval from FDA or the applicable non-U.S. regulatory authorities before we can market and sell most of our products in a particular country”
Distributors and wholesalers (Cardinal Health, Medline)
Customer Exposure
Significant portion of US products warehoused and shipped through Cardinal Health and Medline distribution centers; sales also made through independent distributors in 100+ countries.
Relevance 75·Dependency 70·Confidence 92
Source evidence
“third parties, such as Cardinal Health, Inc. and Medline Inc., warehouse and ship a significant portion of our products”
EEA desflurane restriction
Regulatory Exposure
The EEA restriction of desflurane by 2026 directly affects Baxter's anesthesia product sales and requires capture of fluorinated gases in the inhaled anesthetic portfolio.
Relevance 75·Dependency 60·Confidence 95
Source evidence
“the EEA has restricted the use of desflurane, which is one of our anesthesia products, as an inhalation anesthetic by 2026”
Healthcare laws, reimbursement and pricing regulation
Regulatory Exposure
Reimbursement reductions, pricing controls, healthcare program compliance failures (fines, exclusion from federal/state healthcare programs), and divergent global regulatory expectations are material risks.
Relevance 75·Dependency 60·Confidence 88
Source evidence
“We could be subject to fines or damages and possible exclusion from participation in federal or state healthcare programs if we fail to comply with the laws and regulations applicable to our business.”
Sole source supplier raw materials and components
Supplier Dependency
Sole source supplier relationships limit ability to shift to alternative or lower-cost raw materials or components in response to tariffs and supply disruption.
Relevance 70·Dependency 70·Confidence 90
Source evidence
“Sole source supplier relationships may limit our ability to respond to these tariffs with alternative or lower cost raw materials or component parts”
Components and raw materials
Supplier Dependency
Company may be unable to obtain sufficient components or raw materials on a timely basis or at cost-effective prices; supply chain disruptions have been experienced.
Relevance 70·Dependency 60·Confidence 85
Source evidence
“We may be unable to obtain sufficient components or raw materials on a timely basis or for a cost-effective price”
Foreign currency exchange rates
Currency Exposure
Changes in foreign currency exchange rates have had, and may continue to have, an adverse effect on results of operations, financial condition, cash flows, and liquidity.
Relevance 70·Dependency 55·Confidence 85
Source evidence
“Changes in foreign currency exchange rates and interest rates have had, and may in the future have, an adverse effect on our results of operations, financial condition, cash flows, and liquidity”
DEHP regulations (EEA and U.S. states)
Regulatory Exposure
DEHP phase-outs may outpace Baxter's removal processes, impacting its ability to compete globally for affected products.
Relevance 70·Dependency 55·Confidence 90
Source evidence
“we cannot guarantee they will be completed prior to the effectiveness of all scheduled phase-outs, which may impact our ability to compete globally”
PVC and PFAS restrictions
Regulatory Exposure
Limiting or prohibiting PVC and PFAS, used in certain Baxter products, could materially adversely impact its ability to manufacture or supply those products.
Relevance 70·Dependency 50·Confidence 90
Source evidence
“These regulatory changes could materially adversely impact our ability to manufacture or supply certain products.”
FDA Warning Letter
Regulatory Exposure
FDA Warning Letters on the Claris Ahmedabad, India injectables site created manufacturing compliance risk; June 2025 re-inspection was classified VAI, with the 2023 Warning Letter expected to be closed.
Relevance 70·Dependency 50·Confidence 95
Source evidence
“Based on the VAI reclassification, Baxter expects that the 2023 Warning Letter will be closed and no additional Warning Letters on the facilities will remain outstanding.”
Inflation and global economic conditions
Cost Driver
Inflation and global economic conditions have adversely affected, and could continue to adversely affect, operations; further adverse macro changes could trigger additional impairments.
Relevance 65·Dependency 50·Confidence 85
Source evidence
“Global economic conditions, including inflation, have adversely affected, and could continue to adversely affect, our operations”
Hillrom
Legal Exposure
Hillrom integration has taken longer than anticipated, generating additional expenses and risk of not achieving anticipated acquisition benefits.
Relevance 65·Dependency 50·Confidence 90
Source evidence
“Certain aspects of the integration have taken longer than originally anticipated.”
Inflation and global economic conditions
Cost Driver
Inflation and global economic conditions have adversely affected and could continue to adversely affect operations, including volatility in energy, transportation, freight, and raw material costs.
Relevance 65·Dependency 50·Confidence 88
Source evidence
“Global economic conditions, including inflation, have adversely affected, and could continue to adversely affect, our operations.”
AI and machine learning
Technology Dependency
Company faces risks from incorporating AI and machine learning into products, services and operations, alongside expanding privacy, AI and cybersecurity laws.
Relevance 60·Dependency 45·Confidence 85
Source evidence
“We are exposed to risks associated with incorporating AI, machine learning and other emerging technologies into our products, services and operations”
Vantive (Carlyle)
Customer Exposure
Baxter continues to provide transition services, products and product components to Vantive under the TSA and MSA after the Kidney Care sale, creating continuing costs and dispute risk.
Relevance 60·Dependency 40·Confidence 90
Source evidence
“we will continue to incur the costs of providing transition services, products and product components to Vantive under the relevant agreements (including the TSA and the MSA)”
Artificial intelligence / machine learning
Technology Dependency
Company is incorporating AI/ML into products, services and operations, creating emerging enterprise risks including cybersecurity and adversarial use of AI impacting detection.
Relevance 55·Dependency 40·Confidence 88
Source evidence
“The adversarial use of AI also poses unique challenges and may impact real-time detection capabilities and containment efforts.”
U.S. economic sanctions regimes (OFAC/BIS)
Regulatory Exposure
Limited dealings with sanctioned jurisdictions expose Baxter to FX restrictions, fund-access limits, and sanctions-violation risk despite insignificant sales contribution.
Relevance 55·Dependency 30·Confidence 90
Source evidence
“expose us to an increased risk of operating in these jurisdictions, including foreign exchange risks or restrictions or limitations on our ability to access funds generated in these jurisdictions or the risk of violating applicable sanctions or regulations”
Anti-corruption laws in healthcare
Legal Exposure
Healthcare is a priority for anti-corruption enforcement; violations may cause large penalties, debarment, or exclusion from government programs.
Relevance 55·Dependency 25·Confidence 85
Source evidence
“Violations or allegations of violations of these laws may result in large civil and criminal penalties, debarment, or exclusion from participating in government programs”
Full company information
Latest profile, trading, valuation, and identifier data stored for BAX.
- Share price
- $23.49
- Market cap
- $12.14B
- Exchange
- NYSE
- Currency
- USD
- CEO
- Andrew Hider
- Employees
- 37,500
- IPO date
- 27/10/1981
- Beta
- 0.595
- Last dividend
- $0.00
- Day range
- $23.45 – $24.27
- 52-week range
- $15.73 – $30.00
- 1-day performance
- -0.80%
- 1-year performance
- 49.33%
- Current drawdown (1Y)
- -21.70%
- CIK
- 0000010456
- CUSIP
- 071813109
- ISIN
- US0718131099
- Created
- 07/12/2025, 02:55:36
- Last update
- 24/09/2026, 10:35:57
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Latest Database News
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