Baxter International doubled the maximum purchase price for its cash tender offer on 1.915% Senior Unsecured Notes due 2027 from $300 million to $600 million.
The tender offer for its 2.600% Senior Unsecured Notes due 2026 remains unchanged.
The repurchases will be funded partly by proceeds from a concurrent offering of new senior unsecured notes, with excess proceeds used to repay its term loan credit facility and remaining 2026 Notes.
Citi, BofA Securities, and JPMorgan Securities are acting as dealer managers, with D.F. King serving as tender and information agent, and offers are subject to a Financing Condition.
Baxter reserves the right to further increase the tender cap for the 2027 Notes at its discretion, subject to applicable law.

2 hours ago

Morningstar

Baxter outlines strategic update at Jefferies London Healthcare Conference 2025

BAX

Product Launch

Completed key strategic divestitures (BPS and Vantive/kidney business) post-2021 Hillrom acquisition to reduce debt and refocus on core portfolio, with no further large sales planned but ongoing portfolio review.
Provided segment outlook: MPT faces extended Novum pump recall (beyond 2025) but leans on Spectrum pump and 11% growth in advanced surgery; HST reports 30% increase in order book and stabilizing frontline care; Pharma sees rapid compounding growth, anesthesia recovery, and U.S. injectables softness from IV-push shifts.
Targeting margin expansion and cash-flow improvement through new product launches (e.g., Connex 360 monitor), mix optimization, cost-leverage initiatives, and elimination of stranded costs by end-2027.
Emphasizing connected-care strategy leveraging Hillrom tech (e.g., integrated nurse-call devices) to enhance device interoperability and patient monitoring, strengthening customer stickiness.
Plans to host an analyst day in 2026 and to provide 2026 guidance on the Q4 earnings call.

1 day ago

Transcript

Baxter outlines strategic stabilization and segment outlook at Jefferies conference

BAX

After the Hillrom acquisition (Dec 2021) and subsequent sales of its BPS and kidney businesses in Jan 2023, Baxter’s CFO said no further large portfolio changes are planned; focus now is on operational consistency, cash generation, and reinvestment.
In MPT, Spectrum pumps (1,500 U.S./Canada sites) will bridge demand while the Novum pump remains on voluntary recall (timeline extends beyond 2025); fluids reset to a new baseline post-hurricane; HST CCS orders are up 30%, and pharma growth is driven by compounding and anesthesia but U.S. injectables face mix headwinds.
Pricing tailwinds include ~100 bp of price gains from two re-negotiated GPO contracts in 2025 (third contract renegotiation begins late 2026), while tariffs are a ~$40 m P&L and ~$110 m cash headwind being offset by targeted pricing and supply-chain actions; margin levers also include the Connex 360 monitor launch, manufacturing cost programs, and SG&A savings from kidney business divestiture by end 2027.
Baxter plans an analyst day in 2026 for its long-range plan update and will provide 2026 guidance on its Q4 call; management will continuously evaluate the portfolio under the new CEO but sees no material changes.

1 day ago

Transcript

Baxter outlines stabilization and growth strategies at Jefferies London Healthcare Conference 2025

BAX

Product Launch

Demand Weakening

Guidance Update

Portfolio optimization: Following the December 2021 Hillrom acquisition, Baxter divested its BPS contract manufacturing, kidney (Vantive) and Ivy Solutions China businesses to reduce debt and streamline to a stable core portfolio, with only selective divestitures expected going forward.
Segment outlook: In MPT, the Novum pump remains recalled (timeline extends beyond 2025) with fallback to the Spectrum pump (installed in 1,500 institutions); fluids have reset to a new baseline below pre-hurricane demand; advanced surgery grew 11% last quarter. HST saw CCS orders up 30% YoY and stabilized frontline care in 2025. Pharma’s compounding remains strong, anesthesia grew high single digits, while U.S. injectables face softness from IV-push shifts and cost-of-ownership scrutiny.
Margin and pricing: Baxter targets margin expansion via product/geography mix, manufacturing cost leverage, automation and SG&A reductions (stranded costs cleared by end 2027); secured ~100 bps enterprise-level price gains through two GPO contract renewals, with the third renegotiation to begin late 2026 for 2027 impact.
Product roadmap: The Connex 360 next-generation monitor launches with minimal 2025 impact but is expected to be margin-accretive from 2026 onward.
Tariffs and supply chain: A net P&L tariff headwind of $40 million (cash impact ~$110 million) is being mitigated through targeted pricing, supplier negotiations and a “build-where-you-sell” manufacturing strategy.

1 day ago

Transcript

Baxter International shareholders given Dec. 15 deadline in securities class action

BAX

Legal Proceedings

Shareholders who acquired Baxter common stock between Feb. 23, 2022 and July 30, 2025 have until Dec. 15, 2025 to move for lead plaintiff appointment in the proposed class action.
The suit alleges Baxter’s Novum IQ Large Volume Pump suffered systemic defects, prompting warning letters after 79 serious injuries and 2 deaths and a Class I FDA recall.
On July 31, 2025, Baxter paused Novum LVP shipments, and its stock price plunged 22.4%, down $6.24 to $21.61.
The complaint claims Baxter’s disclosures and customer alerts were inadequate and that executives misled investors about product safety risks and business prospects.

3 days ago

Press Release

Baxter International faces class action over Novum LVP defects

BAX

Legal Proceedings

Bragar Eagel & Squire reminds investors that a class action against Baxter International covers the period from February 23, 2022 to July 30, 2025, with a lead plaintiff deadline of December 15, 2025.
The complaint alleges systemic defects in Baxter’s Novum Large Volume Pump (LVP) systems causing underinfusion, overinfusion, and complete non-delivery of fluids, exposing patients to serious injury or death.
Baxter was notified of multiple device malfunctions, injuries, and deaths, and its customer alerts were deemed inadequate, raising the risk that existing pumps could be taken out of service and new sales paused.

Nov 11, 2025, 9:43 PM

Press Release

Baxter International Investors Notified of Class Action Over Novum LVP Defects

BAX

Legal Proceedings

Levi & Korsinsky, LLP has filed a class action alleging securities fraud by Baxter between Feb. 23, 2022 and July 30, 2025, centered on its Novum LVP infusion pumps.
The complaint asserts Novum LVPs suffered systemic defects—underinfusion, overinfusion, and non-delivery—posing serious patient risks and risking a sales pause.
Investors claiming losses during the class period must seek lead-plaintiff status by December 15, 2025 to share in any recovery.

Nov 11, 2025, 9:42 PM

Press Release

Baxter International shareholders urged to file securities fraud lead plaintiff motion

BAX

Legal Proceedings

December 15, 2025 deadline to file a lead plaintiff motion in the class action concerning Baxter common stock (NYSE: BAX).
Class covers investors who acquired Baxter shares between February 23, 2022 and July 30, 2025.
Complaint alleges Baxter concealed systemic defects in its Novum IQ Large Volume Pump, leading to an FDA Class I recall after reports of serious injuries and deaths.
Baxter’s stock plunged 22.4% to $21.61 on July 31, 2025, following the voluntary pause of Novum LVP shipments and installations.
Affected shareholders may contact Glancy Prongay & Murray LLP to participate in the lawsuit.

Nov 10, 2025, 7:37 PM

Press Release

Baxter International investors have opportunity to lead class action lawsuit

BAX

Legal Proceedings

Faruqi & Faruqi reminds investors who acquired Baxter securities between February 23, 2022 and July 30, 2025 of the December 15, 2025 deadline to seek lead plaintiff status in a federal securities class action.
The complaint alleges Baxter made false or misleading statements about systemic defects in its Novum LVP infusion pumps, exposing patients to serious injury or death.
On July 31, 2025, Baxter’s stock fell 22.4%, closing at $21.76, after the company paused shipments and planned installations of the Novum LVP.
Investors, including whistleblowers and former employees, are encouraged to contact Faruqi & Faruqi directly to discuss their options.

Nov 9, 2025, 1:30 PM

Press Release

Baxter International Faces Securities Fraud Class Action Over Novum LVP Defects

BAX

Legal Proceedings

Baxter is accused of hiding systemic defects in its Novum LVP product that caused underinfusion, overinfusion, and non-delivery of fluids, generating investor losses from February 2022 through July 2025.
Investors must move for lead plaintiff appointment by December 15, 2025, with Rosen Law Firm (Phillip Kim, Esq.) offering representation.
The lawsuit is among multiple class actions filed against corporations including V.F. Corporation, Cytokinetics, and Synopsys for alleged securities fraud and misstatements.

Nov 8, 2025, 6:07 PM

Morningstar

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