BAXTER INTERNATIONAL (BAX) Company Report

Baxter sees 10–15% lower baseline demand for IV solutions post-Hurricane Helene, a shift validated through extensive customer interviews, also affecting U.S. injectable protocols.
CEO Andrew’s arrival ushered in the GPS operating model and further verticalization, streamlining decision-making and increasing accountability by decentralizing end-to-end P&L ownership.
Baxter implemented a voluntary ship-hold on the Novum infusion pump in 4Q25 due to transitional infusion and set-loading issues, with no shipments planned in 2026 while resolving the hold.
Launched two new products in 4Q25—Connex 360 monitoring device and Dynamo connected stretcher—with customer uptake expected to contribute to H2 2026 growth.
2026 guidance is set prudently, excluding Novum shipments, assumes the new IV baseline, anticipates sequential margin improvement in H2, and targets reducing net debt/EBITDA to 3× by year-end.

2 days ago

Transcript

Baxter outlines strategy and 2026 guidance at Citi MedTech Day

BAX

CEO Change

Guidance Update

Product Launch

Medtech fundamentals remain solid, but IV solutions demand is down 10–15% from the pre-Hurricane Helene baseline due to sustained clinical practice changes (CFO Joel Grade).
New CEO Andrew has introduced the GPS operating model and advanced verticalization—shifting to end-to-end P&L accountability—to boost consistency, speed decision-making and drive innovation (CFO Joel Grade).
Baxter has initiated a voluntary ship hold on the Novum infusion pump, with no further shipments expected in 2026, as it addresses transition-infusion and set-loading issues before resuming deliveries (CFO Joel Grade).
The 2026 guidance is prudent, excludes Novum sales, assumes a flat baseline for IV solutions and U.S. injectables, and forecasts sequential margin improvement in H2 from restructuring benefits and inventory cost normalization (CFO Joel Grade).
Capital allocation will prioritize deleveraging to 3× net debt/EBITDA by end-2026, sustain R&D at mid-4% of sales, and maintain the current dividend level in the near term (CFO Joel Grade).

2 days ago

Transcript

Baxter outlines 2026 strategic priorities at Citi MedTech Access Day

BAX

CEO Change

Guidance Update

New CEO Andrew Day is implementing the GPS operating model for consistent execution, further decentralizing verticalized divisions to streamline decision-making and accountability.
Baxter sees medtech fundamentals as stable but has reset IV solutions demand to a 10–15% lower baseline post-Hurricane Helene, with similar impacts in U.S. injectable protocols.
The Novum infusion pump is under a voluntary ship-hold, with no new shipments expected in 2026; existing units remain in use while Baxter works with regulators to lift the hold.
2026 guidance is set prudently, excluding Novum sales, assuming no IV solutions recovery in H1, and forecasting sequential margin improvement into H2 as restructuring benefits and lower-cost inventory flow through.
Capital allocation focuses on deleveraging to 3x net debt/EBITDA by end-2026, maintaining R&D at mid-4% of sales, and keeping dividends unchanged until leverage targets are met.

2 days ago

Transcript

Basilea reports strong FY 2025 results

BAX

Earnings

Guidance Update

Basilea delivered total revenue of CHF 232.4 million, up 11.4% year-on-year.
Royalty income increased 15.4% to CHF 111.6 million, driven by strong Cresemba demand.
Reported operating profit of CHF 51.5 million and net profit of CHF 40.2 million for 2025.
Ended the year with CHF 162.3 million in cash (net cash CHF 86.9 million), tripling its net cash position.
2026 guidance: ~10% revenue growth and ~20% increase in operating profit.

Feb 17, 2026, 6:15 AM

Press Release

Baxter shares tumble 13% after weak forecast

BAX

Earnings

Guidance Update

Management Change

Baxter reported Q4 continuing-operations sales up about 8% to $2.97 billion, but posted a GAAP loss of roughly $1 billion (≈$2.01 per share) and adjusted EPS of $0.44, about $0.10 below Street expectations.
The company took a $485 million goodwill write-down and a $330 million valuation allowance on U.S. deferred tax assets, and guided 2026 adjusted EPS of $1.85–$2.05 on flat-to-1% sales growth versus analysts’ ~$2.25 consensus.
Shares fell roughly 11–13% into the high teens on heavy volume after the weak quarter and cautious outlook.
Baxter attributed the shortfall to lingering Hurricane Helene damage at its North Cove IV facility and uncertainty around infusion pump shipments, while new CEO Andrew Hider rolled out a decentralized operating model.

Feb 12, 2026, 1:33 PM

Barron's

Baxter International reports Q4 2025 results

BAX

Earnings

Guidance Update

Q4 2025 global sales were $3.0 billion (+8% reported, +3% operational) and adjusted EPS was $0.44.
Adjusted operating margin declined to 11.8% (down 340 bps) and gross margin fell to 35.5% (down 900 bps), driven by unfavorable mix, inventory adjustments, tariffs and the Novum IQ LVP ship hold.
Segment sales: MPT $1.4 billion (+4%), including ITT $1.1 billion (+1%) and advanced surgery $328 million (+11%); HST $827 million (+4%); Pharmaceuticals $668 million (+2%).
Free cash flow totaled $456 million in Q4 and $438 million for full-year 2025, with focus on working capital improvements and debt reduction.
2026 guidance: reported sales flat to +1% (organic flat), adjusted EPS $1.85–$2.05, adjusted operating margin 13–14%; performance and cash flow are expected to be back-half weighted.

Feb 12, 2026, 1:30 PM

Transcript

Baxter International reports Q4 2025 results and 2026 guidance

BAX

Earnings

Guidance Update

Management Change

Q4 sales of $3.0 Billion, up 8% reported and 3% operational; adjusted EPS $0.44 per share.
Medical Products & Therapies sales of $1.4 Billion (+4%) led by IV solutions despite Novum IQ pump hold; Advanced Surgery grew 11% to $328 Million; Healthcare Systems & Technologies sales of $827 Million (+4%).
Free cash flow of $456 Million in Q4 and $438 Million for full-year 2025, underpinning focus on cash generation and leverage reduction.
2026 outlook: flat to 1% reported sales growth (organic flat), adjusted EPS $1.85–$2.05, 13–14% operating margin, with first-half headwinds and back-half weighted performance.
New operating model with delayering and Baxter GPS continuous-improvement system to streamline decision-making and drive efficiency; Investor Day postponed.

Feb 12, 2026, 1:30 PM

Transcript

Baxter International reports Q4 2025 results

BAX

Earnings

Product Launch

Guidance Update

Baxter International reported Q4 2025 sales from continuing operations of $3.0 B, up 8% reported and 3% operational; adjusted EPS was $0.44, down 24% yoy.
Adjusted Q4 gross margin was 35.5% (–900 bps) and adjusted operating margin was 11.8% (–340 bps).
For FY 2025, sales reached $11.2 B (+6% reported/+3% operational), adjusted EPS was $2.27 (+20% yoy), and adjusted operating margin was 14.1% (+20 bps).
The company forecasts FY 2026 GAAP sales growth of flat to +1% and organic sales growth of about flat.
Announced the upcoming U.S. launch of the Dynamo Series smart stretcher to expand its connected care portfolio.

Feb 12, 2026, 1:30 PM

Presentation

Baxter International announces Q4 2025 results

BAX

Earnings

Guidance Update

Baxter International reports Q4 2025 sales of $3.0 billion, up 8% reported and 3% operational, and adjusted EPS of $0.44.
Q4 adjusted gross margin fell 900 bps to 35.5%, and adjusted operating margin declined 340 bps to 11.8%, due to unfavorable mix, inventory adjustments, tariffs, and higher tax rate.
Management implemented a simplified operating model by delayering leadership, launched the Baxter GPS continuous-improvement system, and plans R&D investments at or above historical levels to drive innovation.
For 2026, Baxter guides reported sales growth of flat to 1% (organic ~flat), with FX benefit ~100 bps, MSA Vantive headwind ~30 bps, and expects adjusted EPS of $1.85–$2.05 and an adjusted operating margin of 13–14%.
Q4 free cash flow was $456 million, with full-year free cash flow of $438 million; 2026 free cash flow is expected to remain back-half weighted.

Feb 12, 2026, 1:30 PM

Transcript

Baxter reports fourth-quarter 2025 results

BAX

Earnings

Guidance Update

Worldwide sales from continuing operations of $2.97 billion, up 8% reported (3% operational)
U.S. GAAP EPS loss of ($2.01) from continuing operations; adjusted EPS of $0.44
Sales growth across all segments: Medical Products & Therapies $1.39 billion (+6% reported, +4% operational); Healthcare Systems & Technologies $827 million (+5% reported, +4% operational); Pharmaceuticals $668 million (+4% reported, +2% operational)
FY 2026 outlook: reported sales growth flat–1%, organic sales growth flat; adjusted EPS of $1.85–$2.05

Feb 12, 2026, 12:17 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for BAXTER INTERNATIONAL.

Q4 2025

Feb 12, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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BAXTER INTERNATIONAL (BAX)

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Andrew Hider

Alok Sonig

Jeanne Mason

Joel Grade

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David Wilkes

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