BAXTER INTERNATIONAL Business Summary

Baxter International Inc. (BAX) operates as a streamlined global medtech leader following the 2025 divestiture of its Kidney Care segment (Vantive) to the Carlyle Group. The company generates revenue through a combination of capital equipment sales, high-volume consumables, and recurring service contracts across three primary business segments: Medical Products & Therapies (MPT), Healthcare Systems & Technologies (HST), and Pharmaceuticals. MPT focuses on infusion systems and IV solutions, while HST—bolstered by the integration of Hillrom assets—specializes in "connected care" solutions, including smart hospital beds and diagnostic tools. The Pharmaceuticals segment provides a broad portfolio of essential generic injectables. Baxter competes directly with Becton Dickinson (BD), Medtronic, and Stryker, positioning itself as a critical infrastructure partner for hospital systems by integrating digital health technologies with traditional bedside medical devices. The company is led by President and CEO Andrew Hider, who joined in August 2025 after a successful tenure as CEO of ATS Corporation and prior leadership roles at Danaher and General Electric. Hider is tasked with driving operational efficiency and margin expansion following a period of significant portfolio transformation. The executive team includes Joel Grade, Executive Vice President and Chief Financial Officer, and Reazur Rasul, who leads the Healthcare Systems and Technologies division. Baxter’s Board of Directors is chaired by Brent Shafer, former CEO of Cerner, and was recently updated in February 2026 with the appointment of Michael R. McDonnell, former CFO of Biogen. Major institutional shareholders include The Vanguard Group, BlackRock, and State Street Corporation, reflecting the company’s status as a core holding in the medical technology sector.