Here are 1-3 brief analogies for Baxter International:

• Like Becton Dickinson (BD), but with a deeper specialization in dialysis and critical care infusion therapies.
• Imagine Fresenius Medical Care (FMC) expanded to also be a major provider of IVs, critical care, and surgical products to hospitals.

• Dialysis Therapies and Services: Provides peritoneal and hemodialysis, along with other related dialysis therapies and services.
• Intravenous (IV) Therapies and Devices: Offers intravenous solutions, infusion pumps, administration sets, and drug reconstitution devices.
• Hospital Pharmacy Products & Compounding: Includes remixed and oncology drug platforms, inhaled anesthesia, critical care products, and pharmacy compounding services.
• Parenteral Nutrition: Supplies therapies and related products for providing nutrition intravenously to patients.
• Surgical Biologics and Devices: Develops biological products and medical devices used for hemostasis, tissue sealing, and adhesion prevention during surgery.
• Organ Support Therapies: Provides continuous renal replacement therapies and other critical organ support therapies, primarily for intensive care units.
• Connected Care Solutions: Offers integrated solutions encompassing devices, software, communications, and integration technologies for healthcare.
• Patient Monitoring & Diagnostic Technologies: Delivers integrated technologies for diagnosing, treating, and managing various illnesses, including respiratory, cardiology, and vision.
• Surgical Equipment & Technologies: Supplies surgical video technologies, tables, lights, pendants, precision positioning devices, and other surgical accessories.
• Contracted Pharmaceutical Services: Provides specialized contracted services to various pharmaceutical and biopharmaceutical companies.

Baxter International (BAX) sells primarily to other companies and healthcare institutions, rather than directly to individuals. Based on the company description, its major customers fall into the following categories:

• Healthcare Providers: This category includes hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, and doctors' offices. These entities directly utilize Baxter's extensive portfolio of medical devices, therapies, and services for patient care.
• Healthcare Distributors and Wholesalers: Baxter sells its products through independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. These companies act as intermediaries, distributing Baxter's products to a wide range of healthcare settings.
• Pharmaceutical and Biopharmaceutical Companies: Baxter provides contracted services to various pharmaceutical and biopharmaceutical companies, suggesting these companies are also customers for specialized services like drug development support.

The company description does not name specific customer companies within these categories that are public, therefore no specific company names or symbols can be provided.

Andrew Hider - President and Chief Executive Officer

Andrew Hider was appointed President and Chief Executive Officer of Baxter International, effective no later than September 3, 2025. Before joining Baxter, he served as CEO of ATS Corporation since 2017, where adjusted revenues nearly doubled, adjusted EBITDA grew at a similar rate, and ATS's stock more than tripled during his tenure. He previously held the role of president and CEO of the Taylor Made Group, LLC. Hider also spent 10 years at Danaher Corp. in various leadership roles, including president of Veeder-Root. He began his career with General Electric Co. in 2000, concluding his six-year tenure as president and general manager of GE Tri-Remanufacturing.

Joel Grade - Executive Vice President and Chief Financial Officer

Joel Grade was appointed Executive Vice President and Chief Financial Officer of Baxter International, effective October 18, 2023. He joined Baxter after a 25-year career with Sysco, where he held various financial, commercial, and executive leadership positions, including executive vice president and CFO, senior vice president of finance and chief accounting officer, and senior vice president of foodservice operations. Grade began his career as a senior auditor at Ernst & Young LLP.

Jeanne Mason - Executive Vice President and Chief Human Resources Officer

Jeanne Mason joined Baxter in 2006 and currently serves as Executive Vice President and Chief Human Resources Officer. Prior to Baxter, she was responsible for global human resource functions at GE Insurance Solutions. Her career at General Electric, which began in 1988, included leadership roles in Europe for GE Information Services and GE Capital Real Estate. Mason also previously served as vice president of Human Resources for PHH Vehicle Management Services.

James Borzi - Executive Vice President and Chief Supply Chain Officer

James Borzi is the Executive Vice President and Chief Supply Chain Officer at Baxter International, having joined the company in August 2020. Before Baxter, he served as Vice President, Chief Supply Chain Officer at GE Healthcare from 2019 to 2020. Prior to his time at GE Healthcare, Borzi spent five years with Becton Dickinson (BD) in various manufacturing operations leadership roles, with his last position being Executive Vice President of Global Operations and Chief Supply Chain Officer.

Andrew Frye - Senior Vice President and President, APAC

Andrew Frye joined Baxter in 2017 and currently holds the position of Senior Vice President and President, APAC. Previously, he was Global Head of Healthcare at DKSH Holdings Ltd. from 2015 to 2017, and prior to that, Vice President of Business Development for DKSH Healthcare from 2011 to 2014. Frye began his career with Abbott in the U.S., where he spent approximately 15 years in various sales, marketing, and managed care roles, including launching drugs in the U.S. and Canadian markets. He also managed Abbott's pharmaceuticals business across Southeast Asia and Eastern Europe.

The key risks for Baxter International (BAX) primarily revolve around the highly regulated nature of the healthcare industry, intense competition, and the necessity for continuous innovation in its diverse product portfolio.

• Regulatory and Compliance Risks: Baxter International operates in a global healthcare environment, manufacturing and distributing a wide array of medical devices, pharmaceuticals, and services. This subjects the company to stringent and evolving regulations across approximately 100 countries. Changes in healthcare laws, product approval processes, reimbursement policies, and quality standards can significantly impact the company's operations, market access, and profitability. Non-compliance could lead to fines, product recalls, or limitations on sales.

• Competition and Pricing Pressure: The healthcare market is highly competitive, with numerous companies vying for market share in dialysis, IV therapies, surgical products, and connected care solutions. Baxter faces competition from established global players, regional manufacturers, and generic drug producers. This intense competition often leads to pricing pressure from healthcare providers and payers, impacting the company's revenue and profit margins, especially in commodity-like product segments.

• Product Innovation and Technological Obsolescence: With its focus on advanced medical technologies, including connected care solutions and integrated patient monitoring, Baxter International relies on continuous innovation. A failure to develop and commercialize new, differentiated products that meet evolving patient needs and technological standards could result in lost market share or render existing products obsolete. Additionally, given the nature of its products, there is an inherent risk of product defects, recalls, and associated product liability claims, which can damage reputation and incur significant costs.

The increasing presence and aggressive expansion of major technology companies, such as Apple, Google, and Amazon, into the healthcare sector represents an emerging threat. These companies are investing heavily in consumer-focused health monitoring devices, advanced AI-powered diagnostic tools, and integrated digital health platforms that leverage cloud computing and and extensive data analytics. This trend could disrupt traditional medical device manufacturers like Baxter, particularly in its segments offering connected care solutions and integrated patient monitoring and diagnostic technologies. The threat stems from these tech giants potentially establishing more comprehensive, interoperable, and rapidly evolving ecosystems for patient data management and remote monitoring, which could diminish the competitive advantage or necessity of some of Baxter's proprietary hardware-software integrated solutions, especially in home and non-acute care settings.

Share Repurchases

• Baxter International did not repurchase any shares in 2023, 2024, or 2025.
• As of December 31, 2025, Baxter had approximately $1.30 billion remaining available under its existing share repurchase program.
• In 2022, earnings per share were positively impacted by the repurchase of 0.5 million shares through Rule 10b5-1 purchase plans.

Share Issuance

• Shares outstanding increased by 0.79% in 2023, 0.39% in 2024, and 0.59% in 2025.

Outbound Investments

• Baxter acquired Hillrom in September 2021 for $12.4 billion, adding hospital beds, operating room equipment, and patient monitoring tools to its portfolio.
• The company divested its BioPharma Solutions (BPS) business in October 2023, receiving $4.25 billion in cash.
• Baxter completed the sale of its Kidney Care business (Vantive) in January 2025, generating $3.80 billion in proceeds used for deleveraging.

Capital Expenditures

• Capital expenditures totaled $513 million in 2025, $446 million in 2024, and $719 million in 2023.
• Expected capital expenditures for the upcoming fiscal year (2026) are forecasted at $562 million.
• These investments primarily focus on enhancing quality systems, optimizing manufacturing capabilities, and supporting future growth and production efficiency.