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Baxter International Inc.
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About Baxter International Inc.

Medical products manufacturer Baxter International is a leading producer of intravenous (IV) fluids and systems. The company makes a range of sterile IV solutions, generic injectable pharmaceuticals, and parenteral nutritional products, along with IV administration sets, infusion systems and devices. The company also makes dialyzers and other products like peritoneal dialysis (PD), hemodialysis (HD) and additional dialysis. Its biological sealants and inhaled anesthetics are used in surgical and acute therapy environments. Baxter's products are sold in more than 100 countries; the company generates more than 40% of sales in the US.


Baxter's products are categorized under seven business units: Renal Care, Medication Delivery, Pharmaceuticals, Clinical Nutrition, Advanced Surgery, Acute Therapies, and sales of contract manufacturing services defined as Others.

The Renal division, accounting for more than 30% of revenue, provides peritoneal dialysis (PD), hemodialysis (HD) and additional dialysis therapies and services.

The Medication Delivery unit (almost 25% of sales) provides IV therapies and related equipment including pumps, administration sets, and drug reconstitution devices.

The Pharmaceuticals unit (nearly 20% of revenue) makes premixed and oncology drug platforms and critical care products. It also makes inhaled anesthesia products and provides pharmacy compounding services.

The Clinical Nutrition division (about 10% of sales) makes parenteral nutrition products, while the Advanced Surgery (nearly 10%) unit makes biologicals and devices used in hemostasis, adhesion prevention, and tissue sealing. The Acute Therapies unit (approximately 5%) sells continuous renal replacement therapies (CCRT) and other organ support systems for use in hospital ICUs. The Others segment (less than 5%) earns revenue from Baxter's pharmaceutical partnering business.

Geographic Reach

Deerfield, Illinois-based Baxter earns more than 40% of its annual sales from the Americas (North and South America). The EMEA (Europe, Middle East and Africa) segments accounts for more than 25% of sales. APAC (Asia-Pacific) generates approximately 20% of sales, while Latin America and Canada account for over 10% of sales.

The company has more than 50 manufacturing locations in more than 20countries, as well as more than 100 distribution centers and sales operations in over 100 countries around the globe.

The company maintains about 10 manufacturing sites in the US, including three in Puerto Rico. It operates R&D centers around the world, including facilities in Belgium, China, Germany, India, Italy, Japan, Sweden, and the US.

Sales and Marketing

Baxter markets its products to hospitals, nursing homes, dialysis centers, doctor's offices, medical and research laboratories, and other health care centers, as well as to physicians and patients themselves. Baxter uses a combination of direct sales representatives and independent distributors and wholesalers. In the US, third parties such as Cardinal Health warehouse and ship much of Baxter's products through their distribution centers.

The company advertises through catalogs, merchandising bulletins, direct mail, and trade publications.

Financial Performance

Baxter has kept its revenue rising for the past five years (2015-2019). Overall, sales increased 15% over that period. Net income has fluctuated over the same period.

Revenue increased 2% in 2019 to $11.4 billion. Sales increased in all geographic segments and across all operating units, other than slight decline in the Renal Care, Clinical Nutrition and other manufacturing divisions.

In 2019, net income declined by 35% to $1 billion. The decline was largely due to the decrease in income from continuing operations.

The company ended 2019 with $3.3 billion in cash, an increase of 81% or $1.5 billion, compared to 2018. Operating activities contributed $2.1 billion, while investing activities used $1.1 billion (mostly through investments and acquisitions), and financing activities contributed $498 million to the coffers.


Baxter has three primary strategic objectives: optimizing its core product portfolio globally, maintaining operational excellence, and maintaining disciplined and balanced capital allocation.

In terms of portfolio, Baxter's global product optimization strategy identifies products that the company believe to have characteristics of core growth, products that are expected to provide a core return on capital, products that are intended to maintain or managed differently and products that are considered to be strategic bets.

Baxter is also focused on improving its cost structure and manufacturing capabilities. Such high value activities include supporting innovation, building out the portfolio, expanding patient access and accelerating growth for its stockholders.

To manage its capital allocation, the company is reinvesting in the business by funding opportunities that are positioned to deliver sustainable growth, return capital to stockholders through dividends, share repurchases and identify and pursue accretive merger and acquisition opportunities.

Mergers and Acquisitions

In early 2020, the company completed the acquisition of Seprafilm Adhesion Barrier and related assets from Sanofi for $350 million. The Seprafilm product family, which is used as an adjunct to reduce the incidence, extent and severity of adhesions in certain pelvic and abdominal surgeries, currently has a global commercial presence in the US, Japan, China, South Korea and France, among other countries.

In late 2019, the company acquired 100% of Cheetah Medical, Inc. (Cheetah) for total upfront cash consideration of $195 million, net of cash acquired, with the potential for additional cash consideration, up to $40 million, based on clinical and commercial milestones for which the acquisition date fair value was $18 million. Cheetah is a leading provider of hemodynamic monitoring technologies.

Company Background

Idaho surgeon Ralph Falk, his brother Harry, and California physician Donald Baxter formed Don Baxter Intravenous Products in 1931 to distribute the IV solutions Baxter made in Los Angeles. Two years later the company opened its first plant, located outside Chicago.

The company expanded into pharmaceuticals manufacturing in 1949 and went public in 1951. In 1975 Baxter's headquarters moved to Deerfield, Illinois. The company made a number of acquisitions to expand over the years.

Baxter has also completed several divestitures. In 2000 the firm spun off its underperforming cardiovascular unit as Edwards Lifesciences. In 2015 Baxter split its operations into two companies -- one focused on biopharmaceuticals (Baxalta) and the other on medical products (Baxter). 

In mid-2017 Baxter acquired India-based Claris Injectables from Claris Lifesciences for approximately $625 million. With that purchase, the company gained capabilities in the production of generic injectable medicines. 

Baxter International Inc.

1 Baxter Pkwy
Deerfield, IL 60015-4634
Phone: 1 (224) 948-2000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: BAX
Stock Exchange: , NYSE
Chairman and CEO: José E. Almeida
Corporate VP and CIO: Paul E. Martin
Corporate VP and CFO: James K. Saccaro
Employees (This Location): 1,500
Employees (All Locations): 50,000

Major Office Locations

Deerfield, IL

Other Locations

Irvine, CA
Mission Viejo, CA
Orlando, FL
Saint Paul, MN
Montgomery, NY
Recoleta, Chile
Ahmedabad, India
Fukuoka, Japan
Hiroshima, Japan
Minato-Ku, Japan
Miyazaki, Japan
Nagoya, Japan
Osaka, Japan
Sapporo, Japan
Sendai, Japan
Toyonaka, Japan
Urayasu, Japan
Alliston, Canada
Borden, Canada
Etobicoke, Canada
Mississauga, Canada
Moncton, Canada
North York, Canada
Pointe-Claire, Canada
Richmond, Canada
Toronto, Canada
Colombes, France
Eckbolsheim, France
Jonage, France
Merignac, France
Meyzieu, France
Roussillon, France
Braine-L'Alleud, Belgium
Eigenbrakel, Belgium
Lessen, Belgium
Lessines, Belgium
Cali, Colombia
Brunswick, Australia
Christchurch, New Zealand