Baxter International

What Baxter International does

Baxter International is a global medical products company headquartered in Deerfield, Illinois, founded in 1931 and publicly traded on NYSE under ticker BAX. Following the January 2025 divestiture of its Kidney Care business (Vantive) and the earlier $10.5B acquisition of Hill-Rom (2021), Baxter is now organized around two reporting segments spanning connected solutions, medical devices, and advanced injectable technologies. Its core product portfolio includes infusion pumps and IV solutions (Novum IQ Large Volume Pump), smart hospital beds and patient mobility equipment (Hill-Rom/Centrella), care communications platforms (Connex, Vital Info), surgical technologies distributed through the Synovis MCA subsidiary (including the SHIYA 3D surgical visualization platform), injectable pharmaceuticals (IV antibiotics, anesthesia, parenteral nutrition, compounding services), diagnostics, and respiratory therapy devices.

The company sells to hospitals, health systems, integrated delivery networks (IDNs), group purchasing organizations (GPOs), physician offices, alternate site care settings (ambulatory surgery centers, skilled nursing, oncology/infusion clinics, home care), and hospital pharmacies across more than 100 countries, with the United States representing 54.4% of net sales. Baxter employs approximately 38,000 people globally and operates a direct enterprise field sales motion supplemented by channel partnerships (e.g., Vigilant Software for IV Verify, MediThinQ for SHIYA 3D) and EDI/GHX e-commerce procurement. Revenue is generated primarily through GPO/IDN contract-based hardware sales of capital equipment and consumables, with connected care software and services positioned as a recurring layer. Full-year 2026 revenue is guided to $11.6–$11.7B (3–4% reported growth), reflecting recovery from the 2024–2025 Hurricane Helene disruption at the North Carolina IV facility and ongoing FDA verification work on Novum IQ.

Name

Baxter International

Legal name

Baxter International Inc.

Website

https://baxter.com

Company type

Public

Founded year

1930

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Baxter International is a global medical products company that develops connected medical devices, infusion systems, IV solutions, injectable pharmaceuticals, surgical technologies, and hospital beds for hospitals, health systems, physician offices, and alternate site care settings across more than 100 countries.

Ownership category

akta.pro rank

Product category

Medical Devices and Injectable Pharmaceuticals

NAICS

Surgical and Medical Instrument Manufacturing (339112), Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Surgical & Medical Instruments & Apparatus (3841), Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Specialty Injectable & Infusion Therapies (Cross-therapeutic) (HLAIACAO)

akta.pro secondary industries

Specialty Care Pharmaceuticals (HLAIAAAB), IV Therapy, Infusion & Injection Services (Home-Based) (HSABACAF)

Keywords

• Medical devices manufacturing
• Injectable pharmaceuticals
• Connected healthcare solutions
• Infusion therapy systems
• Hospital medical equipment

Headquarters

HQ city

Deerfield

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Medical Devices and Connected Solutions: Baxter generates revenue from a diversified portfolio spanning infusion systems and therapies, beds and patient mobility equipment, care communications, diagnostics, respiratory therapy devices, and surgical technologies. Revenue is generated through direct sales to healthcare providers, group purchasing organizations, and integrated delivery networks. The company operates on a two-segment reporting structure (debuting Q2 2026) covering continuing operations.
2. Pharmaceuticals / Advanced Injectable Technologies: Revenue from injectable pharmaceuticals including IV solutions, antibiotics (cefazolin), anesthesia, drug compounding, and parenteral nutrition. A $0.11 per diluted share tariff refund under IEEPA was recognized in Q2 2026. The company faced a recall of one lot of cefazolin IV bags due to cardboard particle contamination and supply constraints in its Pharmaceuticals Injectables division.
3. Advanced Surgery: Strong performance segment including Synovis MCA's microsurgery products and the SHIYA 3D visualization platform distributed globally. Advanced Surgery is identified as a key growth driver alongside drug compounding.
4. Connected Care / Software: Revenue from connected care solutions including software, monitoring systems, and data integration platforms that help clinicians reduce inefficiencies and close gaps in care. This includes connected infusion devices and care communications products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Baxter International develops, manufactures, and markets a diversified portfolio of medical devices, advanced injectable pharmaceuticals, and connected care solutions for hospitals, health systems, physician offices, alternate site care settings, and home care environments globally. Core product lines include infusion pumps and IV solutions (including the Novum IQ Large Volume Pump), hospital beds and patient mobility equipment (Hill-Rom), surgical visualization platforms (SHIYA 3D), respiratory therapy devices, care communications software, and injectable medications serving more than 100 countries.

Product overview

Baxter International is a diversified medical products company offering a unified portfolio of connected solutions, medical devices, and advanced injectable technologies spanning hospital, physician office, and home care settings. The portfolio is organized around core product categories that work together: Infusion and Nutrition systems (including Novum IQ Large Volume Pump) deliver medications and nutritional therapies; Beds and Patient Mobility equipment (Hill-Rom brand) provide smart/IoT-enabled hospital beds; Care Communications platforms (Connex, Vital Info) enable real-time monitoring and clinical decision support; Connected Care solutions integrate devices and data across hospital IT systems; Surgical Equipment and Technologies include the SHIYA 3D Visualization Platform distributed through Synovis MCA subsidiary; and Pharmaceuticals encompass injectable medicines and drug compounding services. Additional offerings include Diagnostics and Examination equipment and Respiratory Therapy and Devices, all supported by product training, technical support, and clinical resources.

Differentiator

Problem solved

Functional benefit

Brands

• Synovis MCA: Surgical visualization and microsurgery technologies subsidiary
• Hill-Rom

Products and services

• Beds and Mobility Equipment (Hill-Rom)
• Care Communications
• Connected Care
• Diagnostics and Examination
• Infusion and Nutrition
• SHIYA 3D Visualization Platform
• Pharmaceuticals
• Respiratory Therapy and Devices
• Surgical Equipment and Technologies
• IV Verify Line Labeling System

Quantifiable outcome

• Q2 2026 adjusted EPS of $0.56 beat consensus estimate of $0.37 by 51% and revenue of $2.96B beat by ~6%
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Retia MedicalminorStrategic or Co-development Partner · 9 July 2026Retia Medical appointed Christopher Benassi, former Vice President of Baxter International's Connected Care Group, to its Strategic Advisory Board to support commercialization expansion of cardiovascular intelligence software (Argos Cardiac Output Monitor and Argos Infinity platform) in US and international markets, including virtual and tele-ICU environments. Benassi brings over 15 years of healthcare and medtech leadership experience from leading Baxter's Connected Care Group focused on AI and critical care monitoring technologies.
• MediThinQcoreChannel Partner/ Reseller/ Distributor · 18 June 2026Multi-year exclusive global distribution agreement with MediThinQ (South Korea) for the SHIYA 3D surgical visualization platform. Synovis MCA, a Baxter subsidiary, will commercialize the platform leveraging its established microsurgery expertise and hospital relationships. The platform combines a digital exoscope with up to 20x magnification and proprietary wearable display SCOPEYE, enabling surgeons to operate without traditional optical microscopes while capturing and sharing procedure data in real time. Regulatory approvals secured in US, Europe, Japan, China, South Korea, UK, Australia, and Taiwan.
• Vigilant SoftwareminorChannel Partner/ Reseller/ Distributor · 30 April 2026Exclusive distribution agreement for the IV Verify Line Labeling System, developed by Vigilant Software. The system is designed to streamline nursing workflows and improve medication safety at the bedside. Launched at the 2026 American Organization for Nursing Leadership Conference.
• TANKER FoundationminorStrategic or Co-development PartnerBaxter PD Solutions participated in TANKER Foundation's CAPD fluid bag distribution programme under Tamil Nadu's Chief Minister's Comprehensive Health Insurance Scheme. Georgi Abraham, who pioneered CAPD in India in 1991, presided over the event where the first CAPD fluid bag was distributed to patient K. S. Manoharan.
• INCOSE IndiaminorStrategic or Co-development PartnerSRM University-AP partnered with INCOSE India to host a Healthcare Industry-Academia Dialogue Forum supporting a new B.Tech. in Health Engineering programme. Representatives from Baxter International, Philips, Stryker, and Medtronic participated to contribute to curriculum design and pledged continued research collaboration and student engagement.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• GE HealthCare: Imaging, diagnostics, and patient monitoring powerhouse that competes with Baxter's connected care and diagnostics portfolios, with deeper AI and software capabilities.
• Becton Dickinson (BD): Global medical technology company with overlapping portfolios in infusion, medication management, and connected care, and a large installed base in hospitals that competes with Baxter's broader offerings.
• Medtronic: Diversified medical device leader with overlapping franchises in patient monitoring, surgical technologies, and infusion-adjacent therapy areas. Competes with Baxter in connected care and capital equipment.
• Stryker: Major medical device company competing in surgical equipment, hospital beds, and connected care—direct overlap with Baxter's Hill-Rom beds and surgical visualization franchises.
• Cardinal Health: Large healthcare distributor and medical products manufacturer with overlapping offerings in hospital supplies and injectable pharmaceuticals, distributing products that compete with Baxter's portfolio.

Direct peers

• B. Braun: Privately held German medical device and pharmaceutical company and Baxter's most direct competitor in IV solutions, infusion pumps, and clinical nutrition products globally. B. Braun matches Baxter across the IV fluids and infusion therapy categories.
• Fresenius Kabi: Specializes in IV generic drugs, infusion therapies, and clinical nutrition, directly competing with Baxter in injectable pharmaceuticals and IV solutions across hospital and alternate site care settings.
• ICU Medical: Focused on IV therapy, infusion pumps, and medical connectors, ICU Medical is a direct competitor in the infusion pump and IV consumables market where Baxter's Novum IQ platform competes.

Emerging players

• Teleflex: Specialty medical device company focused on critical care and surgical products, with overlapping offerings in infusion accessories and respiratory care that intersect with Baxter's portfolio.

Others

• Owens & Minor: Medical supply distribution and patient-direct businesses serving hospitals and home care, providing a distribution channel that parallels Baxter's hospital and home care reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/BaxterInternational
• Facebookfacebook.com/BaxterInternational
• LinkedInlinkedin.com/company/baxter-healthcare
• Instagraminstagram.com/baxter_intl
• Xx.com/baxter_intl

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A19 records

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baxter International