Baxter

What Baxter does

Baxter International Inc. (NYSE: BAX) is a global medical products and therapies company founded in 1931 and headquartered in Deerfield, Illinois. It develops, manufactures, and sells a diversified portfolio of medical devices, pharmaceutical products, and healthcare technologies organized across five care areas: hospital care, critical care, nutritional care, renal care, and surgical care. Core offerings include IV solutions and infusion systems (Novum IQ infusion pumps, IV Verify Line Labeling System), continuous renal replacement therapy systems (PRISMAFLEX), automated peritoneal dialysis cyclers and remote patient management platforms (HOMECHOICE CLARIA with SHARESOURCE), dialyzers (THERANOVA), acute blood purification consumables (oXiris), surgical hemostatic and sealant products (FLOSEAL, TISSEEL), parenteral nutrition formulations (NUMETA, OLIMEL), smart hospital beds (Dynamo), and clinical communication platforms (Voalte Linq, Voalte Mobile, Voalte Nurse Call).

The company sells primarily through B2B channels — direct enterprise sales to hospitals, healthcare systems, and dialysis clinics, supplemented by distribution networks, group purchasing organizations, and government procurement — with multi-year institutional contracts whose pricing is not publicly disclosed. Home peritoneal dialysis and certain home care products extend a direct-to-patient reach via the SHARESOURCE two-way telehealth platform, which has supported over 2 million treatments. Baxter operates manufacturing and commercial sites in the United States (Deerfield HQ, Marion NC, Raleigh Research Triangle Park), Italy (Sesto Fiorentino, Grosotto, Medolla, Rome), Singapore, and Belgium, with products available in more than 100 countries. Following the January 2025 sale of its Kidney Care business to Carlyle Group for $3.80 billion, Baxter has refocused on its Medical Products and Therapies portfolio, using divestiture proceeds to repay $3.81 billion of legacy debt and target a 3x net leverage ratio by end of 2026.

Name

Baxter

Legal name

Baxter International Inc.

Website

https://baxteritalia.it

Company type

Public

Founded year

1931

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Baxter International is a global medical products and therapies company serving hospitals, dialysis patients, and home care through IV solutions, infusion systems, renal therapies, surgical products, and connected care platforms across 100+ countries.

Ownership category

akta.pro rank

Product category

Medical Devices

NAICS

Pharmaceutical Preparation Manufacturing (325412), Medical Equipment and Supplies Manufacturing (3391), Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841), Pharmaceutical Preparations (2834)

akta.pro primary industry

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

Keywords

• Medical devices
• IV solutions
• Dialysis equipment
• Infusion systems
• Parenteral nutrition

Headquarters

HQ city

Roma

HQ country

Italy

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Medical Products and Therapies: Core revenue stream including IV solutions, infusion systems and devices, pharmaceutical products, and surgical care products. Represents the majority of company revenue.
2. Renal Care: Kidney dialysis products including peritoneal dialysis solutions, hemodialysis equipment, and related consumables. The Kidney Care business was sold to Carlyle Group for $3.80 billion on January 31, 2025.
3. Nutritional Care Products: Clinical nutrition products including parenteral nutrition, enteral nutrition, and related therapies for acute and chronic patients.
4. Generic Pharmaceuticals: Generic injectable pharmaceuticals including sedatives and other hospital-administered medications.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Baxter is a global medical products and therapies company that develops, manufactures, and sells hospital care, critical care, nutritional care, renal care, and surgical care products. Its portfolio spans IV solutions and infusion systems, continuous renal replacement therapy (CRRT) and peritoneal dialysis (APD) platforms, parenteral and enteral nutrition formulations, surgical hemostats and sealants, the SHARESOURCE remote patient management platform, and inhaled anesthetics. The company serves hospitals, healthcare systems, dialysis clinics, and homecare patients in over 100 countries, and is publicly listed on the NYSE under ticker BAX.

Product overview

Baxter offers a diversified portfolio of essential healthcare products and therapies across hospital, critical care, nutritional, renal, and surgical care settings. The portfolio includes infusion systems and IV solutions (Novum IQ infusion pumps, IV Verify Line Labeling System), continuous renal replacement therapy systems (PRISMAFLEX), automated peritoneal dialysis cyclers (HOMECHOICE CLARIA, KAGUYA, AMIA), remote patient management platforms (SHARESOURCE two-way telehealth platform), dialyzers (THERANOVA with HDx therapy), acute blood purification consumables (oXiris), smart hospital beds (Dynamo), communication platforms (Voalte Linq, Voalte Mobile, Voalte Nurse Call), surgical hemostatic agents (FLOSEAL, TISSEEL), parenteral nutrition products (NUMETA G13E, OLIMEL portfolio), and inhaled anesthetics (SEVOFLURANE). The portfolio is organized around five core care areas: Hospital Care, Critical Care, Nutritional Care, Renal Care, and Surgical Care. Recent strategic developments include the sale of the Kidney Care business to Carlyle Group in January 2025 for $3.80 billion, and the opening of a $10 million Customer Experience Center in Raleigh, North Carolina in August 2025.

Differentiator

Problem solved

Functional benefit

Brands

• SHARESOURCE: Remote patient management platform for home dialysis patients
• HOMECHOICE CLARIA
• PRISMAFLEX
• THERANOVA
• FLOSEAL
• TISSEEL
• NUMETA
• OLIMEL

Products and services

• PRISMAFLEX System Continuous renal replacement therapy (CRRT) system for critically ill patients with acute kidney injury, supporting CVVHDF, CVVHD, CVVH, SCUF, and therapeutic plasma exchange therapies in ICU settings.
• HOMECHOICE CLARIA with SHARESOURCE Automated peritoneal dialysis cycler with integrated SHARESOURCE two-way telehealth platform enabling remote monitoring, prescription changes, and therapy adherence tracking for home PD patients.
• THERANOVA Dialyzer Dialyzer featuring Medium Cut-Off (MCO) membrane enabling expanded hemodialysis (HDx) therapy, targeting large middle molecules (25-60 kDa) while preserving essential proteins.
• FLOSEAL Hemostatic Matrix Adjunct hemostatic agent for surgical care combining two independent hemostatic agents in a proprietary formulation for use across a wide range of bleeding scenarios.
• TISSEEL Fibrin Sealant Fibrin sealant with proven clinical safety and efficacy, used as adjunct to hemostasis in surgical settings with uniform placement via DUPLOSPRAY System.
• NUMETA G13E Triple-chamber, ready-to-use parenteral nutrition product approved for preterm infants (less than 37 weeks gestation age) at high risk of infection and malnutrition.
• OLIMEL Portfolio Portfolio of eight olive oil-based parenteral nutrition formulations designed to match personalized protein and energy needs of moderately to seriously ill patients.
• IV Verify Line Labeling System Automated solution designed to improve intravenous labeling processes in healthcare settings for enhanced patient safety.
• Voalte Linq Voice-activated communication technology announced at HIMSS25 integrating into Baxter's hospital communications suite including Voalte Mobile and Voalte Nurse Call.
• Dynamo Smart Beds Smart beds for patient handling launched in the U.S. market for hospital and clinical use.
• oXiris Sets Disposable acute blood purification consumables used in critical care settings for blood purification of critically ill patients.
• Novum IQ Infusion Pump Large-volume infusion pump for hospital IV medication delivery (shipments paused due to soft demand following Hurricane Helene and safety concerns related to underinfusion/overinfusion risks).

Quantifiable outcome

• Reduces clinical medication errors by 30% through ready-to-administer formats
• +4 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• PhagenesisminorStrategic or Co-development Partner · 29 April 2026Dr. Stephen N. Oesterle, former Senior VP for Medicine and Technology at Medtronic, serves on both Baxter's board and Phagenesis's board. Phagenesis is developing neuromodulation therapies for swallowing disorders using the Phagenyx System. The connection represents cross-board membership rather than formal business partnership.
• Oracle HealthcoreTechnology or Integration · 25 February 2026Baxter is a named device partner in Oracle Health's Device Validation Program, which establishes a standardized approach for validating medical device connectivity, functionality, and workflow alignment across healthcare organizations. The program uses an EHR-agnostic architecture allowing validated devices to connect to any electronic health record system.
• International Society of Nephrology (ISN)coreStrategic or Co-development Partner · 2 May 2018Five-year agreement to advance chronic kidney disease (CKD) awareness and improve access to therapy, particularly in low- and middle-income countries. Collaboration supports disease and therapy research, education, and establishment of better care models that support high standards of care at lower cost. Combines Baxter's clinical and innovation expertise with ISN's educational and research capabilities.
• GE HealthCareminorStrategic or Co-development PartnerBoth Baxter and GE HealthCare are mentioned as participants in the medtech industry's open innovation ecosystem, with GE HealthCare noted for its expanded alliance with Medtronic. Baxter participates through its corporate venture activities and open innovation model.
• AmericaresminorStrategic or Co-development PartnerHumanitarian relief partner for product donations in disaster situations, working in accordance with WHO guidelines for medical donations and the Partnership for Quality Medical Donations.
• Direct ReliefminorStrategic or Co-development PartnerHumanitarian partner for product donations supporting diabetes programs and disaster relief efforts, working in accordance with WHO guidelines.
• Partners In HealthminorStrategic or Co-development PartnerHumanitarian relief partner for product donations in underserved communities, operating in compliance with WHO medical donation guidelines.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Medtronic: Diversified medical device giant whose former SVP for Medicine and Technology (Dr. Stephen Oesterle) serves on Baxter's board. While Baxter's renal/hospital focus differs from Medtronic's cardiac/neurological orientation, both compete for hospital capital budgets and connected-care integration.
• Stryker: Large diversified medtech incumbent with overlap in surgical care products and hospital capital equipment; competes with Baxter for surgical suite and hospital purchasing decisions across global health systems.
• Becton, Dickinson and Company (BD): Large diversified medical device manufacturer with broad hospital product overlap including infusion, surgical, and diagnostic products; competes with Baxter across multiple care areas as a much larger incumbent.
• GE HealthCare: Named as a medtech ecosystem peer; both Baxter and GE HealthCare participate in open-innovation and connected-care initiatives in hospital settings, with overlapping customer base among large hospital systems.
• Johnson & Johnson MedTech: Broad medical devices incumbent with overlap in surgical care products (hemostats, sealants, sutures) where Baxter competes via FLOSEAL and TISSEEL, as well as hospital-channel relationships globally.

Direct peers

• ICU Medical: Competing manufacturer of IV bags, infusion systems, and IV connectors, and one of the named IV bag market peers alongside Baxter, B. Braun, Fresenius Kabi, and Terumo. Direct overlap in medical IV consumables and smart infusion pump categories.
• B. Braun Medical: Direct competitor in IV solutions and infusion therapy, named alongside Baxter in the global IV bag market with overlapping product portfolios in IV fluids, irrigation solutions, and infusion pumps serving hospitals worldwide.
• Fresenius Kabi: Parent-affiliated peer of Fresenius Medical Care and named Baxter competitor in the global IV bag market, with overlapping clinical nutrition, generic injectables, and IV fluid product lines serving hospital customers.
• Terumo Corporation: Japanese medical device manufacturer with overlapping IV bag and infusion therapy offerings; explicitly named alongside Baxter in the global IV bag market share analysis.
• Fresenius Medical Care: Global leader in dialysis products and services, historically Baxter's most direct competitor across the renal care value chain prior to Baxter's January 2025 sale of Kidney Care to Carlyle. Both companies competed in PD solutions, hemodialysis equipment, and CRRT consumables (e.g., oXiris vs. CytoSorb).

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/baxter_intl
• Facebookfacebook.com/BaxterInternationalInc
• LinkedInlinkedin.com/company/baxter-italia

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Baxter