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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 14, 2026
Baxter International Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4448 36-0781620
(Commission File Number) (I.R.S. Employer Identification No.)
One Baxter Parkway, Deerfield, Illinois
 60015
(Address of principal executive offices) (Zip Code)
(224)948-2000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par value BAX (NYSE) New York Stock Exchange
1.3% Global Notes due 2029 BAX 29 New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act:   ☐


Item 7.01 Regulation FD Disclosure.
Baxter International Inc. (the Company) is furnishing this Current Report on Form 8-K, for informational purposes, to recast certain historical segment and product category financial information on a basis consistent with the changes described below, which are effective for the quarterly period ended June 30, 2026.
As part of its new operating model to better align decision-making, cost structure, and execution across its businesses, the Company has changed its reportable segments to reflect the way the Company's chief operating decision maker (who has been identified as the Company's President and Chief Executive Officer) allocates resources and assesses performance of the Company.
Starting in the second quarter of 2026, the Company began reporting under the following two segments: Medical Products & Therapies (MPT); and Healthcare Systems & Technologies (HST). Previously, the Company reported under the following three segments: Medical Products & Therapies; Healthcare Systems & Technologies; and Pharmaceuticals. The former Pharmaceuticals segment is now reported within the Infusion Therapies & Platforms (ITP) division of the MPT segment. Additionally, sales of products and services provided directly through certain of the Company's manufacturing facilities related to ITP that were previously reported in Other, are now reported in the ITP division of its MPT segment. The remaining Other sales not allocated to a segment consist of sales to Vantive Health LLC, pursuant to the related Manufacturing and Supply Agreement (Kidney Care MSA). Below is a summary of the new reporting segments and the related divisions and product offerings.
Reporting Segment (and related Divisions)
Product Offerings
Medical Products & Therapies
(Infusion Therapies & Platforms and Advanced Surgery)
 Sales of the Company's sterile intravenous (IV) solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant, and adhesion prevention products, sale of specialty injectable pharmaceuticals, inhaled anesthesia, and drug compounding, and sales of products and services provided directly through certain of the Company's manufacturing facilities.
Healthcare Systems & Technologies - unchanged
(Front Line Care and Care & Connectivity Solutions)
 Sales of the Company's connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices, and advance equipment for the surgical space, including operating room integration technologies, precision positioning devices and other accessories.
In addition to the sales reallocation discussed above, the Company updated its approach to its corporate cost allocations. Certain shared corporate expenses will now remain unallocated, rather than being fully allocated to the segments (as they had been previously).
These changes do not impact the Company's previously issued consolidated financial statements except for its segment disclosures, which the Company intends to update for comparative purposes in future filings as described below and in the accompanying tables in Exhibit 99.1.
Recast Segment and Product Category Financial Information
The tables included in Exhibit 99.1 provide unaudited recast segment and product category financial information for the quarterly period ended March 31, 2026, the years ended December 31, 2025 and 2024 and each of the quarterly periods within those years (collectively, the Unaudited Recast Financial Information). The Unaudited Recast Financial Information does not represent a restatement of previously issued financial statements, does not affect the Company's reported net income, earnings per share, total assets or stockholder's equity for any of the previously reported periods, and is being provided to aid in comparability. The information in this Item 7.01, including Exhibit 99.1, should be read in conjunction with the Company's Annual Reports on Form 10-K for the years ended December 31, 2024 and December 31, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and March 31, 2026 and the Company's Current Reports on Form 8-K (Items 2.02 and 9.01) filed with the U.S. Securities and Exchange Commission on May 2, 2024, August 6, 2024, November 8, 2024, February 20, 2025, May 1, 2025, July 31, 2025, October 30, 2025, February 12, 2026 and April 30, 2026 and which furnish the quarterly earnings releases for each of the related periods.


The information in this Item 7.01 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Non-GAAP Financial Measures
Exhibit 99.1 presents percentage changes in operational sales growth for the year ended December 31, 2025 and each of the quarterly periods within that year and in organic sales growth for the quarterly period ended March 31, 2026. Operational sales growth excludes the impact of the Kidney Care MSA not reflected in reportable segments, reflects the previously announced exit of IV solutions in China in the MPT reportable segment and is calculated at constant currency rates. Organic sales growth excludes the impact of the Kidney Care MSA not reflected in reportable segments, impacts associated with business acquisitions or divestitures and is calculated at constant currency rates. Constant currency rates are computed using current period local currency sales at the prior period’s foreign exchange rates. Operational sales growth and organic sales growth are non-GAAP financial measures. These measures provide information about growth (or declines) in the Company’s net sales as if the Kidney Care MSA had no impact on the Company’s sales and foreign currency exchange rates had not changed between the prior period and the current period. Operational sales growth also provides information about growth (or declines) in the Company’s net sales excluding the impact of IV solutions sales in China. The Company believes that the non-GAAP measure of percent change in net sales at operational or organic sales growth, when used in conjunction with the U.S. GAAP measure of percent change in net sales at actual rates, may provide a more complete understanding and facilitate a fuller analysis of the Company’s results of operations, particularly in evaluating performance from one period to another.

Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit Number Description
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 14, 2026
BAXTER INTERNATIONAL INC.
By: /s/ Anita A. Zielinski
Name: Anita A. Zielinski
Title: Interim Chief Financial Officer and Senior Vice President,
Chief Accounting Officer and Controller


EX-99.1 2 bax-2026x07x14xex991.htm EX-99.1 Document

Exhibit 99.1
BAXTER INTERNATIONAL INC.
Net Sales by Segment
Revised Basis (Non-GAAP measure)
(unaudited)

The following tables present our U.S. and international disaggregated net sales.
For the Years Ended December 31,
Reported Growth
Operational Sales Growth1
2025 2024 2025 2025
(in millions) U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total Total
Infusion Therapies & Platforms $ 3,007  $ 3,638  $ 6,645  $ 3,093  $ 3,488  $ 6,581  (3) % 4  % 1  % 1  %
Advanced Surgery 648  550  1,198  603  501  1,104  7  % 10  % 9  % 8  %
Medical Products & Therapies 3,655  4,188  7,843  3,696  3,989  7,685  (1) % 5  % 2  % 2  %
Care & Connectivity Solutions 1,372  539  1,911  1,311  503  1,814  5  % 7  % 5  % 4  %
Front Line Care 871  289  1,160  843  294  1,137  3  % (2) % 2  % 2  %
Healthcare Systems & Technologies 2,243  828  3,071  2,154  797  2,951  4  % 4  % 4  % 3  %
Other 224  106  330  —  —  —  NM NM NM NM
Total Baxter $ 6,122  $ 5,122  $ 11,244  $ 5,850  $ 4,786  $ 10,636  5  % 7  % 6  % 3  %
For the Quarters Ended December 31,
Reported Growth
Operational Sales Growth1
2025 2024 2025 2025
(in millions) U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total Total
Infusion Therapies & Platforms $ 728  $ 1,007  $ 1,735  $ 779  $ 898  $ 1,677  (7) % 12  % 3  % 1  %
Advanced Surgery 177  151  328  157  135  292  13  % 12  % 12  % 11  %
Medical Products & Therapies 905  1,158  2,063  936  1,033  1,969  (3) % 12  % 5  % 3  %
Care & Connectivity Solutions 367  170  537  366  138  504  0  % 23  % 7  % 4  %
Front Line Care 219  71  290  208  72  280  5  % (1) % 4  % 3  %
Healthcare Systems & Technologies 586  241  827  574  210  784  2  % 15  % 5  % 4  %
Other 61  23  84  —  —  —  NM NM NM NM
Total Baxter $ 1,552  $ 1,422  $ 2,974  $ 1,510  $ 1,243  $ 2,753  3  % 14  % 8  % 3  %
For the Quarters Ended September 30,
Reported Growth
Operational Sales Growth1
2025 2024 2025 2025
(in millions) U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total Total
Infusion Therapies & Platforms $ 740  $ 931  $ 1,671  $ 794  $ 881  $ 1,675  (7) % 6  % (0) % (0) %
Advanced Surgery 168  138  306  149  123  272  13  % 12  % 13  % 11  %
Medical Products & Therapies 908  1,069  1,977  943  1,004  1,947  (4) % 6  % 2  % 2  %
Care & Connectivity Solutions 348  125  473  335  121  456  4  % 3  % 4  % 3  %
Front Line Care 229  71  300  222  74  296  3  % (4) % 1  % 1  %
Healthcare Systems & Technologies 577  196  773  557  195  752  4  % 1  % 3  % 2  %
Other 59  26  85  —  —  —  NM NM NM NM
Total Baxter $ 1,544  $ 1,291  $ 2,835  $ 1,500  $ 1,199  $ 2,699  3  % 8  % 5  % 2  %
For the Quarter Ended June 30,
Reported Growth
Operational Sales Growth1
2025 2024 2025 2025
(in millions) U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total Total
Infusion Therapies & Platforms $ 753  $ 896  $ 1,649  $ 792  $ 877  $ 1,669  (5) % 2  % (1) % (1) %
Advanced Surgery 158  138  296  150  127  277  5  % 9  % 7  % 5  %
Medical Products & Therapies 911  1,034  1,945  942  1,004  1,946  (3) % 3  % (0) % 0  %
Care & Connectivity Solutions 341  133  474  332  120  452  3  % 11  % 5  % 4  %
Front Line Care 221  72  293  218  78  296  1  % (8) % (1) % (1) %
Healthcare Systems & Technologies 562  205  767  550  198  748  2  % 4  % 3  % 2  %
Other 63  35  98  —  —  —  NM NM NM NM
Total Baxter $ 1,536  $ 1,274  $ 2,810  $ 1,492  $ 1,202  $ 2,694  3  % 6  % 4  % 1  %
For the Quarters Ended March 31,
Reported Growth
Organic Sales Growth2
Operational Sales Growth1
2026 2025 2024 2026 2025 2026 2025
(in millions) U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total U.S. Int’l Total Total Total
Infusion Therapies & Platforms $ 711  $ 905  $ 1,616  $ 786  $ 804  $ 1,590  $ 728  $ 832  $ 1,560  (10) % 13  % 2  % 8  % (3) % 2  % (3) % 5  %
Advanced Surgery 165  139  304  145  123  268  147  116  263  14  % 13  % 13  % (1) % 6  % 2  % 10  % 4  %
Medical Products & Therapies 876  1,044  1,920  931  927  1,858  875  948  1,823  (6) % 13  % 3  % 6  % (2) % 2  % (1) % 5  %
Care & Connectivity Solutions 315  120  435  316  111  427  278  124  402  (0) % 8  % 2  % 14  % (10) % 6  % (0) % 7  %
Front Line Care 198  72  270  202  75  277  195  70  265  (2) % (4) % (3) % 4  % 7  % 5  % (4) % 5  %
Healthcare Systems & Technologies 513  192  705  518  186  704  473  194  667  (1) % 3  % 0  % 10  % (4) % 6  % (2) % 6  %
Other 46  30  76  41  22  63  —  —  —  12  % 36  % 21  % NM NM NM NM NM
Total Baxter $ 1,435  $ 1,266  $ 2,701  $ 1,490  $ 1,135  $ 2,625  $ 1,348  $ 1,142  $ 2,490  (4) % 12  % 3  % 11  % (1) % 5  % (1) % 5  %
NM: Not Meaningful
1 Operational sales growth excludes the impact of the Kidney Care manufacturing and supply agreement not reflected in reportable segments, reflects the previously announced exit of IV solutions in China in the Medical Products & Therapies reportable segment, and is calculated at constant currency rates.
2 Organic sales growth excludes the impact of the Kidney Care manufacturing and supply agreement not reflected in reportable segments, impacts associated with business acquisitions or divestitures, and is calculated at constant currency rates.


BAXTER INTERNATIONAL INC.
Segment Operating Income
Revised Basis (Non-GAAP measure)
(unaudited)

For the Years Ended December 31,
2025 2024
(in millions) Medical Products & Therapies Healthcare Systems & Technologies Medical Products & Therapies Healthcare Systems & Technologies
Net sales $ 7,843  $ 3,071  $ 7,685  $ 2,951 
Cost of sales 4,850  1,599  4,506  1,468 
Selling, general and administrative expenses 1,153  749  1,233  727 
Research and development expenses 293  191  304  189 
Other segment items (134) (33) —  — 
Segment operating income $ 1,681  $ 565  $ 1,642  $ 567 
For the Quarters Ended December 31,
2025 2024
(in millions) Medical Products & Therapies Healthcare Systems & Technologies Medical Products & Therapies Healthcare Systems & Technologies
Net sales $ 2,063  $ 827  $ 1,969  $ 784 
Cost of sales 1,368  456  1,153  371 
Selling, general and administrative expenses 243  167  316  192 
Research and development expenses 65  48  82  47 
Other segment items (36) (9) —  — 
Segment operating income $ 423  $ 165  $ 418  $ 174 
For the Quarters Ended September 30,
2025 2024
(in millions) Medical Products & Therapies Healthcare Systems & Technologies Medical Products & Therapies Healthcare Systems & Technologies
Net sales $ 1,977  $ 773  $ 1,947  $ 752 
Cost of sales 1,226  414  1,153  369 
Selling, general and administrative expenses 309  197  306  178 
Research and development expenses 62  48  77  47 
Other segment items (31) (8) (4) (1)
Segment operating income $ 411  $ 122  $ 415  $ 159 
For the Quarters Ended June 30,
2025 2024
(in millions) Medical Products & Therapies Healthcare Systems & Technologies Medical Products & Therapies Healthcare Systems & Technologies
Net sales $ 1,945  $ 767  $ 1,946  $ 748 
Cost of sales 1,157  375  1,149  382 
Selling, general and administrative expenses 299  195  330  184 
Research and development expenses 83  49  76  48 
Other segment items (38) (8) 3  — 
Segment operating income $ 444  $ 156  $ 388  $ 134 



For the Quarters Ended March 31,
2026 2025 2024
(in millions) Medical Products & Therapies Healthcare Systems & Technologies Medical Products & Therapies Healthcare Systems & Technologies Medical Products & Therapies Healthcare Systems & Technologies
Net sales $ 1,920  $ 705  $ 1,858  $ 704  $ 1,823  $ 667 
Cost of sales 1,237  385  1,099  354  1,051  346 
Selling, general and administrative expenses 295  182  302  190  281  173 
Research and development expenses 71  48  83  46  69  47 
Other segment items (33) (9) (29) (8) 1  1 
Segment operating income $ 350  $ 99  $ 403  $ 122  $ 421  $ 100 
The following tables present our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
For the Years Ended December 31,
(in millions) 2025 2024
Medical Products & Therapies $ 1,681  $ 1,642 
Healthcare Systems & Technologies 565  567 
Total reportable segment operating income 2,246  2,209 
Other 22  (12)
Unallocated corporate costs (678) (723)
Intangible asset amortization expense (598) (625)
Business optimization items (178) (162)
European Medical Devices Regulation (21) (33)
Indefinite-lived asset impairments (290) (50)
Separation-related costs (58) — 
Legal matters (11) (17)
Acquisition and integration items (27) (23)
Product-related items (113) (15)
Hurricane Helene costs (133) (110)
Goodwill impairments (485) (425)
Gain on sale of long-lived asset 16  — 
Total operating income (loss) (308) 14 
Interest expense, net 238  341 
Other (income) expense, net (41) (38)
Income (loss) from continuing operations before income taxes $ (505) $ (289)



For The Quarters Ended December 31,
(in millions) 2025 2024
Medical Products & Therapies $ 423  $ 418 
Healthcare Systems & Technologies 165  174 
Total reportable segment operating income 588  592 
Other 5  (12)
Unallocated corporate costs (241) (161)
Intangible asset amortization expense (145) (154)
Business optimization items (78) (113)
European Medical Devices Regulation (6) (8)
Indefinite-lived asset impairments (290) (50)
Separation-related costs (18) — 
Acquisition and integration items (13) (7)
Product-related items (52) (12)
Hurricane Helene costs (10) (85)
Goodwill impairments (485) (425)
Gain on sale of long-lived asset 16  — 
Total operating income (loss) (729) (435)
Interest expense, net 58  90 
Other (income) expense, net (31) (4)
Income (loss) from continuing operations before income taxes $ (756) $ (521)
For the Quarters Ended September 30,
(in millions) 2025 2024
Medical Products & Therapies $ 411  $ 415 
Healthcare Systems & Technologies 122  159 
Total reportable segment operating income 533  574 
Other 5  (1)
Unallocated corporate costs (115) (182)
Intangible asset amortization expense (147) (159)
Business optimization items (38) (18)
Legal matters —  (17)
European Medical Devices Regulation (5) (9)
Separation-related costs (13) — 
Acquisition and integration items (8) (5)
Product-related items (32) (3)
Hurricane Helene costs (8) (25)
Total operating income (loss) 172  155 
Interest expense, net 58  87 
Other (income) expense, net (7) (1)
Income (loss) from continuing operations before income taxes $ 121  $ 69 



For the Quarters Ended June 30,
(in millions) 2025 2024
Medical Products & Therapies $ 444  $ 388 
Healthcare Systems & Technologies 156  134 
Total reportable segment operating income 600  522 
Other 6  5 
Unallocated corporate costs (183) (170)
Intangible asset amortization expense (151) (154)
Business optimization items (17) (9)
European Medical Devices Regulation (5) (9)
Separation-related costs (14) — 
Acquisition and integration items (5) (6)
Product-related items (23) — 
Hurricane Helene costs (17) — 
Total operating income (loss) 191  179 
Interest expense, net 58  86 
Other (income) expense, net —  (24)
Income (loss) from continuing operations before income taxes $ 133  $ 117 
For the Quarters Ended March 31,
(in millions) 2026 2025 2024
Medical Products & Therapies $ 350  $ 403  $ 421 
Healthcare Systems & Technologies 99  122  100 
Total reportable segment operating income 449  525  521 
Other 7  6  (4)
Unallocated corporate costs (159) (139) (210)
Intangible asset amortization expense (146) (155) (158)
Business optimization items (68) (45) (22)
Legal matters —  (11) — 
European Medical Devices Regulation (4) (5) (7)
Separation-related costs (11) (13) — 
Acquisition and integration items —  (1) (5)
Product-related items 12  (6) — 
Hurricane Helene costs (3) (98) — 
Business transformation (11) —  — 
Total operating income (loss) 66  58  115 
Interest expense, net 66  64  78 
Other (income) expense, net 6  (3) (9)
Income (loss) from continuing operations before income taxes $ (6) $ (3) $ 46 



BAXTER INTERNATIONAL INC.
Reconciliation of Non-GAAP Financial Measure
Change in Net Sales Growth As Reported to Operational Sales Growth
(unaudited)

From the Year Ended December 31, 2024 to the
Year Ended December 31, 2025
(in millions) Net Sales Growth As Reported Kidney Care MSA Exit of IV Solutions in China FX Operational Sales Growth*
Infusion Therapies & Platforms 1  % 0  % 1  % (1) % 1  %
Advanced Surgery 9  % 0  % 0  % (1) % 8  %
Medical Products & Therapies 2  % 0  % 1  % (1) % 2  %
Care & Connectivity Solutions 5  % 0  % 0  % (1) % 4  %
Front Line Care 2  % 0  % 0  % (0) % 2  %
Healthcare Systems & Technologies 4  % 0  % 0  % (1) % 3  %
Other NM NM NM NM NM
Total Baxter 6  % (3) % 0  % (0) % 3  %

From the Three Months Ended December 31, 2024 to the
Three Months Ended December 31, 2025
(in millions) Net Sales Growth
As Reported		 Kidney Care MSA Exit of IV Solutions in China FX Operational Sales Growth*
Infusion Therapies & Platforms 3  % 0  % 0  % (2) % 1  %
Advanced Surgery 12  % 0  % 0  % (1) % 11  %
Medical Products & Therapies 5  % 0  % 0  % (2) % 3  %
Care & Connectivity Solutions 7  % 0  % 0  % (3) % 4  %
Front Line Care 4  % 0  % 0  % (1) % 3  %
Healthcare Systems & Technologies 5  % 0  % 0  % (1) % 4  %
Other NM NM NM NM NM
Total Baxter 8  % (3) % 0  % (2) % 3  %

From the Three Months Ended September 30, 2024 to the
Three Months Ended September 30, 2025
(in millions) Net Sales Growth
As Reported		 Kidney Care MSA Exit of IV Solutions in China FX Operational Sales Growth*
Infusion Therapies & Platforms (0) % 0  % 1  % (1) % (0) %
Advanced Surgery 13  % 0  % 0  % (2) % 11  %
Medical Products & Therapies 2  % 0  % 1  % (1) % 2  %
Care & Connectivity Solutions 4  % 0  % 0  % (1) % 3  %
Front Line Care 1  % 0  % 0  % 0  % 1  %
Healthcare Systems & Technologies 3  % 0  % 0  % (1) % 2  %
Other NM NM NM NM NM
Total Baxter 5  % (3) % 1  % (1) % 2  %




From the Three Months Ended June 30, 2024 to the
Three Months Ended June 30, 2025
(in millions) Net Sales Growth
As Reported		 Kidney Care MSA Exit of IV Solutions in China FX Operational Sales Growth*
Infusion Therapies & Platforms (1) % 0  % 1  % (1) % (1) %
Advanced Surgery 7  % 0  % 0  % (2) % 5  %
Medical Products & Therapies (0) % 0  % 1  % (1) % 0  %
Care & Connectivity Solutions 5  % 0  % 0  % (1) % 4  %
Front Line Care (1) % 0  % 0  % 0  % (1) %
Healthcare Systems & Technologies 3  % 0  % 0  % (1) % 2  %
Other NM NM NM NM NM
Total Baxter 4  % (4) % 1  % (0) % 1  %

From the Three Months Ended March 31, 2024 to the
Three Months Ended March 31, 2025
(in millions) Net Sales Growth
As Reported		 Kidney Care MSA Exit of IV Solutions in China FX Operational Sales Growth*
Infusion Therapies & Platforms 2  % 0  % 1  % 2  % 5  %
Advanced Surgery 2  % 0  % 0  % 2  % 4  %
Medical Products & Therapies 2  % 0  % 1  % 2  % 5  %
Care & Connectivity Solutions 6  % 0  % 0  % 1  % 7  %
Front Line Care 5  % 0  % 0  % 0  % 5  %
Healthcare Systems & Technologies 6  % 0  % 0  % 0  % 6  %
Other NM NM NM NM NM
Total Baxter 5  % (3) % 1  % 2  % 5  %
NM: Not Meaningful
*Totals may not add across due to rounding

BAXTER INTERNATIONAL INC.
Reconciliation of Non-GAAP Financial Measure
Change in Net Sales Growth As Reported to Organic Sales Growth
(unaudited)

From the Three Months Ended March 31, 2025 to the
Three Months Ended March 31, 2026
(in millions) Net Sales Growth
As Reported		 Kidney Care MSA FX Organic Sales Growth*
Infusion Therapies & Platforms 2  % 0  % (5) % (3) %
Advanced Surgery 13  % 0  % (3) % 10  %
Medical Products & Therapies 3  % 0  % (4) % (1) %
Care & Connectivity Solutions 2  % 0  % (2) % (0) %
Front Line Care (3) % 0  % (1) % (4) %
Healthcare Systems & Technologies 0  % 0  % (2) % (2) %
Other 21  % (16) % (5) % 0  %
Total Baxter 3  % (1) % (3) % (1) %
*Totals may not add across due to rounding