BAX
Baxter International Inc.19.05
-0.48-2.46%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A colors Q1 headwinds, reaffirms guide
Q&A drilled deeper into 2026's tough Q1, citing $40-50M ITT comp headwind, Novum customer wait-and-see mode, and H1 absorption drags—reaffirming flat organic guide without walk-backs. Management detailed TSA stranded cost elimination by 2027 via ongoing takeouts and new operating model delayering for P&L accountability. Pharma fixes target facility output and supplier snags; FCF should improve over 2025 on working capital. Small international exits eyed for 2026. Answers largely reinforced scripted challenges. Q1 execution matters most.
Key Stats
Market Cap
9.79BP/E (TTM)
-Basic EPS (TTM)
-0.70Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
Baxter posted FY2025 net sales of $11.24B, up 6% reported (3% operational), but continuing operations lost $(900)M or $(1.75) per diluted share after $485M goodwill and $290M indefinite-lived asset impairments, plus $133M Hurricane Helene costs. Q4 momentum faltered with Novum LVP ship/install hold crimping infusion sales, IV solutions demand reset post-Helene, yet Advanced Surgery grew 9% annually on hemostats/sealants volume. Medical Products & Therapies edged up 2% to $5.30B, Healthcare Systems & Technologies 4% to $3.07B on U.S. capital spending, while Pharmaceuticals gained 3% to $2.49B via compounding mix. Debt fell to $9.48B after $3.81B repayments from Kidney Care sale, dividend slashed to $0.01/share, no buybacks amid deleveraging to 3.0x net leverage target by 2026 end. Supply disruptions threaten quarterly momentum.
8-K
Q4 sales up, board refresh
Baxter posted Q4 continuing sales of $2.97B, up 8% reported but 3% operationally, with adjusted EPS at $0.44 down 24% amid goodwill impairment and tax charges. Board shuffled: Michael McDonnell joins February 13 with deep CFO experience from Biogen and IQVIA; Smith and Rusckowski resign, shrinking board to 10. Dividend holds at $0.01/share. New model decentralizes ops.
8-K
Tender offers fully settled
Baxter International finalized settlement of its tender offers on December 22, 2025, fully retiring all $423.2 million of 2.600% senior notes due 2026 and $614.4 million of 1.915% notes due 2027. Early tenders on December 8 cleared the bulk; late tenders added $2.61 million of 2026 notes at $960.50 per $1,000. Debt matures sooner.
8-K
Baxter prices $2B notes
8-K
Credit covenant relaxed
IPO
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