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Baxter International, Inc.$63.84($.08)(.13%)

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 Baxter Reports Third Quarter 2016 Results and Increases Financial Outlook for Full-Year 2016
   Tuesday, October 25, 2016 7:00:04 AM ET

--Third Quarter GAAP Earnings per Share of $0.23; Adjusted Earnings per Share of $0.56 increased 37 percent

Baxter International Inc. (BAX ) today reported results for the third quarter of 2016, and increased its earnings per share outlook for full-year 2016. Baxter’s third quarter worldwide sales totaled $2.6 billion, an increase of 3 percent on a reported basis and 4 percent on a constant currency basis as compared to the prior-year period.

’’We are pleased with the continued strength across our core franchises as well as our improved financial performance, both of which are reflected in our third quarter results,’’ said Jose (Joe) E. Almeida. ’’Given this progress, we are intensifying our focus on portfolio management and innovation to accelerate our efforts to introduce new products and therapies.’’

Financial Results

During the quarter, Baxter reported income from continuing operations of $127 million, or $0.23 per diluted share, on a GAAP (Generally Accepted Accounting Principles) basis. These results included net after-tax special items totaling $184 million, primarily related to business optimization initiatives, intangible asset amortization, debt extinguishment and Baxalta related spin-off costs.

On an adjusted basis, excluding special items, Baxter’s third quarter income from continuing operations totaled $311 million, or $0.56 per diluted share, exceeding the company’s previously-issued guidance of $0.43 to $0.45 per diluted share.

Baxter’s worldwide sales totaled $2.6 billion in the third quarter, an increase of 3 percent on a reported basis and 4 percent on a constant currency basis as compared to the prior-year period. Sales within the U.S. were $1.1 billion, advancing 6 percent, while international sales totaled $1.5 billion, representing a 1 percent increase on a reported basis, and an increase of 3 percent on a constant currency basis. Adjusting for the impact of foreign exchange, generic competition for cyclophosphamide, and 2015 PROTOPAM orders, Baxter’s sales increased 12 percent in the U.S. and rose 6 percent globally in the third quarter.

By business, Hospital Products sales of $1.6 billion in the third quarter increased 2 percent on a reported basis and 3 percent on a constant currency basis. Adjusting for the impact of foreign exchange, cyclophosphamide and PROTOPAM, Hospital Products sales advanced 7 percent from the prior-year period. Hospital Products performance in the quarter benefited from strong sales across the portfolio, driven by increased demand and favorable pricing in the U.S. for the company’s IV solutions, nutritional therapies, pharmacy injectables and IV access administration sets. Strength internationally in the company’s hospital pharmacy compounding services and cytotoxic contract manufacturing business also contributed to growth in the quarter.

Baxter’s Renal sales totaled $977 million in the third quarter, representing a 4 percent increase on a reported basis, and a 6 percent increase on a constant currency basis. Growth was driven by strong sales of peritoneal dialysis products as well as increased demand globally for continuous renal replacement therapies. Contributing to growth in the quarter were the recent launches of Baxter’s new Automated Peritoneal Dialysis (APD) systems, AMIA in the U.S. and HOMECHOICE CLARIA outside the U.S. Both of these systems utilize Baxter’s SHARESOURCE Connectivity Platform, which is the first and only two-way, remote patient management system for home dialysis therapy globally.

Financial Outlook

Based on the company’s strong performance in the first three quarters of the year, Baxter is raising its financial outlook for full-year 2016 including sales growth of approximately 2 percent on a reported basis or 4 percent on a constant currency basis, and earnings from continuing operations, before special items, of $1.88 to $1.91 per diluted share for the full year. Previous guidance called for reported sales of 1 to 2 percent (or 3 to 4 percent constant currency) and earnings of $1.69 to $1.74 per diluted share.

For the fourth quarter, the company expects sales growth of approximately 2 percent on both a reported and constant currency basis. Baxter expects earnings from continuing operations, before special items, of $0.49 to $0.52 per diluted share for the fourth quarter of 2016.

The earnings per share guidance for the fourth quarter and full-year 2016 excludes $0.05 and $0.22, respectively, per diluted share of intangible asset amortization expense; an estimated $0.01 and $0.07, respectively, per diluted share of Baxalta separation-related expense activities; an estimated $0.07 and $0.51, respectively, per diluted share of business optimization charges; and $7.84 per diluted share of asset impairment, debt extinguishment loss, product related reserve adjustments, and Baxalta retained stake gains for full-year 2016. These estimates are based on information reasonably available at the time of this release and future events or new information may result in different actual results. Reconciling for the inclusion of these items results in GAAP earnings of $0.36 to $0.39 per diluted share for the fourth quarter of 2016, and $8.92 to $8.95 per diluted share for full-year 2016.

A webcast of Baxter’s third quarter conference call for investors can be accessed live from a link on the company’s website at www.baxter.com beginning at 7:30 a.m. CDT on October 25, 2016. Please see www.baxter.com for more information regarding this and future investor events and webcasts.

Baxter provides a broad portfolio of essential renal and hospital products, including home, acute and in-center dialysis; sterile IV solutions; infusion systems and devices; parenteral nutrition; biosurgery products and anesthetics; and pharmacy automation, software and services. The company’s global footprint and the critical nature of its products and services play a key role in expanding access to healthcare in emerging and developed countries. Baxter’s employees worldwide are building upon the company’s rich heritage of medical breakthroughs to advance the next generation of healthcare innovations that enable patient care.

This release includes forward-looking statements concerning the company’s financial results, business development activities, capital structure, cost savings initiatives, R&D pipeline including results of clinical trials and planned product launches, and outlook for 2016. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: demand for and market acceptance of risks for new and existing products, and the impact of those products on quality or patient safety concerns; product development risks; product quality or patient safety concerns; future actions of regulatory bodies and other governmental authorities, including the FDA and foreign counterparts; failures with respect to compliance programs; future actions of third parties, including payers; U.S. healthcare reform and other global austerity measures; pricing, reimbursement, taxation and rebate policies of government agencies and private payers; the impact of competitive products and pricing, including generic competition, drug reimportation and disruptive technologies; global, trade and tax policies; accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits; fluctuations in supply and demand; the availability of acceptable raw materials and component supply; the inability to create timely production capacity or other manufacturing supply difficulties; the ability to achieve the intended results (including targeted margin improvements) associated with the separation of the biopharmaceutical and medical products businesses; the ability to enforce owned or in-licensed patents or the patents of third parties preventing or restricting manufacture, sale or use of affected products or technology; the impact of global economic conditions; fluctuations in foreign exchange and interest rates; any change in law concerning the taxation of income, including income earned outside the United States; actions taken by tax authorities in connection with ongoing tax audits; breaches or failures of the company’s information technology systems; loss of key employees or inability to identify and recruit new employees; the outcome of pending or future litigation; the adequacy of the company’s cash flows from operations to meet its ongoing cash obligations and fund its investment program; and other risks identified in Baxter’s most recent filing on Form 10-K and other Securities and Exchange Commission filings, all of which are available on Baxter’s website. Baxter does not undertake to update its forward-looking statements.

 
                                                                                  BAXTER INTERNATIONAL INC.
                                                                              Consolidated Statements of Income
                                                                       Three Months Ended September 30, 2016 and 2015
                                                                                         (unaudited)
                                                                     (in millions, except per share and percentage data)
                                                               
                                                                                                                                                                        
                                                                                                         Three Months Ended
                                                                                                            September 30,
                                                                                   ---------------------------------------------------------------
                                                                                           2016                                      2015                                     Change
                                                                                   --------------------                      --------------------                      --------------------
                                                                                                                                                                        
NET SALES                                                                                        $2,558                                    $2,487                                        3%
                                                                                                                                                                        
COST OF SALES                                                                                     1,487                                     1,453                                        2%
                                                      
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
GROSS MARGIN                                                                   1,071                  1,034                     4%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
% of Net Sales                                                                                    41.9%                                     41.6%                                   0.3 pts
                                                                                                                                                                        
MARKETING AND ADMINISTRATIVE EXPENSES                                                               726                                       794                                      (9%)
% of Net Sales                                                                                    28.4%                                     31.9%                                 (3.5 pts)
                                                                                                                                                                        
RESEARCH AND DEVELOPMENT EXPENSES                                                                   159                                       148                                        7%
% of Net Sales                                                                                     6.2%                                      6.0%                                   0.2 pts
                                                      
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
OPERATING INCOME                                                                 186                     92                   102%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
% of Net Sales                                                                                     7.3%                                      3.7%                                   3.6 pts
                                                                                                                                                                        
NET INTEREST EXPENSE                                                                                 14                                        34                                     (59%)
                                                                                                                                                                        
OTHER EXPENSE, NET                                                                                   44                                        91                                     (52%)
                                                      
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                     128                   (33)                     NM
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
INCOME TAX EXPENSE (BENEFIT)                                                       1                   (35)                     NM
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
% of Income from Continuing Operations before Income Taxes                                         0.8%                                    106.1%                                        NM
                                                                                                                                                                        
INCOME FROM CONTINUING OPERATIONS                                                                   127                                         2                                        NM
                                                                                                                                                                        
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX A                                              3                                       (1)                                        NM
                                                                                                                                                                        
NET INCOME                                                                      $130                     $1                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE
    Basic                                                                      $0.23                  $0.00                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
    Diluted                                                                    $0.23                  $0.00                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
INCOME FROM DISCONTINUED OPERATIONS PER COMMON SHARE
    Basic                                                                      $0.01                  $0.00                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
    Diluted                                                                    $0.01                  $0.00                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
NET INCOME PER COMMON SHARE
    Basic                                                                      $0.24                  $0.00                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
    Diluted                                                                    $0.24                  $0.00                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
    Basic                                                                                           544                                       546
    Diluted                                                                      551                    549    
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
ADJUSTED OPERATING INCOME (excluding special items)                                                $409           B                          $279           B                           47%
ADJUSTED PRE-TAX INCOME FROM CONTINUING OPERATIONS (excluding                                      $399           B                          $284           B                           40%
special items)
ADJUSTED INCOME FROM CONTINUING OPERATIONS (excluding special                                      $311           B                          $225           B                           38%
items)
ADJUSTED DILUTED EPS FROM CONTINUING OPERATIONS (excluding                                        $0.56           B                         $0.41           B                           37%
special items)
NM - Not Meaningful
A        Operating results from Baxalta Incorporated ("Baxalta") are
                            classified as discontinued operations for all periods presented.
B                           Refer to page 7 for a description of the adjustments and a
                            reconciliation to GAAP measures.
                             
                                                                               BAXTER INTERNATIONAL INC.
                                                                       Note to Consolidated Statements of Income
                                                                    Three Months Ended September 30, 2016 and 2015
                                                           Description of Adjustments and Reconciliation of GAAP to Non-GAAP
                                                                                       Measures
                                                                                      (unaudited)
                                                                  (in millions, except per share and percentage data)
 
The company’s GAAP results for the three months ended September 30,
2016 and 2015 included special items which impacted the GAAP
measures as follows:
                                                                                                     
                                                                                                   Three Months Ended                        
                                                                                                      September 30,
                                                                             ------------------------------------------------------------
                                                                                     2016                   2015                                     Change
                                                                             --------------------                      --------------------                      --------------------
Gross Margin                                                                               $1,071                                    $1,034                                        4%
    Intangible asset amortization expense (1)                                                  42                                        40
    Business optimization items (2)                                                            35                                        32
    Baxalta separation-related costs(3)                                                         1                                         1
    Product-related items(4)                                                                    -                   (18)    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Gross Margin                                                                      $1,149                 $1,089                     6%
                                                                             ==================== ==================== ==================== ==================== ====================
% of Net Sales                                                                              44.9%                                     43.8%                                   1.1 pts
                                                                                                                                                                  
Marketing and Administrative Expenses                                                        $726                                      $794                                      (9%)
                                                                                            (106)                                      (64)
    Business optimization items(2)
    Baxalta separation-related costs(3)                                                       (9)                   (60)    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Marketing and Administrative Expenses                                               $611                   $670                   (9%)
                                                                             ==================== ==================== ==================== ==================== ====================
% of Net Sales                                                                              23.9%                                     26.9%                                   (3 pts)
                                                                                                                                                                  
Research and Development Expenses                                                            $159                                      $148                                        7%
    Business optimization items (2)                                                          (30)                    (8)    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Research and Development Expenses                                                   $129                   $140                   (8%)
                                                                             ==================== ==================== ==================== ==================== ====================
% of Net Sales                                                                               5.0%                                      5.6%                                 (0.6 pts)
                                                                                                                                                                  
Operating Income                                                                             $186                                       $92                                      102%
    Impact of special items                                                                   223                    187    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Operating Income                                                                    $409                   $279                    47%
                                                                             ==================== ==================== ==================== ==================== ====================
% of Net Sales                                                                              16.0%                                     11.2%                                   4.8 pts
                                                                                                                                                                  
Other Expense, Net                                                                            $44                                       $91                                     (52%)
    Loss on debt extinguishment(5)                                                           (48)                  (130)    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Other Income, Net                                                                   $(4)                  $(39)                  (90%)
                                                                             ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                  
Pre-Tax Income (Loss) from Continuing Operations                                             $128                                     $(33)                                        NM
    Impact of special items                                                                   271                    317    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Pre-Tax Income from Continuing Operations                                           $399                   $284                    40%
                                                                             ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                  
Income Tax Expense (Benefit)                                                                   $1                                     $(35)                                        NM
    Impact of special items                                                                    87                     94    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Income Tax Expense                                                                   $88                    $59                    49%
                                                                             ==================== ==================== ==================== ==================== ====================
% of Adjusted Pre-Tax Income from Continuing Operations                                     22.1%                                     20.8%                                   1.3 pts
                                                                                                                                                                  
Income from Continuing Operations                                                            $127                                        $2                                        NM
    Impact of special items                                                                   184                    223    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Income from Continuing Operations                                                   $311                   $225                    38%
                                                                             ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                  
Diluted EPS from Continuing Operations                                                      $0.23                                     $0.00                                        NM
    Impact of special items                                                                  0.33                   0.41    
                                                                             -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Diluted EPS from Continuing Operations                                             $0.56                  $0.41                    37%
                                                                             ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                  
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING                                          551                                       549
                                                                   
  Diluted
------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                   (1)     The company’s results in 2016 and 2015 included intangible asset
                                              amortization expense of $42 million ($29 million, or $0.05 per
                                              diluted share, on an after-tax basis) and $40 million ($32 million,
                                              or $0.06 per diluted share, on an after-tax basis), respectively.
                                               
                   (2)                        The company’s results in 2016 included a net charge of $171 million
                                              ($124 million, or $0.23 per diluted share, on an after-tax basis)
                                              related to business optimization initiatives. This included a net
                                              charge of $130 million related to restructuring activities, $25
                                              million of costs to implement business optimization programs which
                                              included external consulting and employee salary and related costs,
                                              $11 million of accelerated depreciation associated with facilities
                                              to be closed, and $5 million of Gambro integration costs. The $130
                                              million of net restructuring charges included net $101 million of
                                              employee termination costs, a $27 million intangible asset
                                              impairment charge related to acquired in-process R&D, and net $2
                                              million of other exit costs.
                                               
                                              The company’s results in 2015 included a net charge of $104
                                              million ($71 million, or $0.13 per diluted share, on an after-tax
                                              basis) related to business optimization initiatives. This included
                                              a net charge of $92 million related to restructuring activities
                                              and Gambro integration charges of $12 million. The $92 million of
                                              net restructuring charges included net $61 million of employee
                                              termination costs, a $13 million intangible asset impairment, and
                                              $18 million of asset and other exit costs.
                                               
                   (3)                        The company’s results in 2016 and 2015 included costs incurred
                                              related to the Baxalta separation totaling $10 million ($7 million,
                                              or $0.01 per diluted share, on an after-tax basis) and $61 million
                                              ($49 million, or $0.09 per diluted share, on an after-tax basis),
                                              respectively.
                                               
                   (4)                        The company’s results in 2015 included a net benefit of $18 million
                                              ($11 million, or $0.02 per diluted share, on an after-tax basis)
                                              primarily related to adjustments to the COLLEAGUE and SIGMA SPECTRUM
                                              infusion pump reserves.
                                               
                   (5)                        The company’s results in 2016 included a net debt extinguishment
                                              loss of $48 million ($34 million, or $0.06 per diluted share, on an
                                              after-tax basis) primarily related to certain debt redemptions.
                                               
                                              The company’s results in 2015 included a loss of $130 million ($82
                                              million, or $0.15 per diluted share, on an after-tax basis)
                                              related to the July 2015 debt tender offers.
                                               
For more information on the company’s use of non-GAAP financial
measures in this press release, please see the company’s Current
Report on Form 8-K filed with the Securities and Exchange Commission
on the date of this press release.
 
                                                                                  BAXTER INTERNATIONAL INC.
                                                                              Consolidated Statements of Income
                                                                        Nine Months Ended September 30, 2016 and 2015
                                                                                         (unaudited)
                                                                     (in millions, except per share and percentage data)
                                                               
                                                                                                                                                                        
                                                                                                          Nine Months Ended
                                                                                                            September 30,
                                                                                   ---------------------------------------------------------------
                                                                                           2016                                      2015                                     Change
                                                                                   --------------------                      --------------------                      --------------------
                                                                                                                                                                        
NET SALES                                                                                        $7,518                                    $7,365                                        2%
                                                                                                                                                                        
COST OF SALES                                                                                     4,510                                     4,291                                        5%
                                                      
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
GROSS MARGIN                                                                   3,008                  3,074                   (2%)
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
% of Net Sales                                                                                    40.0%                                     41.7%                                 (1.7 pts)
                                                                                                                                                                        
MARKETING AND ADMINISTRATIVE EXPENSES                                                             2,076                                     2,361                                     (12%)
% of Net Sales                                                                                    27.6%                                     32.1%                                 (4.5 pts)
                                                                                                                                                                        
RESEARCH AND DEVELOPMENT EXPENSES                                                                   490                                       442                                       11%
% of Net Sales                                                                                     6.5%                                      6.0%                                   0.5 pts
                                                      
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
OPERATING INCOME                                                                 442                    271                    63%
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
% of Net Sales                                                                                     5.9%                                      3.7%                                   2.2 pts
                                                                                                                                                                        
NET INTEREST EXPENSE                                                                                 53                                        94                                     (44%)
                                                                                                                                                                        
OTHER INCOME, NET A                                                                             (4,286)                                      (46)                                        NM
                                                      
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES                          4,675                    223                     NM
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
INCOME TAX (BENEFIT) EXPENSE                                                    (51)                     13                     NM
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
% of Income from Continuing Operations before Income Taxes                                       (1.1%)                                      5.8%                                 (6.9 pts)
                                                                                                                                                                        
INCOME FROM CONTINUING OPERATIONS                                                                 4,726                                       210                                        NM
                                                                                                                                                                        
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX B                                            (4)                                       553                                    (101%)
                                                                                                                                                                        
NET INCOME                                                                    $4,722                   $763                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE
    Basic                                                                      $8.64                  $0.39                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
    Diluted                                                                    $8.56                  $0.38                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
(LOSS) INCOME FROM DISCONTINUED OPERATIONS PER COMMON SHARE
    Basic                                                                    ($0.01)                  $1.01                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
    Diluted                                                                  ($0.01)                  $1.01                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
NET INCOME PER COMMON SHARE
    Basic                                                                      $8.63                  $1.40                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
    Diluted                                                                    $8.55                  $1.39                     NM
============================================================= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                        
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
    Basic                                                                                           547                                       544
    Diluted                                                                      552                    548    
------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                        
ADJUSTED OPERATING INCOME (excluding special items)                                                $976           C                          $614           C                           59%
ADJUSTED PRE-TAX INCOME FROM CONTINUING OPERATIONS (excluding                                      $967           C                          $644           C                           50%
special items)
ADJUSTED INCOME FROM CONTINUING OPERATIONS (excluding special                                      $766           C                          $519           C                           48%
items)
ADJUSTED DILUTED EPS FROM CONTINUING OPERATIONS (excluding                                        $1.39           C                         $0.95           C                           46%
special items)
NM - Not Meaningful
A        Other Income, net for the period ended September 30, 2016
                            includes $4.4 billion net realized gains on the Baxalta retained
                            shares transactions and a $149 million net debt extinguishment loss.
B                           Operating results from Baxalta are classified as discontinued
                            operations for all periods presented.
C                           Refer to page 9 for a description of the adjustments and a
                            reconciliation to GAAP measures.
                             
                                                                     BAXTER INTERNATIONAL INC.
                                                             Note to Consolidated Statements of Income
                                                           Nine Months Ended September 30, 2016 and 2015
                                                 Description of Adjustments and Reconciliation of GAAP to Non-GAAP
                                                                             Measures
                                                                            (unaudited)
                                                        (in millions, except per share and percentage data)
                                                                                    
The company’s GAAP results for the nine months ended September 30,
2016 and 2015 included special items which impacted the GAAP
measures as follows:
                                                                                                                
                                                                                            Nine Months Ended
                                                                                              September 30,
                                                                                -----------------------------------------
                                                                                   2016                           2015                               Change
                                                                                ---------                      ---------                      --------------------
Gross Margin                                                                       $3,008                         $3,074                                      (2%)
    Intangible asset amortization expense(1)                                          124                            120
    Business optimization items (2)                                                   113                             28
    Intangible asset impairment(3)                                                     51                              -
    Baxalta separation-related costs (4)                                                1                              1
    Product-related items(5)                                                         (12)        (18)    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Gross Margin                                                              $3,285      $3,205                     2%
                                                                                ========= ==================== ========= ==================== ====================
% of Net Sales                                                                      43.7%                          43.5%                                   0.2 pts
                                                                                                                                               
Marketing and Administrative Expenses                                              $2,076                         $2,361                                     (12%)
    Business optimization items(2)                                                  (137)                          (113)
    Baxalta separation-related costs(4)                                              (45)        (88)    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Marketing and Administrative Expenses                                     $1,894      $2,160                  (12%)
                                                                                ========= ==================== ========= ==================== ====================
% of Net Sales                                                                      25.2%                          29.3%                                 (4.1 pts)
                                                                                                                                               
Research and Development Expenses                                                    $490                           $442                                       11%
    Business optimization items (2)                                                  (75)        (11)    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Research and Development Expenses                                           $415        $431                   (4%)
                                                                                ========= ==================== ========= ==================== ====================
% of Net Sales                                                                       5.5%                           5.9%                                 (0.4 pts)
                                                                                                                                               
Operating Income                                                                     $442                           $271                                       63%
    Impact of special items                                                           534         343    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Operating Income                                                            $976        $614                    59%
                                                                                ========= ==================== ========= ==================== ====================
% of Net Sales                                                                      13.0%                           8.3%                                   4.7 pts
                                                                                                                                               
Other Income, Net                                                                $(4,286)                          $(46)                                        NM
    Net realized gains on Retained Shares transactions (6)                          4,391                              -
    Loss on debt extinguishment (7)                                                 (149)                          (130)
    Litigation settlement(8)                                                            -          52    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Other Income, Net                                                          $(44)      $(124)                  (65%)
                                                                                ========= ==================== ========= ==================== ====================
                                                                                                                                               
Pre-Tax Income from Continuing Operations                                          $4,675                           $223                                        NM
    Impact of special items                                                       (3,708)         421    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Pre-Tax Income from Continuing Operations                                   $967        $644                    50%
                                                                                ========= ==================== ========= ==================== ====================
                                                                                                                                               
Income Tax (Benefit) Expense                                                        $(51)                            $13                                        NM
    Impact of special items                                                           252         112    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Income Tax Expense                                                          $201        $125                    61%
                                                                                ========= ==================== ========= ==================== ====================
% of Adjusted Pre-Tax Income from Continuing Operations                             20.8%                          19.4%                                   1.4 pts
                                                                                                                                               
Income from Continuing Operations                                                  $4,726                           $210                                        NM
    Impact of special items                                                       (3,960)         309    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Income from Continuing Operations                                           $766        $519                    48%
                                                                                ========= ==================== ========= ==================== ====================
                                                                                                                                               
Diluted EPS from Continuing Operations                                              $8.56                          $0.38                                        NM
    Impact of special items                                                        (7.17)        0.57    
                                                                                --------- -------------------- --------- -------------------- --------------------
Adjusted Diluted EPS from Continuing Operations                                     $1.39       $0.95                    46%
                                                                                ========= ==================== ========= ==================== ====================
                                                                                                                                               
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
  Diluted                                                          552         548    
---------------------------------------------------------- -------------------- --------- -------------------- --------- -------------------- --------------------
(1)                        The company’s results in 2016 and 2015 included intangible asset
                                              amortization expense of $124 million ($91 million, or $0.16 per
                                              diluted share, on an after-tax basis) and $120 million ($97 million,
                                              or $0.18 per diluted share, on an after-tax basis), respectively.
                                               
(2)                                           The company’s results in 2016 included a net charge of $325 million
                                              ($242 million, or $0.45 per diluted share, on an after-tax basis)
                                              related to business optimization initiatives. This included a net
                                              charge of $237 million related to restructuring activities, $44
                                              million of costs to implement business optimization programs which
                                              included external consulting and employee salary and related costs,
                                              $25 million of accelerated depreciation associated with facilities
                                              to be closed, and $19 million of Gambro integration costs. The $237
                                              million of net restructuring charges included net $144 million of
                                              employee termination costs, $54 million of costs related to the
                                              discontinuance of the VIVIA home hemodialysis development program, a
                                              $27 million of intangible asset impairment charge related to
                                              acquired in-process R&D, and net $12 million of other exit costs.
                                               
                                              The company’s results in 2015 included a net charge of $152
                                              million ($105 million, or $0.19 per diluted share, on an after-tax
                                              basis) primarily related to business optimization charges. This
                                              included a net charge of $102 million related to restructuring
                                              activities and Gambro integration charges of $50 million. The $102
                                              million of net restructuring charges included net $71 million of
                                              employee termination costs, a $13 million intangible asset
                                              impairment, and $18 million of asset and other exit costs.
                                               
(3)                                           The company’s results in 2016 included a $51 million ($37 million,
                                              or $0.07 per diluted share, on an after-tax basis) impairment
                                              primarily related to developed technology.
                                               
(4)                                           The company’s results in 2016 and 2015 included costs incurred
                                              related to the Baxalta separation totaling $46 million ($34 million,
                                              or $0.06 per diluted share, on an after-tax basis) and $89 million
                                              ($69 million, or $0.13 per diluted share, on an after-tax basis),
                                              respectively.
                                               
(5)                                           The company’s results in 2016 included a benefit of $12 million ($9
                                              million, or $0.02 per diluted share, on an after-tax basis) related
                                              to an adjustment to the SIGMA SPECTRUM infusion pump reserves.
                                               
                                              The company’s results 2015 included a net benefit of $18 million
                                              ($11 million, or $0.02 per diluted share, on an after-tax basis)
                                              primarily related to adjustments to the COLLEAGUE and SIGMA
                                              SPECTRUM infusion pump reserves.
                                               
(6)                                           The company’s results in 2016 included net realized gains of $4.4
                                              billion ($4.4 billion, or $8.05 per diluted share, on an after-tax
                                              basis), related to the debt-for-equity exchanges of the company’s
                                              retained shares in Baxalta for certain company indebtedness, the
                                              exchange of retained shares in Baxalta for Baxter shares and the
                                              contribution of retained shares in Baxalta to Baxter’s U.S. pension
                                              fund. A tax benefit of $54 million was recognized as a result of
                                              these transactions.
                                               
(7)                                           The company’s results in 2016 included a net debt extinguishment
                                              loss totaling $149 million ($100 million, or $0.18 per diluted
                                              share, on an after-tax basis) related to the March 2016
                                              debt-for-equity exchange for certain company indebtedness and
                                              certain debt redemptions.
                                               
                                              The company’s results in 2015 included a loss of $130 million ($82
                                              million, or $0.15 per diluted share, on an after-tax basis)
                                              related to the July 2015 debt tender offers.
                                               
(8)                                           The company’s results in 2015 included income, net of expenses, of
                                              $52 million ($33 million, or $0.06 per diluted share, on an
                                              after-tax basis) related to a litigation settlement in which Baxter
                                              was the beneficiary.
                                               
For more information on the company’s use of non-GAAP financial
measures in this press release, please see the company’s Current
Report on Form 8-K filed with the Securities and Exchange Commission
on the date of this press release.
 
                                                                                                                                                                                                                                     BAXTER INTERNATIONAL INC.
                                                                                                                                                                                                                                     Net Sales
                                                                                                                                                                                                                                     Periods Ending September 30, 2016 and 2015
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                                     ($ in millions)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                        Q3                     Q3             % Growth @             % Growth @                              YTD                    YTD             % Growth @             % Growth @
                                   2016                   2015           Actual Rates         Constant Rates                             2016                   2015           Actual Rates         Constant Rates
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                          
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Renal
United States                                                                                                                                                           $213                                      $196                                        9%                                        9%                                                                                                                                               $624                                      $575                                        9%                                        9%
International                                          764                    747                     2%                     5%                            2,216                  2,230                   (1%)                     4%
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Renal                                           $977                   $943                     4%                     6%                           $2,840                 $2,805                     1%                     5%
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                          
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Hospital Products
United States                                                                                                                                                           $854                                      $809                                        6%                                        6%                                                                                                                                             $2,518                                    $2,363                                        7%                                        7%
International                                          727                    735                   (1%)                     1%                            2,160                  2,197                   (2%)                     3%
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Hospital Products                             $1,581                 $1,544                     2%                     3%                           $4,678                 $4,560                     3%                     5%
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                          
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Baxter International Inc.
United States                                                                                                                                                         $1,067                                    $1,005                                        6%                                        6%                                                                                                                                             $3,142                                    $2,938                                        7%                                        7%
International                                        1,491                  1,482                     1%                     3%                            4,376                  4,427                   (1%)                     3%
------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Baxter                                        $2,558                 $2,487                     3%                     4%                           $7,518                 $7,365                     2%                     5%
========================= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                     BAXTER INTERNATIONAL INC.
                                                                                                                                                                                                                                     Sales by Franchise
                                                                                                                                                                                                                                     Periods Ending September 30, 2016 and 2015
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                                     ($ in millions)
                                                                  
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                Q3                     Q3             % Growth @             % Growth @                              YTD                    YTD             % Growth @             % Growth @
                                           2016                   2015           Actual Rates         Constant Rates                             2016                   2015           Actual Rates         Constant Rates
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                  
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Renal (1)                                               $977                   $943                     4%                     6%                           $2,840                 $2,805                     1%                     5%
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                  
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Hospital Products
Fluid Systems (2)                                                                                                                                                               $576                                      $526                                       10%                                       11%                                                                                                                                             $1,686                                    $1,537                                       10%                                       12%
Integrated Pharmacy Solutions (3)                                                                                                                                                563                                       590                                      (5%)                                      (4%)                                                                                                                                              1,682                                     1,702                                      (1%)                                        1%
Surgical Care (4)                                                                                                                                                                320                                       322                                      (1%)                                        0%                                                                                                                                                972                                       977                                      (1%)                                        1%
Other (5)                                                      122                    106                    15%                    15%                              338                    344                   (2%)                   (1%)
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Hospital Products                                     $1,581                 $1,544                     2%                     3%                           $4,678                 $4,560                     3%                     5%
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                  
--------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Baxter                                                $2,558                 $2,487                     3%                     4%                           $7,518                 $7,365                     2%                     5%
================================= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
(1)   Includes sales of the company’s peritoneal dialysis, hemodialysis
                         and continuous renal replacement therapies.
(2)                      Includes sales of the company’s IV therapies, infusion pumps and
                         administration sets.
(3)                      Includes sales of the company’s premixed and oncology drug
                         platforms, nutrition products and pharmacy compounding services.
(4)                      Includes sales of the company’s inhaled anesthesia products as well
                         as biological products and medical devices used in surgical
                         procedures for hemostasis, tissue sealing and adhesion prevention.
(5)                      Includes sales primarily from the company’s pharmaceutical
                         partnering business.
                          
                                                                                                                                                                                                                                     BAXTER INTERNATIONAL INC.
                                                                                                                                                                                                                                     Franchise Sales by U.S. and International
                                                                                                                                                                                                                                     Periods Ending September 30, 2016 and 2015
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                                     ($ in millions)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           Q3 2016                                                                                                              Q3 2015                                                                                                             % Growth
                                                                                                                                                            ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------------------------------------------------------------------------------------------------------
                               U.S.               International              Total                            U.S.               International              Total                            U.S.               International              Total
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                            
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Renal                                               $213                   $764                   $977                             $196                   $747                   $943                               9%                     2%                     4%
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                            
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Hospital Products                                                                                                                                                                                                                                                                                                                                                      
Fluid Systems                                                                                                                                                               $327                                      $249                                      $576                                                                                                                                               $266                                      $260                                      $526                                                                                                                                                23%                                      (4%)                                       10%
Integrated Pharmacy Solutions                                                                                                                                                259                                       304                                       563                                                                                                                                                288                                       302                                       590                                                                                                                                              (10%)                                        1%                                      (5%)
Surgical Care                                                                                                                                                                188                                       132                                       320                                                                                                                                                187                                       135                                       322                                                                                                                                                 1%                                      (2%)                                      (1%)
Other                                                       80                     42                    122                               68                     38                    106                              18%                    11%                    15%
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Hospital Products                                   $854                   $727                 $1,581                             $809                   $735                 $1,544                               6%                   (1%)                     2%
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                            
----------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Baxter                                            $1,067                 $1,491                 $2,558                           $1,005                 $1,482                 $2,487                               6%                     1%                     3%
============================= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161025005392r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20161025005392/en/

SOURCE: Baxter International Inc."> <Property FormalName="PrimaryTwitterHandle" Value="@baxter_intl

Baxter International Inc. 
Media Contact: 
Deborah Spak, (224) 948-2349 
or 
Investor Contact: 
Clare Trachtman, (224) 948-3085


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