Baxter showed strong recovery and operational performance in Q4 2024, beating guidance and setting a positive tone for 2025. Despite challenges from Hurricane Helene and declines in Frontline Care, the company's strategic initiatives and product launches are expected to drive growth. The sentiment is balanced, with notable achievements in product launches and recovery efforts, but offset by the impact of external challenges and operational pressures.

Company Guidance

In the fourth quarter of 2024 earnings call, Baxter International provided guidance for the upcoming fiscal year 2025, highlighting several key metrics and strategic priorities. The company anticipates full-year sales growth of 5% to 6% on a reported basis, factoring in a 200 basis points negative impact from foreign exchange and $345 million in anticipated manufacturing service agreement (MSA) revenues from Vantive. Baxter projects operational sales growth of 4% to 5%, excluding foreign exchange, MSA revenues, and a 50 basis points headwind from exiting the IV Solutions market in China. Segment-wise, Medical Products & Therapies (MPT) is expected to grow by approximately 5%, Healthcare Systems & Technologies (HST) by 3%, and Pharmaceuticals by 5% to 6%. The company aims to achieve a full-year adjusted operating margin of approximately 16.5% and anticipates adjusted earnings per share to range between $2.45 and $2.55. The first quarter of 2025 is expected to see operational sales growth of around 3% to 4% and adjusted earnings per share of $0.47 to $0.50, despite a 200 basis points foreign exchange headwind and a $60 million contribution from MSA revenues. The guidance reflects ongoing efforts to enhance innovation, optimize cost structures, and harness commercial excellence to drive profitable growth.

Strong Finish to 2024

Baxter exceeded fourth-quarter guidance for continuing operations on both top and bottom lines, driven by better-than-expected sales and solid operational performance.

Recovery from Hurricane Helene

Swift recovery efforts from Hurricane Helene resulted in sales being $45 million better than expected. The North Cove site returned to pre-hurricane levels with all manufacturing lines operational.

Infusion Pump Platform Success

The Novum IQ infusion pump platform saw a strong rollout in the U.S., contributing to a 50% growth in the infusion business in 2024.

Pharmaceuticals Segment Growth

Pharmaceuticals sales increased 8% in Q4 and 7% for the full year, driven by strong demand for U.S. pre-mixed products and new product launches.

2025 Sales and Earnings Guidance

Baxter expects total sales growth of 5% to 6% on a reported basis and adjusted earnings per share of $2.45 to $2.55.

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Baxter International (BAX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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BAX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 24, 2025	2025 (Q1)	0.49 / -	0.65	―	―	―
Feb 20, 2025	2024 (Q4)	0.52 / 0.58	0.88	-34.09% (-0.30)
Nov 08, 2024	2024 (Q3)	0.78 / 0.49	0.82	-40.24% (-0.33)
Aug 06, 2024	2024 (Q2)	0.66 / 0.68	0.66	3.03% (+0.02)
May 02, 2024	2024 (Q1)	0.61 / 0.65	0.59	10.17% (+0.06)
Feb 08, 2024	2023 (Q4)	0.86 / 0.88	0.88	0.00% (0.00)
Nov 02, 2023	2023 (Q3)	0.67 / 0.82	0.82	0.00% (0.00)
Jul 27, 2023	2023 (Q2)	0.60 / 0.66	0.87	-24.14% (-0.21)
Apr 27, 2023	2023 (Q1)	0.49 / 0.59	0.93	-36.56% (-0.34)
Feb 09, 2023	2022 (Q4)	0.94 / 0.88	1.04	-15.38% (-0.16)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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BAX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 20, 2025	$30.82	$33.44	+8.50%
Nov 08, 2024	$35.86	$34.46	-3.90%
Aug 06, 2024	$34.20	$36.45	+6.58%
May 02, 2024	$39.48	$36.13	-8.49%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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