Core Viewpoint - Baxter International Inc. has announced early tender results for cash tender offers for its 2026 and 2027 Notes, with a maximum purchase price of up to $600 million for the 2027 Notes [1][2]. Group 1: Tender Offer Details - The tender offers include the purchase of all 2.600% senior unsecured notes due 2026 and a portion of the 1.915% senior unsecured notes due 2027 [2]. - The total principal amount of the 2026 Notes outstanding is $750 million, with $420.589 million tendered by the early tender date [4]. - For the 2027 Notes, the total outstanding is $1.45 billion, with $1.08866 billion tendered [4]. Group 2: Early Tender Date and Settlement - The early tender date was set for December 3, 2025, at 5:00 p.m. New York City time, after which withdrawal rights expired [3]. - The company plans to make payments for the validly tendered notes on December 8, 2025, which is the early settlement date [4]. Group 3: Total Consideration and Pricing - The total consideration for the notes accepted for purchase will include an early tender payment of $30.00 per $1,000 principal amount and will be determined based on the applicable fixed spread and yield of U.S. Treasury reference securities [5]. - The total consideration will be announced on December 4, 2025, at 10:00 a.m. New York City time [5]. Group 4: Pro Rata Acceptance - Due to the expected exceedance of the maximum tender cap for the 2027 Notes, any tendered 2027 Notes will be accepted on a pro rata basis [6]. - The company does not anticipate accepting any 2027 Notes tendered after the early tender date [6]. Group 5: Conditions and Management - The tender offers are subject to certain conditions, including the financing condition specified in the Offer to Purchase [8]. - Citigroup Global Markets Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC are the dealer managers for the tender offers [9].

Core Viewpoint - A class action lawsuit has been filed against Baxter International, Inc. and certain executives for alleged violations of federal securities laws [1] Summary by Relevant Sections - **Company Overview** - Baxter International, Inc. is facing legal action from Bernstein Litowitz Berger & Grossmann LLP, a law firm specializing in investor rights [1] - **Legal Action Details** - The lawsuit was filed in the U.S. District Court for the Northern District of Illinois [1] - The action is on behalf of all investors who purchased or otherwise acquired shares of Baxter [1]

Group 1 - The presentation features Baxter's executive team, including Joel Grade, EVP and CFO, and Kevin Moran from Investor Relations [1] - The discussion reflects on the past 18 months, highlighting initial optimism and subsequent challenges faced by the company [3] - Management changes, particularly the arrival of Andrew, are noted as significant factors impacting the company's trajectory [4] Group 2 - Forward-looking statements will be made during the presentation, which are subject to risks and uncertainties [2] - The company encourages stakeholders to refer to their Investor Relations website or SEC filings for more detailed information [2]

Core Insights - Baxter International Inc. is a global healthcare company providing essential medical products, operating in a competitive landscape with peers like Medtronic and Becton Dickinson [1] - Morgan Stanley set a new price target for Baxter at $15, indicating a potential downside of approximately -21.38% from the current trading price of $19.08 [1][5] - Faruqi & Faruqi, LLP is investigating potential claims against Baxter for investors who purchased securities between February 23, 2022, and July 30, 2025 [2][4][5] Company Performance - Baxter's current stock price is $19.08, reflecting an increase of 1.81% or $0.34, with a trading volume of 8,389,032 shares [3][5] - The stock has fluctuated between a low of $18.55 and a high of $19.20 on the current trading day [3] - Over the past year, Baxter's stock reached a high of $37.74 and a low of $17.40 [3] - The company has a market capitalization of approximately $9.81 billion [3][5]

Summary of Baxter International FY Conference Call (December 02, 2025) Company Overview - **Company**: Baxter International (NYSE:BAX) - **Industry**: Healthcare, specifically in medical devices and pharmaceuticals Key Points and Arguments Leadership Changes - Andrew, the new CEO, brings a strong operational background from companies like GE and Danaher, focusing on continuous improvement and stability in operations [4][5] - The company aims to enhance execution consistency to improve margins and cash flows [6][7] Business Performance and Challenges - The past 18 months have been tumultuous, with initial optimism followed by challenges including management changes and external factors like hurricanes [3][9] - Key areas affecting guidance include: - **Pump Sales**: Initially strong but faced unexpected challenges, leading to a downward revision in expectations [9][10] - **Fluid Conservation**: Post-hurricane production ramp-up has led to a new normal in customer behavior, with a 10%-15% reduction in usage compared to pre-hurricane levels [10][11] - **Pharmaceutical Business**: Market softness in injectables, particularly in the U.S., has impacted overall guidance [11][12] Customer Behavior and Product Demand - Customer behavior regarding pump usage has been mixed, with some opting to switch to Spectrum pumps or return Novum products [16][19] - Demand for Spectrum pumps remains solid, with production ramped up to meet needs [17][18] - The company has not quantified the total revenue headwind from Novum for fiscal 2025 but indicated that pump sales are less than 2% of total sales [20][21] Market Share and Competitive Landscape - Baxter's pump market share is in the high 20s in the U.S., with some share loss attributed to Novum issues [22][23] - Historical data shows that Spectrum pumps have been gaining market share prior to Novum's introduction [25][26] Financial Guidance and Margins - The company anticipates continued challenges in margins due to volume impacts, tariffs, and MSA margin dilution [63][64] - Pricing improvements from renegotiated GPO contracts are expected to contribute positively to margins [63] Future Outlook - The company is optimistic about new product launches, including the Connex 360 next-generation monitor, which is expected to contribute to growth in 2026 [60][61] - There is a focus on improving free cash flow conversion, with expectations for improvement in 2026 [67][68] Conclusion - Baxter is navigating a complex landscape with leadership changes, market challenges, and a focus on operational improvements. The company is committed to enhancing execution and addressing customer needs while preparing for future growth through innovation and strategic planning [5][60][67]

Core Insights - Baxter has issued a recall for its Life2000 Ventilation System due to a serious cybersecurity issue that could potentially lead to serious injury or death if the device is used [1][8][9] - The recall is classified by the FDA as the most serious type, and Baxter has permanently removed the Life2000 from the market [2][4] Product Details - The Life2000 Ventilation System was acquired by Baxter through the purchase of Hillrom in 2021 and is designed to provide mechanical ventilation support for adult patients [3] - The system includes the Life2000 Ventilator and the Life2000 Compressor, intended for use in home or institutional settings, but not for ambulances or air transport [3] Financial Impact - Despite the recall, Baxter's share price has increased by 0.9% since the FDA notice on November 26, likely due to the system's negligible contribution to total sales [4] - Year-to-date, Baxter's stock has declined by 34.6%, contrasting with a 4.9% gain in the industry and an 18.9% rise in the S&P 500 Index [5] Recall Recommendations - Baxter has advised users to stop using the Life2000 ventilators immediately and to discuss alternative therapy options with healthcare providers [10] - Healthcare facilities are also instructed to discontinue the use of all Life2000 ventilators and compressors [10]

Core Viewpoint - A class action securities lawsuit has been filed against Baxter International, Inc. due to alleged securities fraud affecting investors between February 23, 2022, and July 30, 2025 [2][3]. Group 1: Lawsuit Details - The lawsuit claims that Baxter's product, the Novum LVP, had systemic defects leading to malfunctions such as underinfusion, overinfusion, and non-delivery of fluids, posing serious risks to patients [3]. - It is alleged that Baxter was aware of multiple malfunctions, injuries, and deaths related to these defects but failed to take adequate remedial measures [3]. - The complaint states that Baxter's public statements regarding the safety, efficacy, and sales prospects of the Novum LVP were materially false and misleading [3]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until December 15, 2025, to request appointment as lead plaintiff, although participation does not require serving in this role [4]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [4]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing significant settlements for shareholders and is recognized as one of the top securities litigation firms in the United States [5].

Core Viewpoint - A class action securities lawsuit has been filed against Baxter International, Inc. due to alleged securities fraud related to the company's product, Novum LVP, which reportedly has systemic defects leading to serious patient risks [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Baxter's Novum LVP product has systemic defects causing malfunctions such as underinfusion, overinfusion, and non-delivery of fluids, posing risks of serious injury or death to patients [2]. - Baxter was allegedly aware of multiple device malfunctions, injuries, and deaths linked to these defects but failed to implement adequate remedial measures [2]. - The complaint suggests that Baxter's statements regarding the safety, efficacy, and sales prospects of the Novum LVP were materially false and misleading [2]. Group 2: Investor Information - Investors who suffered losses during the specified period (February 23, 2022, to July 30, 2025) have until December 15, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [3]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing significant recoveries for shareholders and is recognized as one of the top securities litigation firms in the United States [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Baxter International Inc. common stock during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who bought Baxter common stock between February 23, 2022, and July 30, 2025, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To participate in the class action, investors can submit their information through the provided link or contact the law firm directly [3][6]. - The deadline to move the Court to serve as lead plaintiff is December 15, 2025 [3]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. - The firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time, and has consistently ranked highly in securities class action settlements [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering funds for clients [4]. Group 3: Case Allegations - The lawsuit alleges that Baxter misled investors by failing to disclose systemic defects in the Novum IQ Large Volume Pump, which led to serious malfunctions and risks to patient safety [5]. - Baxter was reportedly aware of multiple device malfunctions and injuries but did not take adequate remedial measures, leading to a heightened risk of product recalls and sales halts [5]. - The firm claims that Baxter's statements regarding the safety and efficacy of the Novum LVPs were materially false and misleading, resulting in investor damages when the truth was revealed [5].

Core Viewpoint - The Life2000 ventilator by Baxter, initially seen as a promising product, has been permanently withdrawn from the market due to cumulative vulnerabilities and a significant digital security flaw, highlighting the risks associated with the digitalization of medical devices [1][17][24]. Group 1: Product Background and Initial Expectations - Baxter acquired Hillrom for $12.5 billion in 2021, with Life2000 symbolizing a key entry point into the home respiratory support market post-pandemic [3][5]. - The product was designed to meet a growing market need for portable home ventilators, aiming to be a new growth driver for Baxter [5][6]. Group 2: Series of Recalls and Issues - Life2000 faced three recalls: in 2023 for oxygen saturation issues, in 2024 for battery charging failures, and in 2025 for cybersecurity vulnerabilities [7][8][13]. - The initial oxygen saturation problem was perceived as a compatibility issue, but it indicated deeper systemic vulnerabilities [10]. - The battery failure posed a direct risk to patients relying on ventilation, leading to growing doubts about the device's reliability [12]. Group 3: Cybersecurity and Final Withdrawal - In 2025, serious cybersecurity vulnerabilities were discovered, including open debugging ports and lack of firmware integrity checks, which could allow unauthorized modifications [13][14]. - The device was classified as Class I (highest risk level) by the FDA, leading Baxter to choose market withdrawal over repairs due to the fundamental nature of the vulnerabilities [16][24]. Group 4: Industry Implications and Shifts - The failure of Life2000 reflects a broader industry shift where risks are no longer just mechanical or electrical but also involve software integrity and cybersecurity [17][21]. - The case emphasizes that in the digital healthcare era, the safety of life-support devices must consider whether parameters can be altered and if the software is trustworthy [22][24]. Group 5: Regulatory Changes and Future Considerations - The withdrawal coincided with the FDA's new cybersecurity regulations, which now require comprehensive security measures for medical devices throughout their lifecycle [28][29]. - The case serves as a warning for the industry, particularly for companies in China, about the importance of robust security systems as they expand into international markets [30][31][33]. Group 6: Conclusion and Future Outlook - The Life2000 incident encapsulates a new industry narrative: as medical devices become software-defined, their associated risks must be redefined [35][36]. - The future of medical technology will hinge on the ability to ensure software integrity, code verification, and overall system security [34][37].