盘前暴跌超11%！百特业绩不及预期，盈利指引疲软！

Core Viewpoint - Baxter International Inc. experienced a significant stock price drop of 14% following the release of its fourth-quarter earnings, which fell short of analyst expectations, along with a disappointing full-year profit guidance [1][3]. Financial Performance - The company reported an adjusted earnings per share of $0.44, which was below the analyst expectation of $0.54 [3]. - Revenue reached $2.97 billion, exceeding the analyst consensus of $2.84 billion, and showed an 8% year-over-year growth on a reported basis (3% growth on an operational basis) [3]. - Despite the revenue exceeding expectations, concerns over profitability overshadowed the positive sales performance [3]. - For the fiscal year 2026, the company projected adjusted earnings per share between $1.85 and $2.05, significantly lower than the analyst consensus of $2.25 [3]. Business Segments - By business segment, sales in medical products and therapies grew by 6% to $1.39 billion, medical systems and technologies increased by 5% to $827 million, and the pharmaceutical business rose by 4% to $668 million [4]. Organizational Changes - Baxter introduced a new operational model aimed at simplifying its organizational structure and enhancing performance [4]. - The company announced changes to its board, appointing Michael R. McDonnell as a new director, while Cathy R. Smith and Stephen H. Rusckowski are set to resign on February 13, 2026 [4].