Baxter reports 5% revenue growth in Q3 as new CEO launches improvement effort

Baxter International Inc. reported third-quarter 2025 revenue of $2.84 billion from continuing operations, up 5% from the same period last year, as new President and CEO Andrew Hider said the company is moving quickly to strengthen performance and lay the groundwork for long-term growth. The results exclude Baxter’s Kidney Care business, which was sold to Carlyle earlier this year.

U.S. sales totaled $1.54 billion, increasing 3% on a reported basis but down 1% on an operational basis. International sales reached $1.29 billion, rising 8% reported and 5% operationally. The company reported a net loss of $51 million, or 10 cents per diluted share, from continuing operations under U.S. GAAP accounting. On an adjusted basis, Baxter earned 69 cents per share, a 41% increase over the same quarter last year.

“I joined Baxter because it’s a global health care leader—an iconic brand with an essential portfolio that touches more than 350 million patients every year,” Hider said. “In my first weeks, I’ve seen firsthand the passion and expertise that are at the heart of this company. Following this work, we have already taken decisive steps, including the launch of a new enterprise-wide continuous improvement system to sharpen execution and strengthen future results. There is clearly work ahead of us, but I’m energized by the team’s commitment, motivated by our potential, and confident we’ve begun taking the right steps to build a future of growth and enhanced performance.”

By segment, Medical Products & Therapies sales totaled about $1.33 billion, down 1% on both a reported and operational basis. The company attributed the decline to lower infusion pump sales and softer IV solution demand, which it said stemmed from post-Hurricane Helene conservation efforts. The impact was partially offset by continued strong demand for advanced surgery products.

Healthcare Systems & Technologies sales rose 3% to $773 million on a reported basis and 2% operationally, driven by ongoing demand for Care & Connectivity Solutions and steady growth in the Front Line Care division across U.S. and international markets. Pharmaceuticals posted the strongest results, with sales climbing 7% to $632 million on strength in drug compounding and injectable anesthesia products.

Baxter said it continues to advance its strategic priorities as part of its mission to “Save and Sustain Lives.” Among recent initiatives, the company launched the Welch Allyn Connex 360 Vital Signs Monitor, a next-generation device designed to enhance connectivity and security across hospital networks. Baxter also earned a Gold Level Resiliency Badge from the Healthcare Industry Resilience Collaborative in the categories of IV Solutions, Nutrition Solutions, and Premix Drugs—the first manufacturer to achieve that distinction across all three categories.

The company highlighted its recovery efforts following Hurricane Helene and said it is investing further to improve supply chain resilience.

Looking ahead, Baxter expects full-year 2025 sales growth from continuing operations of 4% to 5% on a reported basis and 1% to 2% on an operational basis. Adjusted earnings from continuing operations are projected at $2.35 to $2.40 per diluted share. For the fourth quarter, the company forecasts sales growth of about 2% on a reported basis and a decline of about 2% operationally, with adjusted earnings of 52 to 57 cents per share.