Baxter International Inc. is an American multinational healthcare company headquartered in Deerfield, Illinois. The company manufactures and markets products for chronic and acute medical conditions, including sterile IV solutions, infusion systems, parenteral nutrition therapies, surgical products, and inhaled anesthetics.
Baxter operates through three primary business segments: Medical Products and Therapies, Healthcare Systems and Technologies, and Pharmaceuticals. The company sells products in more than 100 countries through direct sales, independent distributors, and specialty pharmacy providers.
In January 2025, Baxter completed the sale of its Kidney Care business (now operating as Vantive) to Carlyle for approximately $3.4 billion. This divestiture has allowed the company to focus on its core hospital, nutrition, and surgical care operations.
Baxter International History
Baxter International Co-founders
Baxter International Revenue
Baxter International reported annual revenue of $10.64 billion for 2024, an increase of 2.66% compared to the prior year. The trailing twelve-month revenue ending September 2025 reached $11.02 billion.
Note that Baxter’s revenue figures from 2023 onward reflect continuing operations only, excluding the divested Kidney Care segment which generated approximately $4.5 billion annually before its sale.
Baxter International Marketcap
As of late 2025, Baxter International has a market capitalization of approximately $11.5 billion. The company’s valuation has fluctuated over the past decade, reaching a peak of over $45 billion in early 2020 before declining amid broader market conditions and strategic portfolio changes.
Baxter International Acquisitions
Baxter International has grown through strategic acquisitions over several decades. The company’s acquisition strategy has focused on expanding capabilities in renal care, infusion therapy, pharmacy automation, and connected healthcare technologies.
The largest acquisition in Baxter’s history was the $10.5 billion purchase of Hillrom in December 2021. This deal brought smart bed systems, patient monitoring technologies, and the Welch Allyn product line into Baxter’s portfolio. The combination created a company with approximately $15 billion in annual revenue at the time.
In 2013, Baxter acquired Sweden-based GAMBRO AB for approximately $4 billion. GAMBRO was a global leader in dialysis equipment and renal care products. This acquisition strengthened Baxter’s position in the kidney disease treatment market.
Other notable acquisitions include Ohmeda’s Pharmaceutical Products Division in 1998, which made Baxter a leader in inhaled anesthetics. The company acquired Baxa Corporation in 2011 to expand pharmacy automation offerings, followed by Sigma (smart infusion pumps) and Synovis Life Technologies in 2012. In 2017, Baxter acquired Claris Injectables Limited to expand its generic injectable pharmaceuticals business.
The 1985 merger with American Hospital Supply Corporation was a defining moment that transformed Baxter from a specialized IV solutions company into a broad-based medical products distributor serving thousands of hospitals nationwide.
Baxter International Competitors
Baxter International competes with major medical device and healthcare companies across its product segments. Key competitors include global players in infusion therapy, surgical care, and hospital products.
| Company | Headquarters | Key Competing Segments |
|---|---|---|
| Medtronic | Dublin, Ireland | Surgical products, diabetes management |
| Fresenius Medical Care | Bad Homburg, Germany | Dialysis products (competes with former Kidney Care segment) |
| B. Braun | Melsungen, Germany | Infusion therapy, IV solutions, surgical care |
| Johnson & Johnson | New Brunswick, NJ, USA | Medical devices, surgical products |
| Abbott Laboratories | Abbott Park, IL, USA | Diagnostics, medical devices |
| Becton Dickinson (BD) | Franklin Lakes, NJ, USA | Medication delivery, infusion systems |
| ICU Medical | San Clemente, CA, USA | Infusion therapy, IV systems |
| Boston Scientific | Marlborough, MA, USA | Medical devices, surgical products |
| Fresenius Kabi | Bad Homburg, Germany | IV drugs, clinical nutrition, medical devices |
| Stryker | Kalamazoo, MI, USA | Surgical equipment, hospital beds |
FAQs
When was Baxter International founded?
Baxter International was founded in 1931 by Dr. Ralph Falk and Dr. Donald Baxter as the Don Baxter Intravenous Products Corporation, the first commercial manufacturer of prepared IV solutions.
Where is Baxter International headquarters located?
Baxter International is headquartered in Deerfield, Illinois, United States. The company moved to its current Deerfield location in 1975.
What products does Baxter International make?
Baxter manufactures sterile IV solutions, infusion systems, parenteral nutrition products, surgical hemostats and sealants, smart bed systems, patient monitoring devices, and inhaled anesthetics.
How many employees does Baxter International have?
Baxter International has approximately 38,000 employees worldwide as of 2024. This number decreased from 60,000 following the sale of its Kidney Care segment to Carlyle in January 2025.
What happened to Baxter’s Kidney Care business?
Baxter sold its Kidney Care segment to Carlyle for $3.8 billion in January 2025. The business now operates as Vantive, a standalone vital organ therapy company serving dialysis patients in over 100 countries.