分组1 - Baxter International reported quarterly earnings of $0.44 per share, missing the Zacks Consensus Estimate of $0.53 per share, and down from $0.58 per share a year ago, representing an earnings surprise of -17.42% [1] - The company posted revenues of $2.97 billion for the quarter, surpassing the Zacks Consensus Estimate by 6.44%, compared to year-ago revenues of $2.75 billion [2] - Baxter shares have increased approximately 16.5% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.50 on revenues of $2.64 billion, and for the current fiscal year, it is $2.33 on revenues of $11.28 billion [7] - The Zacks Industry Rank indicates that the Medical - Products sector is currently in the bottom 33% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - In Q4 2025, global sales from continuing operations totaled $3 billion, representing an 8% increase on a reported basis and a 3% increase on an operational basis [8][18] - Adjusted earnings from continuing operations were $0.44 per diluted share, which fell short of expectations despite exceeding top-line forecasts [8][18] - Adjusted gross margins from continuing operations were 35.5%, a decrease of 900 basis points compared to the prior year [26] - Adjusted operating margin was 11.8%, a decrease of 340 basis points compared to the prior year [27] Business Line Data and Key Metrics Changes - Medical Products and Therapies (MPT) segment sales were $1.4 billion, increasing 4% in the quarter, driven by growth in Infusion Therapies and Technologies [18][19] - Advanced Surgery sales totaled $328 million, growing 11% due to strong demand for hemostats and sealants [20] - Healthcare Systems and Technologies (HST) sales were $827 million, increasing 4%, with Care and Connectivity Solutions growing 4% globally [21] - Pharmaceuticals segment sales totaled $668 million, increasing 2%, but the Injectables and Anesthesia division saw a decline of 9% [23][24] Market Data and Key Metrics Changes - Total U.S. capital orders for Care and Connectivity Solutions increased nearly 30% compared to the prior year, indicating strong demand [22] - The company has not observed a slowdown in U.S. hospital capital spending, although macroeconomic uncertainty is being monitored closely [22] Company Strategy and Development Direction - The company is focused on three main priorities: stabilizing business areas, strengthening the balance sheet, and driving a culture of continuous improvement [11][12] - A new operating model has been announced to simplify the organization, accelerate innovation, and improve performance by delayering leadership and embedding critical functional roles [12][62] - Continuous investment in R&D is expected to remain at or above historical levels to drive innovation [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q4 2025 and emphasized the need for improvement in performance and execution [9][10] - The outlook for 2026 anticipates total sales growth to be flat to 1% on a reported basis, with organic sales growth expected to be approximately flat [30][32] - The first quarter of 2026 is expected to be the most challenging, with improvements anticipated in the second half of the year [35][36] Other Important Information - Free cash flow generation exceeded $450 million in Q4 2025, with full-year free cash flow reaching $438 million [29] - The company plans to deploy cash towards reducing leverage in line with its capital allocation framework [29] Q&A Session Summary Question: Strategic review and sustainability of the business - Management emphasized the importance of accountability at lower levels and the need for continuous improvement to enhance customer support and performance [41][42] Question: Progress on reducing G&A and support costs - Management confirmed that they are on track with cost takeout and streamlining operations, with a commitment to eliminate stranded costs by the end of 2027 [46][48] Question: Earnings growth as TSAs roll off - Management indicated that while they anticipate growth in 2027, specific guidance is not being provided at this time [51][52] Question: Q4 gross margin decline factors - Management identified unfavorable sales mix, higher manufacturing costs, and non-recurring items as key contributors to the gross margin decline [70][71] Question: Improving margins in the Pharmaceuticals business - Management expressed confidence in the fundamentals of the Pharmaceuticals business and outlined ongoing efforts to improve operational execution and address supplier challenges [76][78]

Financial Data and Key Metrics Changes - In Q4 2025, global sales from continuing operations totaled $3 billion, representing an 8% increase on a reported basis and a 3% increase on an operational basis [8][17] - Adjusted earnings from continuing operations were $0.44 per diluted share, which fell short of expectations despite exceeding top-line forecasts [8][17] - Adjusted gross margins from continuing operations were 35.5%, a decrease of 900 basis points compared to the prior year [25] - Adjusted operating margin from continuing operations was 11.8%, a decrease of 340 basis points compared to the prior year [26] Business Line Data and Key Metrics Changes - Medical Products and Therapies (MPT) segment sales were $1.4 billion, increasing 4% in the quarter, driven by growth in Infusion Therapies and Technologies [17][18] - Advanced Surgery products grew 11%, totaling $328 million, reflecting strong demand and commercial execution [10][19] - Healthcare Systems and Technologies (HST) sales totaled $827 million, increasing 4%, with Care and Connectivity Solutions growing 4% globally [20] - Pharmaceuticals segment sales were $668 million, increasing 2%, but the injectables and anesthesia division saw a decline of 9% [21][22] Market Data and Key Metrics Changes - U.S. capital orders for Care and Connectivity Solutions increased nearly 30% compared to the prior year, indicating strong demand in the market [20] - The company has not observed a slowdown in U.S. hospital capital spending, although broader macroeconomic uncertainty is being monitored [20] Company Strategy and Development Direction - The company is focused on three main priorities: stabilizing the business, strengthening the balance sheet, and driving a culture of continuous improvement [11][12] - A new operating model has been announced to simplify the organization, accelerate innovation, and improve performance by delayering leadership and embedding critical functional roles [12][60] - Innovation is emphasized as a critical element for success, with continued investment in R&D at or above historical levels [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced and emphasizes the need for improvement in performance and execution [9] - The outlook for 2026 anticipates total sales growth to be flat to 1% on a reported basis, with organic sales growth expected to be approximately flat [29][31] - The first quarter of 2026 is expected to be the most challenging, with improvements anticipated in the second half of the year [34] Other Important Information - Free cash flow generation exceeded $450 million in Q4 2025, with full-year free cash flow at $438 million [28] - The company plans to deploy cash towards reducing leverage in line with its capital allocation framework [28] Q&A Session Summary Question: Strategic review and sustainability of the business - Management emphasized the importance of accountability at lower levels and the need for continuous improvement to enhance performance [38][39] Question: Progress on reducing G&A and support costs - Management confirmed that they are on track with cost takeout and streamlining operations to meet demand, with a commitment to eliminate stranded costs by the end of 2027 [44][45] Question: Earnings growth as TSAs roll off - Management anticipates growth but has not provided specific guidance for 2027, as TSAs will tail off in early 2027 [48][49] Question: Q4 gross margin decline - Management attributed the decline to unfavorable sales mix, higher manufacturing costs, and non-recurring items, with expectations for improvement in the second half of 2026 [68][72] Question: Improving margins in the pharmaceuticals business - Management expressed confidence in the fundamentals of the pharmaceuticals business and outlined actions being taken to improve operational execution and address supplier challenges [76][78]

Financial Data and Key Metrics Changes - In Q4 2025, global sales from continuing operations totaled $3 billion, representing an 8% increase on a reported basis and a 3% increase on an operational basis [7][16] - Adjusted earnings from continuing operations were $0.44 per diluted share, which fell short of expectations despite exceeding top-line forecasts [7][16] - Adjusted gross margins from continuing operations were 35.5%, a decrease of 900 basis points compared to the prior year [24] - Adjusted operating margin from continuing operations was 11.8%, a decrease of 340 basis points compared to the prior year [25] Business Line Data and Key Metrics Changes - Medical Products and Therapies (MPT) segment sales were $1.4 billion, increasing 4% in the quarter, driven by growth in Infusion Therapies and Technologies [17][19] - Advanced Surgery products grew 11% to $328 million, reflecting strong demand and commercial execution [19] - Healthcare Systems and Technologies (HST) sales totaled $827 million, increasing 4%, with Care and Connectivity Solutions growing 4% globally [20] - Pharmaceuticals segment sales were $668 million, increasing 2%, but injectables and anesthesia division sales declined 9% [21][22] Market Data and Key Metrics Changes - U.S. capital orders for Care and Connectivity Solutions increased nearly 30% compared to the prior year, indicating strong demand [20] - The overall market for IV solutions remains below historical levels, influenced by fluid conservation practices following Hurricane Helene [18] Company Strategy and Development Direction - The company is focused on three main priorities: stabilizing business areas, strengthening the balance sheet, and driving a culture of continuous improvement [11] - A new operating model has been announced to simplify the organization, accelerate innovation, and improve performance by delayering leadership and embedding critical functional roles [12][60] - Innovation is emphasized as a critical element for success, with continued investment in R&D at or above historical levels [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges ahead and emphasizes the need for improvement in performance and execution [8][9] - The company expects total sales growth for 2026 to be flat to 1% on a reported basis, with organic sales growth expected to be approximately flat [28][29] - The first quarter of 2026 is anticipated to be the most challenging, with expectations for improvement in the second half of the year [32][34] Other Important Information - Free cash flow generation exceeded $450 million in Q4 2025, with full-year free cash flow at $438 million [27] - The company plans to deploy cash towards reducing leverage in line with its capital allocation framework [27] Q&A Session Summary Question: What is being done to ensure sustainability of the business amid competitive dynamics? - Management is focusing on stabilizing the business, strengthening the balance sheet, and driving continuous improvement to enhance customer support and execution [36][39] Question: What progress is being made on reducing G&A and support costs related to the TSA? - The company is on track with cost takeout and streamlining operations, with a commitment to eliminate stranded costs by the end of 2027 [42][44] Question: Will earnings grow next year as TSAs roll off? - While growth is anticipated, specific guidance is not provided at this time [48] Question: What factors contributed to the decline in gross margins? - The decline was attributed to unfavorable sales mix, higher manufacturing costs, and non-recurring items totaling around $40 million [66][68] Question: What actions are being taken to improve margins in the pharmaceuticals business? - The company is focusing on operational execution and addressing supplier challenges to improve performance in the pharmaceuticals segment [73][75]

百特国际公司(Baxter International Inc.)(NYSE:BAX) 股价暴跌14%，此前这家全球医疗技术领导者公布的第四季度业绩未达分析师预期，并发布了 令人失望的全年盈利指引。 按业务部门划分，医疗产品与疗法销售额增长6%至13.9亿美元，医疗系统与技术增长5%至8.27亿美元，制药业务增长4%至6.68亿美元。 百特最近推出了一种新的运营模式，旨在简化组织结构并提升业绩。Hider补充道："虽然前方的工作需要时间，但我对员工的奉献精神感到鼓 舞，并对百特的长期发展轨迹保持信心。" 公司还宣布了董事会变动，任命Michael R. McDonnell为新董事，而Cathy R. Smith和Stephen H. Rusckowski将于2026年2月13日辞职。 百特股价在财报发布后暴跌，因为投资者对公司业绩不及预期和2026财年疲软的展望做出反应。公司预计2026财年调整后每股收益为1.85至 2.05美元，显著低于分析师共识的2.25美元。 "虽然我们在所有业务部门都实现了销售增长，但我们第四季度的业绩未能达到我们的预期，这凸显了我们专注于推动整个企业持续改进的重要 性，"百特总裁兼 ...

Fourth -Quarter 2025 Earnings Baxter International Inc. February 12, 2026 1 Forward-Looking Statements To supplement Baxter's consolidated financial statements presented on a U.S. GAAP basis, the company discloses certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. A reconciliation of the non-GAAP financial measures included in this document to the corresponding U.S. GAAP measures follows in the sect ...

Group 1 - Baxter International Inc. forecasts 2026 adjusted profit between $1.85 and $2.05 per share, which is below analysts' average expectation of $2.25 per share [1] - The lower profit forecast is attributed to ongoing disruptions caused by hurricanes at a key manufacturing unit [1]

Financial Performance - Fourth-quarter sales from continuing operations totaled approximately $2.97 billion, an increase of 8% on a reported basis and 3% on an operational basis[4] - U.S. GAAP diluted earnings per share (EPS) from continuing operations was ($2.01), while adjusted diluted EPS was $0.44, a decrease of 24% from the prior year[8] - U.S. sales from continuing operations totaled approximately $1.55 billion, increasing 3% on a reported basis but declining 1% on an operational basis[8] - International sales from continuing operations totaled approximately $1.42 billion, increasing 14% on a reported basis and 8% on an operational basis[8] - Net sales for Q4 2025 were $2,974 million, an increase of 8% compared to $2,753 million in Q4 2024[28] - Cost of sales rose significantly by 34% to $2,397 million, leading to a gross margin decrease of 40% to $577 million[28] - Operating loss increased by 68% to $729 million, with an operating margin of -24.5%[28] - Net income loss attributable to Baxter stockholders was $1,128 million, compared to a loss of $512 million in the previous year[28] - Adjusted operating income (excluding special items) decreased by 16% to $352 million[28] - Adjusted net income attributable to Baxter stockholders (excluding special items) fell by 53% to $185 million[28] - The company reported a gross margin of 27.2%, with a decrease of 1.3% compared to the previous period[30] - The company reported a net loss of $638 million for 2025, compared to a net income of $1,494 million in 2024[40] - Adjusted net income for 2025 was $1,483 million, with diluted earnings per share of $1.89, compared to $2.90 in 2024[40] Segment Performance - Medical Products & Therapies segment sales reached approximately $1.39 billion, increasing 6% on a reported basis and 4% on an operational basis[7] - Healthcare Systems & Technologies sales for the fourth quarter totaled approximately $827 million, an increase of 5% on a reported basis and 4% on an operational basis[10] - Pharmaceuticals sales for the fourth quarter totaled approximately $668 million, an increase of 4% on a reported basis and 2% on an operational basis[10] - The Infusion Therapies & Technologies segment generated $4,101 million in revenue for 2025, showing a slight decline of 0% compared to $4,103 million in 2024[43] - The Advanced Surgery segment reported a revenue increase of 9% to $1,198 million in 2025, up from $1,104 million in 2024[43] - The Medical Products & Therapies segment achieved $5,299 million in revenue for 2025, a 2% increase from $5,207 million in 2024[43] - The Healthcare Systems & Technologies segment's revenue rose to $3,071 million in 2025, a 4% increase from $2,951 million in 2024[43] Cost and Expenses - Research and development expenses decreased by 40% to $126 million, representing 4.2% of net sales[28] - Selling, general, and administrative expenses were $577 million, representing 19.4% of net sales[30] - Research and development expenses were $761 million, accounting for 25.6% of net sales[30] - Research and development expenses decreased by 12% to $518 million, representing 4.6% of net sales[35] - Goodwill impairments increased by 14% to $485 million compared to $425 million in 2024[35] Future Outlook - The company provided full-year 2026 financial outlook with reported sales growth from continuing operations expected to be flat to 1%[14] - Projected sales growth for FY 2026 is expected to be flat to 1%, with adjusted diluted EPS guidance set between $1.85 and $2.05[57] - The company indicated a future outlook with a focus on business optimization and potential acquisitions[30] Special Items and Charges - Special items included $290 million in goodwill impairments and $485 million in losses from discontinued operations[30] - The company incurred restructuring and optimization costs related to the sale of its former Kidney Care segment, impacting its cost structure[33] - Integration costs associated with the acquisition of Hill-Rom Holdings, Inc. were reflected in the results for both 2025 and 2024[33] - The company faced additional costs to comply with the European Union's medical device regulations, which are considered a significant one-time regulatory change[33] - The company reported significant charges related to Hurricane Helene, impacting both continuing and discontinued operations[40] Dividend and Shareholder Information - The company recently reduced its quarterly dividend to $0.01 per share, with no guarantee of future increases[25] - The weighted-average diluted shares as reported were 514 million, with an adjusted figure of 515 million[30]

Core Viewpoint - Baxter International Inc. reported fourth-quarter results for 2025, indicating that while sales growth was achieved across all segments, the results fell short of expectations, highlighting the need for continuous improvement within the organization [1] Financial Performance - The company experienced sales growth across all segments during the fourth quarter [1] - Specific financial figures for the fourth quarter were not disclosed in the provided text [1] Strategic Initiatives - Baxter has introduced a new operating model aimed at simplifying the organization and accelerating performance [1]

Core Insights - Baxter International Inc. is set to release its fourth-quarter 2025 results on February 12, with earnings expected to decline year-over-year despite a slight revenue increase [2][3][9] Q4 Estimates - Revenue consensus is estimated at $2.79 billion, reflecting a 1.5% increase from the previous year, while earnings are projected at 53 cents per share, indicating an 8.6% decline [3][9] - Total revenues from continuing operations are expected to decline by 2.7% at constant currency to $2.79 billion, with adjusted earnings per share anticipated to drop by 9.3% [3] Important Factors to Note - The upcoming quarterly results are likely to show operational challenges, particularly in infusion therapies and certain pharmaceutical categories, which may impact performance [4] - Revenue growth is expected to be muted due to softness in key hospital-based product lines, particularly within the Infusion Therapies & Technologies division [5] Segment Performance - The Medical Products & Therapies segment is expected to be negatively impacted by issues with the Novum IQ large volume pump, leading to lost sales and customer transitions to alternative platforms [6][7] - Advanced Surgery sales are anticipated to show double-digit growth driven by strong demand for hemostats and sealants, partially offsetting weaknesses in the ITT division [8] - The Healthcare Systems & Technologies segment is likely to support top-line growth due to strong order momentum, particularly in Care & Connectivity Solutions [8] Pharmaceuticals Outlook - Quarterly results in Pharmaceuticals are expected to be mixed, with solid growth in drug compounding sales outside the U.S., while Injectables & Anesthesia may face challenges due to shifts in hospital protocols [11] Earnings Prediction Model - The current model does not predict an earnings beat for Baxter, as the Earnings ESP is 0.00% and the Zacks Rank is 3 (Hold) [13][14]