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Baxter makes hospital supplies and medical devices, like IV fluids, dialysis machines, and sterile packaging for drugs.
Baxter International sells the unglamorous stuff that keeps hospitals running. Think of it as the plumbing and pantry of a hospital: bags of IV fluid, pumps that deliver medicine at the right speed, dialysis machines for people whose kidneys have failed, and sterile containers that keep injectable drugs safe. It sells to hospitals, clinics, and dialysis centers in more than 100 countries, and it makes money by selling these supplies over and over, since a hospital never stops needing them. The company is based in Deerfield, Illinois, just outside Chicago.
The business breaks into two main pieces. The bigger one, Medical Products and Therapies, is roughly 60% of sales and covers IV fluids, infusion pumps, and injections. The other, Healthcare Systems and Technologies, covers kidney care (dialysis) and hospital equipment like beds and surgical tools. The simple appeal is that much of this is repeat business — a patient on dialysis needs treatment several times a week, forever. That steadiness is why hospitals rarely switch suppliers, and it is why Baxter's revenue holds up even when the economy wobbles. Annual sales are around $15 billion, though growth has been modest lately.
Baxter has had a rough few years. Its kidney-care and hospital-equipment unit, called Vantive, was sold to private equity firm Carlyle in a deal valued around $3.8 billion, which closed in early 2025 — a move to pay down debt and refocus on the core infusion and fluid business. Before that, Baxter was hit hard by Hurricane Helene in 2024, which flooded its biggest IV-fluid plant in North Carolina and briefly caused a national shortage. The company also spent heavily on decades of acquisitions, including buying Hillrom for about $10.5 billion in 2021, a bet that added hospital beds and monitoring gear but also a lot of debt. Now Baxter is slimmer, more focused, and working on getting its margins and balance sheet back in shape while still paying a dividend.
Saved answer · last researched 11 Oct 2026