Baxter International Inc.

Q3 2026 performance: turnaround momentum - Global sales: ~$3.0B, +5% YoY (reported and organic) with broad-based growth; every division grew, and Advanced Surgery / Drug Compounding / Infusion Systems were key contributors. - Adjusted EPS: $0.58, down 16% YoY due to expected higher effective tax rate after the prior year benefited from discrete tax benefits. - Cash: Free cash flow $448M in Q3; $705M YTD, indicating improving working-capital discipline.

Raised full-year 2026 guidance (forecasts) - Organic sales growth raised to 3%–4% (from 2%–3%). - Adjusted diluted EPS range raised/narrowed to $2.05–$2.15 (from $1.95–$2.15). - Reported sales guide: +4% to +5% (includes ~100 bps FX impact and ~$25M headwind from Vantive MSA revenues; organic excludes these items). - Margin/cost framing: Adjusted operating margin expected 13%–14%; tax rate 18.5%–19.5%; non-op expenses $245M–$255M; diluted share count ~519M.

Q4 2026 expectations implied by the call - Management indicated Q4 top-line growth should be similar to recent quarters (~mid-single-digit / ~5%) and operating margin should be similar to Q3 (i.e., no major sequential step-change expected). - Drivers expected to continue: growth in Infusion Systems and HST (CCS + FLC), and continued strength in Advanced Surgery and Drug Compounding; IV Solutions continues but off a new lower baseline.