Baxter reported Q3 2025 earnings with net sales from continuing operations of $2.84 billion, a 5 % increase on a reported basis and a 2 % increase on an operational basis versus the same quarter a year earlier. Adjusted gross margin was 33.5 %, and adjusted operating income reached $423 million, giving an adjusted operating margin of 14.9 %. Adjusted earnings per share for the quarter were $0.69.
For the first six months of 2025, net sales totaled $5.435 billion, reflecting a 4 % reported growth and a 1 % operational growth. Adjusted earnings per share for the six‑month period were $1.38, up from $0.98 in the same period a year earlier.
Segment performance was as follows: Medical Products & Therapies generated $1.33 billion in sales, down 1 % reported and 1 % operational; Healthcare Systems & Technologies reported $773 million, up 3 % reported and 2 % operational; Pharmaceuticals delivered $632 million, up 7 % reported and 7 % operational.
Baxter lowered its full‑year sales growth guidance to 4 %–5 % on a reported basis and 1 %–2 % operationally, a reduction from the 6 %–7 % range previously issued. Adjusted earnings per share guidance for the full year was revised to $2.35 – $2.40, down from the earlier $2.42 – $2.52 range.
The company cited ongoing supply‑chain disruptions from Hurricane Helene, which damaged its North Cove manufacturing facility, and a voluntary pause of the Novum IQ Large Volume Pump as headwinds that impacted sales in the Medical Products & Therapies segment. The pause was part of a broader effort to manage inventory and production capacity.
Baxter’s new CEO, Andrew Hider, emphasized the company’s focus on operational efficiency and sustainable growth amid the sale of its Kidney Care business. The company’s adjusted earnings per share rose 41 % year‑over‑year, from $0.49 in Q3 2024 to $0.69 in Q3 2025.
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