DEERFIELD, Illinois, April 30, 2026, 13:02 CDT
- Baxter topped Wall Street’s expectations on both profit and revenue for the first quarter.
- The medical technology company left its 2026 adjusted earnings outlook where it was.
- Shares pushed higher by midday. Still, investors are watching for risks tied to tariffs, oil prices, and the Novum IQ LVP pump.
Baxter International Inc. shares climbed Thursday, bouncing back after the company topped Wall Street’s first-quarter projections and stuck with its annual outlook. The medical products maker reported adjusted earnings of 36 cents a share on $2.70 billion in revenue, clearing LSEG’s bar of 31 cents and $2.62 billion. Product and margin worries had weighed on the stock prior to the results.
Timing turned out to be key. Baxter faced questions going in, investors uneasy over lingering fallout from last year’s profit misses, guidance cuts, and the ongoing pump mess heading toward 2026. Back in February, the company flagged problems with its Novum infusion pump and softer IV-solutions demand—headwinds Baxter said would drag on results this year.
Baxter was up roughly 4% to $17.60 in midday U.S. trading, leading medical-device names Becton Dickinson, Medtronic and Stryker. Even with the pop, Baxter is still trading well under last year’s highs after a tough run.
Baxter reported $2.7 billion in sales from continuing operations for the quarter ended March 31, up 3%. Organic sales—which exclude the impact of currency and some deal-related swings—came in 1% lower. Adjusted earnings landed at 36 cents a share, but on a GAAP basis, the company registered a 3 cent loss from continuing operations.
Chief Executive Andrew Hider described the quarter as matching Baxter’s expectations, noting efforts to “stabilize the business.” He acknowledged there’s still “more work remains,” a cautious phrase from a management team looking to win back investor confidence after recent turbulence. SEC
The company stuck to its 2026 forecast: reported sales growth ranging from flat to 1%, organic sales growth basically flat, and adjusted earnings from continuing operations at $1.85 to $2.05 a share. Those figures were unchanged. The trouble spot remains margins, which are feeling the pinch from tariffs and manufacturing costs.
Medical Products & Therapies—the biggest slice of Baxter’s business—weighed on results again. Reported sales here ticked up 2%, but the organic number slipped 2%. The culprit: weaker infusion pump demand, after Baxter paused shipments and installations of its Novum IQ LVP device. Pharmaceuticals came in stronger, up 7% on a reported basis, helped by gains in drug compounding. Healthcare Systems & Technologies ended the period flat.
Baxter quantified its macro risk on the call, noting Middle East revenue comes in under 2% of the total, with fuel exposure now down since the kidney-care sale. Hider acknowledged to analysts that Baxter is “not immune to macro trends,” but added that oil prices, as they stand, seem manageable for 2026. Investing.com
Analysts called the report a relief, not a signal of major change. According to Reuters, Vijay Kumar at Evercore ISI pointed to the stable numbers and affirmed outlook as likely to ease some worries about inflation and Middle East exposure. Over at Citi, Joanne Wuensch said investors probably appreciate this delivery after last year’s “misses and guide-downs.” Reuters
The downside risk hasn’t gone anywhere. Baxter is still basing its full-year outlook on the assumption that the Novum IQ LVP ship-and-installation pause sticks for the rest of the year. Interim CFO Anita Zielinski said first-quarter returns and exchanges weren’t significant, though those numbers are factored into the forecast. If the resolution drags, regulators dig in, or customers start reacting more forcefully, sales and margins could face renewed strain.
Baxter’s board signed off on a quarterly cash dividend of just 1 cent per share, according to a filing. The payout goes out July 1 to shareholders who are on the books as of May 29. Management’s priorities are clear: conserve cash, chip away at debt, and stabilize operations before they consider upping returns.
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