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Mar 31
Baxter Q1 2025 Earnings Report
Baxter reported stronger-than-expected results for Q1 2025, with revenue and adjusted EPS exceeding guidance.
Key Takeaways
Baxter delivered a solid Q1 2025, achieving 5% revenue growth and surpassing EPS expectations, fueled by strength across all segments, especially in Medical Products & Therapies and Healthcare Systems & Technologies.
Revenue reached $2.625 billion, a 5% increase driven by U.S. growth and strong product demand.
Adjusted EPS came in at $0.55, beating the guidance range of $0.47 to $0.50.
All three segments—Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals—reported growth.
Free cash flow was negative at -$221 million, reflecting higher capital expenditures and operational costs.
Baxter
Baxter
Baxter Revenue by Segment
Baxter Revenue by Geographic Location
Revenue by Segment
Medical Products & Therapies Revenue
CapyFin.comHealthcare Systems & Technologies Revenue
CapyFin.comPharmaceuticals Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Baxter raised the lower end of its FY25 adjusted EPS guidance and reaffirmed operational sales growth targets despite macroeconomic challenges.
Positive Outlook
- FY25 adjusted EPS guidance raised to $2.47–$2.55
- Q2 2025 adjusted EPS expected to be $0.59–$0.63
- Operational sales growth target for FY25 reaffirmed at 4%–5%
- Strong pipeline including Voalte Linq and Hemopatch innovations
- Continued benefits from transformation and cost discipline
Challenges Ahead
- Global macroeconomic uncertainty could impact demand
- International revenue declined 1% YoY
- Free cash flow remains negative
- Increased cost of sales affected gross margin
- Separation and integration-related costs continue to weigh on results
Revenue & Expenses
Visualization of income flow from segment revenue to net income