Baxter International

Pricing is mixed by category. Advanced Surgery (hemostats, sealants) and connected care have moderate pricing resilience tied to clinical value and integration, while generic injectables and IV solutions are more commoditized and subject to tender dynamics.

Post‑hurricane supply tightness provided some price support in 4Q24–1H25, but hospital fluid conservation has since weighed on volumes and mix. Baxter’s 2025 outlook reflects these headwinds, and we see limited headroom for broad‑based pricing until Novum IQ stabilizes and IV volumes normalize.

The divestiture of Kidney Care removed a business with mixed pricing leverage. Net: some pockets of pricing power exist, but portfolio average is only fair.