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Baxter International BAX Drug Compounding — Net Sales

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$270M-2.5%

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Other financials

Income statement

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Revenue$2.7B+2.9%
Gross profit$891.0M+3.5%
Operating income$66.0M+13.8%
Net income-$15.0M-112%
EPS (diluted)-$0.03-112%

Balance sheet

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Cash & equivalents$2.0B-12.1%
Total debt$224.0M-8.9%
Total equity$6.0B-14.7%
Total assets$19.8B-6.8%

Cash flow

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Operating cash flow$213.0M+210%
CapEx$128.3M+15.0%
Free cash flow$83.0M-42.1%

Valuation

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Market cap$14.13B+22.3%
Enterprise value$12.33B+22.1%
P/S1.3×+0.2×

Profitability

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Gross margin30.1%-5.9pp
Operating margin-2.7%
Net margin-9.7%+62.5pp
FCF margin3%-2.4pp

Returns & leverage

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Return on equity-16.7%-76.7pp
Debt / equity0.0×
Current ratio1.9×-0.2×

Where this comes from

Reported directly by Baxter International in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Baxter International’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 4:50 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-028962
(in millions)Three Months Ended March 31, 2026 / U.S.Three Months Ended March 31, 2026 / InternationalThree Months Ended March 31, 2026 / TotalThree Months Ended March 31, 2025 / U.S.Three Months Ended March 31, 2025 / InternationalThree Months Ended March 31, 2025 / Total
Care & Connectivity Solutions315120435316111427
Front Line Care1987227020275277
Healthcare Systems & Technologies513192705518186704
Injectables & Anesthesia180121301195140335
Drug Compounding320320246246
Pharmaceuticals180441621195386581
Other513990483078
Total Baxter$1,435$1,266$2,701$1,490$1,135$2,625

Item 1. Financial Statements (unaudited)

FAQ

What is Baxter International's drug compounding — net sales?
Baxter International (BAX) reported drug compounding — net sales of $320M in Q1 2026.
How has Baxter International's drug compounding — net sales changed year-over-year?
Baxter International's drug compounding — net sales increased by 30.1% year-over-year, from $246M to $320M.
What is the long-term trend for Baxter International's drug compounding — net sales?
Over 3 years (2021 to 2025), Baxter International's drug compounding — net sales has grown at a 8.2% compound annual growth rate (CAGR), from $901M to $1.14B.
What does drug compounding — net sales mean?
This metric represents the total revenue generated from the sale of customized pharmaceutical preparations tailored to meet the specific needs of individual patients or healthcare facilities. It reflects the company's ability to capture market share in the outsourced sterile compounding sector, which provides essential medications that are not commercially available in the required dosage or form. Growth in this segment indicates successful expansion in hospital pharmacy services and the ability to navigate complex regulatory requirements for sterile drug production.

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