Analyst Consensus ?
ConsensusHold35 ratings
Bullish1440.0%
Neutral2057.1%
Bearish12.9%
Baxter International Inc. · BAX · FY2024 Q3 · Calendar Q4 2024
Baxter: Strong Q3 EPS, but Hurricane Disruption Lowers Outlook
Baxter's Q3 showed resilient demand in pumps, Advanced Surgery, Patient Support Systems, and drug compounding, but the near-term outlook depends on restoring North Cove production and managing separation-related costs. The supplied analysis supports a mixed view: operating momentum and 2025 targets are constructive, while hurricane disruption, supply constraints, and market softness temper confidence.
Reported Before market openNYSEHealthcare
$13.08B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.80
Consensus $0.78
EPS surprise
+2.6%
Reported versus consensus
Reported revenue
—
Consensus $3.85B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.9%
Event window
SPY move
+0.4%
Same window
Abnormal move
-4.3%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-8.1%
Up to 20 sessions
BAXSPY benchmark
Ask FN2 about BAX FY2024 Q3
Transcript, numbers and history already loaded
Why did BAX fall 3.9% after beating EPS estimates in FY2024 Q3?What changed in BAX's guidance and outlook in FY2024 Q3?Give me the bull and bear case for BAX after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added a material operational overhang: Hurricane Helene disrupted the North Cove facility and was expected to reduce Q4 revenue by $200 million. Kidney Care is now treated as a discontinued operation and is slated for sale to Carlyle; management emphasized a phased production recovery, cost containment, and plans to offset stranded costs and lost transition-services income.
Guidance delta
Management's outlook was lowered in the quarter, while it reiterated 2025 targets of 4%-5% top-line growth and a 16.5% adjusted operating margin after the Kidney Care separation.
Key takeaways
- Q3 sales grew 4% year over year and adjusted EPS was $0.80, beating guidance.
- Hurricane Helene caused an expected $200 million Q4 revenue impact through disruption at North Cove.
- Novum IQ and Spectrum pump adoption, Advanced Surgery, Patient Support Systems, and drug compounding were highlighted as growth drivers.
- Management is targeting 4%-5% 2025 organic top-line growth and a 16.5% adjusted operating margin after the Kidney Care separation.
- The recovery plan, stranded costs, supply constraints, and Primary Care softness remain important execution risks.
Management priorities
- Restore North Cove lines and reach full production capacity.
- Launch new HST and Pharmaceutical products during 2025.
- Rationalize U.S. distribution centers after the Kidney Care separation.
- Continue cost-containment programs to improve operating leverage.
- Use transition-services income and other measures to address stranded costs.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$25.3Current
$15Low
$49.09Average
$105High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 31, 2026 |
| Stifel | Hold | Hold | Maintain | Jul 31, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 28, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 4, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Dec 2, 2025 |
| Argus Research | Hold | Buy | Downgrade | Oct 31, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 21, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Mar 5, 2024 |
| Keybanc | Overweight | Overweight | Maintain | Jul 31, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 28, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 10, 2023 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 5, 2023 |
| Jefferies | Hold | Hold | Maintain | Oct 12, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 5, 2021 |
| Piper Sandler | Neutral | Overweight | Downgrade | Jan 29, 2021 |
| Oppenheimer | Outperform | Outperform | Maintain | Jun 24, 2020 |
| SVB Leerink | Outperform | Outperform | Maintain | May 1, 2020 |
| CFRA | Hold | Hold | Maintain | Feb 6, 2020 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 8, 2018 |
| Argus | Buy | Hold | Upgrade | Nov 2, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Nov 1, 2018 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 1, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Jul 27, 2018 |
| Bank of America | Buy | Buy | Maintain | May 22, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 30, 2018 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jun 30, 2017 |
| CL King | Buy | Neutral | Upgrade | Sep 4, 2013 |
| Mizuho | Neutral | Buy | Downgrade | Nov 27, 2012 |
| Dougherty & Co. | Neutral | Neutral | Maintain | Mar 5, 2012 |
| Dougherty | Neutral | Neutral | Maintain | Mar 5, 2012 |
| Standpoint Research | Hold | Buy | Downgrade | Feb 16, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $25.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $20 | $24.36 | -20.9% | Oct 6, 2026 |
| Stifel Nicolaus | Analyst unavailable | $28 | $26.75 | +10.7% | Jul 31, 2026 |
| UBS | Analyst unavailable | $25 | $24.49 | -1.2% | Jul 28, 2026 |
| Stifel Nicolaus | Rick Wise | $24 | $23.34 | -5.1% | Jul 28, 2026 |
| Goldman Sachs | Analyst unavailable | $21 | $21.8 | -17.0% | Jul 15, 2026 |
| Evercore ISI | Vijay Kumar | $24 | $22.22 | -5.1% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $27 | $17.21 | +6.7% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $17 | $20.54 | -32.8% | Feb 17, 2026 |
| UBS | Danielle Antalffy | $19 | $19.79 | -24.9% | Feb 16, 2026 |
| Deutsche Bank | Analyst unavailable | $20 | $19.23 | -20.9% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $25 | $18.71 | -1.2% | Feb 13, 2026 |
| Jefferies | Analyst unavailable | $19 | $18.71 | -24.9% | Feb 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $20 | $18.71 | -20.9% | Feb 12, 2026 |
| Barclays | Matt Miksic | $30 | $20.69 | +18.6% | Jan 9, 2026 |
| Goldman Sachs | Analyst unavailable | $23 | $20.69 | -9.1% | Jan 9, 2026 |
| Evercore ISI | Vijay Kumar | $23 | $20.02 | -9.1% | Jan 5, 2026 |
| Morgan Stanley | Patrick Wood | $15 | $19.08 | -40.7% | Dec 2, 2025 |
| Goldman Sachs | David Roman | $22 | $18.81 | -13.0% | Oct 31, 2025 |
| Stifel Nicolaus | Analyst unavailable | $22 | $19.18 | -13.0% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $36 | $22.44 | +42.3% | Aug 4, 2025 |
| UBS | Analyst unavailable | $24 | $22.44 | -5.1% | Aug 4, 2025 |
| Evercore ISI | Vijay Kumar | $42 | $29.26 | +66.0% | Jan 2, 2025 |
| Bank of America Securities | Travis Steed | $45 | $36.32 | +77.9% | Oct 4, 2024 |
| Jefferies | Matthew Taylor | $42 | $36.92 | +66.0% | Aug 6, 2024 |
| Morgan Stanley | Patrick Wood | $30 | $35.32 | +18.6% | Jul 15, 2024 |
| Goldman Sachs | David Roman | $36 | $33.31 | +42.3% | Jun 12, 2024 |
| UBS | Danielle Antalffy | $40 | $36.91 | +58.1% | May 3, 2024 |
| Jefferies | Matthew Taylor | $43 | $36.89 | +70.0% | May 2, 2024 |
| Stifel Nicolaus | Rick Wise | $44 | $36.72 | +73.9% | May 2, 2024 |
| Barclays | Matt Miksic | $54 | $45.26 | +113.4% | Jul 31, 2023 |
| Jefferies | Philippe Houchois | $85 | $47.01 | +236.0% | Jul 31, 2023 |
| Citigroup | Joanne Wuensch | $44 | $39.71 | +73.9% | Mar 27, 2023 |
| Raymond James | Analyst unavailable | $85 | $70.35 | +236.0% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $90 | $70.2 | +255.7% | Apr 29, 2022 |
| Bank of America Securities | Travis Steed | $100 | $85.19 | +295.3% | Mar 3, 2022 |
| Morgan Stanley | David Lewis | $105 | $82.35 | +315.0% | Feb 18, 2022 |
| Goldman Sachs | Amit Hazan | $91 | $85.91 | +259.7% | Feb 13, 2022 |
| Citigroup | Joanne Wuensch | $101 | $87.16 | +299.2% | Jan 7, 2022 |
| J.P. Morgan | Robbie Marcus | $95 | $83.36 | +275.5% | Dec 17, 2021 |
| Cowen & Co. | Josh Jennings | $98 | $82.93 | +287.4% | Dec 13, 2021 |
| Piper Sandler | Matthew O'Brien | $82 | $80.49 | +224.1% | Sep 2, 2021 |
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Start freeCompany context
Snapshot as of publicationBaxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution. Further expanding its pharmaceutical offerings, Baxter delivers pre-mixed and oncology drug platforms, inhaled anesthetic agents, critical care products, and pharmacy compounding services. Nutritional support is provided through its parenteral nutrition therapies and associated products. For surgical procedures, the company develops biological products and medical devices vital for achieving hemostasis, tissue sealing, and preventing adhesions. Additionally, Baxter supplies continuous renal replacement therapies (CRRT) and other organ support solutions, primarily tailored for intensive care units.…
Historical context
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| ARGX argenx SE | FY2026 Q3 · Calendar Q4 2026 | — | -1.6% | argenx: VYVGART momentum and a broader late-stage pipeline |
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Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-25T06:50:41.310508+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T06:50:41.307759+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.