Baxter International Inc. (NYSE:BAX) Q1 2020 Earnings Conference Call April 30, 2020 8:30 AM ET Company Participants Clare Trachtman - Vice President, Investor Relations Joe Almeida - Chairman & Chief Executive Officer Jay Saccaro - Chief Financial … Additionally, the company recorded incremental stock compensation expense as it extended the terms of certain stock options that were scheduled to expire in the first quarter of 2020. This press release and the accompanying tables contain financial measures that are not calculated in accordance with GAAP. Baxter further indicated that the Company is investigating misstatements in previously reported non-operating income. Special items are excluded because they are highly variable or unusual, and of a size that may substantially affect the Company’s reported operations for a period.

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2 See links to original press releases for additional product information. This measure provides information on the change in net sales growth rates assuming that foreign exchange rates remain constant and excluding the impact of U.S. cyclophosphamide competition. ESG & Corporate Responsibility. We’re engaging with industry thought leaders to explore how science and innovation advance healthcare. The specific items that have been excluded from the outlook are estimated intangible asset amortization, estimated business optimization charges, estimated acquisition and integration expenses (including the impact of the proposed Seprafilm acquisition), estimated expenses related to European medical devices regulation, and estimated investigation costs. Patients’ journeys inspire our work and drive our commitment. Operational sales in the first quarter exclude the impact of foreign exchange and the company’s recent acquisition of Seprafilm. For the fourth quarter of 2019, the Company expects sales growth of 3-4% on a reported basis and approximately 5% on a constant currency and operational basis. These measures provide information on the percentage change in net sales growth assuming that foreign currency exchange rates have not changed between the prior and current periods. Half-Year Report 2020. Key performance drivers in the third quarter included strong sales of Baxter’s peritoneal dialysis (PD) and continuous renal replacement therapies (CRRT), intravenous (IV) infusion systems and solutions, hemostats and sealants, and certain generic injectable pharmaceuticals. Baxter is a registered trademark of Baxter International Inc. 1 See the “Non-GAAP Financial Measures” section and the tables attached to this press release for further information and reconciliations of non-GAAP financial measures used in this press release.

From the pharmacy to the bedside, we support you and your healthcare providers with IV medications and infusion technologies designed with safety in mind. Publication of our Second Quarter 2020 results on August 4, 2020. For the quarter ended September 30, 2019, it excludes the impact of foreign exchange and generic competition for U.S. cyclophosphamide. Net sales growth rates are also presented on an operational basis. ", Select Preliminary Fourth-Quarter and Full-Year Operating Results. Delivering innovative surgical products that help you operate with confidence, precision and speed. Get an unlimited news experience Our more than 85-year heritage gives us distinct perspective on the needs of patients and caregivers. Basic accounts are FREE. We are committed to attracting, motivating and retaining an inclusive and diverse workforce. Our portfolio of acute, nutritional, renal, hospital and surgical care products helps advance healthcare around the world. The company’s results in 2020 and 2019 included intangible asset amortization expense of $52 million ($41 million, or $0.08 per diluted share, on an after-tax basis) and $43 million ($33 million, or $0.06 per diluted share, on an after-tax basis), respectively. We partner with the healthcare community to continually find more efficient, smarter ways to help solve the world's most pressing healthcare challenges. "Our fourth quarter reflects Baxter's strongest operational sales growth since the 2015 spin-off of Baxalta, driven by outstanding performance across all our global businesses and regions," said José (Joe) E. Almeida, chairman and chief executive officer. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: developments in the investigation related to foreign exchange gains and losses, including developments that would expand the scope of the investigation or require the correction of additional misstatements in the previously issued financial statements; demand for and market acceptance of risks for new and existing products; product development risks; product quality or patient safety concerns; continuity, availability and pricing of acceptable raw materials and component supply; inability to create additional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of a natural disaster or otherwise); breaches or failures of the Company’s information technology systems or products, including by cyberattack, unauthorized access or theft; the adequacy of the Company’s cash flows from operations and other sources of liquidity to meet its ongoing cash obligations and fund its investment program; loss of key employees or inability to identify and recruit new employees; future actions of regulatory bodies and other governmental authorities, including the FDA, the Department of Justice, the Securities and Exchange Commission, the New York Attorney General and foreign regulatory agencies, including the continued delay in lifting the warning letter at our Ahmedabad facility or proceedings related to the ongoing investigation related to foreign exchange gains and losses; proposed regulatory changes of the U.S. Department of Health and Human Services in kidney health policy and reimbursement, which may substantially change the U.S. end stage renal disease market and demand for our peritoneal dialysis products, necessitating significant multi-year capital expenditures, which are difficult to estimate in advance; failures with respect to compliance programs; accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits (including the acquisitions of Claris Injectables and two surgical products from Mallinckrodt plc and the expected acquisition of Cheetah Medical); future actions of third parties, including payers; U.S. healthcare reform and other global austerity measures; pricing, reimbursement, taxation and rebate policies of government agencies and private payers; the impact of competitive products and pricing, including generic competition, drug reimportation and disruptive technologies; fluctuations in foreign exchange and interest rates; the ability to enforce owned or in-licensed patents or the prevention or restriction of the manufacture, sale or use of products or technology affected by patents of third parties; the impact of global economic conditions (including potential trade wars); global, trade and tax policies; any change in laws concerning the taxation of income (including current or future tax reform), including income earned outside the United States and potential taxes associated with the Base Erosion and Anti-Abuse Tax; actions taken by tax authorities in connection with ongoing tax audits; the outcome of pending or future litigation, including with respect to the opioid litigation; and other risks identified in Baxter’s most recent filing on Form 10-K and other Securities and Exchange Commission filings, all of which are available on Baxter’s website. 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Upon completion of the investigation and the Company’s evaluation of the materiality of the misstatements, the Company expects to either amend its periodic reports previously filed with the SEC to include restated financial statements that correct those misstatements, or include in reports for future periods restated comparative financial statements that correct those misstatements. Committed to helping you meet the evolving challenges and opportunities in patient care. When every moment counts, our therapies help healthcare specialists provide life-sustaining treatment to you or your loved one. The company’s results in 2020 included costs of $18 million ($14 million, or $0.03 per diluted share, on an after-tax basis) for investigation and related costs. Management believes that non-GAAP financial measures, when used in conjunction with the results presented in accordance with U.S. GAAP and the reconciliations to corresponding U.S. GAAP financial measures, may enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. Baxter International's (BAX) CEO Joe Almeida on Q2 2020 Results - Earnings Call Transcript. Certain of those items represent estimates based on information reasonably available at the time of the press release. Additionally, intangible asset amortization is excluded as a special item to facilitate an evaluation of current and past operating performance and is consistent with how management and the Company’s Board of Directors assess performance. Baxter expects operating margin to be between 15.2% and 15.9% on a reported basis and between 18.5% and 19% on an adjusted basis.

The internal investigation is described in further detail below.

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