Baxter International
1996 Annual Report
Baxter International Inc.
One Baxter Parkway
Deerfield, Illinois 60015
Baxter International
1996 Annual Report
O U R V I S I O N
A ll of Baxter’s businesses hold leading positions
in high-growth global markets. Driving this
leadership are talented, dedicated people, all pursuing
the same vision—to be recognized worldwide as
a leader in providing select, innovative health-care
technologies, products and services to improve lives.
Featured on the cover are Drs. Weiyun Yu and Geoffrey White of the
Royal Prince Alfred Hospital and the University of Sydney, Australia.
The two preeminent vascular researchers, along with Baxter, are testing
an innovative minimally invasive endovascular graft system that has
the potential to change the way many life-threatening abdominal aortic
aneurysyms are repaired.
490187
Printed in the United States of America
Saving Lives Worldwide
P R O F I L E O F T H E C O R P O R A T I O N
the businesses of Baxter International
S I X - Y E A R S U M M A R Y O F S E L E C T E D F I N A N C I A L D A T A
Baxter International Inc., through its subsidiaries, is a global medical-products and
services company that is a leader in technologies related to the blood and circulatory
system. The company has market-leading positions in four global businesses:
biotechnology, cardiovascular medicine, renal therapy and intravenous systems/
medical products.The company has achieved global leadership by continuously
improving its scientific, marketing and manufacturing capabilities while bringing
innovative technologies to the medical field.
BIOTECH
CARDIOVASCULAR
RENAL
I.V. SYSTEMS / MEDICAL PRODUCTS
Baxter is a leading developer and manufacturer of products and
Baxter provides products and services to treat late-stage heart and
Baxter is a leading provider of lifesaving products and services for
Baxter is well-known for its intravenous (IV) products used in hospitals
therapies used in transfusion medicine. The company provides systems
vascular disease. The company is a leading manufacturer of tissue
patients who suffer from chronic kidney failure. The two primary
and other health-care settings such as home care and nursing
for collecting, storing and separating blood and its components, and
heart valves, valve-repair products and cardiac-monitoring products.
treatments for kidney failure are dialysis and transplantation, and
homes, but the company’s I.V. Systems/Medical Products business
is a pioneer in the development of such lifesaving therapies as
Baxter also produces embolectomy catheters and other instruments
Baxter continues to innovate in both areas. Baxter provides products
also manufactures a range of products for pain management,
clotting factors for people with hemophilia, and immune globulins
and equipment used in vascular surgery. The company is a leading
for both hemodialysis, which is administered within a hospital or
ambulatory infusion and automated prescription-filling systems.
for patients with immune deficiencies. On its own, and through
provider of blood-filtration devices used during bypass surgery, and
clinic, and for peritoneal dialysis (PD), which can be administered
It also distributes other medical products outside the United States.
partnerships, it is developing cellular therapies to treat blood
contract perfusion services. Baxter’s perfusionists operate heart-lung
anywhere. Because patients can resume their normal activities while
diseases, cancer and other disorders. Baxter invests approximately
bypass machines and other mechanical devices used during surgery.
undergoing PD, and because it generally is a lower-cost therapy than
Key Events: The I.V. Systems/Medical Products business has
$150 million annually in biotechnology research.
hemodialysis, PD is the fastest-growing form of dialysis therapy,
experienced strong growth in Asia and South America, and has estab-
Key Events: During 1996, Baxter completed its acquisition of
particularly outside the United States.
lished joint ventures and alliances to market, or to manufacture and
Key Events: Baxter’s Biotech business achieved several milestones
PSICOR, Inc., the nation’s leading provider of contract perfusion
market IV products and services in such countries as Argentina,
in 1996, including becoming the first company to initiate U.S. Phase III
services, and several other perfusion-service providers. The company
Key Events: Baxter’s Renal business has expanded in recent years
Chile, Hungary, Indonesia, the Philippines, Taiwan, Thailand and
clinical trials for HemAssist™ (Diaspirin Cross-linked Hemoglobin or
strengthened its position in minimally invasive surgery with two
with the opening of several manufacturing facilities and Renal
Turkey. Last year, Baxter began to establish alliances through
DCLHb), its “blood substitute,” and conducting U.S. Phase II and III
moves: an agreement with two preeminent vascular researchers to
Therapy Service centers in Asia, Latin America and Europe. Closer to
which it will construct two new manufacturing facilities in China that
clinical trials for Sealagen™ fibrin sealant, a plasma-derived
develop an innovative, endovascular graft system that has the
home, Baxter unveiled Renal Management Strategies Inc., a renal-
will produce IV solutions and other Baxter products. Baxter’s I.V.
surgical “glue” being studied for its ability to stop bleeding in
potential to change the therapy for repairing abdominal aortic
disease management organization dedicated to creating renal-care
Systems business is the cornerstone of a seven-year, multi-billion-
surgical wounds and promote healing. The company also acquired
aneurysms, and an agreement to acquire Research Medical, Inc.,
networks across the United States that focus on improving the quality
dollar purchasing agreement with Premier, the largest alliance
more than 50 percent of Immuno International AG, an international
a provider of specialized cannula and cardioplegia products used
and reducing the cost of long-term renal care. Meanwhile, Baxter’s
of hospital and health systems in the United States. During the
leader in infectious-disease research and the development of blood
in open-heart surgery. Baxter’s Novacor ® left-ventricular assist
Nextran unit continues its research-and-development efforts in
year, Baxter reintegrated its parenteral-nutrition business into
products, related biologics and vaccines. This acquisition will allow
system achieved an important milestone in July 1996: a German
xenotransplantation—animal-to-human transplants—to offer a
I.V. Systems. That business had been part of Clintec Nutrition
the two companies to leverage their research-and-development
patient celebrated his two-year anniversary on the system, believed
potential solution to thousands of patients who die each year
Company, the company’s former joint venture with Nestlé S.A.
efforts, complementary product lines and global presence.
to be the longest duration any patient has spent on such a system.
awaiting donor organs.
that was dissolved in 1996.
Biotech Net Sales
(in billions of dollars)
CardioVascular Net Sales
(in billions of dollars)
Renal Net Sales
(in billions of dollars)
I.V. Systems/Medical Products Net Sales
(in billions of dollars)
2.0
1.0
0
94
95
96
2.0
1.0
0
94
95
96
2.0
1.0
0
94
95
96
2.0
1.0
0
years ended December 31
OPERATIONS
(in millions)
CAPITAL EMPLOYED
(in millions)
PER COMMON
SHARE
PRODUCTIVITY
MEASURES
GROWTH STATISTICS
(percent change
from prior year)
FINANCIAL RETURNS
AND STATISTICS
Net sales
Income (loss) from continuing operations
Net income (loss)
Depreciation and amortization
Research and development expenses
Working capital
Capital expenditures
Net property, plant and equipment
Total assets
Net debt 3
Long-term debt and lease obligations
Stockholders’ equity
Total capitalization
Average number of common shares
outstanding (in millions)4
Earnings (loss)
Continuing operations
Net income
Cash dividends declared
Market price – high
Market price – low
Net book value
Employees at year-end
Sales per employee
Operating assets per employee5
Net sales
Income (loss) from continuing operations
Cash dividends per common share
Net book value per year-end common share
Income from continuing operations as a
percent of sales
Return on average common stockholders’
equity – total company
Net-debt-to-net-capital ratio
19966
19951
$ 5,438
575
$
669
$
348
$
340
$
$ 1,035
398
$
$ 1,843
$ 7,596
$ 1,280
$ 1,695
$ 2,504
$ 4,199
5,048
371
649
336
345
757
399
1,749
9,437
2,115
2,372
3,704
6,076
1994
4,479
406
596
302
303
502
380
1,642
9,039
2,404
2,341
3,720
6,061
19932
4,116
(193)
(198)
273
280
546
332
1,434
9,211
3,139
2,800
3,185
5,985
1992
3,857
373
441
251
257
347
362
1,469
8,310
2,902
2,433
3,795
6,228
1991
3,635
302
591
231
226
539
306
1,337
8,428
2,338
2,246
4,373
6,619
272
277
280
277
279
280
2.11
$
2.46
$
1.17
$
$ 47.88
$ 40.00
9.19
$
37,000
$147,132
$113,934
1.34
2.35
1.11
44.75
26.75
13.39
1.45
2.13
1.025
28.88
21.63
13.28
(0.70)
(0.72)
1.00
32.75
20.00
11.52
1.34
1.56
0.86
40.50
30.50
13.59
1.08
2.03
0.74
40.88
25.63
14.45
35,500
142,037
108,708
32,400
138,138
107,211
32,600
126,099
96,927
32,000
120,400
99,167
32,300
112,462
89,660
7.7%
55.0%
5.4%
(31.4)%
12.7
(8.6)
8.3
0.8
10.6%
7.3
21.6%
33.8%
17.5
36.3
8.8
N/A
2.5
15.3
9.0
17.3
39.2
6.7
N/A
16.3
(15.2)
6.1
23.5
16.2
(5.9)
(4.7)
9.7
(5.7)
49.7
11.3
43.3
N/A
N/A
15.6
7.4
8.3
15.2
34.5
1.Income from continuing operations includes a provision for restructuring charges of a pretax amount of $103 million and a net special charge for litigation of a pretax amount of $96 million.
2.Income (loss) from continuing operations includes a provision for restructuring charges of a pretax amount of $216 million and a net special charge for litigation of a pretax amount of $330 million.
3.Total debt and lease obligations net of cash and equivalents.
4.Excludes common stock equivalents.
5.Accounts receivable, notes and other current receivables, inventories and net property, plant and equipment.
6. Certain balance sheet data are significantly affected by the spin-off of Allegiance in 1996.
94
95
96
Printed on recycled paper
BelliniDesign, Chicago Anderson Lithograph, Los Angeles
P R O F I L E O F T H E C O R P O R A T I O N
the businesses of Baxter International
S I X - Y E A R S U M M A R Y O F S E L E C T E D F I N A N C I A L D A T A
Baxter International Inc., through its subsidiaries, is a global medical-products and
services company that is a leader in technologies related to the blood and circulatory
system. The company has market-leading positions in four global businesses:
biotechnology, cardiovascular medicine, renal therapy and intravenous systems/
medical products.The company has achieved global leadership by continuously
improving its scientific, marketing and manufacturing capabilities while bringing
innovative technologies to the medical field.
BIOTECH
CARDIOVASCULAR
RENAL
I.V. SYSTEMS / MEDICAL PRODUCTS
Baxter is a leading developer and manufacturer of products and
Baxter provides products and services to treat late-stage heart and
Baxter is a leading provider of lifesaving products and services for
Baxter is well-known for its intravenous (IV) products used in hospitals
therapies used in transfusion medicine. The company provides systems
vascular disease. The company is a leading manufacturer of tissue
patients who suffer from chronic kidney failure. The two primary
and other health-care settings such as home care and nursing
for collecting, storing and separating blood and its components, and
heart valves, valve-repair products and cardiac-monitoring products.
treatments for kidney failure are dialysis and transplantation, and
homes, but the company’s I.V. Systems/Medical Products business
is a pioneer in the development of such lifesaving therapies as
Baxter also produces embolectomy catheters and other instruments
Baxter continues to innovate in both areas. Baxter provides products
also manufactures a range of products for pain management,
clotting factors for people with hemophilia, and immune globulins
and equipment used in vascular surgery. The company is a leading
for both hemodialysis, which is administered within a hospital or
ambulatory infusion and automated prescription-filling systems.
for patients with immune deficiencies. On its own, and through
provider of blood-filtration devices used during bypass surgery, and
clinic, and for peritoneal dialysis (PD), which can be administered
It also distributes other medical products outside the United States.
partnerships, it is developing cellular therapies to treat blood
contract perfusion services. Baxter’s perfusionists operate heart-lung
anywhere. Because patients can resume their normal activities while
diseases, cancer and other disorders. Baxter invests approximately
bypass machines and other mechanical devices used during surgery.
undergoing PD, and because it generally is a lower-cost therapy than
Key Events: The I.V. Systems/Medical Products business has
$150 million annually in biotechnology research.
hemodialysis, PD is the fastest-growing form of dialysis therapy,
experienced strong growth in Asia and South America, and has estab-
Key Events: During 1996, Baxter completed its acquisition of
particularly outside the United States.
lished joint ventures and alliances to market, or to manufacture and
Key Events: Baxter’s Biotech business achieved several milestones
PSICOR, Inc., the nation’s leading provider of contract perfusion
market IV products and services in such countries as Argentina,
in 1996, including becoming the first company to initiate U.S. Phase III
services, and several other perfusion-service providers. The company
Key Events: Baxter’s Renal business has expanded in recent years
Chile, Hungary, Indonesia, the Philippines, Taiwan, Thailand and
clinical trials for HemAssist™ (Diaspirin Cross-linked Hemoglobin or
strengthened its position in minimally invasive surgery with two
with the opening of several manufacturing facilities and Renal
Turkey. Last year, Baxter began to establish alliances through
DCLHb), its “blood substitute,” and conducting U.S. Phase II and III
moves: an agreement with two preeminent vascular researchers to
Therapy Service centers in Asia, Latin America and Europe. Closer to
which it will construct two new manufacturing facilities in China that
clinical trials for Sealagen™ fibrin sealant, a plasma-derived
develop an innovative, endovascular graft system that has the
home, Baxter unveiled Renal Management Strategies Inc., a renal-
will produce IV solutions and other Baxter products. Baxter’s I.V.
surgical “glue” being studied for its ability to stop bleeding in
potential to change the therapy for repairing abdominal aortic
disease management organization dedicated to creating renal-care
Systems business is the cornerstone of a seven-year, multi-billion-
surgical wounds and promote healing. The company also acquired
aneurysms, and an agreement to acquire Research Medical, Inc.,
networks across the United States that focus on improving the quality
dollar purchasing agreement with Premier, the largest alliance
more than 50 percent of Immuno International AG, an international
a provider of specialized cannula and cardioplegia products used
and reducing the cost of long-term renal care. Meanwhile, Baxter’s
of hospital and health systems in the United States. During the
leader in infectious-disease research and the development of blood
in open-heart surgery. Baxter’s Novacor ® left-ventricular assist
Nextran unit continues its research-and-development efforts in
year, Baxter reintegrated its parenteral-nutrition business into
products, related biologics and vaccines. This acquisition will allow
system achieved an important milestone in July 1996: a German
xenotransplantation—animal-to-human transplants—to offer a
I.V. Systems. That business had been part of Clintec Nutrition
the two companies to leverage their research-and-development
patient celebrated his two-year anniversary on the system, believed
potential solution to thousands of patients who die each year
Company, the company’s former joint venture with Nestlé S.A.
efforts, complementary product lines and global presence.
to be the longest duration any patient has spent on such a system.
awaiting donor organs.
that was dissolved in 1996.
Biotech Net Sales
(in billions of dollars)
CardioVascular Net Sales
(in billions of dollars)
Renal Net Sales
(in billions of dollars)
I.V. Systems/Medical Products Net Sales
(in billions of dollars)
2.0
1.0
0
94
95
96
2.0
1.0
0
94
95
96
2.0
1.0
0
94
95
96
2.0
1.0
0
years ended December 31
OPERATIONS
(in millions)
CAPITAL EMPLOYED
(in millions)
PER COMMON
SHARE
PRODUCTIVITY
MEASURES
GROWTH STATISTICS
(percent change
from prior year)
FINANCIAL RETURNS
AND STATISTICS
Net sales
Income (loss) from continuing operations
Net income (loss)
Depreciation and amortization
Research and development expenses
Working capital
Capital expenditures
Net property, plant and equipment
Total assets
Net debt 3
Long-term debt and lease obligations
Stockholders’ equity
Total capitalization
Average number of common shares
outstanding (in millions)4
Earnings (loss)
Continuing operations
Net income
Cash dividends declared
Market price – high
Market price – low
Net book value
Employees at year-end
Sales per employee
Operating assets per employee5
Net sales
Income (loss) from continuing operations
Cash dividends per common share
Net book value per year-end common share
Income from continuing operations as a
percent of sales
Return on average common stockholders’
equity – total company
Net-debt-to-net-capital ratio
19966
19951
$ 5,438
575
$
669
$
348
$
340
$
$ 1,035
398
$
$ 1,843
$ 7,596
$ 1,280
$ 1,695
$ 2,504
$ 4,199
5,048
371
649
336
345
757
399
1,749
9,437
2,115
2,372
3,704
6,076
1994
4,479
406
596
302
303
502
380
1,642
9,039
2,404
2,341
3,720
6,061
19932
4,116
(193)
(198)
273
280
546
332
1,434
9,211
3,139
2,800
3,185
5,985
1992
3,857
373
441
251
257
347
362
1,469
8,310
2,902
2,433
3,795
6,228
1991
3,635
302
591
231
226
539
306
1,337
8,428
2,338
2,246
4,373
6,619
272
277
280
277
279
280
2.11
$
2.46
$
1.17
$
$ 47.88
$ 40.00
9.19
$
37,000
$147,132
$113,934
1.34
2.35
1.11
44.75
26.75
13.39
1.45
2.13
1.025
28.88
21.63
13.28
(0.70)
(0.72)
1.00
32.75
20.00
11.52
1.34
1.56
0.86
40.50
30.50
13.59
1.08
2.03
0.74
40.88
25.63
14.45
35,500
142,037
108,708
32,400
138,138
107,211
32,600
126,099
96,927
32,000
120,400
99,167
32,300
112,462
89,660
7.7%
55.0%
5.4%
(31.4)%
12.7
(8.6)
8.3
0.8
10.6%
7.3
21.6%
33.8%
17.5
36.3
8.8
N/A
2.5
15.3
9.0
17.3
39.2
6.7
N/A
16.3
(15.2)
6.1
23.5
16.2
(5.9)
(4.7)
9.7
(5.7)
49.7
11.3
43.3
N/A
N/A
15.6
7.4
8.3
15.2
34.5
1.Income from continuing operations includes a provision for restructuring charges of a pretax amount of $103 million and a net special charge for litigation of a pretax amount of $96 million.
2.Income (loss) from continuing operations includes a provision for restructuring charges of a pretax amount of $216 million and a net special charge for litigation of a pretax amount of $330 million.
3.Total debt and lease obligations net of cash and equivalents.
4.Excludes common stock equivalents.
5.Accounts receivable, notes and other current receivables, inventories and net property, plant and equipment.
6. Certain balance sheet data are significantly affected by the spin-off of Allegiance in 1996.
94
95
96
Printed on recycled paper
BelliniDesign, Chicago Anderson Lithograph, Los Angeles
OPERATING RESULTS
Net sales
(Dollars in millions, except per share data)
Income from continuing operations
before income taxes
Income from continuing operations
Net income
Earnings per common share
Continuing operations
Net income
“Operational cash flow”
Capital expenditures
Research-and-development expenses
Return on common equity 1
Dividends per common share
Total assets 1
Net-debt-to-net-capital ratio
Stockholders’ equity
Common stockholders of record at year-end
INVESTMENTS
RETURNS
OTHER
See financial section for more information.
1.Excludes discontinued operations.
Net Sales
(in billions of dollars)
Operational Cash Flow
(in billions of dollars)
6.0
4.0
2.0
0
3.0
2.0
1.0
0
94
95
96
Earnings Per Share
from Continuing Operations
(in dollars)
94
95
96
1.0
0.5
0
45
30
15
0
94
95
96
Baxter Stock Price
(in dollars)
F I N A N C I A L H I G H L I G H T S
1996
$ 5,438
$
$
$
793
575
669
$ 2.11
$ 2.46
$
$
$
682
398
340
24.3%
$ 1.17
$ 7,596
33.8%
$ 2,504
65,400
1995
$ 5,048
$ 524
$ 371
$ 649
$ 1.34
$ 2.35
$ 587
$ 399
$ 345
18.5%
$ 1.11
$ 6,818
36.3%
$ 3,704
74,400
C O N T E N T S
Letter to Shareholders
One Baxter
Biotech
CardioVascular
Renal
I.V. Systems/Medical Products
Community Leadership
Financial Information Index
2
4
6
8
10
12
14
16
1
94
95
96
B A X T E R I N T E R N A T I O N A L 1996 annual repor t
L E T T E R T O S H A R E H O L D E R S
a message from the Chairman and Chief Executive Officer
Nineteen ninety-six was a year of tremendous accomplishment.
We continued to create significant shareholder value. We enhanced
our leading-edge technologies. We built on our preeminent positions
in high-growth medical markets worldwide. And, we spun off our
health-care cost management and distribution operations as a
separate, publicly traded company called Allegiance Corporation.
As a result, Baxter is focused on executing its strategies of global
expansion and technological innovation, which we believe will
continue to drive significant shareholder value in 1997 and beyond.
Chairman and Chief Executive Officer,
Vernon R. Loucks Jr.
Baxter today is a reinvigorated company, backed by a legacy of leadership more than six decades in the making. While the historic spin-off
of Allegiance may have been the “headline,” there were many important achievements in 1996. These include Baxter’s clear leadership in
the drive to market a successful hemoglobin therapeutic, or “blood substitute;” our acquisition of Immuno International AG, a top European
provider of products and services for transfusion medicine; and ongoing growth in attractive markets from Argentina to China.
OUR FINANCIAL COMMITMENTS Most important of all, in 1996 Baxter kept its commitment to shareholders by meeting or exceeding our aggressive
financial targets. For several years we have set and delivered to specific, and ambitious, targets designed to generate growth and improve return
and cash flow to increase consistently the value of your investment. For 1996, our financial targets were to:
n Generate $500 million in “operational cash flow,” defined as total cash flow less working capital and capital
expenditures. We generated more than $680 million in operational cash flow.
n Grow net earnings in the high single digits, which we accomplished.
n Target a net-debt-to-capital ratio between 35 percent and 40 percent. This ratio, which was 50 percent at
year-end 1993, was reduced to 34 percent by year-end 1996.
n Continue to leverage marketing-and-administrative expenses. These costs have fallen from 21.5 percent
of sales in 1995 to 21 percent of sales in 1996.
n Double inventory turns by 1998, using 1993 as a base. While we made significant progress toward this
goal in 1996, we still have substantial work to do.
n Continue to repurchase an additional $500 million in common stock during the next few years.
We are on track to meet this commitment, having repurchased $267 million of shares in 1996.
Of course, the financial measure that matters most is total shareholder return (stock price plus dividend), which rose 14 percent during 1996. It was
your company’s 40th consecutive annual dividend increase. Over the last three years, total shareholder return has increased at a compound annual
growth rate of 28 percent—higher than the Dow Jones Industrial Average and the S&P 500. This performance was, however, slightly below the
S&P Medical Products and Supplies Index. Therefore, management’s bonuses, which are tied directly to the performance of Baxter’s total return
in relation to this index, were not paid out in full.
2
B A X T E R I N T E R N A T I O N A L 1996 annual repor t
We tie incentives to such benchmarks because we firmly believe that aligning the interests of managers and shareholders
improves performance. We encourage stock ownership by employees. Many senior managers participated in a voluntary
program through which they took out personal loans to purchase Baxter stock. Last year, the company gave options to senior
managers priced at a significant premium to Baxter’s stock price. Baxter’s board of directors also is compensated in stock.
By investing in growth opportunities, particularly internationally; leveraging our cost position; focusing on cash-flow
generation; and linking compensation to shareholder returns, we expect to meet our 1997 financial goals, including:
n Increasing net sales approximately 10 percent before the impact of acquisitions. Including acquisitions,
1997 sales growth will exceed 20 percent.
n Growing net earnings in the low double digits. This will accelerate in 1998 and beyond.
n Generating $300 million to $400 million in operational cash flow. This is after investing $1 billion
in capital expenditures and research-and-development expenditures, but before litigation payments.
Shareholder Return
1993–1996
(in percent)
40
30
20
10
0
Dow
Jones
S&P
500
Baxter
S&P
Medical
Index
OUR CORPORATE STRENGTHS Achieving these aggressive goals means capitalizing on Baxter’s unique competitive strengths. Your company is an
acknowledged global leader in technologies related to the blood and circulatory system. Our medical manufacturing skills are recognized and respected
worldwide. And, our expanding global presence results in more than half our sales coming from international markets, where spending and demand
for medical care are growing rapidly.
Building on these strengths, Baxter continued to grow its international businesses in 1996—announcing, among other initiatives, a joint venture in
Indonesia; plans to build manufacturing plants in China; expansion of our Renal Therapy Services business in Latin America, Asia and Europe; and the
formation of regional senior-management boards to aggressively manage ongoing expansion in Europe, Latin America, North America, Japan and Asia.
We also continued to develop innovative technologies. Our “blood substitute” became the first such product approved for the final stage of clinical
testing in the United States, and we introduced our QUANTUM PD™ nightly exchange system for peritoneal-dialysis patients. In research and development,
we made progress in minimally invasive technologies to repair diseased blood vessels and arteries; continued clinical trials for our Sealagen™ biologic
“glue” used to stop bleeding in surgical wounds; and conducted the first trials using genetically altered porcine livers as a “bridge” to transplant.
Bringing these ideas to life and these products to market are more than 35,000 Baxter employees. They hand-craft replacement heart valves in Irvine,
California; fill flexible bags with dialysis solutions in Guangzhou, China; and manufacture immune globulins in Lessines, Belgium. Baxter employees are
committed to quality and to excellence—not because it says so in a vision statement, but because they know customers count on them, sometimes
literally with their lives. In the end, that’s what your company is all about. We are in the business of “saving lives worldwide.” By growing globally,
and by continuing to innovate in select technologies, we can generate outstanding returns and improve the quality of life for millions of people worldwide.
Finally, I want to thank David W. Grainger, Silas S. Cathcart and Lester B. Knight, who resigned from Baxter’s board of directors last year to become
board members of Allegiance, for their dedication, vision and commitment to excellence. We wish them well.
On behalf of the entire Baxter team,
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