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Baxter International Inc.

Baxter International Inc. Sadia Ritu. Diversified. Global. History. Founded by Dr. Don Baxter in 1931 First manufacture of commercially prepared IV solutions Bought out by Dr. Ralph Falk in 1935 and development of a research division Headquarter in Deerfield Illinois

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Baxter International Inc.

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  1. Baxter International Inc. Sadia Ritu

  2. Diversified Global

  3. History • Founded by Dr. Don Baxter in 1931 • First manufacture of commercially prepared IV solutions • Bought out by Dr. Ralph Falk in 1935 and development of a research division • Headquarter in Deerfield Illinois • 1939 ‘Transfuso-Vac container’, the first sterile, vacuum-type blood collection and storage unit.

  4. 2011 Sales by Business

  5. BioScience • Recombinant (36%) • Antibody Therapy (26%), • Plasma Proteins (23%), • Regenerative Medicine (11%) • others (4%).

  6. Medical Products • Renal (32%) • Global Injectable (26%), • IV Therapy (24%), • Infusion System (10%), • Anesthesia (7%) • Others (1%)

  7. Sales and distribution

  8. Supplier Relations • Operations

  9. Research and Development

  10. 2011 Sales by Region

  11. Regional Growth: • North America • Europe, Middle East & Africa • Latin America & Canada • Asia Pacific

  12. Acquisitions

  13. Industry • Medical Instruments and Supplies Industry -106.6 billion • -5.8% growth rate • Healthcare sector • In the U.S., people over the age of 65 is expected to be about 49.7 million over the next 5 years.

  14. The economic effect • Healthcare Reform • Tax increase in 2013 • Management & Employees • Baxter’s management guidance

  15. Portfolio History Svigals Portfolio: 45 shares currently ($50.13/ share) 31.28% unrealized gain Tall Firs Portfolio: 340 BAX shares purchased in 2003-04 ($27-28/ share) about 120% unrealized gain

  16. Downside • FDA and EMA risk of approval. • Suppliers • Upcoming tax increase of 2013 on medical device companies. • Product quality or patient safety issues, leading to product recalls or withdrawals. • Fluctuations in foreign exchange and interest rates.

  17. Recent Happenings: • Baxter Said to Near Deal to Buy Gambro for $4 Billion -Nov 24, 2012 • Baxter Declares Quarterly Dividend –Nov 13, 2012

  18. Dividends

  19. BDX 43% COV 22% MDT 5% FMS 30%

  20. Discounted Cash Flow Analysis • -Beta

  21. -Revenue Model • -Cost Of Goods Sold • -SG&A • -Cap Ex • -Tax Rate

  22. Weights: DCF-70% Comp-30% Implied Price: $70.94

  23. Questions?

  24. Recommendation • Long term growth • 80 years long Healthcare leader • Global expansions • Diverse Hold

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