April 25, 2019

Baxter International Inc.

First-Quarter 2019

Earnings

Safe Harbor Statement

2

This presentation includes forward-looking statements concerning Baxter’s financial results, business development activities, capital structure,

cost savings initiatives, R&D pipeline, including results of clinical trials and planned product launches, and financial outlook for second quarter

and full year 2019. The 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: 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 use or theft; future actions of regulatory bodies and other governmental authorities, including

FDA, the Department of Justice, the New York Attorney General and foreign regulatory agencies; 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); 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; global,

trade and tax policies; the ability to enforce owned or in-licensed patents or the patents of third parties preventing or restricting the manufacture,

sale or use of affected products or technology; the impact of global economic conditions (including potential trade wars); fluctuations in foreign

exchange and interest rates; any change in law 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; loss of key employees or inability to identify and recruit new employees; the outcome of pending or future

litigation; the adequacy of the company’s cash flows from operations to meet its ongoing cash obligations and fund its investment program; 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. Baxter does not undertake to update its forward-looking statements.

Performance Summary 5

17

10

Table of Contents

Financial Results

2019 Outlook

4

Strengthen our portfolio

and extend our impact

through transformative

innovation that spans

prevention to recovery

Our Strategy

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted gross margin, adjusted operating

margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 2Acute kidney injury. 3Human Rights Campaign Foundation.5

Executing On Our StrategyFirst-Quarter 2019 Highlights

Building Momentum With Strong Focus On Operational Performance1

▪ Delivered 2% operational sales growth reflecting the value of a diversified portfolio and an emphasis on innovation

▪ Adjusted EPS growth of 9% driven by solid operational performance, a lower tax rate, and a reduced share count

Investing In Growth Opportunities And Executing On A Robust Pipeline Of Launches

▪ Announced several innovation milestones, including ready-to-use eptifibatide launch, planned Clinolipid U.S. launch, and

FDA approval for faster preparation of Floseal Hemostatic Matrix

▪ Integrated a NantHealth digital health solution with Prismaflex technology and initiated AKI2 collaboration with bioMérieux

Delivering Enhanced Value For Shareholders

▪ Repurchased ~$600 million of shares and announced quarterly dividend payment of $0.19 per share

▪ Maintained financial optionality while thoroughly assessing high-value capital investment opportunities

Creating A Best Place To Work And Demonstrating Leadership In Corporate Social Responsibility

▪ Included on Forbes Magazine’s annual list of America’s Best Large Employers for the fifth consecutive year

▪ Recognized as a 2019 Top Company for Executive Women by the National Association of Female Executives

▪ Received a perfect score on the HRC3 2019 Corporate Equality Index for LGBTQ Equality for the fourth consecutive year

First-Quarter Performance Supports Increased Confidence In Full-Year Outlook; Raising Adjusted EPS Guidance Range To $3.27 - $3.35

Q1 2018 Q1 2019

Continuing Momentum Of Key Financial MetricsFirst-Quarter 2019 Snapshot1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted gross margin, adjusted operating

margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 2Q1 2019 operational sales growth excludes the impact of foreign

currency of approximately 4% and U.S. cyclophosphamide competition of approximately 0%; GAAP sales decline for the period was approximately 2% compared to Q1 2018.6

Global Reported Sales

~$2.7B~$2.6B

+2%Q1 2018 Q1 2019

Adjusted Operating Margin

+40 bps

16.7%17.1%

Q1 2018 Q1 2019

Adjusted Diluted EPS

+9%

$0.70$0.76

Operational Growth2

Strong Performance Driving Operational GrowthFirst-Quarter 2019 Business Drivers1,2

7

Renal Care$851M, +3% Operational

Continued momentum in PD therapies partially

offset by lower sales for select U.S.

in-center HD products

Medication Delivery$634M, (4%) Operational

Performance in line with expectations;

sales growth expected to improve

throughout 2019

Pharmaceuticals3

$509M, +9% Operational

Strength in hospital pharmacy compounding

services, anesthesia and critical care products,

and injectable premixed drugs partially offset

by lower sales of Brevibloc

Clinical Nutrition$205M, (5%) Operational

Recapture efforts in the U.S. gaining

traction; international sales impacted by

phasing of certain orders

Advanced Surgery$198M, +12% Operational

Increased demand for hemostats and sealants

portfolio augmented by Recothrom acquisition

Acute Therapies$128M, +4% Operational

Growth driven by new product launches,

geographic expansion, and CRRT4 education

1Sales and related figures represent Q1 2019; Other sales represent ~$0.1B. 2See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation,

such as constant currency and operational sales. 3Operational growth is equal to constant currency growth for all businesses with the exception of the Pharmaceuticals business;

Pharmaceuticals operational growth excludes the impact of U.S. cyclophosphamide competition of approximately 2%. 4Continuous renal replacement therapy.

Operational Sales Growth Of 2% Reflects Benefit Of Diversified Portfolio And Strength Of Organic Innovation

First-Quarter 2019 Sales And Adjusted Earnings1

81See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales,

adjusted gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense.

Metric Q1 2019Guidance

Q1 2019Actual

Sales GrowthOperational

+1% - 2% +2%

Sales GrowthConstant

~1% +2%

Sales GrowthReported

(~3%) (2%)

Adjusted Diluted EPSGrowth vs. Prior-Year Period

$0.66 - $0.68(6%) – (3%)

$0.76+9%

► Launched the first and only formulation of ready-to-use eptifibatide in a flexible container. Baxter’s GALAXYtechnology offers healthcare providers preparation efficiencies and helps to avoid potential dosing errors.

► Received FDA approval for faster preparation of Floseal Hemostatic Matrix. With 20% fewer components and steps to prepare, this next generation of Floseal makes it easier and faster for operating room nurses to get Floseal into the hands of surgeons to help stop bleeding during procedures.

► Announced that a NantHealth digital health solution is now available to connect Baxter's Prismaflex technology to a hospital’s EMR1 system. Digitally connected healthcare solutions have the potential to reduce reliance on manual documentation and convert data into meaningful insights to improve care.

► Presented plans to launch Clinolipid (20% Lipid Injectable Emulsion), Baxter’s proprietary olive oil-based lipid emulsion, in the U.S. later this year.

Advancing Our New Product PortfolioRecent R&D And Commercial Milestones

9

Ready-to-use eptifibatide Floseal Hemostatic Matrix

Clinolipid

Prismaflex available with a

NantHealth digital health technology

1Electronic medical record.

April 25, 2019

First-Quarter 2019 Earnings

Financial Results

First-Quarter 2019 Sales By Global Business Unit1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales,

adjusted gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 11

Q1 2019 Revenue Total Growth

$ In Millions U.S. International Total Reported Constant Operational

Renal Care $192 $659 $851 (2%) +3% +3%

Medication Delivery $406 $228 $634 (6%) (4%) (4%)

Pharmaceuticals $232 $277 $509 +3% +6% +9%

Clinical Nutrition $77 $128 $205 (8%) (5%) (5%)

Advanced Surgery $120 $78 $198 +9% +12% +12%

Acute Therapies $48 $80 $128 (1%) +4% +4%

Other $45 $62 $107 +4% +8% +8%

Total Baxter $1,120 $1,512 $2,632 (2%) +2% +2%

First-Quarter 2019 Sales By Operating Segment1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales,

adjusted gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 12

Q1 2019 Revenue Total Growth

$ In Millions Reported Reported Constant Operational

Americas(North and South America)

$1,408 (2%) (1%) (0%)

EMEA(Europe, Middle East and

Africa)

$705 (3%) +4% +4%

APAC(Asia Pacific)

$519 +2% +7% +7%

Total Baxter $2,632 (2%) +2% +2%

First-Quarter 2019 Adjusted Financial Results1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales,

adjusted gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 13

Q1 2018 Q1 2019 Change

Adjusted Gross Margin 43.8% 43.7% (10 bps)

Adjusted SG&A Expense(% of Sales)

21.9% 22.3% +40 bps

Adjusted R&D Expense(% of Sales)

5.1% 4.3% (80 bps)

Adjusted Operating Margin 16.7% 17.1% +40 bps

Adjusted Diluted EPS $0.70 $0.76 +9%

Driving Operational Excellence Across the CompanyQ1 2019 vs. Q1 2018 Adjusted Operating Margin1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted gross margin,

adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 2Adjusted operating expense equals adjusted SG&A expense plus adjusted R&D expense. 3Totals may not foot due to rounding.

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16.7%

(~10 bps)

17.1%

~40 bps

Key Drivers:

▪ Benefits from manufacturing improvements

and portfolio optimization initiatives offset by

lower sales of U.S. cyclo and Brevibloc and

less favorable product mix

▪ Shift of R&D investments to future quarters

contributing to Q1 margin expansion

▪ Continued discipline in driving expense

leverage and operational efficiency through

business transformation initiativesAdjustedGross Margin

AdjustedOpEx2Q1 2018 Q1 20193

Expect Full-Year 2019 Adjusted Operating Margin Expansion of Approximately 80 - 100 bps Over Full-Year 2018

Q1 2018 Q1 2019

Maintaining Focus On Cash Flow GenerationQ1 Performance In Line With Expectations1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted gross margin,

adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 2Operating cash flow less capital expenditures.15

Q1 2018 Q1 2019

Operating Cash Flow

$447M

$148M

Q1 2018 Q1 2019

Capital Expenditures

$155M$198M

Free Cash Flow2

$292M

($50M)

Strategically Deploying Capital To Fuel GrowthAnd Create Value

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Reinvestment in BusinessInvesting in higher-margin, faster-growing businesses to drive meaningful

innovation and enable accelerating launch cadence

Dividend IssuanceAnnounced quarterly dividend payment of $0.19 per share; currently targeting

~35% dividend payout ratio over time

Share RepurchasesReturned value directly to shareholders with ~$600 million of share repurchases

in Q1 2019

Strategic M&AContinuing rigorous assessment of business development and licensing

opportunities

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April 25, 2019

First-Quarter 2019 Earnings

Full-Year 2019 Outlook

Reaffirming Full-Year 2019 Sales Guidance1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted

gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense.18

Full-Year 2019Guidance

Sales Growth Operational

3% - 4%

U.S. Cyclo Competition (<100 bps)

Sales Growth Constant

2% - 3%

Foreign Exchange (200+ bps)

Sales GrowthReported

0% - 1%

Full-Year 2019 Financial Guidance1

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted

gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense.19

Full-Year 2019Prior Guidance

Full-Year 2019Current Guidance

Adjusted Operating Margin 18.0% - 18.4% 18.2% - 18.4%

Adjusted Diluted EPS Growth vs. Prior-Year Period

$3.22 - $3.306% - 8%

$3.27 - $3.357% - 10%

Operating Cash Flow ~$2.3B ~$2.3B

Free Cash Flow ~$1.6B ~$1.6B

Full-Year 2019 Sales Guidance By Business1,2

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted gross margin, adjusted operating

margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense. 2LSD represents low-single-digit; MSD represents mid-single-digit.20

Full-Year 2019Constant Currency

Full-Year 2019Operational

Renal Care 2% – 3% 2% – 3%

Medication Delivery ~6% ~6%

Pharmaceuticals LSD Decline LSD Increase

Clinical Nutrition ~3% ~3%

Advanced Surgery 3% – 4% 3% – 4%

Acute Therapies 7% – 8% 7% – 8%

Other LSD to MSD Decline LSD to MSD Decline

Total Baxter 2% – 3% 3% – 4%

Second-Quarter 2019 Financial Guidance1

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Second-Quarter 2019 Guidance

Sales Growth Operational

2% - 3%

U.S. Cyclo Competition (<100 bps)

Sales Growth Constant

~2%

Foreign Exchange (<400 bps)

Sales GrowthReported

(~2%)

Adjusted Diluted EPSGrowth vs. Prior-Year Period

$0.80 - $0.824% – 6%

1See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency and operational sales, adjusted

gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted SG&A expense, adjusted R&D expense, and adjusted operating expense.

April 25, 2019

Baxter International Inc.

First-Quarter 2019

Earnings