#1b ming Hillrom is a part of Baxter Baxter First-Quarter 2022 Earnings Baxter International Inc. April 28, 2022#2Forward-Looking Statements This presentation includes forward-looking statements concerning the company's financial results (including the outlook for second quarter and full-year 2022) and business development and regulatory activities (including the December 2021 acquisition of Hillrom). 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: the impact of global economic conditions (including the ongoing war in Ukraine and the related economic sanctions being imposed globally in response to the conflict and potential trade wars) and public health crises and epidemics, such as the ongoing coronavirus (COVID-19) pandemic, on the company and its employees, customers and suppliers, including foreign governments in countries in which the company operates; demand for and market acceptance of risks for new and existing products; product development risks (including satisfactory clinical performance and obtaining required regulatory approvals); product quality or patient safety concerns; continuity, availability and pricing of acceptable raw materials and component supply (including impacts from COVID-19); 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, public health crises and epidemics/pandemics, regulatory actions or otherwise); accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits (including the acquisitions of Cheetah Medical, Seprafilm Adhesion Barrier, specified OUS rights to Caelyx/Doxil, full U.S. and specific OUS rights to Transderm Scop, PerClot, the acquisition of Hillrom and certain rights to Zosyn in the U.S. and Canada); 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 FDA, the Department of Justice, the SEC, the New York Attorney General and foreign regulatory agencies, including the continued delay in lifting the warning letter at the company's Ahmedabad facility; the outcome of pending or future litigation, including the opioid litigation and current and future ethylene oxide litigation or other claims; 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 the company's peritoneal dialysis products, necessitating significant multiyear capital expenditures, which are difficult to estimate in advance; failures with respect to compliance programs; 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; 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 or the Build Back Better framework; actions taken by tax authorities in connection with ongoing tax audits; and other risks identified in Baxter's most recent filing on Form 10-K and other SEC filings, all of which are available on Baxter's website. Baxter does not undertake to update its forward-looking statements unless otherwise required by the federal securities laws. Baxter 2#3Use of Non-GAAP Financial Measures To supplement Baxter's consolidated financial statements presented on a U.S. GAAP basis, the Company discloses certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. A reconciliation of the non-GAAP financial measures included in this document to the corresponding U.S. GAAP measures follows in the section titled Non-GAAP Reconciliations. In addition, an explanation of the ways in which Baxter management uses these supplemental non-GAAP measures to evaluate its business and the substantive reasons why Baxter management believes that these non-GAAP measures provide useful information to investors is included in the Company's most recent earnings release filed with the SEC on Form 8-K on April 28, 2022. This information should be considered in addition to, and not as substitutes for, information prepared in accordance with U.S. GAAP. Baxter strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP financial measures used in this presentation include constant currency and operational sales growth, adjusted gross margin, adjusted operating margin, adjusted diluted EPS, free cash flow, adjusted selling, general, and administrative (SG&A) expense, and adjusted research and development (R&D) expense. A reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com. Baxter 3#4Table of Contents Performance Summary Financial Results 2022 Outlook 5 10 15 Non-GAAP Reconciliations 18#5Performance Highlights Baxter First-Quarter 2022 $3.7B Sales Key Metrics Gross Margin YOY Change Operating Margin YOY Change Diluted EPS YOY Change +26% Reported +29% Constant Currency¹ +3% Operational² U.S. GAAP Adjusted ³ 36.4% 45.0% (250 bps) +300 bps 4.4% 18.0% (880 bps) +100 bps $0.14 $0.93 (76%) +22% ¹Constant currency sales growth excludes the impact of foreign exchange. 2Operational sales growth excludes the impact of foreign exchange and the acquisition of Hillrom, ³Non-GAAP financial metrics referenced in this slide include constant currency sales growth and operational sales growth, adjusted gross margin, adjusted operating margin, and adjusted diluted EPS. A 5 reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com. LO#6Executing On Our Strategy Recent Highlights Demonstrating Ongoing Portfolio Resilience In Dynamic Environment¹ ▪ Operational sales growth of 3% and adjusted diluted EPS growth of 22% in Q1 2022 driven by improving rates of hospital admission and elective surgeries and the contribution from Hillrom Investing In Growth Opportunities And Executing On A Robust Pipeline Of Launches² ▪ Announced a long-term strategic partnership with Digital Diagnostics to offer its IDX-DR® autonomous Al software as a diagnostic service combined with the Welch Allyn RetinaVue 700 Imager ▪ Received U.S. FDA clearance of ST Set used in CRRT³; it has been available to customers in the U.S. since August 2020, when it received Emergency Use Authorization (EUA) from the FDA to provide CRRT to treat patients in an acute care environment during the COVID-19 pandemic ▪ Announced data indicating that the use of Sharesource remote patient management platform with an APD4 cycler may improve the clinical effectiveness of home kidney patients' care by extending their time on therapy by 3.4 months Delivering Enhanced Value For Shareholders ▪ Unwavering commitment to successfully integrating Hillrom, which brings together two leading, global medical technology innovators Paid quarterly dividend of $0.28 per share, reflecting strong financial position and commitment to returning value to shareholders Creating A Best Place To Work And Demonstrating Leadership In Corporate Social Responsibility ▪ Recently recognized by Forbes on its list of America's Best Large Employers 2022, based on employee ratings of factors such as working conditions, development opportunities and compensation ▪ Recently named to Forbes' Best Employers for Diversity 2022, which identifies companies most dedicated to diversity, equity and inclusion Baxter Accelerating Strategy Through Integration Of Hillrom To Advance Innovation, Expand Connected Care And Transform Healthcare ¹Non-GAAP financial metrics referenced in this slide include operational sales growth and adjusted diluted EPS growth. A reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com. 2See www.baxter.com for original press releases with additional product information. Continuous Renal Replacement Therapy. 4Automated Peritoneal Dialysis. CO 6#7Key Financial Metrics First-Quarter 2022 Snapshot¹ Global Reported Sales $2.9B Q1 2021 Baxter $3.7B +3% Operational Growth² Q1 2022 Adjusted Operating Margin 17.0% 18.0% +100 bps Q1 2021 Q1 2022 Adjusted Diluted EPS $0.76 $0.93 +22% Q1 2021 Q1 2022 ¹Non-GAAP financial metrics referenced in this slide include operational sales growth, adjusted operating margin, and adjusted diluted EPS. A reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com. 2Q1 2022 operational sales growth excludes the impact of foreign exchange of approximately (3%), 7 and the acquisition of Hillrom of approximately 26%; U.S. GAAP sales growth for the period was approximately 26% compared to Q1 2021.#8First-Quarter 2022 Performance¹ Metric Sales Growth Reported Sales Growth Constant Currency Sales Growth Operational Adjusted Diluted EPS Growth vs. Prior-Year Period Baxter Q1 2022 Guidance 24% - 25% 27% -28% LSD2 Growth $0.79 - $0.82 4% -8% Q1 2022 Actual +26% +29% +3% $0.93 +22% Strong Adjusted EPS Performance Exceeds Guidance; Results Reflect Favorable Product Mix And Disciplined Execution On Acquisition Related Cost Synergies ¹Non-GAAP financial metrics referenced in this slide include constant currency sales growth, operational sales growth, and adjusted diluted EPS. A reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com. 2Low single digit. 8#9Strong Performance Driven By Pandemic Recovery First-Quarter 2022 Business Drivers¹ Product Category Renal Care Medication Delivery Pharmaceuticals Clinical Nutrition Advanced Surgery Acute Therapies BioPharma Solutions Hillrom Baxter Sales $894M $706M $521M $227M $228M $188M $156M $755M CC Growth² Quarterly Performance Drivers +1% +10% (2%) +1% +8% (7%) +21% N/A Performance driven by growth in PD business reflecting a year-over-year increase in global patient volumes; partially offset by lower In-Center HD dialyzer sales internationally Strong U.S. growth reflects continued recovery in the pace of hospital admissions as well as increased demand for IV administration sets and solutions; sales also benefited from lower customer rebates Performance negatively impacted by increased competition for select molecules in U.S. generic injectables portfolio, lower sales of inhaled anesthetics and pandemic related supply constraints Performance driven by new product launches within broad multichamber product offering Growth reflects elective procedure recovery in the U.S. and Europe; partially offset by APAC region which experienced somewhat depressed levels of surgical volumes Reflects a challenging comparison to first-quarter 2021 when demand for CRRT was elevated given the rise in COVID-19 cases Strong performance driven by multiple collaborations to help manufacture COVID-19 vaccines on a contract basis Hillrom contributed $755 million in sales to the quarter ¹Non-GAAP financial metrics referenced in this slide include constant currency sales growth. A reconciliation to comparable U.S. GAAP measures can be found herein and is available at www.baxter.com. 2Represents growth at constant currency, adjusting for the impact of foreign exchange. CO#10Financial Results First-Quarter 2022 Earnings April 28, 2022 Baxter SEP 100 10