The company had 2023 global net sales of $14.8 billion (+2% vs 2022), across three business: "Medical Product and Therapies", "Heathcare Systems and Technologies" and Pharmaceuticals.

Baxter's Medical Product and Therapies business comprise two divisions: the first named "Advanced Surgery" that produce technologies to enhance surgeons' technique, increase efficiencies and improve outcomes.

[3] In 1982, Baxter acquired Medcom, Inc., a New York-based firm founded by Richard Fuisz and his brother, that had large markets in the United States and Saudi Arabia.

Fuisz alleged that Baxter had sold their profitable Ashdod facility to Teva Pharmaceutical Industries in 1988[10] while simultaneously negotiating the construction of a similar plant in Syria in partnership with the Syrian military in order to be removed from the Arab League blacklist in 1989.

"[16] In 1996, the company entered into a four-way, $640 million settlement with haemophiliacs 1999 in relation to blood clotting concentrates that were infected with HIV.

[21] In March 2014, Baxter announced plans to create two independent global healthcare companies—one focused on developing and marketing bio-pharmaceuticals and the other on medical products.

[30] [31] In May 2023, Baxter announced it was selling its biopharma solutions business, which offers drugmakers support in the form of products like injectable delivery systems and services that include regulatory resources, help with drug formulation and development, and packaging capabilities, to private equity firms Warburg Pincus and Advent International for $4.25 billion in cash.

[32][33] In August 2024, Baxter agreed to divest its kidney care business unit, Vantive, to private equity firm Carlyle Group for $3.8 billion.

[34] In September 2024, Hurricane Helene caused significant flooding in North Carolina, affecting a Baxter International facility in Marion.

This also prompted questions from medical professionals about why such a large portion of the country's IV manufacturing capacity is tied to a single facility.

Baxter alumni groomed by Loucks included Terry Mulligan of MedAssets, Lance Piccolo at Caremark, Mike Mussallem of Edwards Lifesciences Corp and CEOs of Boston Scientific Corp. and Cardinal Health.

[45] The company has been one of several working with the World Health Organization and United States Centers for Disease Control and Prevention on the vaccine, and uses a cell-based rather than egg-based technology that allows a shorter production time.

[54] In 2010, a jury in Las Vegas, Nevada, ordered Baxter and Teva Pharmaceuticals to pay $144 million to patients who had been infected with hepatitis C after doctors wrongly reused dirty medical supplies to administer propofol to patients, although the label for propofol clearly states that it is for single-patient use only and that aseptic procedures should be used at all times.

[57] The Baxter Althane disaster in autumn 2001 was a series of 56 sudden deaths of kidney failure patients in Spain, Croatia, Italy, Germany, Taiwan, Colombia and the USA (mainly Nebraska and Texas).

All had received hospital treatment with Althane hemodialysis equipment, a product range manufactured by Baxter International, USA.

[58][59] In 2008, the quality of blood thinning products produced by Baxter was brought into question when they were linked to 81 deaths and 785 severe allergic reactions in the United States according to the FDA.

[61][62][63] Upon investigation of these adverse events by the FDA, academic institutions, and the involved pharmaceutical companies, the contaminant was identified as an "over-sulfated" derivative of chondroitin sulfate, a closely related substance obtained from mammal or fish cartilage and often used as a treatment for arthritis.

[66] The raw heparin batches were found to have been cut from 2–60% with the counterfeit substance, and motivation for the adulteration was attributed to a combination of cost effectiveness and a shortage of suitable pigs in Mainland China.

[67] Samples of the less harmful seasonal flu virus (subtype H3N2) were found to be mixed with the deadly H5N1 strain after a vaccine made from the material killed test animals in a lab in the Czech Republic.