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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549
</B></FONT></P> <P STYLE="margin-top:36px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM <FONT STYLE="white-space:nowrap">8-K</FONT> </B></FONT></P>
<P STYLE="margin-top:36px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B>Date of Report (Date of earliest event reported): <U>January&nbsp;31, 2019</U><B> </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Baxter International Inc. </B></FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Exact name of registrant as
specified in its charter) </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Delaware </B></FONT></P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(State or other jurisdiction of
incorporation) </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><FONT STYLE="white-space:nowrap">1-4448</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><FONT STYLE="white-space:nowrap">36-0781620</FONT></B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Commission File Number)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(I.R.S. Employer Identification No.)</FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>One Baxter Parkway, Deerfield, Illinois</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>60015</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Address of principal executive offices)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Zip Code)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(224) <FONT STYLE="white-space:nowrap">948-2000</FONT> </B></FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Registrant&#146;s telephone
number, including area code) </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(Former name or former address, if changed since last report) </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Check the appropriate box below if
the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:2%"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:2%"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act
(17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:2%"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="white-space:nowrap">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR 240.14d 2(b)) </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; text-indent:2%"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="white-space:nowrap">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT
STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter): </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:2%"><FONT STYLE="font-family:Times New Roman" SIZE="3">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act:&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </FONT></P>

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 <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Item&nbsp;2.02 Results of Operations and Financial Condition. </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">On January&nbsp;31, 2019, Baxter International Inc. (the Company) issued an earnings press release for the quarterly and twelve month periods ended
December&nbsp;31, 2018. The press release, including attachments, is furnished as Exhibit 99.1 to this report. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">The press release furnished as
Exhibit 99.1 contains financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP). The <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures include adjusted income from continuing
operations, adjusted diluted earnings per share from continuing operations, adjusted operating income, adjusted other operating income, adjusted other income, net, adjusted gross margin, adjusted marketing and administrative expenses, adjusted
research and development expenses, adjusted <FONT STYLE="white-space:nowrap">pre-tax</FONT> income from continuing operations and adjusted income tax expense, each excluding special items, as well as constant currency sales, operational sales and
free cash flow. Special items are excluded because they are highly variable, difficult to predict or unusual and of a size that may substantially impact the Company&#146;s reported operations for a period. Certain of those items represent estimates
based on information reasonably available at the time of the press release. Future events or new information may result in different actual results. Additionally, intangible asset amortization is excluded as a special item to facilitate an
evaluation of current and past operating performance. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Net sales amounts are presented on a constant currency basis. This measure provides
information on the change in net sales assuming that foreign currency exchange rates have not changed between the prior and current periods. Net sales are also presented on an operational basis. For the quarter ended December&nbsp;31, 2018, it
excludes the impact of foreign exchange, generic competition for U.S. cyclophosphamide and the acquisition of the RECOTHROM and PREVELEAK products. For full year 2018, operational sales also exclude seven months of sales from the Claris
Injectables&#146; (Claris) business acquired in July 2017. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Free cash flow represents operating cash flow less capital expenditures. This
measure provides an indication of cash flow that may be available to fund investments in future growth initiatives. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures may provide a more complete understanding of the Company&#146;s operations and can facilitate a fuller analysis of the Company&#146;s results of operations, particularly in evaluating
performance from one period to another and is consistent with how management and the Company&#146;s Board of Directors assesses its performance. Management believes that <FONT STYLE="white-space:nowrap">non-GAAP</FONT> earnings measures, when used
in conjunction with the results presented in accordance with GAAP and the reconciliations to corresponding GAAP financial measures, may enhance an investor&#146;s overall understanding of the Company&#146;s past financial performance and prospects
for the future. Accordingly, management uses these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures internally in financial planning, to monitor business unit performance, to assess our performance relative to peers and in some cases, for
purposes of determining incentive compensation. This information should be considered in addition to, and not as substitutes for, information prepared in accordance with GAAP. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3">The Company strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3">Exhibits. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Description</B></FONT></P></TD></TR>


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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="3">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="3"><A HREF="d699628dex991.htm">Press Release Dated January&nbsp;31, 2019 </A></FONT></TD></TR>
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 <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="3">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</FONT></P> <P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="3">BAXTER INTERNATIONAL INC.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="3">By:</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="3">/<SMALL>S</SMALL>/ J<SMALL>AMES</SMALL> K. S<SMALL>ACCARO</SMALL></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="3">James K. Saccaro</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:36px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="3">Date: January&nbsp;31, 2019 </FONT></P>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of
1934
Date of Report (Date of earliest event reported):
January 31, 2019
Baxter International Inc.
(Exact name of registrant as
specified in its charter)
Delaware
(State or other jurisdiction of
incorporation)
1-4448
36-0781620
(Commission File Number)
(I.R.S. Employer Identification No.)
One Baxter Parkway, Deerfield, Illinois
60015
(Address of principal executive offices)
(Zip Code)
(224)
948-2000
(Registrant's telephone
number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if
the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule
14a-12
under the Exchange Act
(17 CFR
240.14a-12)
☐    Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR 240.14d 2(b))
☐    Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter):
☐    Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act:    ☐
Item 2.02 Results of Operations and Financial Condition.
On January 31, 2019, Baxter International Inc. (the Company) issued an earnings press release for the quarterly and twelve month periods ended
December 31, 2018. The press release, including attachments, is furnished as Exhibit 99.1 to this report.
The press release furnished as
Exhibit 99.1 contains financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP). The
non-GAAP
financial measures include adjusted income from continuing
operations, adjusted diluted earnings per share from continuing operations, adjusted operating income, adjusted other operating income, adjusted other income, net, adjusted gross margin, adjusted marketing and administrative expenses, adjusted
research and development expenses, adjusted
pre-tax
income from continuing operations and adjusted income tax expense, each excluding special items, as well as constant currency sales, operational sales and
free cash flow. Special items are excluded because they are highly variable, difficult to predict or unusual and of a size that may substantially impact the Company's reported operations for a period. Certain of those items represent estimates
based on information reasonably available at the time of the press release. Future events or new information may result in different actual results. Additionally, intangible asset amortization is excluded as a special item to facilitate an
evaluation of current and past operating performance.
Net sales amounts are presented on a constant currency basis. This measure provides
information on the change in net sales assuming that foreign currency exchange rates have not changed between the prior and current periods. Net sales are also presented on an operational basis. For the quarter ended December 31, 2018, it
excludes the impact of foreign exchange, generic competition for U.S. cyclophosphamide and the acquisition of the RECOTHROM and PREVELEAK products. For full year 2018, operational sales also exclude seven months of sales from the Claris
Injectables' (Claris) business acquired in July 2017.
Free cash flow represents operating cash flow less capital expenditures. This
measure provides an indication of cash flow that may be available to fund investments in future growth initiatives.
Non-GAAP
financial measures may provide a more complete understanding of the Company's operations and can facilitate a fuller analysis of the Company's results of operations, particularly in evaluating
performance from one period to another and is consistent with how management and the Company's Board of Directors assesses its performance. Management believes that
non-GAAP
earnings measures, when used
in conjunction with the results presented in accordance with GAAP and the reconciliations to corresponding GAAP financial measures, may enhance an investor's overall understanding of the Company's past financial performance and prospects
for the future. Accordingly, management uses these
non-GAAP
measures internally in financial planning, to monitor business unit performance, to assess our performance relative to peers and in some cases, for
purposes of determining incentive compensation. This information should be considered in addition to, and not as substitutes for, information prepared in accordance with GAAP.
The Company 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.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit Number
Description
99.1
Press Release Dated January 31, 2019
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BAXTER INTERNATIONAL INC.
By:
/
S
/ J
AMES
K. S
ACCARO
James K. Saccaro
Date: January 31, 2019