Baxter International (BAX): what its 10-K says it depends on

Customers

Group purchasing organizations (GPOs)

earns fromnamed as a risk

Failure to be awarded or to maintain certain of these agreements could have a significant adverse effect on our business, including lost product sales and service and rental revenue.Risk factors (Item 1A)

Also named by BDX, BSX, CDW, EW, GMED, GWW, SYY, USFD and 1 more

Suppliers

Single source suppliers

depends onnamed as a risk

Our reliance on sole source suppliers may also lead to increased costs.Risk factors (Item 1A)

Also named by ACHR, AMAT, BSX, BWXT, CL, DOV, EL, ETN and 11 more

Transport service providers

depends onnamed as a risk

We rely heavily on a limited number of providers of transport services for reliable and secure point-to-point transport of our products to our customers and patients and for tracking of these shipments, and from time to time we require warehousing for our products.Risk factors (Item 1A)

Partners and platforms

Cardinal Health, Inc.

depends on · a significant portion of our products

In the United States, third parties, such as Cardinal Health, Inc. and Medline Inc., warehouse and ship a significant portion of our products through their distribution centers.Business (Item 1)

Also named by ABBV, AMGN, COR, CVS, GILD, HROW, LLY, MCK and 1 more

Medline Inc.

depends on · a significant portion of our products

In the United States, third parties, such as Cardinal Health, Inc. and Medline Inc., warehouse and ship a significant portion of our products through their distribution centers.Business (Item 1)

Other companies

Carlyle Group Inc.

$3.80 billionnamed as a risk

On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments.Business (Item 1)

Also named by TSLX

Vantive Health LLC

named as a risk

For example, we will continue to incur the costs of providing transition services, products and product components to Vantive under the relevant agreements (including the TSA and the MSA) and other stranded costs that we will no longer be able to share with the Kidney Care business and which we may not be able to fully offset.Risk factors (Item 1A)

Hill-Rom Holdings, Inc. (Hillrom)

named as a risk

Certain aspects of the integration have taken longer than originally anticipated.Risk factors (Item 1A)

Places

North Cove facility

operates innamed as a risk

Loss or damage to, or closure of, a manufacturing facility or storage site due to a natural disaster (such as we experienced at our North Cove facility as a result of Hurricane Helene), war, acts of terrorism, pandemics (including COVID 19) or otherwise has adversely affected, and could in the future adversely affect, our ability to manufacture sufficient quantities of key products or deliver products to meet customer demand or contractual requirements, which has resulted, and may in the future result, in a loss of revenue and other adverse business consequences, including those identified in the paragraphs above.Risk factors (Item 1A)

Hazards

Hurricane Helene

named as a risk

Loss or damage to, or closure of, a manufacturing facility or storage site due to a natural disaster (such as we experienced at our North Cove facility as a result of Hurricane Helene), war, acts of terrorism, pandemics (including COVID 19) or otherwise has adversely affected, and could in the future adversely affect, our ability to manufacture sufficient quantities of key products or deliver products to meet customer demand or contractual requirements, which has resulted, and may in the future result, in a loss of revenue and other adverse business consequences, including those identified in the paragraphs above.Risk factors (Item 1A)

Also named by BWXT, IMKTA, MNST, SO, SYM

Commodities and inputs

Euro

exposed to its pricenamed as a risk

These risks include changes in exchange controls and other governmental actions, loss of business in government and public tenders that are held annually in many cases, increasingly complex labor environments, availability of raw materials and component parts, changes in taxation, tariffs, sanctions, embargos, export control restrictions, changes in or violations of U.S. or local laws, dependence on a few government entities as customers, pricing restrictions, economic and political instability, monetary or currency volatility or instability (including as it relates to the U.S. Dollar, the Euro, the Mexican Peso, and currencies in emerging market countries), disputes between countries, trade relationships and conflicts, diminished or insufficient protection of intellectual property, and disruption or destruction of operations in a significant geographic region regardless of cause, including natural disaster, pandemic, power loss, cyber-attack, data breach, war, terrorism, riot, labor disruption, civil insurrection, or social unrest.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Mexican Peso

exposed to its pricenamed as a risk

These risks include changes in exchange controls and other governmental actions, loss of business in government and public tenders that are held annually in many cases, increasingly complex labor environments, availability of raw materials and component parts, changes in taxation, tariffs, sanctions, embargos, export control restrictions, changes in or violations of U.S. or local laws, dependence on a few government entities as customers, pricing restrictions, economic and political instability, monetary or currency volatility or instability (including as it relates to the U.S. Dollar, the Euro, the Mexican Peso, and currencies in emerging market countries), disputes between countries, trade relationships and conflicts, diminished or insufficient protection of intellectual property, and disruption or destruction of operations in a significant geographic region regardless of cause, including natural disaster, pandemic, power loss, cyber-attack, data breach, war, terrorism, riot, labor disruption, civil insurrection, or social unrest.Risk factors (Item 1A)

Also named by AYI, AZO, CCK, CDRE, CP, DCH, EZPW, FCFS and 14 more

Oil

exposed to its pricenamed as a risk

For example, material or sustained increases in the price of oil have had an adverse impact on the cost of many of the plastic materials or resins we use to make and package our products, as well as our transportation/freight costs.Risk factors (Item 1A)

Also named by AYI, BSM, GM, GRC, J, JBL, JEF, MHK and 6 more

Resins

exposed to its pricenamed as a risk

We have faced, and may in the future face, difficulties obtaining supplies of key materials, such as electromechanical components, active ingredients for pharmaceuticals and resins, due to supply chain disruptions and global pandemics (including COVID-19).Risk factors (Item 1A)

Also named by BDX, CL, FBIN, ITW, JOUT, KVUE, PG, PPG and 2 more

Polyvinyl chloride

subject tonamed as a risk

Other governments globally are collecting information regarding, or have limited or prohibited, or are considering limiting or prohibiting, the use of certain chemicals, including, but not limited to, polyvinyl chloride, which is used in certain of our products, and per- and polyfluoroalkyl substances (PFAS) which may be used in certain of our products.Risk factors (Item 1A)

Also named by CSW

Electromechanical components

depends onnamed as a risk

We have faced, and may in the future face, difficulties obtaining supplies of key materials, such as electromechanical components, active ingredients for pharmaceuticals and resins, due to supply chain disruptions and global pandemics (including COVID-19).Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

We must obtain specific clearance, approval or other marketing authorization from FDA and non-U.S. regulatory authorities before we can market and sell most of our products in a particular country.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Centers for Medicare & Medicaid Services (CMS)

subject tonamed as a risk

As a result, our activities are subject to regulation by CMS and enforcement by OIG and DOJ.Business (Item 1)

Also named by A, ABT, AMGN, AXGN, BWIN, CNC, COO, COR and 23 more

Office of Inspector General, HHS (OIG)

subject tonamed as a risk

As a result, our activities are subject to regulation by CMS and enforcement by OIG and DOJ.Business (Item 1)

Laws and programs

Medicare

earns fromnamed as a risk

In addition, a substantial portion of our revenues is dependent on federal healthcare program reimbursement, and any disruptions in federal government operations, including a federal government shutdown or failure of the U.S. government to enact annual appropriations, could have a significant adverse effect on our business, results of operations, financial condition, and cash flows.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BDX, BMY, BSX, CAH, CDNA and 48 more

U.S. tariffs

subject tonamed as a risk

Our results have been adversely affected by, and we expect our results to continue to be negatively affected by, tariffs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

The Department of Justice and the SEC are focused on the enforcement of the U.S. Foreign Corrupt Practices Act (FCPA), particularly as it relates to the conduct of medical product and pharmaceutical companies.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

Further, we are, or will be, subject to, amongst other applicable laws, the EU’s General Data Protection Regulation (the GDPR) the EU Data Act, the Artificial Intelligence Act, and the NIS2 Directive.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

OECD Pillar Two

subject tonamed as a risk

Changes to the tax laws in the U.S. or other countries in which we operate, such as the evolving two-pillared plan proposed by the Organization for Economic Cooperation & Development (OECD), could have an adverse effect on our operating results.Risk factors (Item 1A)

Also named by APO, BAM, BF/B, CHRW, COHR, CPNG, CRM, CW and 45 more

Medicaid

earns fromnamed as a risk

These payers include Medicare, Medicaid, private healthcare insurers in the U.S. and foreign governments and third-party payers outside the U.S.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BMY, BSX, CHE, CNC and 39 more

HIPAA

subject tonamed as a risk

In the U.S., for example, we are subject to the Health Insurance Portability and Accountability Act, as amended (HIPAA), the Health Information Technology for Economic and Clinical Health Act and the California Consumer Privacy Act (the CCPA) and California Privacy Rights Act as well as other new and emerging state laws.Risk factors (Item 1A)

Also named by AFL, BBSI, CI, DHR, DOC, DOCN, DOCU, DXCM and 19 more

340B Drug Pricing Program

subject tonamed as a risk

The Healthcare Reform Act includes several provisions which impact our businesses in the U.S., including increased Medicaid rebates and an expansion of the 340B Drug Pricing Program, which provides certain qualified entities with discounts on the purchase of drugs for outpatient use and an excise tax on the sale of certain drugs.Risk factors (Item 1A)

Also named by ABBV, BIIB, BMY, CAH, COR, CVS, EXEL, GILD and 13 more

EU Medical Device Regulation

subject tonamed as a risk

Various penalties exist for non-compliance with the EU Medical Device Regulation which, if incurred, could have a material adverse impact on portions of our business, results of operations, financial condition, and cash flows.Risk factors (Item 1A)

Also named by ABBV, BDX, BSX, CAH, COO, DXCM, EW, GEHC and 4 more

Patient Protection and Affordable Care Act

subject tonamed as a risk

The Healthcare Reform Act reduces Medicare and Medicaid payments to hospitals and other providers, which may cause us to experience downward pricing pressure.Risk factors (Item 1A)

Also named by CI, DHR, MCK, UNH, WGS

CMS Competitive Bidding Program

subject tonamed as a risk

If implemented, this could directly or indirectly adversely affect both the demand and prices customers are willing to pay for our products.Risk factors (Item 1A)

Also named by BDX

U.S. Section 232 pharmaceutical and medical device tariffs

subject tonamed as a risk

In addition, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, to determine the effects of importing pharmaceuticals and pharmaceutical ingredients and medical devices on national security.Risk factors (Item 1A)

EEA desflurane restriction

subject tonamed as a risk

Further, the EEA has restricted the use of desflurane, which is one of our anesthesia products, as an inhalation anesthetic by 2026, except in instances where alternatives cannot be used for medical grounds, and this legislation also requires fluorinated gases, which are included in our inhaled anesthetic portfolio, to be captured.Risk factors (Item 1A)

DEHP regulations

subject tonamed as a risk

We have obtained authorization to continue to use DEHP in certain of our products in the EEA, and our processes to remove DEHP from these products are in progress, but we cannot guarantee they will be completed prior to the effectiveness of all scheduled phase-outs, which may impact our ability to compete globally.Risk factors (Item 1A)