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Baxter International plans to spin off kidney care units

Ruchika SharmaWritten by Ruchika Sharma Published On 8 Jan 2023 9:30 AM  |  Updated On 8 Jan 2023 9:30 AM
Baxter International plans to spin off kidney care units
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The company said the restructuring will allow it to "create a more resilient supply chain and greater alignment with the company's manufacturing footprint".

US: Baxter International Inc said on Friday it plans to spin off its kidney care units, becoming the latest medical device maker to slim down in the face of supply-chain challenges.

The company plans to spin off its renal care and acute therapies units into a separate listed entity in the next 12-18 months. It is also exploring alternatives for its biopharma solutions business, including a potential sale or other separation options.

Dialysis operations, which are a part of Baxter's renal care unit, are a drag on the parent company's margins today, said Chief Financial Officer James Saccaro.

Medical device makers are still grappling with supply-chain shortages that began during the pandemic, with rising costs of raw materials, labor, and transportation piling on more pressure.

Baxter's rival Medtronic said in October it would spin off two of its smaller businesses into a new company to streamline its portfolio and increase the pace of revenue growth.

"Our current operating model, which has served us well previously, does create an element of operational complexity, which became more evident last year when working through the challenges created by the unprecedented volatility in the macro environment," Baxter Chief Executive Officer José Almeida said in a conference call with investors.

Read also: Baxter launches cardiovascular medicine Norepinephrine in premix formulation in US

The company said the restructuring will allow it to "create a more resilient supply chain and greater alignment with the company's manufacturing footprint".

For the nine months ended Sept. 30, the renal care unit reported sales of $2.77 billion, down from $2.87 billion the previous year. The acute therapies unit posted sales of $519 million, declining from $580 million a year ago

Read also: Baxter Pharma India sets up global Pharmaceuticals RnD Centre in Ahmedabad

Baxter Internationalbaxterkidney care unitDialysisrenal care
Source : Reuters
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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