Don't Write Off Baxter Just Yet

2025-11-04 08:30:00 ET

Before the pandemic, Baxter International ( BAX ) was considered one of the better businesses in the health care space. At the end of 2019, BAX stock traded at about 25x that year's earnings per share, a significant premium to peers. Dan Loeb's Third Point Capital had taken an activist stake in the company in 2015. By February 2019, the firm was absolutely ebullient about the investment, noting it had generated more profit than any other in Third Point's history, and crediting then-chief executive officer José Almeida with leading an "extraordinary transformation"....

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