Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 4, 2023, Giuseppe Accogli, the Executive Vice President and Chief Operating Officer of Baxter International Inc. ("Baxter" or the "Company"), resigned as Executive Vice President and Chief Operating Officer of the Company effective immediately and no longer serves as an executive officer of the Company.

Item 7.01 Regulation FD Disclosure

On January 6, 2023, Baxter announced a series of strategic actions, which include the proposed spinoff of its Renal Care and Acute Therapies businesses into an independent, publicly traded company; working to finalize a simplified operating model and manufacturing footprint; and reviewing strategic alternatives for its BioPharma Solutions (BPS) business. A copy of the press release announcing the strategic actions is furnished as Exhibit 99.1 to this Current Report on Form 8­K.

The information in Section 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.



(d)Exhibits.

Exhibit Number                    Description

99.1                                Press Release Dated January 6, 2023

104                               Cover Page Interactive Data File (embedded within the Inline XBRL
                                  document)

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