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New CEO Emphasizes Commitment To Financial Discipline And Value Creation At Baxter International, Inc.'s (BAX) Annual Stockholder Meeting



10/19/2005 5:11:12 PM

DEERFIELD, Ill., May 4 /PRNewswire-FirstCall/ -- At the company's Annual Meeting of Stockholders today, Baxter International Inc. introduced its new chairman and chief executive officer, reviewed the company's financial performance and emphasized its focus on achieving sustainable performance.

Presiding over his first Annual Meeting at Baxter since assuming his position last week, Chairman and Chief Executive Officer Robert L. Parkinson, Jr. highlighted the company's strengths that drew him to the position, and personally committed to tap the value within Baxter.

"The embedded value in this company is tremendous," Parkinson said. "We must and will identify ways to extract and apply that value for the benefit of our shareholders, and most certainly for the patients who benefit the most from what we do."

"We must sharpen our focus on science and technology -- the lifeblood of the healthcare business -- to improve the growth prospects for our company," Parkinson continued. "Success in significantly improving our financial position will provide us with the latitude to pursue new product initiatives that complement our existing businesses and that can benefit from our existing global strengths."

At the meeting, Baxter shareholders elected directors John D. Forsyth, Gail D. Fosler and Carole J. Uhrich to three-year terms on the company's board. Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as independent auditors for Baxter, but voted down a shareholder proposal related to cumulative voting in the election of directors to the company's board.

Baxter International Inc., through its subsidiaries, assists health-care professionals and their patients with the treatment of complex medical conditions, including cancer, hemophilia, immune disorders, kidney disease and trauma. The company applies its expertise in medical devices, pharmaceuticals and biotechnology to make a meaningful difference in patients' lives.

This news release contains forward-looking statements that involve risks and uncertainties, including the company's ability to realize in a timely fashion the anticipated benefits of restructuring initiatives, the effect of economic conditions, actions of regulatory bodies, product development risks, product demand and market acceptance, the impact of competitive products and pricing, foreign currency exchange rates and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though are inherently uncertain and difficult to predict. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events, changed assumptions or otherwise; and all forward-looking statements speak only as of the time when made. Actual results or experience could differ materially from the forward-looking statements.

Baxter International Inc.

CONTACT: Media, Deborah Spak, +1-847-948-2349, or Sally Benjamin Young,+1-847-948-2304; or Investors, Neville Jeharajah, +1-847-948-2875, or Mary KayLadone, +1-847-948-3371, all of Baxter International Inc.


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