<SEC-DOCUMENT>0001027796-25-000045.txt : 20250902
<SEC-HEADER>0001027796-25-000045.hdr.sgml : 20250902
<ACCEPTANCE-DATETIME>20250902100740
ACCESSION NUMBER:		0001027796-25-000045
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250902
DATE AS OF CHANGE:		20250902

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAXTER INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000010456
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				360781620
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-13005
		FILM NUMBER:		251283415

	BUSINESS ADDRESS:	
		STREET 1:		ONE BAXTER PARKWAY
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015
		BUSINESS PHONE:		2249482000

	MAIL ADDRESS:	
		STREET 1:		ONE BAXTER PARKWAY
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAXTER TRAVENOL LABORATORIES INC
		DATE OF NAME CHANGE:	19880522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAXTER LABORATORIES INC
		DATE OF NAME CHANGE:	19760608

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PZENA INVESTMENT MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001027796
		ORGANIZATION NAME:           	
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-355-1600

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001027796</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>08/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000010456</issuerCik>
        <issuerName>BAXTER INTERNATIONAL INC</issuerName>
        <issuerCusip>071813109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>ONE BAXTER PARKWAY</com:street1>
          <com:city>DEERFIELD</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60015</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PZENA INVESTMENT MANAGEMENT LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>46921845.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>55458217.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>55458217.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>10.8</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
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      <item1>
        <issuerName>BAXTER INTERNATIONAL INC</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>ONE BAXTER PARKWAY, DEERFIELD, ILLINOIS, 60015</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Pzena Investment Management, LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>320 Park Avenue, 8th floor
New York, NY 10022
</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Delaware</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>55,458,217</amountBeneficiallyOwned>
        <classPercent>10.8%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>46,921,845</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>55,458,217</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS.
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      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
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      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>PZENA INVESTMENT MANAGEMENT LLC</reportingPersonName>
      <signatureDetails>
        <signature>s/Steven Coffey</signature>
        <title>Chief Legal Risk Officer &amp; Chief Compliance Officer</title>
        <date>09/02/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</SEC-DOCUMENT>
