Although the 2015 Baxalta spinoff was successful, Baxter's financial results fell substantially in 2022-23 on external pressures, including inflation and weak medical utilization trends just after making the large Hillrom acquisition. However, elevated medical utilization, supply chain pressures easing, new contracts with group purchasing organizations coming online, and a new management team onboard since then; Baxter's profits should be in turnaround mode.