Baxter International Inc.
BAX
Health Care
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Baxter International is a global medical products company that develops, manufactures, and markets pharmaceuticals, medical devices, and biotechnology products. A significant portion of its product portfolio, including injectable drugs, renal therapies, and surgical sealants, falls under regulatory frameworks that mandate animal testing for safety and efficacy prior to human clinical trials. The company’s products are routinely cited in published biomedical research as the standard supplies used in animal models, indicating Baxter’s role as a provider to the research industry.
The company’s operations are directly integrated into the animal testing ecosystem. Academic and industry studies, such as those published in Springer and PubMed Central, explicitly list “Baxter International Inc.” as the source for saline solutions and other compounds administered to laboratory animals. This demonstrates that Baxter’s products are not only developed using animal data but are also essential consumables in ongoing animal research conducted by others. While some testing may be required for regulatory compliance, the company’s broad and sustained involvement across the pharmaceutical and medical device sectors places it at the center of this activity.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.