Baxter International (BAX) Message Board

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Biotech / Medical : Baxter International (BAX)

BAX 21.06

+1.8%

Jan 9 9:30 AM EST

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To: Uncle Mikey who started this subject	10/16/2000 11:15:53 AM
From: Paul Lee	of 101

TWST: Baxter is rather well-known. What are the specific attributes that you consider to be valuable? Mr. Wittes: Baxter International (BAX) is a dominant player in the hospital supply arena. A particularly large part of their business is weighted toward the blood area ' which Baxter dominates. The stock has risen nicely due to expectations for Factor VIII. Additionally, Baxter is moving away from commodity-type hospital supply items into high- margin specialty pharmaceutical items and vaccines. TWST: Do you look at those additions as risk diversification or is it really to bring in some high-growth diversification? Mr. Wittes: I think it's multiple expansion. They are diversifying, but into much higher growth arenas. TWST: From the investors' viewpoint, should they be looking at these particular stocks as part of their core holdings in the biotech, bio med area or as part of a basket approach? Mr. Wittes: I think Baxter should be a core holding, particularly when they start to show some success with their biotech initiatives. In addition, I think there are compelling reasons to buy the other names that we've talked about. TWST: Thank you. (DA) JASON WITTES UBS Warburg LLC 299 Park Avenue New York, NY 10171-0026 (212) 821-3149 (212) 593-8632 - FAX

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