BAXTER INTERNATIONAL INC — Director's Dealing 2005

Feb 24, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BAXTER INTERNATIONAL INC (BAX)
CIK: 0000010456
Period of Report: 2005-02-24

Reporting Person: Utts James E (Corporate Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-24	Common Stock, $1 par value	M	17000	$16.59	Acquired	23560	Direct
2005-02-24	Common Stock, $1 par value	S	17000	$35.77	Disposed	6560	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-24	Stock Option (Right to Buy)	$16.59	M	17000	Disposed	2005-07-29	Common Stock, $1 par value (17000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $1 par value	5051	Indirect
Common Stock, $1 par value	107486	Indirect
Common Stock, $1 par value	100	Indirect
Common Stock, $1 par value	100	Indirect