Exhibit 12.1

Baxter International Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(unaudited — in millions, except ratios)⁽¹⁾

	Six months ended June 30,			Years Ended December 31,
	2018			2017			2016			2015			2014			2013
Income from continuing operations before income taxes	$	842		$	1,217		$	4,954		$	428		$	490		$	375
Fixed charges
Interest costs(2)		52			98			107			197			237			225
Estimated interest in rentals(3)		25			51			58			70			83			71
Fixed charges as defined		77			149			165			267			320			296
Adjustments to income from continuing operations
Interest costs capitalized		(6	)		(13	)		(18	)		(51	)		(70	)		(70	)
Net (gains) losses of less than majority-owned affiliates, net of dividends		(1	)		(6	)		2			(1	)		(19	)		(1	)
Income from continuing operations as adjusted	$	912		$	1,347		$	5,103		$	643		$	721		$	600
Ratio of earnings from continuing operations to fixed charges		11.84			9.04			30.93			2.41			2.25			2.03

(1) Baxter International Inc. had no preferred stock outstanding for any period presented, and accordingly the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.

(2) Excludes interest on uncertain tax positions.

(3) Represents the estimated interest portion of rents.