EXHIBIT 12

Baxter International Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges
(unaudited — in millions, except ratios)

Years ended December 31,		2005			2004			2003			2002			2001
Income from continuing operations before income taxes and cumulative effect of accounting changes	$	1,444		$	430		$	1,129		$	1,386		$	962
Fixed charges
Interest costs		184			144			152			100			129
Estimated interest in rentals (A)		46			50			51			46			36
Fixed charges as defined		230			194			203			146			165
Adjustments to income
Interest costs capitalized		(18	)		(18	)		(37	)		(30	)		(22	)
Net gains of less than majority- owned affiliates, net of dividends		(6	)		(5	)		(23	)		(1	)		(1	)
Income as adjusted	$	1,650		$	601		$	1,272		$	1,501		$	1,104
Ratio of earnings to fixed charges (B)		7.17			3.10			6.27			10.28			6.69

(A)	Represents the estimated interest portion of rents.
(B)	Excluding the following pre-tax special charges included in “Income from continuing operations”, the ratio of earnings to fixed charges was 7.47, 7.98, 7.93, 11.58 and 9.53 in 2005, 2004, 2003, 2002 and 2001, respectively.

2005:	$109 million benefit relating to restructuring charge adjustments, charges of $126 million relating to infusion pumps, and a charge of $50 million relating to the exit of hemodialysis instrument manufacturing.
2004:	$543 million charge for restructuring, $289 million charge for impairments and $115 million for other special charges.
2003:	$337 million charge for restructuring.
2002:	$163 million charge for in-process research and development and $26 million charge for restructuring.
2001:	$280 million charge for in-process research and development and other special charges and $189 million charge relating to discontinuing the A, AF and AX series dialyzers.