Sec Form 3 Filing - PERSKY MARLA @ BAXTER INTERNATIONAL INC - 2004-03-26

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person PERSKY MARLA 2. Issuer Name and Ticker or Trading Symbol BAXTER INTERNATIONAL INC [ BAX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Acting General Counsel (Last) (First) (Middle) ONE BAXTER PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 03/26/2004 (Street) DEERFIELD, IL60015 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $1 par value 48,426 D Common Stock, $1 par value 1,930 I By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (Right to Buy) $ 24.3966 02/23/1999 11/17/2006 Common Stock, $1 par value 25,084 D Employee Stock Option (Right to Buy) $ 22.7224 02/23/1999 02/16/2007 Common Stock, $1 par value 12,542 D Employee Stock Option (Right to Buy) $ 22.543 11/20/2000 11/16/2007 Common Stock, $1 par value 12,542 D Employee Stock Option (Right to Buy) $ 26.8782 02/19/2001 02/15/2008 Common Stock, $1 par value 4,808 D Employee Stock Option (Right to Buy) $ 29.2102 11/16/2001 11/14/2008 Common Stock, $1 par value 17,350 D Employee Stock Option (Right to Buy) $ 32.3794 02/15/2002 02/13/2009 Common Stock, $1 par value 13,546 D Employee Stock Option (Right to Buy) $ 31.4525 11/15/2002 11/13/2009 Common Stock, $1 par value 17,350 D Employee Stock Option (Right to Buy) $ 41.3438 12/31/2001 11/12/2010 Common Stock, $1 par value 30,000 D Employee Stock Option (Right to Buy) $ 41.3438 11/13/2003 11/12/2010 Common Stock, $1 par value 8,400 D Employee Stock Option (Right to Buy) $ 41.3438 11/13/2003 11/12/2010 Common Stock, $1 par value 46,900 D Employee Stock Option (Right to Buy) $ 49.54 11/26/2004 11/25/2011 Common Stock, $1 par value 49,335 D Employee Stock Option (Right to Buy) $ 30.06 11/17/2005 11/16/2012 Common Stock, $1 par value 23,595 D Employee Stock Option (Right to Buy) $ 27.13 11/20/2006 11/18/2013 Common Stock, $1 par value 22,523 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other PERSKY MARLA ONE BAXTER PARKWAY DEERFIELD, IL60015 Acting General Counsel Signatures Marla S. Persky 03/30/2004 Signature of Reporting Person Date

Explanation of Responses:
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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