Becton, Dickinson and Company (NYSE:BDX) is one of the  7 Most Undervalued Blue Chip Stocks to Invest In. On March 23, 2026, Argus lowered the price target on Becton, Dickinson and Company (NYSE:BDX) to $180 from $230 and maintained a Buy rating, citing the company’s transition toward a pure-play medtech model following the spin-off of its Biosciences and Diagnostics Solutions business. Argus also noted the stock trades at about 11.5 times forward earnings, below the 20.4 times average for its MedTech cov ...

文章来源： 思 宇Me dTec h 转载要求：可以直接转载，请在文首注明来源 在胰岛素注射这一成熟赛道中，一家从 BD（Becton, Dickinson and Company） 拆分出来的公司，正在悄 然改变自己的定位。 2026年3月20日，原BD糖尿病业务拆分公司 Embecta 宣布将以 1.99亿美金（ 约14亿元人民币） 收购一家 英国自动注射器企业。交易结构包括约9亿元现金对价，以及约5亿元与未来销售挂钩的对赌条款。 如果只看金额，这是一笔中等规模并购；但从战略意图看，这更像是一次 赛道转型信号 。 # 从"胰岛素公司"到"给药平台" 收购方的背景非常关键。 该公司原本是 全球医疗器械巨头BD的糖尿病业务板块 ，长期核心产品包括： 从"糖尿病注射专家" 转向"广义医疗给药公司" 自动注射器平台（auto-injector） 可用于多种生物制剂与慢病治疗 本质是： 从单一适应症 → 多适应症平台能力 其典型特征是： 高耗材属性 + 稳定现金流， 但增长空间有限。 2025年以来，公司明确提出战略调整： 这次收购的标的，正好对应这一目标： 胰岛素注射笔 注射针头 # 自动注射器的价值：为什么成为 ...

Core Insights - Becton, Dickinson and Company (BDX) is recognized as one of the 13 undervalued dividend aristocrats to consider for investment [1] - BDX is a leading global medical technology company, focusing on innovation in medical essentials, connected care, biopharma systems, and interventional solutions [2] FDA Clearance and Product Innovation - BDX received FDA 510(k) clearance for its Surgiphor™ 1000mL irrigation system, designed for powered lavage procedures, which provides a standardized and sterile solution for wound care [3][4] - The Surgiphor™ portfolio now includes both manual and powered irrigation options, enhancing flexibility for healthcare providers [4] - The company aims for an adjusted EPS of $12.35 to $12.65 for FY 2026, indicating a projected growth of 6% at the midpoint compared to the previous year [4]

Core Viewpoint - Becton Dickinson (BDX) has experienced a decline in share price of approximately 4.5% since its last earnings report, underperforming the S&P 500, raising questions about future performance leading up to the next earnings release [1] Financial Performance - BDX reported adjusted earnings per share of $2.91 for Q1 fiscal 2026, a decrease of 15.2% year over year, but exceeding the Zacks Consensus Estimate by 3.4% [2] - GAAP earnings per share for the quarter was $1.34, reflecting an increase of 28.8% from the previous year [2] - Revenues for the first quarter were $5.25 billion, up 1.6% year over year, surpassing the Zacks Consensus Estimate by 2% [3] - New BD revenues, reflecting the separation of its Biosciences and Diagnostic Solutions business, were $4.49 billion, an increase of 3.5% on a reported basis [4] Segment Performance - The Medical Essentials segment reported revenues of $1.59 billion, up 0.6% year over year, while the Connected Care segment generated $1.13 billion, up 5.5% [5] - BioPharma Systems segment revenues were $429 million, up 2.7%, and the BD Interventional segment generated $1.33 billion, up 5.8% [6] - The BD Life Sciences segment saw revenues decline to $766 million, down 8.3% year over year [6] Geographic Performance - U.S. revenues improved by 2.6% year over year to $3.16 billion, while international revenues were $2.09 billion, up 0.2% on a reported basis but down 2.8% at constant exchange rates [7] Margin Analysis - Gross profit increased by 7.9% year over year to $2.41 billion, with gross margin expanding by 266 basis points to 45.9% [8] - Adjusted operating profit totaled $712 million, reflecting a 24% increase from the previous year, with an adjusted operating margin of 13.6% [9] Financial Position - At the end of Q1 fiscal 2026, BDX had cash and cash equivalents of $751 million, up from $649 million at the end of fiscal 2025, while total debt increased to $19.54 billion [10] - Net cash provided by continuing operating activities was $657 million, compared to $693 million a year ago [10] Dividend History - BDX has a consistent dividend-paying history, with a five-year annualized dividend growth rate of 5.47% [11] Fiscal Guidance - For fiscal 2026, BDX projects revenue growth above low single digits on a reported basis and anticipates adjusted earnings per share in the range of $12.35-$12.65, with the Zacks Consensus Estimate at $14.84 [12] Estimate Revisions - There has been a downward trend in estimates, with the consensus estimate shifting down by 16.86% [13] VGM Scores - BDX has an average Growth Score of C and a similar score for momentum, with a grade of B for value, placing it in the top 40% for value investors [14] Outlook - Estimates for BDX have been trending downward, leading to a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [15]

Core Viewpoint - The company does not anticipate any impact from oil prices or resin costs for the current fiscal year, attributing this stability to effective hedging strategies implemented in recent years [2]. Group 1: Oil and Resin Impact - The company has observed that the correlation between oil prices and resin costs has diminished, indicating a decoupling of these two factors [2]. - The company has implemented aggressive hedging strategies for both currency and oil, which has significantly mitigated potential financial impacts from fluctuations in resin prices [2]. - Even if oil prices remain stable or increase slightly, the financial impact on the company is projected to be in the low single-digit millions of dollars, which is considered negligible for the fiscal year [2]. Group 2: Future Monitoring - The company will continue to monitor oil prices and resin costs for future fiscal years, particularly looking ahead to FY '26, but currently sees no anticipated impact [2].

Core Viewpoint - The healthcare sector, often not associated with dividends, has notable dividend stocks like Becton, Dickinson and Medtronic that could be valuable additions to investment portfolios [1]. Group 1: Becton, Dickinson - Becton, Dickinson has increased its dividend annually for over 50 years, qualifying it as a Dividend King [2]. - The company operates in the medical-surgical business and medical device sectors, focusing on essential products like syringes [2]. - Despite recent execution challenges, Becton, Dickinson has a pipeline of new products and has completed a spinoff to enhance focus on growth [4]. - The current dividend yield is 2.4%, appealing to long-term dividend investors [4]. Group 2: Medtronic - Medtronic is nearing Dividend King status with a strong dividend history and a current yield of 2.9% [5]. - The company is also experiencing a weak period but is positioned for potential growth, particularly with its recent entry into the surgical robotics market [7]. - Medtronic's P/E ratio is 27x, significantly lower than the 63x of its competitor Intuitive Surgical, suggesting room for valuation improvement as it advances in surgical robotics [7][8]. Group 3: Investment Considerations - Both Becton, Dickinson and Medtronic are accessible for investors with smaller amounts, allowing for the purchase of multiple shares with $1,000 [9]. - The current market conditions present catalysts that may lead to higher valuations for both companies, making them timely investment opportunities [9].

Company Overview - Becton, Dickinson and Company (BDX) has received CE Mark approval in the European Union for its Revello Vascular Covered Stent, expanding its peripheral vascular portfolio and enhancing its position in the peripheral artery disease (PAD) treatment market [1][3]. Product Details - The Revello Vascular Covered Stent is designed for treating atherosclerotic lesions in the common and external iliac arteries, featuring a self-expanding nitinol stent with an ultrathin expanded polytetrafluoroethylene covering [6][7]. - The device includes a tri-axial delivery system for controlled deployment, an atraumatic tip for smoother insertion, and is available in various diameters and catheter lengths for procedural flexibility [8]. Market Potential - The global peripheral arterial disease treatment market is projected to grow from $3.17 billion in 2025 to approximately $6.11 billion by 2034, with a compound annual growth rate (CAGR) of 7.56% [10]. - The increasing prevalence of PAD among Europe's aging population is expected to drive demand for the Revello stent, allowing BD to capture more procedure volumes and expand its market share [3]. Recent Developments - BD has also received FDA 510(k) clearance for its Surgiphor 1000mL antimicrobial irrigation system, marking a significant addition to its product offerings [11]. - The company introduced the BD Vacutainer Urine Complete Cup Kit to enhance diagnostic testing efficiency [12]. - BD launched BD Research Cloud 7.0 to advance its AI strategy in flow cytometry and life sciences research [13].

Core Insights - Becton, Dickinson and Company (BDX) has received FDA 510(k) clearance for its Surgiphor 1000mL antimicrobial irrigation system, marking it as the first 1000mL antimicrobial irrigation solution designed for powered lavage, aimed at enhancing surgical safety and procedural performance [1][4][8] Company Developments - The FDA clearance is expected to bolster BDX's leadership in surgical irrigation technologies, providing consistent and safe irrigation performance that enhances procedural efficiency and patient care outcomes [2][4] - The Surgiphor 1000mL system is designed to mechanically remove debris and microorganisms from wounds during powered irrigation procedures, expanding BDX's existing Surgiphor portfolio [1][8] - The new system is a ready-to-use sterile solution, which reduces preparation time in the operating room and adheres to established safety standards for surgical wound irrigation [9][11] Market Position and Trends - BDX's market capitalization currently stands at $49.60 billion [6] - The introduction of the Surgiphor 1000mL is anticipated to strengthen BDX's position in the wound irrigation systems market, which is projected to reach $356.16 million by 2026, with a CAGR of 4.7% through 2035 [13] - The growth in the wound irrigation market is driven by increasing chronic wound cases and the adoption of advanced automated devices that enhance infection control and healing efficacy [13] Product Features - The Surgiphor 1000mL system includes a powered-device adapter and a Y-connector for switching between saline and the Surgiphor solution, providing flexibility for various clinical scenarios [10][12] - The design features integrated venting for consistent fluid flow and a collapsible bottle structure for efficient evacuation and handling during use [11]

Core Viewpoint - BD Medical and Mindray Medical have officially established a significant partnership focused on the clinical flow cytometry field, aiming for comprehensive and in-depth channel cooperation to lay a solid foundation for future brand collaboration [1][2]. Group 1 - The collaboration represents a strong alliance, leveraging BD's technical expertise, professional talent, and solution advantages in flow cytometry, combined with Mindray's core competencies in intelligent platforms, local major projects, and channel resources [2]. - Both companies will deeply collaborate in areas such as product and digital innovation, channel empowerment and expansion, academic and brand promotion, and technical support to jointly advance the high-quality development of flow cytometry business and smart testing overall solutions [2].

Core Insights - BD has received FDA 510(k) clearance for the Surgiphor™ 1000mL, the first and only 1000 mL antimicrobial irrigation system designed for powered lavage, enhancing surgical safety and efficiency [1][1][1] Company Overview - BD is a leading global medical technology company focused on advancing healthcare through innovation in medical essentials, connected care, biopharma systems, and interventional solutions [1][1] - The company operates globally with over 60,000 employees and delivers billions of products annually, positively impacting global healthcare [1][1] Product Features - The Surgiphor™ 1000mL provides a standardized, ready-to-use, and sterile solution that simplifies complex surgical procedures, saving time in the operating room [1][1] - Key features include terminally sterile PVPI solution, optimized flow and ergonomics, versatile interchangeability with powered devices, and compatibility with existing powered irrigation setups [1][1][1] Market Position - The FDA clearance reinforces BD's leadership in surgical irrigation innovation, allowing surgical teams to focus on patient care [1][1] - The expanded Surgiphor™ portfolio now includes both manual and powered irrigation configurations, offering flexibility to clinicians [1][1]