Accessibility StatementSkip Navigation FRANKLIN LAKES, N.J., Sept. 17, 2025 /PRNewswire/ --Â BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced the placement of the 1,000th BD Rhapsodyâ"¢ System, a flagship instrument for single-cell multiomics analysis, at Addenbrooke's Hospital of the University of Cambridge, United Kingdom. Together with its comprehensive menu of assays for DNA, RNA, and protein analysis, the instrument enables scientists to capture dee ...

Dividend Announcements - Alphabet, Becton, Dickinson, and Rogers Communications will trade ex-dividend on 9/8/25 for their upcoming dividends [1] - Alphabet will pay a quarterly dividend of $0.21 on 9/15/25, Becton, Dickinson will pay $1.04 on 9/30/25, and Rogers Communications will pay $0.50 on 10/3/25 [1] Expected Price Adjustments - Alphabet's dividend represents approximately 0.09% of its recent stock price of $231.10, leading to an expected price drop of 0.09% on 9/8/25 [2] - Becton, Dickinson is expected to open 0.55% lower, while Rogers Communications is expected to open 1.40% lower, all else being equal [2] Historical Dividend Analysis - Historical dividend data can provide insights into the stability of future dividends, which is crucial for assessing annual yield expectations [7] - Current estimated annualized yields are 0.36% for Alphabet, 2.20% for Becton, Dickinson, and 5.60% for Rogers Communications [7] Market Performance - On the day of the report, Alphabet shares are up about 9%, Becton, Dickinson shares are up about 0.7%, and Rogers Communications shares are up about 0.4% [8]

Financial Data and Key Metrics Changes - The new BD reported approximately 4% growth in Q3, with expectations for mid-single-digit growth for the full year [11][12] - The company achieved 9.5% EPS growth at the midpoint, driven by margin expansion despite macroeconomic challenges [8][10] - Total capital return to shareholders for the year is projected to be about $2.2 billion, split between share buybacks and dividends [10] Business Line Data and Key Metrics Changes - BD Alaris has regained market share and is on track to complete the upgrade of its fleet within the three-year commitment made to the FDA [4][5] - The APM business saw a strong 13% growth in Q3, with expectations for continued strong performance as it becomes organic [28][30] - BD Interventional experienced double-digit growth, contributing to overall strong performance across the portfolio [27] Market Data and Key Metrics Changes - The company anticipates a decline in the China market due to value-based procurement, expecting high single-digit declines this year and mid to high single-digit declines next year [35][36] - BD Biosciences is expected to see sequential growth improvements as it transitions to Waters Corporation, with a strong win rate in the clinical reagent business [33][34] Company Strategy and Development Direction - The primary focus for the next 12 months includes completing the separation from the life sciences business and executing a commercial strategy [6][8] - The company is committed to a capital allocation strategy that prioritizes share buybacks, with at least half of the $4 billion cash from the separation allocated to this purpose [9][10] - The innovation pipeline is robust, with new products expected to drive growth in attractive markets such as biologic drug delivery and AI solutions [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges, emphasizing the importance of scale and productivity improvements for customers [65][66] - The company is taking a prudent approach to guidance for fiscal 2026, acknowledging the dynamic macro environment while maintaining a long-term growth outlook [52][53] Other Important Information - The company has completed a $1 billion share buyback for the year, with plans for continued buybacks in the future [9][10] - The new AI-enabled Pyxis Pro platform is expected to enhance medication management and drive market share growth [41][45] Q&A Session Summary Question: What are the growth expectations for the new BD? - The new BD is expected to grow at a mid-single-digit rate, supported by a strong innovation pipeline and market positioning [11][12] Question: How does the company plan to allocate capital post-separation? - The company plans to allocate at least half of the $4 billion cash from the separation to share buybacks, with a focus on creating shareholder value [9][10] Question: What is the outlook for the China market? - The company expects high single-digit declines in the China market this year, with stabilization anticipated by the end of next year [35][36] Question: How is the company addressing macroeconomic challenges? - Management highlighted the importance of productivity improvements and scale for customers to navigate tighter funding environments [65][66]

Financial Data and Key Metrics Changes - The company reported a 9.5% EPS growth at the midpoint, driven by margin expansion despite macroeconomic challenges impacting revenue [8][10] - Total return to shareholders for the year is approximately $2.2 billion, with $1 billion through share buybacks and $1.2 billion through dividends [10] Business Line Data and Key Metrics Changes - The new BD grew about 4% in Q3, with expectations for mid-single digit growth for the full year [11][12] - BD Interventional saw double-digit growth in UCC and strong mid-single digit growth across other businesses [30] - Aleris is gaining market share and is expected to continue contributing positively to growth [45][46] Market Data and Key Metrics Changes - The company anticipates a decline in China operations by high single digits this year, stabilizing thereafter as 90% of the portfolio will have gone through value-based procurement (VBP) by the end of next year [42][43] - The Biosciences segment is expected to see sequential growth improvements as it transitions to Waters [37] Company Strategy and Development Direction - The primary focus for the next twelve months includes completing the separation from the Life Science business, executing a commercial strategy, and continuing margin expansion through BD Excellence [6][8] - The company is committed to utilizing at least half of the $4 billion cash from the separation for share buybacks [9][10] - The innovation pipeline is robust, with new products expected to drive growth in biologic drug delivery and AI solutions [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges, emphasizing the importance of productivity improvements for customers facing tighter funding environments [73][75] - The company is taking a prudent approach to guidance for FY 2026, recognizing the dynamic macro environment while maintaining a mid-single digit growth outlook [58][60] Other Important Information - The company has completed a $1 billion share buyback for the year, contributing to a total capital return of $2.2 billion to shareholders [10] - The new AI-enabled Pyxis Pro system is expected to enhance medication management and improve operational efficiencies [47][50] Q&A Session Summary Question: What is the growth algorithm for the new BD? - The new BD is expected to grow mid-single digits, supported by a strong innovation pipeline and market positioning [11][12] Question: How does the company define similar margin profiles post-separation? - Management indicated that the operating margin post-separation would be similar, within 50 to 100 basis points [23][24] Question: What are the drivers for the acceleration in Q4 guidance? - The acceleration is driven by strong performance in BD Interventional and the organic growth of APM, which is expected to contribute over a point to growth [29][32] Question: How is the company addressing macroeconomic challenges? - The company is focusing on productivity improvements and forming partnerships with customers to navigate tighter funding environments [73][75] Question: What is the expected impact of pricing on growth? - Pricing is currently flattish but is expected to return as a tailwind as the company maintains pricing discipline globally [66]

Becton, Dickinson and Company (BDX) FY 2025 Conference September 03, 2025 08:00 AM ET Speaker0All right. Good morning, everyone. Welcome to the 2025 Wells Fargo Healthcare Conference. This is the first fireside chat we're hosting, and I'm pleased to host the management team from Becton, Dickinson and Company with us. We have Tom Polen, Chairman, President, and CEO, and Adam Reid, Vice President of Investor Relations. To the audience as well, the format is Q&A, fireside chat. If you have a question, please r ...

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore top ideas within exclusive income-focused portfolios [1] Group 2 - The article emphasizes that successful investing is about purchasing good stocks at favorable prices rather than popularity [2] - It highlights the importance of individual due diligence in making investment decisions [3]

Group 1 - BD (Becton, Dickinson and Company) will present at the Wells Fargo 2025 Healthcare Conference on September 3, 2025, at 8:00 a.m. Eastern Time [1] - A live webcast of the presentation will be available on BD's investor relations website, with a replay accessible after the event [1] Group 2 - BD is one of the largest global medical technology companies, focusing on improving medical discovery, diagnostics, and care delivery [2] - The company employs over 70,000 individuals and is committed to enhancing the safety and efficiency of healthcare delivery [2] - BD collaborates with organizations worldwide to tackle significant global health challenges, aiming to improve outcomes, reduce costs, and expand healthcare access [2]

Core Insights - The article highlights the ongoing high activity in mergers and acquisitions (M&A) within the global medical device sector in 2025, driven by technology, cross-regional expansion, and supply chain integration [2][5][56] Group 1: M&A Trends and Key Transactions - In 2025, significant M&A activities are observed, including a $17.5 billion acquisition by Waters of BD Life Sciences, which aims to create a comprehensive diagnostic platform [29][32] - Alcon has been particularly active in the ophthalmology sector, completing multiple acquisitions to strengthen its full-chain capabilities from surgical to non-surgical solutions [5][6][11] - The cardiovascular and neuro-interventional sectors are seeing a shift towards less invasive treatments and diversified therapeutic approaches, including non-drug solutions [12][30] Group 2: Sector-Specific Insights - The ophthalmology market is experiencing increased concentration, with Alcon's strategy focusing on a comprehensive technology loop covering refractive surgery, cataracts, retinal diseases, and corneal regeneration [5][11] - The cardiovascular and neuro-interventional M&A activities are characterized by a focus on reducing trauma and recovery time, with innovations like ultrasound renal denervation and non-drug thrombectomy gaining traction [12][30] - The production and supply chain capabilities are being enhanced through acquisitions of key components and materials, which are crucial for maintaining delivery reliability and optimizing profit structures [20][31] Group 3: AI and Precision Diagnostics - The AI and precision diagnostics segment is witnessing strategic acquisitions that enhance high-margin business lines and clinical authority, with notable transactions like Waters acquiring BD [28][32] - The integration of AI technologies into clinical applications is progressing, with companies focusing on data assets and algorithm platforms to enhance diagnostic accuracy and market competitiveness [44][55] Group 4: Women's Health and Specialty Surgery - The women's health and specialty surgery sectors are characterized by high margins and strong brand reliance, with acquisitions focusing on specific surgical pathways that are difficult to replace [37][43] - Companies like Hologic are expanding their portfolios to cover the entire patient journey from diagnosis to treatment, enhancing customer loyalty and repeat business [42][56] Group 5: Future Outlook and Strategic Implications - The M&A landscape in 2025 reflects a strategic repositioning of companies to adapt to clinical trends and market demands, with a focus on comprehensive coverage of treatment pathways and supply chain security [53][55] - The article emphasizes the importance of aligning technology and market positioning early to capitalize on potential acquisition opportunities and achieve high valuations [55][56]

Core Viewpoint - The localization of the BD FACS-Lyric flow cytometer marks a significant milestone for BD Medical in its 45-year journey alongside the development of flow cytometry technology in China, transitioning from technology leadership to ecosystem building [2][5]. Group 1: Localization Strategy - The first domestically produced BD FACS-Lyric flow cytometer officially began mass production on August 8, 2025, representing a key achievement in BD Medical's strategy of "rooting in China and serving China" [3]. - The localization project is seen as a strategic upgrade following the localization of consumables, aiming to establish a comprehensive local production system that facilitates the introduction of world-class flow cytometry products and technologies in China [5]. Group 2: Industry Collaboration - BD Medical's localization strategy emphasizes deep collaboration within the industry chain, integrating international flow cytometry technology with local practical needs through technical guidance and shared experiences [6]. - This collaboration enhances the technical capabilities of local teams and activates the synergy across the industry chain, from reagent production to equipment maintenance and technical services, thereby laying a solid foundation for improving local innovation capabilities [6]. Group 3: Service System - The core of the localization strategy is the establishment of a comprehensive local service system focused on customization and responsiveness to meet the demands of the Chinese market [7]. - BD Medical provides tailored local services for the BD FACS-Lyric flow cytometer, including precise instrument installation, scenario-based operational training, and professional application support, aimed at maximizing equipment performance and enhancing clinical testing efficiency and research innovation [7].

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents unaudited condensed consolidated financial statements, highlighting a **10.4%** revenue increase to **$5.5 billion** and **$2.08 billion** in operating cash flow [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q3 2025 revenues increased **10.4%** to **$5.51 billion**, with net income rising to **$574 million**, while nine-month net income decreased Q3 & Nine Months Financial Performance (YoY) | Metric | Q3 2025 | Q3 2024 | YoY Change | Nine Months 2025 | Nine Months 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $5,509M | $4,990M | +10.4% | $15,949M | $14,741M | +8.2% | | **Operating Income** | $882M | $602M | +46.5% | $1,882M | $1,775M | +6.0% | | **Net Income** | $574M | $487M | +17.9% | $1,185M | $1,305M | -9.2% | | **Diluted EPS** | $2.00 | $1.68 | +19.0% | $4.10 | $4.49 | -8.7% | | **Dividends per Share** | $1.04 | $0.95 | +9.5% | $3.12 | $2.85 | +9.5% | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$54.9 billion** as of June 30, 2025, with total debt at **$19.34 billion** Balance Sheet Summary | Account | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $8,997M | $10,468M | | Cash and equivalents | $735M | $1,717M | | **Total Assets** | **$54,902M** | **$57,286M** | | **Total Current Liabilities** | $8,160M | $8,956M | | Long-Term Debt | $17,531M | $17,940M | | **Total Liabilities** | **$29,430M** | **$31,396M** | | **Total Shareholders' Equity** | $25,472M | $25,890M | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow decreased to **$2.08 billion**, with **$2.81 billion** used in financing activities Nine-Month Cash Flow Summary (YoY) | Activity | Nine Months 2025 | Nine Months 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $2,076M | $2,666M | | **Net Cash Used for Investing Activities** | ($324M) | ($1,577M) | | **Net Cash (Used for) from Financing Activities** | ($2,808M) | $1,963M | | **Net (Decrease) Increase in Cash** | ($1,058M) | $3,006M | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the proposed Reverse Morris Trust transaction, **$750 million** share repurchase, and **$1.5 billion** product liability accruals - The company entered a definitive agreement to combine its Biosciences and Diagnostic Solutions business with Waters Corporation via a Reverse Morris Trust transaction. BD shareholders will own **~39.2%** of the new entity, and BD will receive a **~$4 billion** cash distribution[19](index=19&type=chunk)[20](index=20&type=chunk) - In Q1 2025, the company executed a **$750 million** accelerated share repurchase (ASR) agreement. As of June 30, 2025, **13 million** shares remained available for repurchase under authorized programs[26](index=26&type=chunk)[28](index=28&type=chunk) - Product liability accruals, primarily for hernia repair devices, stood at approximately **$1.5 billion** as of June 30, 2025, down from **$1.7 billion** at the start of the fiscal year due to settlement payments[48](index=48&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2025 financial results, highlighting **10.4%** revenue growth driven by segment performance and regulatory matters [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 2025 revenue growth was driven by Medical and Interventional segments, while Life Sciences saw a slight decline Q3 2025 Revenue by Segment (YoY) | Segment | Q3 2025 Revenue | Q3 2024 Revenue | Total Change | FXN Change | | :--- | :--- | :--- | :--- | :--- | | **Medical** | $2,927M | $2,558M | +14.4% | +14.0% | | **Life Sciences** | $1,254M | $1,260M | -0.5% | -1.1% | | **Interventional** | $1,328M | $1,240M | +7.2% | +6.8% | | **Total Company** | **$5,509M** | **$4,990M** | **+10.4%** | **+9.9%** | - The Medical segment's growth was primarily driven by the acquisition of Advanced Patient Monitoring, which contributed **$278 million** in revenue for the quarter[110](index=110&type=chunk)[113](index=113&type=chunk) - The Interventional segment's **7.2%** growth was led by a **12.5%** increase in the Urology and Critical Care unit, fueled by double-digit growth in PureWick™ offerings[119](index=119&type=chunk)[121](index=121&type=chunk) - The Life Sciences segment's slight decline was due to lower sales of point-of-care products in Diagnostic Solutions and market dynamics impacting instrument sales in Biosciences[115](index=115&type=chunk)[117](index=117&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$2.08 billion** in operating cash flow and **$1.65 billion** returned to shareholders Capital Allocation (Nine Months Ended June 30, 2025) | Item | Amount | | :--- | :--- | | Net Cash from Operations | $2,076M | | Capital Expenditures | ($408M) | | Dividends Paid | ($899M) | | Repurchases of Common Stock | ($750M) | - Total debt stood at **$19.34 billion** with a weighted average cost of **3.3%**. The total debt as a percentage of total capital was **42.7%**[146](index=146&type=chunk) - The company has a **$2.75 billion** senior unsecured revolving credit facility expiring in September 2027, with no borrowings outstanding as of June 30, 2025[148](index=148&type=chunk) [Regulatory Matters](index=34&type=section&id=Regulatory%20Matters) The company addresses ongoing FDA Consent Decree for Alaris pumps, a Warning Letter for BD Pyxis, and EtO emission regulations - The U.S. infusion pump unit (CareFusion 303, Inc.) continues to operate under an amended FDA Consent Decree. The company is addressing observations from a May 2024 Form 483 notice related to its Infusion quality management system[156](index=156&type=chunk)[159](index=159&type=chunk) - A Warning Letter was received in November 2024 for the Dispensing quality management system (BD Pyxis™ products). The company has accrued costs for remediation efforts[164](index=164&type=chunk) - BD's ethylene oxide (EtO) sterilization facilities received a **two-year** Presidential compliance exemption from the EPA's revised NESHAP to allow time to install new control technology[165](index=165&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk disclosures were reported since September 30, 2024 - No material changes in market risk information were reported since the fiscal year-end of September 30, 2024[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of June 30, 2025, excluding the Advanced Patient Monitoring business from evaluation - Management concluded that disclosure controls and procedures were effective as of the end of the reporting period[177](index=177&type=chunk) - The evaluation of internal control over financial reporting excluded the recently acquired Advanced Patient Monitoring business, which will be incorporated into the annual assessment for fiscal year 2025[178](index=178&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings, including product liability and environmental matters, is referenced from Note 5 - Information regarding legal proceedings is incorporated by reference from Note 5 of the Notes to Condensed Consolidated Financial Statements[180](index=180&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) New risk factors relate to the proposed combination with Waters Corporation, including completion, disruption, and benefit realization - A new risk factor highlights that the proposed combination with Waters is subject to closing conditions and may not be completed on the expected timeline, or at all[182](index=182&type=chunk) - The announcement and pendency of the transaction could divert management attention and disrupt relationships with customers and employees[183](index=183&type=chunk) - There is a risk that the anticipated operational, financial, and strategic benefits of the transaction may not be achieved if it is completed[184](index=184&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No public share repurchases occurred in Q3 2025, with **13,426,039** shares remaining available for repurchase Issuer Purchases of Equity Securities (Q3 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Programs | | :--- | :--- | :--- | :--- | | **April 2025** | 1,268 | $202.80 | — | | **May 2025** | 174 | $167.95 | — | | **June 2025** | — | — | — | | **Total** | **1,442** | **$198.60** | **—** | - As of June 30, 2025, the company had authorization to repurchase up to **13,426,039** additional shares under its programs[186](index=186&type=chunk)[188](index=188&type=chunk)