Financial Performance - For the three months ended March 31, 2022, worldwide revenues were $5.011 billion, an increase of 2.1% from the prior-year period[97]. - Revenues from COVID-19-only diagnostic testing decreased to $214 million, down from $474 million in the prior-year period[95]. - Cash flows from operating activities were $1.118 billion in the first six months of fiscal year 2022, with $3.335 billion in cash and equivalents at March 31, 2022[97]. - The Medical segment's total revenues for the second quarter of 2022 were $2.416 billion, reflecting a 4.5% increase compared to $2.311 billion in the prior-year period[100]. - The Medical segment's income for the second quarter was $615 million, with a segment income as a percentage of revenues at 25.5%[101]. - Life Sciences segment revenues for Q2 2022 were $1,485 million, a decrease of 6.4% compared to Q2 2021, with an FXN change of (4.2)%[104]. - Total Life Sciences revenues for the first six months of 2022 were $2,968 million, reflecting a decline of 16.7% compared to the same period in 2021[105]. - U.S. revenues in Q2 2022 were $2,807 million, representing a growth of 14.0% compared to $2,462 million in Q2 2021[112]. - International revenues decreased by 9.9% in Q2 2022, totaling $2,204 million, primarily due to a decline in COVID-19 testing sales[112]. - Emerging market revenues for Q2 2022 were $753 million, reflecting a growth of 5.4% compared to $714 million in Q2 2021[113]. - Net income for the three-month period ended March 31, 2022, was $454 million, or $1.50 per diluted share, compared to $299 million, or $0.94 per diluted share in the prior year; for the six-month period, net income was $1,131 million ($3.78 per diluted share) versus $1,302 million ($4.28)[126]. Expenses and Margins - Research and development expenses as a percentage of revenues increased in the second quarter of 2022, reflecting continued investment in growth initiatives[103]. - Selling and administrative expenses for the three-month period in 2022 were $1,232 million, representing 24.6% of revenues, up from 23.4% in the prior year; for the six-month period, expenses were $2,456 million, or 24.5% of revenues, compared to 22.5%[118]. - Research and development expenses increased to $343 million (6.9% of revenues) for the three-month period in 2022, compared to $317 million (6.5%) in the prior year; for the six-month period, expenses were $673 million (6.7%) versus $608 million (5.9%)[119]. - Gross profit margin for the three-month period ended March 31, 2022, was 46.0%, an increase from 45.8% in the prior year, while the six-month period saw a decrease to 47.3% from 48.7%[117]. - Life Sciences segment's income for Q2 2022 was $475 million, with a margin of 32.0%, down from 34.6% in Q2 2021[106]. Strategic Initiatives - The company is focused on geographic expansion and strategic tuck-in acquisitions as part of its BD 2025 growth strategy[97]. - The Life Sciences segment benefited from high demand for new combination influenza/COVID-19 testing assays, contributing to revenue growth[95]. - The company continues to pursue growth opportunities in emerging markets, including Eastern Europe, the Middle East, Africa, and Latin America[91]. Regulatory and Compliance Issues - The FDA issued a Warning Letter in January 2018 regarding quality system violations, with ongoing commitments to resolve issues and a recent clearance for BD Vacutainer® ACD Blood Collection Tubes in January 2022[140]. - A consent order with the Georgia EPD requires operational changes to reduce ethylene oxide emissions, with potential impacts on sterilization operations and capacity[141]. - The company is under a consent decree with the FDA for its BD Alaris infusion pump unit, with ongoing corrective actions and potential daily fines of $15,000 for non-compliance[144]. - The company is currently shipping the BD Alaris™ System only in cases of medical necessity, pending FDA clearance of a 510(k) submission[144]. Risks and Challenges - The company faces risks from the COVID-19 pandemic, including potential decreases in product demand and supply chain disruptions[149]. - Inflation and supply chain disruptions may impact the cost and availability of raw materials and components used in production[149]. - The company is subject to increased regulatory scrutiny regarding ethylene oxide emissions, which could further limit sterilization capacity[141]. - Future operating performance is uncertain due to various factors, including competitive pressures and changes in healthcare reimbursement practices[149]. - The U.S. infusion pump business is currently operating under a Consent Decree with the FDA, which may lead to significant monetary damages if compliance is not met[151]. - The company faces potential product holds or recalls due to efficacy or safety concerns, which could damage reputation and sales[151]. - The company is exposed to risks from adverse media exposure that could impact demand for its products[151]. - Market fluctuations may affect the value of assets in the company's pension plans, potentially increasing pension plan expenses[151]. - The company is subject to various risks related to regulatory approvals, including delays that could impact product launches and increase development costs[150]. - The company may face challenges from new or changing laws and regulations that could impact operations and increase costs[150]. - The company is at risk of litigation related to various claims, including product liability and environmental matters, which could affect financial performance[150]. - The company is monitoring fluctuations in demand for products sold to pharmaceutical companies, which may be influenced by funding constraints and market consolidation[150]. Debt and Cash Management - Total debt as of March 31, 2022, was $18,635 million, with a weighted average cost of total debt at 2.6%[133]. - Cash and short-term investments totaled approximately $3.335 billion as of March 31, 2022, primarily held in the United States[134]. - Net cash provided by operating activities for the six-month period in 2022 was $1,118 million, down from $2,721 million in the prior year[128]. - Net outflows from investing activities in the first six months of fiscal year 2022 included $415 million in capital expenditures and $450 million for strategic acquisitions[130]. - The effective income tax rate for the three-month period ended March 31, 2022, was 13.6%, significantly higher than 1.9% in the prior year[125]. - The company has a five-year senior unsecured revolving credit facility with a borrowing capacity of up to $2.75 billion, expiring in September 2026[135]. - Corporate credit ratings remained unchanged as of March 31, 2022, compared to September 30, 2021, indicating stable access to capital[137]. - The company has adequate reserves related to governmental receivables, which are not expected to materially impact financial position or liquidity[139].

Company Overview - Embecta is a pure-play diabetes company with leadership in insulin delivery, built on ~100 years of established brand loyalty[10] - The company has unmatched global manufacturing infrastructure and know-how, with geographically diverse sales and distribution network[10] - Embecta produces approximately 76 billion units annually across 3 world-class facilities, reaching ~30 million people with diabetes (PWD) annually[33] - The company's pro forma fiscal year 2021 (PF FY'21) revenue was $116 billion, with an adjusted EBITDA margin of ~41%[33] Market and Growth Opportunities - The global diabetes landscape is growing, with an estimated 537 million people with diabetes in 2021, projected to reach 783 million by 2045, a 46% increase[19] - The global cost of diabetes is significant, accounting for $966 billion, or 10%, of global health expenditures[20] - The insulin delivery market is estimated to be a $6-$8 billion market, with injections accounting for ~95% of patients[87] - Embecta aims to reinvest in R&D and M&A to pursue global growth opportunities, spanning organic opportunities[13] Financial Position - Embecta has a stable, recurring, geographically diversified revenue base, with a healthy margin profile[66] - The company has a history of generating positive cash flow from operations and has modest leverage at spin[66] - Pro-forma FY'21 net leverage is approximately 28x, with a cash balance of $265 million[106] - The company targets a dividend payout ratio of ~20% of GAAP net income[106]

Becton, Dickinson and Company (NYSE:BDX) Q1 2022 Earnings Conference Call February 3, 2022 8:30 AM ET Company Participants Francesca DeMartino - SVP, IR Thomas Polen - President, CEO & Chairman Christopher DelOrefice - EVP & CFO Simon Campion - EVP & President, Interventional Segment Conference Call Participants Vijay Kumar - Evercore ISI Robert Marcus - JPMorgan Chase & Co. Matthew Mishan - KeyBanc Capital Markets Lawrence Biegelsen - Wells Fargo Securities Matthew Taylor - UBS Frederick Wise - Stifel, Nic ...

| --- | --- | |------------------------------------------------|-------------------------------------| | | | | | | | Q1 FY22 Earnings Presentation February 3, 2022 | | | | Advancing the world of health TM | Caution Concerning Forward-Looking Statements This presentation contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, future revenues, margins, and earnings per share, leve ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common stock, par value $1.00 BDX New York Stock Exchange Depositary Shares, each representing a 1/20th interest in a share of 6.00% Mandatory Convertible Preferred Stock, Series B BDXB New York Stock Exchange ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER: 001-4802 BECTON, DICKINSON AND COMPANY (Exact name of registrant as specified in its charter) New Jersey 22-0760120 (Sta ...

Becton, Dickinson and Company (NYSE:BDX) Q4 2021 Earnings Conference Call November 4, 2021 8:00 AM ET Company Participants Nadia Goncalves - SD, IR Tom Polen - Chairman, CEO & President Chris DelOrefice - EVP &CFO Alberto Mas - President, Medical Segment Simon Campion - President, Interventional Segment Dave Hickey - President, Life Sciences Segment Conference Call Participants Vijay Kumar - Evercore ISI Bob Hopkins - Bank of America Robbie Marcus - J.P. Morgan Matthew Mishan - KeyBanc Larry Biegelsen - Wel ...

Financial Data and Key Metrics Changes - Revenues totaled $4.9 billion, up 26.9% on a reported basis and 22% on a currency-neutral basis, exceeding expectations [14][61] - Adjusted EPS was $2.74, reflecting a 24.5% increase over the prior year [78] - Year-to-date cash flows from operations totaled $3.7 billion, an increase of 80% from the prior-year period [21] Business Line Data and Key Metrics Changes - BD Medical segment revenues totaled $2.4 billion, up 7.7% year-over-year [63] - Pharmaceutical Systems revenues increased by 12%, driven by demand for prefilled devices [65] - BD Life Sciences revenues reached $1.4 billion, up 43%, including $300 million from COVID diagnostic testing [65][66] - BD Interventional sales totaled nearly $1.1 billion, up nearly 35%, with surgery revenues increasing by 68% [69] Market Data and Key Metrics Changes - Base business revenues increased 17.6% excluding COVID diagnostic revenues [15][62] - Revenues from the Pharmaceutical Systems and Urology/Critical Care franchises were up 17% and 11% respectively compared to 2019 levels [18] - MDS revenues were up about 2% versus 2019 levels, reflecting ongoing impacts from COVID and China volume-based purchasing [19] Company Strategy and Development Direction - The company is focused on its BD 2025 strategy, emphasizing growth, simplification, and empowerment [29] - Investments are being made in new innovations to strengthen market leadership and drive growth in high-potential areas [30][31] - The company plans to spin off its Diabetes Care business into an independently traded company, expected in the first half of 2022 [50][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the base business and expects strong mid-single-digit revenue growth for fiscal 2022 [57][86] - The company anticipates continued positive momentum in its base business, with a revised revenue growth expectation of approximately 14% [80] - Management acknowledged challenges from inflation and COVID-related impacts but remains optimistic about margin recovery [108][130] Other Important Information - The company repurchased $1 billion in stock, marking the first repurchase since 2017 [21] - The gross margin was reported at 51.5%, impacted by COVID-related expenses and manufacturing variances [71][72] - The company is actively working on the remediation of the BD Alaris pump, which remains a top priority [25][26] Q&A Session Summary Question: Can you explain the difference between 2019 margins and the new guidance for 2022? - Management indicated that the primary differences are due to the Alaris ship hold, China price cuts, and inflationary pressures [99][100] Question: When do inflationary costs abate? - Management expects inflationary pressures to ease, but it will take time to fully pass on cost increases to customers [108][109] Question: What is the timeline for getting back to pre-pandemic margins? - Management believes that margins could return to 2019 levels within the next couple of years as Alaris comes back and continuous improvements are realized [104][100] Question: What are the expectations for Q4 revenue guidance? - Management noted that Q4 comparisons are challenging due to a strong prior year and investments made this year will impact margins [119][120] Question: What is the outlook for the tax rate next year? - The tax rate is expected to be at the low end of the traditional guidance range of 14% to 16% [132]

| --- | --- | |------------------------------------------|-------| | | | | | | | | | | | | | | | | Creating value by fulfilling our purpose | | | Advancing the World of Health ™ | | | August 5, 2021 | | Caution Concerning Forward-Looking Statements This presentation contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, future revenues, margins, earnings per share, leverage tar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-4802 Becton, Dickinson and Company (Exact name of registrant as specified in its charter) New Jersey 22-0760120 (State or other j ...