Media: Troy Kirkpatrick VP, Public Relations 858.617.2361 [email protected] Investors: Adam Reiffe Sr. Director, Investor Relations 201.847.6927 [email protected] SOURCE BD (Becton, Dickinson and Company) BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions t ...

导读： BD宣布其首台国产流式细胞仪在中国获证，此举强化了其本地化能力，并为其诊断业务发展注入新动力。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 5月1 2日召开，ACCSI 2 0 2 5 •上海|第一届流式细胞仪产业化发展论坛一轮通知！ 5月1日，BD在其官方微信公众号宣布：旗下首台国产 流式细胞仪 ——BD FACSLy ri c正式在中国获证： 注册证编号：苏械注准2 0 2 5 2 2 2 0 7 4 8： ACCSI 2 0 2 5第一届流式细胞仪产业发展论坛 5月1日，全球医疗技术巨头BD（Be c t o n , Di c k i n s o n a n d Comp a n y）发布了2 0 2 5财年第二季度财报。2 0 2 5财年第二季度，BD营收5 2 . 7 2亿美 元，同比增长4 . 5%，其中有机增长为0 . 9%。依托"BD Ex c e ll e n c e "运营体系的持续推进，毛利率提升至5 4 . 9%，调整后每股收益达到3 . 3 5美 元，同比增长5 . 7%，超出市场预期。 ——会 ...

Core Viewpoint - Becton Dickinson has lowered its fiscal year 2025 guidance, reflecting challenges in organic revenue growth despite reporting adjusted earnings per share that exceeded expectations [1][2][4]. Financial Performance - The company reported adjusted earnings per share of $3.35 for the first quarter of fiscal 2025, an increase from $3.17 a year ago, beating the consensus estimate of $3.28 [1]. - First-quarter sales were $5.27 billion, representing a year-over-year increase of 4.5%, but fell short of the consensus estimate of $5.35 billion [1]. Guidance and Market Outlook - Becton Dickinson expects fiscal 2025 revenues to be between $21.8 billion and $21.9 billion, with updated organic revenue growth guidance of 3.0% to 3.5% [2]. - The company's previous guidance was $21.7 billion to $21.9 billion, indicating a slight improvement in the estimated impact of foreign currency [2]. Analyst Ratings and Market Reactions - Goldman Sachs downgraded Becton Dickinson from Buy to Neutral, reducing the price target from $256 to $192, citing a 25% decline in stock value since being added to the Buy list [3][8]. - William Blair also downgraded the stock to Market Perform, expressing disappointment with the fiscal second-quarter update and the lack of predictable revenue growth [6][8]. Growth Challenges - Analysts noted that Becton Dickinson's growth is closely tied to overall market growth, which has slowed, impacting the company's growth targets [5]. - The forward outlook for organic revenue growth has decreased from approximately 5-6% two years ago to around 3-4%, placing Becton Dickinson at the low end of the MedTech sector [4][5]. Future Catalysts - Analysts are looking for greater confidence in a reacceleration of organic growth, with fiscal 2026 guidance and updates on the separation of the Bioscience and Diagnostics business seen as key catalysts [7][8].

Group 1 - The article emphasizes the importance of actionable investment ideas for short-term market conditions, particularly in light of an upcoming two-week wedding vacation for the author [1] - The investing group "The Dividend Kings" focuses on high-quality dividend investments to help investors safeguard and grow their money across various market conditions [2] - The team of analysts associated with "The Dividend Kings" provides resources such as model portfolios, buy ideas, and company research reports to assist members in making informed investment decisions [2] Group 2 - The article includes a disclosure stating that past performance does not guarantee future results, highlighting the inherent uncertainties in investment outcomes [3] - It clarifies that no specific investment recommendations are being made, and opinions expressed may not represent the views of the entire platform [3] - The analysts contributing to the article may not be licensed or certified, indicating a diverse range of perspectives from both professional and individual investors [3]

Revenue Performance - For the three months ended March 31, 2025, worldwide revenues were $5.272 billion, reflecting a 4.5% increase from the prior-year period[104]. - The Medical segment's total revenues for the six months ended March 31, 2025, were $5.375 billion, representing a 14.9% increase compared to $4.679 billion in the same period of 2024[108]. - The Life Sciences segment's total revenues for the six months ended March 31, 2025, were $2.545 billion, a decrease of 1.8% from $2.592 billion in the prior year[113]. - The Advanced Patient Monitoring acquisition contributed a 5.1% increase to current-period revenues[104]. - Interventional segment total revenues for Q2 2025 were $1,264 million, a decrease of 2.2% compared to Q2 2024, with a foreign exchange neutral (FXN) change of -1.1%[117]. - Total Interventional revenues for the six months ended March 31, 2025, were $2,521 million, a 1.6% increase compared to the same period in 2024[117]. - The U.S. revenue growth in Q2 2025 was 7.0%, reaching $3,108 million, driven by the Advanced Patient Monitoring unit's sales and strong performance in Medication Management Solutions[122][123]. - International revenues increased by 1.2% to $2,164 million in Q2 2025, with strong sales in Latin America and certain Greater Asia countries, despite a decline in China[124]. Income and Expenses - The Medical segment's operating income for the three months ended March 31, 2025, was $550 million, with a segment income as a percentage of revenues at 19.9%[109]. - The Life Sciences segment's income for the three months ended March 31, 2025, was $377 million, with a segment income as a percentage of revenues at 30.2%[114]. - The Interventional segment income for Q2 2025 was $392 million, with a segment income margin of 31.0%, compared to 30.0% in Q2 2024[118]. - For the three months ended March 31, 2025, net income was $308 million, and diluted earnings per share were $1.07, compared to $537 million and $1.85 for the same period in 2024, representing a decrease of 42.7% and 42.0% respectively[138]. - For the six months ended March 31, 2025, net income was $611 million, and diluted earnings per share were $2.11, compared to $818 million and $2.81 for the same period in 2024, reflecting a decrease of 25.3% and 25.0% respectively[138]. - Operating activities generated $857 million in cash for the first six months of fiscal year 2025, down from $1,369 million in the same period of 2024[139]. - Selling and administrative expenses increased to $1,273 million in Q2 2025, accounting for 24.2% of revenues, up from 23.6% in Q2 2024[130][131]. - Research and development expenses for Q2 2025 were $302 million, representing 5.7% of revenues, reflecting the timing of project spending[130][132]. - Net interest expense for Q2 2025 was $146 million, an increase from $99 million in Q2 2024, primarily due to higher total debt levels[135]. Regulatory and Compliance Issues - The company is operating under a consent decree with the FDA regarding its infusion pump unit, which may impose penalties of $15,000 per day for non-compliance[158]. - On November 22, 2024, BD received a Dispensing Warning Letter from the FDA, citing violations of quality system regulations, with potential future costs for product remediation efforts[162]. - The company plans to remediate or replace all legacy BD Alaris™ Infusion System devices in the U.S. market over the next several years following FDA clearance for the updated system[160]. - The company has proactively installed emissions controls at facilities in East Columbus, NE and Sandy, UT to comply with new EPA regulations on ethylene oxide emissions, which may incur additional operational costs[164]. - The final NESHAP regulations for ethylene oxide emissions became effective on April 5, 2024, requiring compliance within two years, impacting BD's sterilization operations and costs[164]. - The EPA published a Notice of Availability for a Pesticide Registration Review for ethylene oxide on January 14, 2025, which may necessitate changes at BD's sterilization facilities[165]. - Regulatory changes could interrupt sterilization operations, adversely impacting production and leading to potential civil litigation against BD[166]. - The company is assessing the impact of increased regulatory scrutiny on its operations and third-party sterilization facilities[165]. - BD's business continuity plans are in place to mitigate disruptions, but may not fully offset potential impacts from regulatory changes[166]. Strategic Initiatives and Future Plans - The company plans to separate its Biosciences and Diagnostic Solutions business, targeting completion of the transaction in fiscal year 2026[98]. - The company continues to pursue growth opportunities in emerging markets, including Eastern Europe, the Middle East, Africa, and Latin America[97]. - The company aims to achieve anticipated benefits from any restructuring programs undertaken[174]. Risks and Challenges - The company faces risks from general economic downturns, inflation, and supply chain disruptions that could negatively affect demand for its products[170]. - Increased competition and changes in healthcare delivery could affect demand for BD's products and services, impacting sales and pricing[172]. - The proposed separation of BD's Biosciences and Diagnostic Solutions business may present risks related to completion and realization of expected benefits[170]. - The company faces challenges in recruiting and retaining key employees, which may lead to increased labor costs and operational inefficiencies[174]. - Fluctuations in demand for products sold to pharmaceutical companies may arise due to funding constraints and market consolidation[174]. - Climate change and related regulatory measures could increase operational costs and necessitate changes in manufacturing processes[174]. - Natural disasters and global events may disrupt supply chains and decrease product demand, impacting overall business operations[174]. - The company is subject to potential litigation and investigations regarding compliance with various laws, which could affect financial stability[174]. - New regulations may require re-registration of products and could impact marketing capabilities, particularly concerning environmental laws[174]. - Adverse media exposure could negatively affect the company's reputation and product demand[174]. - Market fluctuations may impact the value of assets in pension plans, potentially increasing pension plan expenses[174]. - There have been no material changes in market risk information since the end of the fiscal year on September 30, 2024[175].

Core Insights - The article discusses the use of cookies to enhance user experience and analyze website traffic [1] Group 1 - The company utilizes cookies to improve user experience [1] - Data collected through cookies may be shared with analytics partners [1] - Consent is required from users to store cookies on their devices [1]

Core Insights - Becton Dickinson (BDX) reported revenue of $5.27 billion for the quarter ended March 2025, reflecting a 4.5% increase year-over-year, but a revenue surprise of -1.74% compared to the Zacks Consensus Estimate of $5.37 billion [1] - The earnings per share (EPS) for the quarter was $3.35, up from $3.17 in the same quarter last year, with an EPS surprise of +2.13% against the consensus estimate of $3.28 [1] Revenue Performance by Segment - BD Life Sciences - Biosciences in the United States generated $142 million, slightly below the estimated $145.02 million, with no year-over-year change [4] - BD Medical - Medication Delivery Solutions in the United States reported $687 million, compared to the estimated $703.87 million, showing a year-over-year increase of +3.8% [4] - BD Interventional - International revenues were $384 million, below the estimated $394.64 million, representing a year-over-year decline of -2.8% [4] - BD Interventional - United States revenues totaled $880 million, under the estimated $913.82 million, with a year-over-year decrease of -2% [4] - Total revenues for BD Interventional were $1.26 billion, compared to the estimated $1.31 billion, reflecting a year-over-year decline of -2.2% [4] - BD Interventional - Surgery revenues were $383 million, slightly below the estimated $393.29 million, with a year-over-year increase of +1.1% [4] - BD Interventional - Peripheral Intervention revenues were $481 million, below the estimated $499.49 million, showing a year-over-year decline of -1.6% [4] - BD Interventional - Urology and Critical Care revenues were $400 million, under the estimated $413.17 million, with a year-over-year decrease of -5.7% [4] - BD Medical - Advanced Patient Monitoring revenues were $257 million, slightly below the estimated $261.87 million [4] - Total revenues for BD Medical were $2.76 billion, compared to the estimated $2.77 billion, reflecting a year-over-year increase of +12.7% [4] - BD Medical - Medication Delivery Solutions revenues were $1.12 billion, slightly below the estimated $1.15 billion, with a year-over-year increase of +0.9% [4] - BD Life Sciences - Biosciences revenues were $352 million, below the estimated $363.86 million, representing a year-over-year decline of -6.6% [4] Stock Performance - Becton Dickinson shares have returned -8.5% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Becton Dickinson (BDX) came out with quarterly earnings of $3.35 per share, beating the Zacks Consensus Estimate of $3.28 per share. This compares to earnings of $3.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.13%. A quarter ago, it was expected that this medical device manufacturer would post earnings of $2.98 per share when it actually produced earnings of $3.43, delivering a surprise of 15.10%.Over the last four qua ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew by 6% or 0.9% organically, which was below expectations, primarily due to market dynamics in Life Sciences and a slower return to normal levels in diagnostics [7][25] - Adjusted gross margins increased to 54.9%, up by 190 basis points year over year, reflecting strong margin performance driven by BD Excellence initiatives [9][28] - Adjusted diluted EPS for Q2 was $3.35, representing a growth of 5.7% [28] Business Line Data and Key Metrics Changes - Biosciences faced challenges due to reduced global research funding, impacting instrument sales, while reagent sales continued to grow [11][12] - Diagnostics experienced softness in the Bactech Blood Culture business, with a slower than expected return to prior testing levels [13][14] - The MedTech business saw organic growth of 1.9%, with strong performance in biologics and the PureWick product line [26][27] Market Data and Key Metrics Changes - Total company organic growth was led by the U.S., Greater Asia (excluding China), and Latin America, while EMEA experienced a decline and China saw a double-digit decrease [28] - The company adjusted its full-year revenue guidance to expect 3% to 3.5% organic growth due to market pressures [14] Company Strategy and Development Direction - The company is focused on reaccelerating organic sales growth through strategic investments and initiatives like BD Excellence, which aims to drive gross margin expansion and support growth investments [9][10][24] - The separation process for the Biosciences and Diagnostics business is on track, with strong interest in the assets [21][88] - The company plans to invest $2.5 billion in U.S. manufacturing over the next five years to strengthen its position in the medtech sector [17] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with the current quarter's top-line growth, which does not reflect the mid-single-digit growth achieved in previous years [8] - The operating environment remains dynamic, with ongoing adjustments to revenue guidance reflecting changes in research funding and market conditions [14][80] - Management remains confident in the company's ability to navigate macro challenges and deliver strong earnings growth despite external pressures [84] Other Important Information - The company expects total revenues for fiscal 2025 to be in the range of $21.8 billion to $21.9 billion, with an adjusted effective tax rate between 14% and 14.5% [31] - Tariff expenses are estimated at $90 million for FY 2025, with mitigation actions already in place to reduce near-term risks [19][32] Q&A Session Summary Question: Clarification on tariff impact - The $0.25 impact from tariffs is a net number after mitigation efforts, and while it cannot be simply annualized, some form of annualization is reasonable for fiscal 2026 [35][40] Question: Improvement in second half organic growth - The company expects Q3 organic growth to be around 3% and Q4 to improve further, driven by several key growth drivers and easier comparisons [41][51] Question: Breakdown of organic sales growth adjustments - The adjustment in organic sales growth guidance reflects market-driven impacts, particularly in China and the diagnostics business, with a significant portion attributed to changes in research funding [55][61] Question: Actions regarding tariffs and mitigation - The company is actively managing inventory positioning, exploring global sourcing options, and considering selective pricing to mitigate tariff impacts [66][72] Question: Confidence in guidance and execution - Management acknowledges the challenges in revenue guidance but emphasizes strong execution on earnings and the ability to navigate macro challenges effectively [76][84] Question: Status of Life Sciences separation - The separation process remains on schedule, with strong interest in the assets, and the company aims to maximize shareholder value through this process [87][88] Question: Internal optimization and employee capacity - The company is focused on balancing efficiency initiatives with employee engagement, ensuring that continuous improvement efforts enhance productivity without overwhelming staff [92][100] Question: Market intelligence and competitive analysis - The company has a central strategy group that gathers market intelligence, and it continuously evaluates its assumptions to stay ahead of market dynamics [105][106]

Becton, Dickinson and Company (BDX) Q2 2025 Earnings Call May 01, 2025 08:00 AM ET Speaker0 Hello, and welcome to Second Fiscal Quarter twenty twenty five Earnings Call. At the request of BD, today's call is being recorded and will be available for replay on BD's Investor Relations website, investors.bd.com, or by phone at (800) 839-2385 for domestic calls and area code +1 402220203 for international calls. For today's call, all parties have been placed in a listen only mode until the question and answer se ...