Core Insights - BD reported record revenue of $21.8 billion for fiscal 2025, reflecting a 7.7% growth on an adjusted foreign exchange-neutral basis and 2.9% organic growth, with management highlighting solid performance across key platforms in a dynamic market environment [1][5] - The company described fiscal 2025 as the culmination of its BD 2025 strategy and the beginning of a new growth phase, emphasizing the most prolific growth period in its 128-year history with over $5.4 billion in organic revenue added [1][7] - BD plans to close the combination of its Biosciences and Diagnostic Solutions business with Waters Corp. on February 9, allocating at least half of the expected $4 billion in cash proceeds to share repurchases and the remainder to debt repayment [4][13] Financial Performance - BD achieved a record adjusted operating margin of 25% and reported a 9.6% growth in adjusted diluted EPS, alongside returning $2.2 billion to shareholders, marking its 54th consecutive dividend increase [5][6][10] - The company launched over 125 new products and generated $1.3 billion through more than 20 tuck-in acquisitions while divesting non-strategic assets [8][10] Annual Meeting Outcomes - Shareholders approved all four proposals at the annual meeting, including the election of directors and the ratification of Ernst & Young as the independent auditor for fiscal 2026, with significant support for each proposal [3][15] - The advisory "Say on Pay" vote on executive compensation received approximately 91% support, and the amendment to the 2004 Equity Compensation Plan received 96% support [15] Strategic Initiatives - BD's management highlighted the BD Excellence operating system's contribution to profit and loss leverage, achieving record service levels and consumables quality while navigating macro challenges [6][10] - The company outlined an enhanced capital allocation framework focused on share repurchases, reliable and increasing dividends, and targeted high-growth market acquisitions [14]