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Yahoo
26-06-2025
- Business
- Yahoo
BD's Q1 Earnings Call: Our Top 5 Analyst Questions
Becton, Dickinson and Company's first quarter results were met with a sharp negative market reaction, reflecting concerns around revenue performance and margin compression. Management attributed the shortfall primarily to weaker demand in its Life Sciences segment, driven by reduced global research funding and slower-than-expected recovery in diagnostic testing volumes. CEO Tom Polen stated, 'We are not satisfied with this quarter's top-line growth,' highlighting both external pressures—such as changes in U.S. research grant policy—and internal supply chain adjustments. The company also pointed to delays in returning blood culture testing to normal levels, despite resolving earlier supplier issues. Is now the time to buy BDX? Find out in our full research report (it's free). Revenue: $5.27 billion vs analyst estimates of $5.35 billion (4.5% year-on-year growth, 1.5% miss) Adjusted EPS: $3.35 vs analyst estimates of $3.28 (2.1% beat) Adjusted EBITDA: $1.52 billion vs analyst estimates of $1.54 billion (28.9% margin, 1.1% miss) Adjusted EPS guidance for the full year is $14.20 at the midpoint, missing analyst estimates by 1.2% Operating Margin: 10.4%, down from 14.5% in the same quarter last year Constant Currency Revenue rose 6% year on year (4.7% in the same quarter last year) Market Capitalization: $48.98 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Larry Biegelsen (Wells Fargo) asked for clarity on the magnitude and mitigation of tariff expenses, with CFO Chris DelOrefice explaining that the $0.25 per share impact is net of mitigation efforts and would need to be partially annualized for next year. Robbie Marcus (JPMorgan) pressed on specific drivers behind the downward revision in organic growth, with DelOrefice breaking down the headwinds as primarily stemming from China, research spending cuts, and slow diagnostic recovery. Matt Taylor (Jefferies) explored the company's levers for managing tariffs, prompting CEO Tom Polen to detail inventory repositioning, supplier shifts, and the use of alternate global manufacturing sites to reduce exposure. Travis Steed (Bank of America) questioned the credibility of the accelerated growth outlook for the second half, with management conceding that macro volatility has made guidance more difficult but expressing confidence in the pipeline of launches and operational execution. Patrick Wood (Morgan Stanley) asked about sustaining internal efficiency programs, to which Polen and President Mike Feld highlighted that the BD Excellence initiatives are still expanding and viewed as energizing for employees, freeing up time for value-added work. In the coming quarters, the StockStory team will be monitoring (1) the pace of recovery in diagnostics and research funding environments, (2) successful ramp-up and market uptake of new product launches such as FACSDiscover A8 and CentroVena One, and (3) the effectiveness of tariff mitigation strategies as the external landscape evolves. Execution on the planned business separation and further margin improvements through BD Excellence will also be key signposts. BD currently trades at $170.90, down from $206.90 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it's free). Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.
Yahoo
08-06-2025
- Business
- Yahoo
Here's How You Can Earn $100 In Passive Income By Investing In Becton Dickinson Stock
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Becton, Dickinson and Co. (NYSE:BDX) develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products worldwide. The 52-week range of Becton Dickinson stock price was $163.33 to $251.99. Becton Dickinson's dividend yield is 2.44%. It paid $4.16 per share in dividends during the last 12 months. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest Where It Hurts — And Help Millions Heal: On May 1, the company announced its Q2 2025 earnings, posting adjusted EPS of $3.35, beating the consensus estimate of $3.28, while revenues of $5.27 billion came in below the consensus of $5.35 billion, as reported by Benzinga. 'Amid a difficult operating environment impacting near-term organic revenue growth, our Q2 results reflect the strength of our business model and ability to exceed our earnings expectations through quality gross margin improvement,' said CEO Tom Polen. The company now expects full-year 2025 revenues to be between $21.8 billion and $21.9 billion, compared with its previously issued guidance of $21.7 billion to $21.9 billion. Check out this article by Benzinga for six analysts' insights on Becton Dickinson. Trending: If there was a new fund backed by Jeff Bezos offering a ? If you want to make $100 per month — $1,200 annually — from Becton Dickinson dividends, your investment value needs to be approximately $49,180, which is around 288 shares at $170.66 each. Understanding the dividend yield calculations: When making an estimate, you need two key variables — the desired annual income ($1,200) and the dividend yield (2.44% in this case). So, $1,200 / 0.0244 = $49,180 to generate an income of $100 per month. You can calculate the dividend yield by dividing the annual dividend payments by the current price of the dividend yield can change over time. This is the outcome of fluctuating stock prices and dividend payments on a rolling basis. For instance, assume a stock that pays $2 as an annual dividend is priced at $50. Its dividend yield would be $2/$50 = 4%. If the stock price rises to $60, the dividend yield drops to 3.33% ($2/$60). A drop in stock price to $40 will have an inverse effect and increase the dividend yield to 5% ($2/$40). In summary, income-focused investors may find Becton Dickinson stock an attractive option for making a steady income of $100 per month by owning 288 shares of stock. There may be more upside to come as investors benefit from the company's consistent dividend hikes. Becton Dickinson has raised its dividend consecutively for the last 53 years. Real estate is a great way to diversify your portfolio and earn high returns, but it can also be a big hassle. Luckily, there are other ways to tap into the power of real estate without owning property. Arrived Home's Private Credit Fund's has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate. The best part? Unlike other private credit funds, Looking for fractional real estate investment opportunities? The features the latest offerings. Image: Shutterstock This article Here's How You Can Earn $100 In Passive Income By Investing In Becton Dickinson Stock originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
BDX Q1 Earnings Call: Missed Revenue Expectations, Margin Expansion, and Strategic U.S. Investments
Medical technology company Becton, Dickinson and Company (NYSE:BDX) missed Wall Street's revenue expectations in Q1 CY2025 as sales rose 4.5% year on year to $5.27 billion. On the other hand, the company's outlook for the full year was close to analysts' estimates with revenue guided to $21.85 billion at the midpoint. Its non-GAAP profit of $3.35 per share was 2.1% above analysts' consensus estimates. Is now the time to buy BDX? Find out in our full research report (it's free). Revenue: $5.27 billion vs analyst estimates of $5.35 billion (4.5% year-on-year growth, 1.5% miss) Adjusted EPS: $3.35 vs analyst estimates of $3.28 (2.1% beat) Adjusted EBITDA: $1.5 billion vs analyst estimates of $1.54 billion (28.5% margin, 2.4% miss) Adjusted EPS guidance for the full year is $14.20 at the midpoint, missing analyst estimates by 1.2% Operating Margin: 10.4%, down from 14.5% in the same quarter last year Free Cash Flow Margin: 0.7%, down from 7.6% in the same quarter last year Constant Currency Revenue rose 6% year on year (4.7% in the same quarter last year) Market Capitalization: $50.25 billion BD's first quarter results reflected softer top-line performance, which management attributed mainly to reduced research funding in its Life Sciences segment and slower recovery in diagnostic testing volumes. CEO Tom Polen explained that changes in U.S. government policy led to a sharper decline in research instrument demand, while the diagnostics unit continued to face slower-than-expected normalization in blood culture testing. He also acknowledged that this quarter's revenue growth did not match the mid-single-digit pace the company has delivered in recent years. Looking ahead, management expects organic growth to improve in the second half as new product launches and a recovery in key businesses take hold. Polen noted that investments in U.S. manufacturing, ongoing supply chain optimization, and the planned separation of the Biosciences and Diagnostics businesses are intended to support future growth and margin stability. He cautioned, however, that macroeconomic factors such as tariffs and research spending trends remain significant variables for the remainder of the year. BD management cited a combination of external market pressures and internal actions as key influences on the latest quarter's results, noting several operational and strategic developments across its portfolio. Life Sciences Funding Impact: Declines in government and research grant funding—particularly in the U.S.—drove lower-than-expected sales in the Biosciences segment, with CEO Tom Polen noting a "freeze on capital purchases for research use" following policy changes. Diagnostics Volume Recovery: The Diagnostics business, specifically blood culture testing, continued to see slower-than-anticipated normalization as customers remained cautious after last year's supply disruptions. Management is working with customers to encourage a return to typical testing levels. Supply Chain and Tariff Mitigation: BD's advanced supply chain and U.S.-centric manufacturing footprint helped limit the near-term impact of tariffs, with less than 1% of U.S. revenue sourced from China. The company plans $2.5 billion in U.S. manufacturing investments over five years to further mitigate risk and ensure supply resilience. Margin Expansion via BD Excellence: Gross margin expanded for the fourth consecutive quarter, attributed to BD Excellence—an internal productivity and process improvement initiative. Management highlighted nearly tripling the number of Kaizen events (structured efficiency workshops) year-over-year, which has begun to extend into R&D and commercial operations. Progress on Business Separation: The planned separation of the Biosciences and Diagnostics units remains on track, with strong external interest and further details expected in the summer. Management believes this move will allow BD to focus as a pure-play medical technology company. Looking forward, BD's outlook is shaped by ongoing investments in manufacturing, commercial and R&D initiatives, as well as actions to offset external headwinds from tariffs and funding trends. New Product Launches: Management expects upcoming products such as the FACSDiscover A8 analyzer and CentroVena One catheter to support growth, particularly in the second half of the year as these offerings come to market. Tariff and Supply Chain Adjustments: The company is actively shifting supply flows, optimizing supplier locations, and leveraging dual-sourcing to reduce tariff exposure. These actions, combined with U.S. manufacturing investments, are expected to protect margins and sustain profitability. Separation of Business Segments: The planned spin-off of Biosciences and Diagnostics is expected to enable greater strategic focus and operational agility. Management sees this as a catalyst for improved growth and value creation in the core medical technology business. Larry Biegelsen (Wells Fargo): Asked about the timing and financial impact of tariffs, particularly regarding annualization into next year. CFO Chris DelOrefice clarified the $0.25 EPS impact is net of mitigation and described ongoing efforts to further limit exposure. Robbie Marcus (JPMorgan): Sought details on which business areas were underperforming relative to guidance. DelOrefice explained that most of the revised outlook was due to Life Sciences and China, with persistent research spending pressure and market-specific headwinds. Matt Taylor (Jefferies): Inquired about the specific levers BD is using to mitigate tariffs. CEO Tom Polen outlined approaches including inventory repositioning, alternative sourcing, new plant ramp-ups, and selective pricing adjustments if tariffs persist. Travis Steed (Bank of America): Questioned the company's ability to achieve second-half growth acceleration. Management cited easier year-over-year comparisons, new launches, and improving momentum in key businesses as reasons for the expected improvement. David Roman (Goldman Sachs): Asked about market intelligence processes and whether BD has the right resources to anticipate demand shifts. Polen described a mix of central and business-level strategy teams and cited past success in anticipating macro trends, while acknowledging ongoing need for improvement. In the coming quarters, the StockStory team will be monitoring (1) the pace of recovery in Life Sciences and Diagnostics as research funding and blood culture testing normalize, (2) execution on new product launches and their adoption in key markets, and (3) progress on the planned separation of the Biosciences and Diagnostics businesses. Additionally, we will track the effectiveness of tariff mitigation strategies and the impact of ongoing U.S. manufacturing investments on operational resilience. BD currently trades at a forward P/E ratio of 11.4×. Is the company at an inflection point that warrants a buy or sell? See for yourself in our free research report. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today. 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Yahoo
02-05-2025
- Business
- Yahoo
BD (NYSE:BDX) Misses Q1 Sales Targets
Medical technology company Becton, Dickinson and Company (NYSE:BDX) missed Wall Street's revenue expectations in Q1 CY2025 as sales rose 4.5% year on year to $5.27 billion. On the other hand, the company's outlook for the full year was close to analysts' estimates with revenue guided to $21.85 billion at the midpoint. Its non-GAAP profit of $3.35 per share was 2.1% above analysts' consensus estimates. Is now the time to buy BD? Find out in our full research report. Revenue: $5.27 billion vs analyst estimates of $5.35 billion (4.5% year-on-year growth, 1.5% miss) Adjusted EPS: $3.35 vs analyst estimates of $3.28 (2.1% beat) Adjusted EBITDA: $1.06 billion vs analyst estimates of $1.54 billion (20.2% margin, 31% miss) Adjusted EPS guidance for the full year is $14.20 at the midpoint, missing analyst estimates by 1.2% Operating Margin: 10.4%, down from 14.5% in the same quarter last year Free Cash Flow Margin: 0.7%, down from 7.6% in the same quarter last year Constant Currency Revenue rose 6% year on year (4.7% in the same quarter last year) Market Capitalization: $59.46 billion "Amid a difficult operating environment impacting near-term organic revenue growth, our Q2 results reflect the strength of our business model and ability to exceed our earnings expectations through quality gross margin improvement," said Tom Polen, chairman, CEO and president of BD. With a history dating back to 1897 and a presence in virtually every hospital around the globe, Becton Dickinson (NYSE:BDX) develops and manufactures medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions and professionals worldwide. A company's long-term performance is an indicator of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, BD grew its sales at a tepid 3.8% compounded annual growth rate. This was below our standard for the healthcare sector and is a tough starting point for our analysis. Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. BD's annualized revenue growth of 5.5% over the last two years is above its five-year trend, but we were still disappointed by the results. We can better understand the company's sales dynamics by analyzing its constant currency revenue, which excludes currency movements that are outside their control and not indicative of demand. Over the last two years, its constant currency sales averaged 5.6% year-on-year growth. Because this number aligns with its normal revenue growth, we can see that BD has properly hedged its foreign currency exposure. This quarter, BD's revenue grew by 4.5% year on year to $5.27 billion, falling short of Wall Street's estimates. Looking ahead, sell-side analysts expect revenue to grow 6.8% over the next 12 months, similar to its two-year rate. This projection is above average for the sector and implies its newer products and services will catalyze better top-line performance. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. Operating margin is a key measure of profitability. Think of it as net income - the bottom line - excluding the impact of taxes and interest on debt, which are less connected to business fundamentals. BD has done a decent job managing its cost base over the last five years. The company has produced an average operating margin of 11.4%, higher than the broader healthcare sector. Looking at the trend in its profitability, BD's operating margin decreased by 1.7 percentage points over the last five years. The company's two-year trajectory also shows it failed to get its profitability back to the peak as its margin fell by 1.2 percentage points. This performance was poor no matter how you look at it - it shows its expenses were rising and it couldn't pass those costs onto its customers. This quarter, BD generated an operating profit margin of 10.4%, down 4.2 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue. Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. BD's unimpressive 4% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded. In Q1, BD reported EPS at $3.35, up from $3.17 in the same quarter last year. This print beat analysts' estimates by 2.1%. Over the next 12 months, Wall Street expects BD's full-year EPS of $14.09 to grow 6.2%. We struggled to find many positives in these results. Its revenue missed and its constant currency revenue fell short of Wall Street's estimates. Overall, this was a softer quarter. The stock traded down 2.8% to $201.09 immediately following the results. BD underperformed this quarter, but does that create an opportunity to invest right now? We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free.
Yahoo
02-05-2025
- Business
- Yahoo
BD Reports Second Quarter Fiscal 2025 Financial Results
Revenue of $5.3 billion increased 4.5% as reported, 6.0% currency-neutral and 0.9% organic GAAP and adjusted diluted EPS of $1.07 and $3.35, respectively Company updates full-year fiscal 2025 guidance and provides estimated tariff impact FRANKLIN LAKES, N.J., May 1, 2025 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its fiscal 2025 second quarter, which ended March 31, 2025. "Amid a difficult operating environment impacting near-term organic revenue growth, our Q2 results reflect the strength of our business model and ability to exceed our earnings expectations through quality gross margin improvement," said Tom Polen, chairman, CEO and president of BD. "Our BD Excellence operating system is driving continued margin expansion and increasing investment in our commercial organization and innovation, and we believe we are well positioned to accelerate growth as markets recover. As we take decisive mitigation actions to navigate the current macro environment, BD's scale as the largest U.S. manufacturer of medical devices is a significant advantage for long-term value creation." Recent Business Highlights The company announces its intention to invest $2.5 billion in U.S. manufacturing capacity over the next 5 years, further strengthening its position as the largest U.S. manufacturer of medical devices and its commitment to ensuring a resilient U.S. health care system. BD Medical: The Medication Management Solutions business unit announced the BD Pyxis™ MedStation ES was honored with the 2025 Best in KLAS award for Automated Dispensing Cabinets and the BD Alaris™ Infusion System was honored in the Smart Pumps – Traditional category. This recognition underscores BD's market leadership and dedication to safety and innovation across the entire medication use process. The Advanced Patient Monitoring business unit launched its next generation hemodynamic monitoring solution, HemoSphere Alta™ Advanced Monitoring Platform, providing clinicians with AI-driven clinical decision support. BD Interventional: The Surgery business unit announced: FDA 510(k) clearance and the launch of its Phasix™ ST Umbilical Hernia Patch, the industry's first bioabsorbable mesh designed specifically for umbilical hernia repair. A milestone in its clinical trial for the use of bioabsorbable GalaFLEX LITE™ Scaffold in breast implant revision surgery. Treatment of the first patient in the STANCE Investigational Device Exemption (IDE) clinical trial marks a significant advancement in BD's efforts to achieve FDA Premarket Approval for its first breast indication for GalaFLEX LITE™ Scaffold. BD Life Sciences: The Diagnostic Solutions business unit announced FDA 510(k) clearance for its advanced microbiology solution which integrates the BD Phoenix™ Automated Microbiology System, BDXpert™ System and BD Synapsys™ Informatics Solution to support accurate detection of antimicrobial resistance. BD named to Fortune's 2025 list of America's Most Innovative Companies, ranking in the top 25% of companies overall. Second Quarter Fiscal 2025 Operating Results Three Months Ended March 31,Reported ChangeForeign Currency Neutral Change1Organic Revenue Change1,2 (Millions of dollars, except per share amounts)20252024Revenues$ 5,272$ 5,0454.5 %6.0 %0.9 % Reported Diluted Earnings per Share$ 1.07$ 1.85(42.2) %(39.5) % Adjusted Diluted Earnings per Share1$ 3.35$ 3.175.7 %7.3 % 1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables. 2Organic Revenue growth denotes foreign currency neutral revenues further adjusted for the impact to revenues from acquisitions and divestitures during the first 12 months post-acquisition/divestiture. Geographic Results Revenues (Millions of dollars)Three Months Ended March 31,Reported ChangeForeign Currency Neutral Change1 20252024 United States$ 3,108$ 2,9067.0 %7.0 % International$ 2,164$ 2,1391.2 %4.8 % Total Revenues$ 5,272$ 5,0454.5 %6.0 % 1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables. Segment Results Revenues (Millions of dollars)Three Months Ended March 31,Reported ChangeForeign Currency Neutral Change1Organic Revenue Change1,2 20252024BD Medical$ 2,760$ 2,44912.7 %14.3 %3.6 % BD Life Sciences$ 1,247$ 1,304(4.3) %(2.4) %(2.4) % BD Interventional$ 1,264$ 1,292(2.2) %(1.1) %(1.1) % Total Revenues$ 5,272$ 5,0454.5 %6.0 %0.9 % 1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables. 2Organic Revenue growth denotes foreign currency neutral revenues further adjusted for the impact to revenues from acquisitions and divestitures during the first 12 months post-acquisition/divestiture. The BD Medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS) and Pharmaceutical Systems (PS) business units, and the Advanced Patient Monitoring (APM) business unit. BD Medical performance reflects the revenue contribution from APM, which was formed upon the closing of the acquisition of Critical Care from Edwards Lifesciences on September 3, 2024. BD Medical organic revenue growth reflects mid single-digit growth in MMS and low single-digit growth in MDS and PS. MDS performance reflects strong volume growth in Vascular Access Management and hypodermic products in the U.S., partially offset by the expected impact of volume-based procurement in China. MMS performance reflects double-digit growth in Infusion driven by BD Alaris™ that was partially offset by timing in Dispensing Solutions. PS performance reflects double-digit growth in Biologics that was partially offset by lower market demand for anticoagulant products. The BD Life Sciences segment includes the Specimen Management (SM), Diagnostic Solutions (DS) and Biosciences (BDB) business units. BD Life Sciences performance reflects declines in DS and BDB that were partially offset by low single-digit growth in SM. SM performance reflects solid growth in the BD Vacutainer™ portfolio in the U.S. that was partially offset by performance in China. DS performance reflects an impact from BD BACTEC™ blood culture as customers were slow to return to prior testing volumes following the resolution of supply disruption, partially offset by double-digit growth in BD MAX™ IVD. BDB performance reflects lower research instrument demand globally, particularly in the government and academic sectors impacted by research funding levels, that was partially offset by continued growth in research reagents. The BD Interventional segment includes the Surgery (SURG), Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional performance reflects low single-digit growth in SURG, flat performance in PI and a decline in UCC which includes an outsized prior-year licensing comparison. SURG performance reflects double-digit growth in Phasix™ hernia resorbable scaffold and high single-digit growth in Biosurgery that was partially offset by a pricing adjustment in legacy hernia products in the U.S. PI performance reflects strong growth in the U.S. across all platforms that was partially offset by performance in China. PI performance also reflects the comparison to prior-year licensing revenue. UCC performance reflects an outsized prior-year licensing comparison that was partially offset by high single-digit growth across UCC which was led by double-digit growth in the PureWick™ franchise from the continued adoption of the Male and Female portfolios. Assumptions and Outlook for Full Year Fiscal 2025 The company updated its fiscal 2025 guidance including the estimated impact of recently announced tariffs. The company now expects fiscal 2025 revenues to be between $21.8 billion and $21.9 billion compared to its previously issued guidance of $21.7 billion to $21.9 billion. This reflects updated organic revenue growth guidance of 3.0% to 3.5% and an improvement in the estimated impact of foreign currency. Before the impact of tariffs, the company expects Adjusted Diluted EPS to be consistent with its previously issued guidance of $14.30 to $14.60, which represents growth of 8.8% to 11.0%, and includes absorbing a headwind from translational foreign currency for the full year of approximately $0.05 or 40 basis points. Strong operational performance, driven largely by margin improvement, is enabling the company to fully offset the earnings impact from its updated organic revenue growth expectations. Including an estimated tariff impact of approximately $0.25 for the fiscal year the company now expects Adjusted Diluted EPS to be in a range of $14.06 to $14.34, which represents year-over-year growth of approximately 7.0% to 9.1%. The estimated tariff impact is based on information currently available and tariff programs announced as of April 30, not including announced tariff programs that are delayed or threatened. However, international trade policies, trade restrictions and tariffs are rapidly evolving and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will 2025 Guidance as of May 1, 2025 Fiscal 2025 Guidance as of February 5, 2025 GAAP Revenues ~$21.8 to $21.9 billion ~$21.7 to $21.9 billion GAAP Revenue Growth 8.0% to 8.5% 7.9% to 8.4% Adjusted Revenue Growth (FXN) 7.8% to 8.3% 8.8% to 9.3% Organic Revenue Growth (FXN) 3.0% to 3.5% 4.0% to 4.5% Adjusted Diluted EPS $14.06 to $14.34 $14.30 to $14.60 Adjusted Diluted EPS Growth ~7.0% to 9.1% ~8.8% to 11.0% BD's outlook for fiscal 2025 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its second fiscal quarter earnings call. The company's expected adjusted diluted EPS for fiscal 2025 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted non-GAAP EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD's financial performance. We also present our estimated adjusted revenue growth and organic revenue growth for our 2025 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying earnings performance for our 2025 fiscal year in relation to our underlying 2024 fiscal year performance. Conference Call and Presentation MaterialsBD will host an audio webcast today for the public, investors, analysts and news media to discuss its second quarter results. The audio webcast will be broadcast live on BD's website, at 8 a.m. (ET) Thursday, May 1, 2025. Accompanying slides will be available on BD's website, at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD's website, Alternatively, you can dial into the replay at 800-839-2385 (domestic) and 402-220-7203 (international) through the close of business on Thursday, May 8, 2025. A confirmation number is not needed to access the replay. Non-GAAP Financial Measures/Financial TablesThis news release contains certain non-GAAP financial measures. These include revenue growth rates on a currency-neutral and organic basis and adjusted diluted earnings per share. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period to period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results, and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. We present adjusted diluted earnings per share for the second quarter and the first six months of fiscal year 2025, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, separation-related costs, certain regulatory costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. In particular, prior-year adjusted diluted earnings per share results exclude European regulatory initiative-related costs, which represent costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation (collectively, the "New EU Medical Devices Regulations"), which represent a significant, unusual change to the existing regulatory framework. We consider the excluded European regulatory initiative-related costs to be duplicative of previously incurred costs and/or one-off costs related to establishing initial compliance with such regulatory regimes, and in each case are limited to a specific period of time. These expenses relate to establishing initial compliance with the New EU Medical Devices Regulations and include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. These costs were recorded in Cost of products sold and Research and development expense. We also present revenue growth rates for the second quarter and the first six months of fiscal year 2025 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior periods. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior periods. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts. About BDBD 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 that help advance both clinical therapy for patients and clinical process for health care providers. BD and its more than 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit or connect with us on LinkedIn at and on X (formerly known as Twitter) @BDandCo. *** This press release and accompanying audio webcast on May 1, 2025 contain 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, statements relating to future revenues, margins, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to such forward-looking statements, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to macroeconomic conditions and their impact on our operations and health care spending generally, including any impact of disruptions in the global transportation networks or other aspects of our supply chain on our ability to source raw materials, components and energy sources needed to produce our products, labor constraints or disputes, inflationary pressures, volatility resulting from the imposition of and changing policies around tariffs, currency rate fluctuations, and increased interest rates and borrowing costs; conditions in international markets, including geopolitical developments such as the evolving situations in Russia and Ukraine, the Middle East and Asia, which could adversely impact our operations; competitive factors including technological advances and new products or novel medical therapies introduced by competitors; product efficacy or safety concerns, changes to the labeled use of our products, non-compliance with applicable regulatory requirements (such as non-compliance of our products with marketing authorization or registration requirements resulting from modifications to such products, or other factors, including with respect to BD Alaris™ System pumps and infusion sets, BD Vacutainer™ and BD Pyxis™ products) resulting in product recalls, lost revenue or other actions being taken with respect to products in the field or the ability to continue selling new products to customers; changes to legislation or regulations impacting the U.S. or foreign health care systems, changes in medical practices or in patient preferences, potential cuts or freezes in governmental research or other health care spending, or governmental or private measures to contain health care costs, such as China's volume-based procurement tender process or changes in pricing and reimbursement policies, which could result in reduced demand for our products or downward pricing pressure; policy and regulatory changes implemented by the U.S. federal government, including the elimination, downsizing, and reduced funding of certain government agencies and programs, as well as changes in the policy positions of such agencies; new or changing laws and regulations impacting our business (including the imposition of tariffs, such as those relating to China, Mexico, countries within EMEA and other countries and regions in which we do business), sanctions or other trade barriers, changes in tax laws, new environmental laws and regulations (such as those related to climate change or materials of concern), new cybersecurity, artificial intelligence or privacy laws, or changes in laws impacting international trade, including import and export licensing requirements, or anti-corruption and bribery, or changes in reporting requirements or enforcement practices with respect to such laws; the adverse impact on our business or products of past, current or future information and technology system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal proceedings, liability, expense or reputational damage arising in connection with any such events; increased labor costs and labor shortages or disputes; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; increases in energy costs and their effect on, among other things, the cost of producing BD's products; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations; risks relating to our overall indebtedness; the possible impact of public health crises on our business and the global health care system, which could decrease demand for our products, disrupt our operations or the operations of our customers and companies within our supply chain, or increase transportation costs; interruptions in our manufacturing or sterilization processes or those of our third-party providers, including any restrictions placed on the use of ethylene oxide for sterilization; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; the overall timing of the replacement or remediation of the BD Alaris™ Infusion System and return to market in the U.S., which may be impacted by, among other things, customer readiness, supply continuity and our continued engagement with the FDA; our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation, investigations, subpoenas, settlements, fines, penalties and/or other sanctions (as described in BD's filings with the Securities and Exchange Commission (the "SEC")); the issuance of new or revised accounting standards; risks associated with the proposed separation of BD's Biosciences and Diagnostic Solutions business, including risks related to the manner of the separation and factors that could delay, prevent or otherwise adversely affect the completion, timing or terms of the separation, or our ability to realize the expected benefits of the separation, as well as other factors discussed in BD's filings with the SEC. There can be no assurance that the contemplated separation will in fact be completed, in the manner described or at all. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations. Contacts:Investors: Adam Reiffe, Sr. Director, Investor Relations - 201-847-6927Media: Troy Kirkpatrick, VP, Public Relations - 858-617-2361 BECTON DICKINSON AND COMPANY CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in millions, except share and per share data)Three Months Ended March 31, 20252024% Change REVENUES$ 5,272 $ 5,045 4.5Cost of products sold3,015 2,741 10.0 Selling and administrative expense1,273 1,193 6.7 Research and development expense302 299 1.2 Integration, restructuring and transaction expense90 101 (11.2) Other operating expense (income), net45 (23) 295.3 TOTAL OPERATING COSTS AND EXPENSES4,725 4,311 9.6 OPERATING INCOME546 734 (25.5)Interest expense(151) (125) 20.8 Interest income5 26 (80.2) Other expense, net(38) (2) (1,907.5) INCOME BEFORE INCOME TAXES363 633 (42.7) Income tax provision55 96 (42.3) NET INCOME308 537 (42.7)Basic Earnings per Share$ 1.07 $ 1.85 (42.2) Diluted Earnings per Share$ 1.07 $ 1.85 (42.2)AVERAGE SHARES OUTSTANDING (in thousands) Basic287,293289,518 Diluted287,737290,344 BECTON DICKINSON AND COMPANY CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in millions, except share and per share data)Six Months Ended March 31, 20252024% Change REVENUES$ 10,440 $ 9,751 7.1 Cost of products sold5,948 5,420 9.7Selling and administrative expense2,592 2,406 7.7Research and development expense646 589 9.6Integration, restructuring and transaction expense182 176 3.7Other operating expense (income), net73 (12) 691.0TOTAL OPERATING COSTS AND EXPENSES9,440 8,578 10.1OPERATING INCOME1,000 1,173 (14.8) Interest expense(306) (236) 29.5Interest income28 60 (53.4)Other expense, net(53) (6) (792.6)INCOME BEFORE INCOME TAXES669 991 (32.5)Income tax provision58 173 (66.5)NET INCOME611 818 (25.4) Basic Earnings per Share$ 2.12 $ 2.82 (24.8)Diluted Earnings per Share$ 2.11 $ 2.81 (24.9) AVERAGE SHARES OUTSTANDING (in thousands) Basic288,411289,941 Diluted289,193291,209 BECTON DICKINSON AND COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in millions)March 31, 2025September 30, 2024 (Unaudited) ASSETS Cash and equivalents$ 667 $ 1,717Restricted cash80 139Short-term investments16 445Trade receivables, net3,029 3,033Inventories3,723 3,843Prepaid expenses and other1,150 1,292TOTAL CURRENT ASSETS8,666 10,468Property, plant and equipment, net6,646 6,821Goodwill and other intangibles, net36,579 37,383Other assets2,577 2,615TOTAL ASSETS$ 54,467 $ 57,286LIABILITIES AND SHAREHOLDERS' EQUITY Current debt obligations$ 1,604 $ 2,170Other current liabilities6,087 6,786Long-term debt17,666 17,940Long-term employee benefit obligations871 942Deferred income taxes and other liabilities2,998 3,558Shareholders' equity25,241 25,890TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 54,467 $ 57,286 BECTON DICKINSON AND COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; Amounts in millions)Six Months Ended March 31, 20252024 OPERATING ACTIVITIES Net income $ 611 $ ... 818Depreciation and amortization1,215 1,132Change in operating assets and liabilities and other, net(969) (580)NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES 857 1,369INVESTING ACTIVITIES Capital expenditures(234) (250)Maturities and sales (purchases) of investments, net413 (815)Acquisitions, net of cash acquired and adjustments13 —Other, net(179) (224)NET CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES12 (1,289)FINANCING ACTIVITIES Change in short-term debt340 —Proceeds from long-term debt— 1,972Payments of debt(876) —Repurchases of common stock(750) (500)Dividends paid(600) (550)Other, net(81) (79)NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES(1,967) 843Net cash used for operating activities of discontinued operations— (14)Effect of exchange rate changes on cash and equivalents and restricted cash(11) 4NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH(1,109) 913OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH1,856 1,481CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH$ 747 $ 2,394 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES Three Months Ended March 31, (Unaudited; Amounts in millions)ABC=(A-B)/B 20252024% Change BD MEDICAL Medication Delivery Solutions$ 687 $ 662 3.7Medication Management Solutions662 609 8.6Pharmaceutical Systems149 157 (5.1)Advanced Patient Monitoring155 — NMTOTAL$ 1,653 $ 1,429 15.7 BD LIFE SCIENCES Specimen Management (1)$ 242 $ 236 2.7Diagnostic Solutions (1)189 201 (5.8)Biosciences142 142 0.2TOTAL$ 574 $ 579 (0.9) BD INTERVENTIONAL Surgery$ 289 $ 287 0.5Peripheral Intervention269 264 1.9Urology and Critical Care323 347 (6.8)TOTAL$ 880 $ 898 (1.9) TOTAL UNITED STATES$ 3,108 $ 2,906 7.0"NM" denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business. BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL Three Months Ended March 31, (continued) (Unaudited; Amounts in millions)D=(A-B)/BE=(A-B-C)/B ABC% Change 20252024FX ImpactReportedFXN BD MEDICAL Medication Delivery Solutions$ 430 $ 445 $ (20) (3.3) 1.3Medication Management Solutions 149 162 (6) (8.2) (4.5)Pharmaceutical Systems426 413 (7) 3.2 5.0Advanced Patient Monitoring102 — (4) NM NMTOTAL$ 1,107 $ 1,020 $ (38) 8.5 12.3 BD LIFE SCIENCES Specimen Management (1)$ 213 $ 222 $ (9) (4.1) 0.1Diagnostic Solutions (1)250 267 (9) (6.3) (2.8)Biosciences209 235 (7) (10.7) (7.9)TOTAL$ 673 $ 724 $ (25) (7.1) (3.6) BD INTERVENTIONAL Surgery$ 94 $ 92 $ (3) 2.5 6.1Peripheral Intervention212 225 (8) (5.5) (1.9)Urology and Critical Care77 78 (3) (1.3) 2.6TOTAL$ 384 $ 395 $ (14) (2.8) 0.8 TOTAL INTERNATIONAL$ 2,164 $ 2,139 $ (78) 1.2 4.8"NM" denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business. BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL Three Months Ended March 31, (continued) (Unaudited; Amounts in millions)D=(A-B)/BE=(A-B-C)/B ABC% Change 20252024FX ImpactReportedFXN BD MEDICAL Medication Delivery Solutions$ 1,117 $ 1,107 $ (20) 0.9 2.8Medication Management Solutions811 772 (6) 5.1 5.9Pharmaceutical Systems575 570 (7) 0.9 2.2Advanced Patient Monitoring257 — (4) NM NMTOTAL$ 2,760 $ 2,449 $ (38) 12.7 14.3 BD LIFE SCIENCES Specimen Management (1)$ 456 $ 458 $ (9) (0.6) 1.4Diagnostic Solutions (1)440 468 (9) (6.1) (4.1)Biosciences352 377 (7) (6.6) (4.8)TOTAL$ 1,247 $ 1,304 $ (25) (4.3) (2.4) BD INTERVENTIONAL Surgery$ 383 $ 379 $ (3) 1.0 1.9Peripheral Intervention481 489 (8) (1.5) 0.1Urology and Critical Care400 424 (3) (5.8) (5.1)TOTAL$ 1,264 $ 1,292 $ (14) (2.2) (1.1) TOTAL REVENUES$ 5,272 $ 5,045 $ (78) 4.5 6.0"NM" denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business. BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES Six Months Ended March 31, (Unaudited; Amounts in millions)ABC=(A-B)/B 20252024% Change BD MEDICAL Medication Delivery Solutions$ 1,381 $ 1,301 6.1 Medication Management Solutions1,321 1,203 9.8 Pharmaceutical Systems253 285 (11.1) Advanced Patient Monitoring314 — NM TOTAL$ 3,268 $ 2,789 17.2BD LIFE SCIENCES Specimen Management (1)$ 481 $ 469 2.4 Diagnostic Solutions (1)402 411 (2.3) Biosciences295 285 3.4 TOTAL$ 1,178 $ 1,166 1.0BD INTERVENTIONAL Surgery$ 591 $ 568 4.2 Peripheral Intervention522 498 4.7 Urology and Critical Care629 634 (0.8) TOTAL$ 1,742 $ 1,699 2.5TOTAL UNITED STATES$ 6,187 $ 5,655 9.4 "NM" denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business. BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL Six Months Ended March 31, (continued) (Unaudited; Amounts in millions)D=(A-B)/BE=(A-B-C)/B ABC% Change 20252024FX ImpactReportedFXN BD MEDICAL Medication Delivery Solutions$ 860 $ 857 $ (20) 0.3 2.7 Medication Management Solutions291 315 (4) (7.5) (6.3) Pharmaceutical Systems740 717 (8) 3.2 4.2 Advanced Patient Monitoring215 — (3) NM NM TOTAL$ 2,107 $ 1,890 $ (35) 11.5 13.3BD LIFE SCIENCES Specimen Management (1)$ 437 $ 436 $ (9) 0.3 2.3 Diagnostic Solutions (1)512 524 (9) (2.2) (0.5) Biosciences418 466 (5) (10.4) (9.3) TOTAL$ 1,367 $ 1,426 $ (23) (4.1) (2.5)BD INTERVENTIONAL Surgery$ 187 $ 181 $ (2) 3.3 4.5 Peripheral Intervention 432 444 (7) (2.7) (1.2) Urology and Critical Care 160 156 (2) 2.8 4.0 TOTAL$ 779 $ 781 $ (11) (0.2) 1.2TOTAL INTERNATIONAL$ 4,253 $ 4,096 $ (69) 3.8 5.5 "NM" denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business. BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL Six Months Ended March 31, (continued) (Unaudited; Amounts in millions)D=(A-B)/BE=(A-B-C)/B ABC% Change 20252024FX ImpactReportedFXN BD MEDICAL Medication Delivery Solutions$ 2,241 $ 2,159 $ (20) 3.8 4.7 Medication Management Solutions 1,612 1,518 (4) 6.2 6.5 Pharmaceutical Systems993 1,002 (8) (0.9) (0.1) Advanced Patient Monitoring528 — (3) NM NM TOTAL$ 5,375 $ 4,679 $ (35) 14.9 15.6BD LIFE SCIENCES Specimen Management (1)$ 917 $ 905 $ (9) 1.4 2.4 Diagnostic Solutions (1)914 935 (9) (2.2) (1.3) Biosciences713 752 (5) (5.2) (4.5) TOTAL$ 2,545 $ 2,592 $ (23) (1.8) (0.9)BD INTERVENTIONAL Surgery $ 778 $ 748 $ (2) 4.0 4.3 Peripheral Intervention 954 943 (7) 1.2 1.9 Urology and Critical Care 789 789 (2) (0.1) 0.2 TOTAL$ 2,521 $ 2,480 $ (11) 1.6 2.1TOTAL REVENUES$ 10,440 $ 9,751 $ (69) 7.1 7.8 "NM" denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business. BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION RECONCILIATION OF REPORTED REVENUE CHANGE TO ORGANIC REVENUE CHANGE Three Months Ended March 31, (Unaudited; Amounts in millions)D = (A-B)/BE=(A-B-C)/B ABC% Change 20252024FX ImpactReportedFXN TOTAL REVENUES$ 5,272 $ 5,045 $ (78) 4.5 6.0 Less: Inorganic revenue adjustment (1)257 — (4) NM NM Organic Revenue$ 5,015 $ 5,045 $ (74) (0.6) 0.9BD MEDICAL REVENUES$ 2,760 $ 2,449 $ (38) 12.7 14.3 Less: Inorganic revenue adjustment (1)257 — (4) NM NM BD Medical Organic Revenue$ 2,503 $ 2,449 $ (34) 2.2 3.6 "NM" denotes that the percentage change is not meaningful. (1) Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitions and the revenue decline attributable to divestitures during the first 12 months post-acquisition/divestiture. Acquisitions include: Advanced Patient Monitoring in the Medical Segment. BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS (Unaudited)Three Months Ended March 31, 20252024ChangeTranslational FXFXNChangeChange %FXNChange % Reported Diluted Earnings per Share$ 1.07 $ 1.85 $ (0.78) $ (0.05) $ (0.73) (42.2) %(39.5) % Purchase accounting adjustments ($551 million and $362 million pre-tax, respectively) (1)1.92 1.25 —Integration costs ($26 million and $4 million pre-tax, respectively) (2)0.09 0.01 —Restructuring costs ($63 million and $98 million pre-tax, respectively) (2)0.22 0.34 —Separation-related items ($10 million and $4 million pre-tax, respectively) (3)0.04 0.01 —European regulatory initiative-related costs ($24 million pre-tax, respectively) (4)— 0.08 —Product, litigation, and other items ($138 million and ($19) million pre-tax, respectively) (5)0.48 (0.07) —Tax impact of specified items and other tax related (($133) million and ($88) million, respectively)(0.46) (0.30) —Adjusted Diluted Earnings per Share$ 3.35 $ 3.17 $ 0.18 $ (0.05) $ 0.23 5.7 %7.3 %(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents costs recorded to Other operating expense (income), net incurred in connection with the planned separation of BD's Biosciences and Diagnostic Solutions Business for the three months ended March 31, 2025 and the separation of BD's former Diabetes Care business for the three months ended March 31, 2024. (4) Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. (5) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the three months ended March 31, 2025 reflects a charge of $76 million to Cost of products sold to adjust the estimate of future product remediation costs and charges of $32 million to Other operating expense (income), net, related to various legal matters. BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS (Unaudited)Six Months Ended March 31, 20252024ChangeTranslational FXFXNChangeChange %FXNChange % Reported Diluted Earnings per Share$ 2.11 $ 2.81 $ (0.70) $ (0.04) $ (0.66) (24.9) %(23.5) % Purchase accounting adjustments ($1.121 billion and $724 million pre-tax, respectively) (1)3.88 2.48 —Integration costs ($50 million and $9 million pre-tax, respectively) (2)0.17 0.03 —Restructuring costs ($129 million and $167 million pre-tax, respectively) (2)0.45 0.57 —Transaction Costs ($4 million pre-tax) (3) 0.01 — —Separation-related items ($10 million and $7 million pre-tax, respectively) (4)0.04 0.02 —European regulatory initiative-related costs ($47 million pre-tax) (5)— 0.16 —Product, litigation, and other items ($240 million and ($5) million pre-tax, respectively) (6)0.83 (0.02) —Tax impact of specified items and other tax related (($204) million and ($64) million, respectively)(0.70) (0.22) —Adjusted Diluted Earnings per Share$ 6.78 $ 5.84 $ 0.94 $ (0.05) $ 0.99 16.1 %17.0 % (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents transaction costs recorded to Integration, restructuring and transaction expense incurred in connection with the Advanced Patient Monitoring acquisition. (4) Represents costs recorded to Other operating expense (income), net incurred in connection with the planned separation of BD's Biosciences and Diagnostic Solutions Business for the six months ended March 31, 2025 and the separation of BD's former Diabetes Care business for the six months ended March 31, 2024. (5) Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. (6) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the six months ended March 31, 2025 reflects charges of $98 million to Cost of products sold to adjust the estimate of future product remediation costs, a charge of $30 million to Research and development expense related to a non-cash asset impairment charge in the Life Sciences segment, and charges of $60 million to Other operating expense (income), net, related to various legal matters. BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION FY 2025 OUTLOOK RECONCILIATIONFull Year FY 2024Full Year FY 2025 Outlook ($ in millions)% ChangeRevenues BDX Reported Revenues$ 20,178Add: Revenue Adjustment Impact67Adjusted Revenues$ 20,245 FY 2025 Reported Revenue Growth+8.0% to +8.5% Revenue Adjustment Impact~+35 basis points Illustrative Foreign Currency (FX) Impact(~10) basis points FY 2025 Revenue Growth (adjusted) (FXN)+7.8% to 8.3% FY 2025 Inorganic Impact to Revenue Growth~+475 basis points FY 2025 Organic Revenue Growth (FXN)+3.0% to +3.5%Total FY 2025 Revenues~$21.8 to $21.9 billionNotes - Revenue Adjustment Impact reflects the recognition of accruals resulting from developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to fiscal year 2024. - Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitions and the revenue decline attributable to divestitures during the first 12 months post-acquisition/divestiture. BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION FY 2025 OUTLOOK RECONCILIATION CONTINUEDFull Year FY 2025 Outlook Full Year FY 2024 from Continuing OperationsTotal Company Reported Diluted Earnings per Share$ 5.86Purchase accounting adjustments ($1.503 billion pre-tax) (1)5.16Integration costs ($23 million pre-tax) (2)0.08Restructuring costs ($387 million pre-tax) (2)1.33Transaction Costs ($48 million pre-tax) (3) 0.17Financing Costs (($8) million pre-tax) (3)(0.03)Separation-related items ($13 million pre-tax) (4)0.05European regulatory initiative-related costs ($104 million pre-tax) (5)0.36Product, litigation, and other items ($346 million pre-tax) (6)1.19Tax impact of specified items and other tax related (($297) million)(1.02)Adjusted Diluted Earnings per Share$ 13.14 $14.06 to $14.34 Reported % Change+7.0% to +9.1%(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents transaction costs and financing impacts associated with the Advanced Patient Monitoring acquisition. The transaction costs are recorded in Integration, restructuring and transaction expense and the financing impacts are recorded in Interest income and Interest expense. (4) Represents costs recorded to Other operating expense (income), net incurred in connection with the separation of BD's former Diabetes Care business. (5) Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. (6) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2024 reflects the recognition of $67 million in accruals as an impact to Revenues resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to our current fiscal year, and charges of $38 million to Cost of products sold to record or adjust future costs for product remediation efforts. The amount in 2024 also reflects charges to Other operating expense (income), net related to legal matters, including a $175 million charge to accrue an estimated liability for the SEC investigation with respect to, among other things, certain reporting issues involving BD Alaris™ infusion pumps included in SEC disclosures prior to 2021. View original content: SOURCE BD (Becton, Dickinson and Company) Sign in to access your portfolio
