Major Estimate Revision • May 14
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$5.24 to US$4.01 per share. Revenue forecast steady at US$19.2b. Net income forecast to shrink 22% next year vs 13% growth forecast for Medical Equipment industry in the US . Consensus price target down from US$191 to US$183. Share price was steady at US$144 over the past week. Buy Or Sell Opportunity • May 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to US$149. The fair value is estimated to be US$189, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 3.5%. For the next 3 years, revenue is forecast to grow by 0.2% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Reported Earnings • May 07
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: US$0.13 loss per share (down from US$1.07 profit in 2Q 2025). Revenue: US$4.71b (down 11% from 2Q 2025). Net loss: US$37.0m (down 112% from profit in 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 8.0% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • May 07
Becton, Dickinson and Company Appoints Vitor Roque as Chief Financial Officer, Effective May 7, 2026 BD (Becton, Dickinson and Company) announced that Vitor Roque has been named chief financial officer (CFO), effective May 7, 2026. Roque has served as interim CFO since December 2025. With more than 25 years at BD, Roque has held senior finance and operations roles across the company, most recently as senior vice president, Finance and Corporate Financial Planning and Analysis. During his tenure as interim CFO, he led BD's global finance function and helped advance key priorities under the New BD strategy, including completing the separation of BD's Biosciences & Diagnostic Solutions business ahead of schedule. Roque brings deep institutional knowledge and a track record of finance leadership roles supporting operations, manufacturing, regions and business units. His comprehensive understanding of BD's portfolio, global footprint and operating model has been built through direct, hands-on leadership across the enterprise. Having lived and worked in multiple countries, Roque brings a strong appreciation for the cultural and regional dynamics essential to BD's success as a global organization. This combination of global perspective and execution experience positions him to continue elevating financial discipline, increasing organizational speed and supporting consistent, high-quality execution as BD advances its strategy. Live News • May 06
BD Expands Hospital Integration With Wellstar Partnership Using AI Medication Management BD is partnering with Wellstar Health System to roll out AI-powered medication management across Wellstar’s hospitals and care facilities.
The collaboration links BD’s Pyxis Pro dispensing and Alaris infusion technologies through the BD Incada system to provide enterprise-wide visibility into medication inventory.
Wellstar will also participate in BD’s Strategic Development Council, giving it a role in shaping future medication management products.
For investors, this partnership highlights how BD is expanding into software, data and AI to become more embedded in hospital workflows, rather than focusing only on individual devices. The integration of Pyxis Pro and Alaris within BD Incada, together with EMR interoperability and barcode-driven infusion order exchange, is intended to improve how medications are ordered, stored and administered, with an emphasis on accuracy and automation.
The AI features, including natural-language queries and customizable dashboards, indicate that BD is aiming to make its platforms more usable for clinicians while also providing broader system-level visibility for hospital administrators. Wellstar’s participation in the Strategic Development Council gives BD direct feedback from a health system customer on future medication management priorities, which can affect how its product roadmap aligns with hospital needs and potential adoption over time. Declared Dividend • May 01
Dividend of US$1.05 announced Shareholders will receive a dividend of US$1.05. Ex-date: 9th June 2026 Payment date: 30th June 2026 Dividend yield will be 33%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 30
Bd Declares Quarterly Dividend, Payable on June 30, 2026 The Board of Directors of BD declared a quarterly dividend of $1.05 per common share, payable on June 30, 2026, to holders of record on June 9, 2026. The indicated annual dividend rate is $4.20 per share. Announcement • Apr 29
Becton Dickinson and Company Launches Bd Centrovena One Insertion System Becton announced the commercial launch of the BD CentroVena One Insertion System, the first all-in-one central venous catheter insertion device on the market. The system is designed to simplify central line placement for clinicians and enhance patient safety by streamlining key steps and incorporating safety-focused design elements that support consistent, efficient care in high-pressure acute settings. Central line insertion is performed millions of times each year in the U.S., yet the traditional process remains complex. It requires multiple component exchanges that can introduce contamination, create workflow delays and increase the risk of complications such as pneumothorax, arterial injury, air or guidewire embolism, bloodstream infections and needlestick injuries. The CentroVena One Insertion System helps address these challenges by consolidating essential components – including the introducer needle, syringe, guidewire and catheter – into a single platform. Compared to the current standard of care, this innovative approach is designed to: Simplify workflow with 30% fewer steps; Reduce insertion time by 50%; Reduce contamination risk by minimizing touchpoints during catheter insertion; Help protect against insertion-related complications. UNC Health Blue Ridge is among the first health systems to pilot the CentroVena One system in patient care as part of an initial clinical evaluation. Key features of the CentroVena One Insertion System include: Pre-loaded kink-resistant guidewire; Integrated drape clip permanently attached to the guidewire, designed to prevent guidewire embolism; Pre-loaded catheter with self-dilating tip, eliminating the need for a separate dilation step; Introducer needle with integrated passive needle safety, designed to reduce the risk of needlestick injury; Closed insertion system designed to help reduce the risk of air embolism, clinician blood exposure and patient blood loss. The CentroVena One Insertion System received U.S. FDA 510(k) clearance and was accepted into the FDA Safer Technologies Program (STeP) for Medical Devices, a prestigious recognition for substantial safety innovations. The commercial launch of CentroVena One marks BD's entry into the acute CVC market and expands its vascular access portfolio. CentroVena One is now commercially available in the U.S. Announcement • Apr 09
Becton Dickinson and Company Announces Clinical Findings for BD Purewick Urine Collection System Becton, Dickinson and Company announced new clinical findings revealing that women managing nighttime urinary incontinence reported better sleep and greater overall comfort when using the BD PureWick Urine Collection System. According to the study, published in the Journal of Clinical Medicine, participants highlighted the system's ease of use and the non-invasive design of the PureWick Flex Female External Catheter as key factors in helping them rest more comfortably through the night. Bladder leakage affects millions of people and can disrupt sleep, cause skin irritation and reduce confidence and independence — especially among older adults. The PureWick Urine Collection System offers a gentle, non-invasive option designed to help users stay dry overnight without the need for internal catheters, frequent pad changes, or leaving the bed to go to the bathroom. In a four-week randomized trial of 165 women, the PureWick Flex Female External Catheter was compared to a traditional female urinary pouch. Key findings include: Improved sleep and quality of life, Safe and effective urine capture, Easier to place and remove, Low incidence of skin irritation, Approximately 70% would like to continue using PureWick External Catheters. With most participants aged 65 and older, the results highlight the PureWick Urine Collection System as an option for women who value independence and want to remain active in their own homes. The system uses a soft, flexible external absorbent material and gentle suction to draw away voided urine from the body into a collection canister, helping keep skin dry throughout the night. Sponsored by BD and conducted across 13 clinical sites in the United States, this represents one of the first randomized studies of non-invasive urinary management devices in a home environment focused on patient experience, clinical outcomes and usability. Announcement • Apr 01
Becton, Dickinson and Company Launches BD Pyxis Pro Dispensing Solution And BD Incada Connected Care Platform In Europe Becton, Dickinson and Company announced the launch of the BD® Pyxis™ Pro Dispensing Solution and BD® Incada™ Connected Care Platform in Europe. This next-generation medication dispensing system combines advanced automation and AI-driven insights to modernize medication management, reduce disruptions, and improve efficiency while helping clinicians spend more time on patient care. The flexible, stackable device configuration of the Pyxis™ Pro Dispensing Solution offers more medication storage capacity in a similar footprint to improve medication availability from refrigerated to ambient storage, allowing hospitals and health systems to easily adapt to the evolving needs of their patient populations. It also offers enhanced security features to improve controlled substance management and more efficient access, with RFID badge scanning, wireless barcode scanners and illuminated bins to streamline medication retrieval. BD will also extend its AI-powered BD Incada™ Analytics platform to European hospitals and health systems next year. Built on Amazon Web Services' (AWS) on-demand cloud computing infrastructure, the BD Incada™ Platform uses the latest in AI technologies, such as natural language search in analytics, and is scalable to meet the data volumes created by nearly three million smart connected BD devices. With BD Incada™ Analytics, clinicians have access to enterprise-wide visibility into medication inventory and user-customizable dashboards, which help clinicians identify patterns and ensure medication availability, reduce medication waste and improve labor efficiency. In the European market, BD will leverage the AWS European Sovereign Cloud to allow EU Healthcare Systems to meet their digital sovereignty needs, without compromising on the performance, innovation, security, or scale of the AWS Cloud and the BD solutions. The Pyxis™ Pro Dispensing Solution will roll out across Europe with support for 15 languages in the months ahead. Upcoming Dividend • Mar 03
Upcoming dividend of US$1.05 per share Eligible shareholders must have bought the stock before 10 March 2026. Payment date: 31 March 2026. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (1.7%). Announcement • Mar 03
Becton, Dickinson and Company Receives 510(K) Clearance from the U.S. Food and Drug Administration for the Surgiphor™? 1000Ml BD (Becton, Dickinson and Company) announced it received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the Surgiphor™? 1000mL. As the first and only 1000 mL antimicrobial irrigation system specifically designed for powered lavage, Surgiphor™? 1mL provides a standardized, OR-ready solution that enhances surgical safety and efficacy. This latest addition to the Surgiphor™®? portfolio empowers clinicians to mechanically loosen and remove debris and microorganism from wounds within powered irrigation workflows. Buy Or Sell Opportunity • Feb 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to US$177. The fair value is estimated to be US$224, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 4.7%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 9.8% per annum over the same time period. Announcement • Feb 24
Bd Announces the Launch of the Bd Vacutainer Urine Complete Cup Kit BD announced the launch of the BD Vacutainer Urine Complete Cup Kit, a three-tube collection system that expands and supports broader testing capabilities from a single urine specimen. The new kit is designed to preserve sample integrity and improve workflow efficiency, while reducing exposure risks for healthcare workers and minimizing the need for repeat patient collections. With an innovative third tube design, clinicians can perform greater testing without manually transferring urine or collecting a new sample, helping reduce contamination risks and supporting safer, more efficient patient care. Urine testing is a critical, non-invasive tool for diagnosing conditions such as pregnancy, urinary tract infections, metabolic disorders, and cancer, as well as for assessing kidney function. Contaminated or improved collected specimens can lead to the wrong result, inappropriate treatment or delayed care. One recent study found that nearly 44% of patients with contaminated urine cultures received inappropriateiotic therapy, underscoring the clinical impact of preanalytical errors. Closed-system solutions, including products in the BD Vacutainer Uine Collection portfolio, help minimize contamination risk and improve overall efficiency across the urine specimen management continuum for accurate, timely results. The BD Vacutainer Urine complete Cup Kit features: a sterile urine cup and lid with integrated transfer device; a tube to support culture and sensitivity testing for detecting and identifying bacteria or fungi causing infection; a tube to support urinalysis testing for general wellness and signs of disease; a discard tube that contains no additive; a castile wipe for patient prep prior to providing the sample. Available in the United States with both Hemogard™? and conventional stoppered tubes, the kit is compatible with a broad range of diagnostic equipment and can support automated workflows. Announcement • Feb 20
Becton, Dickinson and Company Appoints Lanesha Minnix as Executive Vice President and General Counsel, Effective March 16, 2026 Becton, Dickinson and Company announced that Lanesha Minnix has been named executive vice president and general counsel for the company, effective March 16, 2026. Minnix will be responsible for leading the Law Group and Public Affairs at BD. She will report to Tom Polen, chairman, CEO and president of BD, and serve on the BD Executive Leadership Team. Minnix most recently served as executive vice president and chief legal officer of Walgreens Boots Alliance, where she led legal, corporate affairs, risk, security and EHS for the company. She played a key role in the company's $24 billion take-private transaction, one of the largest in the health care and retail sectors. Prior to that, Minnix held senior executive roles at Ecolab and Flowserve, where she built and modernized global legal and compliance functions, strengthened governance frameworks, partnered with regulators and policymakers, and delivered measurable operational and financial results. Minnix holds a Juris Doctor and a Master of Business Administration from the University of Tulsa, and a Bachelor of Science in Business Administration from Saint Louis University. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$176, the stock trades at a forward P/E ratio of 31x. Average trailing P/E is 30x in the Medical Equipment industry in the US. Total loss to shareholders of 3.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$224 per share. Price Target Changed • Feb 12
Price target decreased by 7.8% to US$195 Down from US$212, the current price target is an average from 13 analysts. New target price is 9.9% above last closing price of US$178. Stock is down 21% over the past year. The company is forecast to post earnings per share of US$5.37 for next year compared to US$5.83 last year. Buy Or Sell Opportunity • Feb 10
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to US$172. The fair value is estimated to be US$230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 4.7%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 9.8% per annum over the same time period. Announcement • Feb 09
Becton, Dickinson and Company Announces Steeping Down of Claire M. Fraser from Its Board of Directors Becton, Dickinson and Company announced stepping down of Claire M. Fraser, Ph.D., from the BD Board of Directors, following nearly two decades of dedicated service. Declared Dividend • Jan 30
Fourth quarter dividend of US$1.05 announced Shareholders will receive a dividend of US$1.05. Ex-date: 10th March 2026 Payment date: 31st March 2026 Dividend yield will be 2.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 28
Becton, Dickinson and Company (NYSE:BDX) announces an Equity Buyback for $250 million worth of its shares. Becton, Dickinson and Company (NYSE:BDX) announces a share repurchase program. Under the program, the company will repurchase up to $250 million worth of its common stock. The program has no expiration date. Announcement • Jan 27
Becton, Dickinson and Company to Report Q1, 2026 Results on Feb 09, 2026 Becton, Dickinson and Company announced that they will report Q1, 2026 results Pre-Market on Feb 09, 2026 Announcement • Jan 23
BD Helps Scientists Advance Immunology and Cancer Research with AI-Powered Insights and Automation BD (Becton, Dickinson and Company) announced the global commercial release of BD®? Research Cloud 7.0, furthering the company's AI roadmap while strengthening its leadership in flow cytometry and life sciences research. The new release introduces BD Horizon Panel Maker, an AI-powered tool for automated panel design - one of the most critical steps across immunology and cancer research experiments designed to help ensure the quality and usability of scientific results. BD®? Research Cloud version 7.0 provides scientists with a cloud-based ecosystem for flow cytometry that supports collaboration between team members, streamlines workflows, and manages laboratory operations, from instrument health to purchasing and managing reagents. The new BD Horizon Panel Maker tool leverages a novel, sophisticated AI algorithm to generate optimized panel recommendations within seconds. Researchers can create panels using custom experimental inputs or draw from curated databases of validated options. Poorly designed panels can lead to unusable, unreliable or irreproducible data, resulting in wasted time, samples, and reagents. By providing automated recommendations and integrated visualization tools, like comparison tables and complexity scores, BD Horizon™? Panel Maker enables researchers to more efficiently evaluate and select the panels best suited for their experiments. BD Horizon Panel Maker is the only commercially available tool that supports integrated imaging and spectral panel design when working with BD FACSDiscover Instruments. Announcement • Jan 15
Becton, Dickinson and Company Receives FDA 510(k) Clearance for EnCor EnCompass Breast Biopsy and Tissue Removal System Becton, Dickinson and Company announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for the EnCor EnCompass Breast Biopsy and Tissue Removal System, a multi-modality breast biopsy system designed to provide clinicians with flexibility across breast imaging modalities in the diagnosis of breast disease. The EnCor Encompass Biopsy System is designed to streamline the breast biopsy experience by enabling clinicians to perform procedures across a range of breast imaging platforms using one integrated system. The system, which is expected to enter the market in early 2026, offers a combination of advanced features and user-focused design to support procedural efficiency. Key features of the EnCor EnCompass Biopsy System include: Multi-modality use to support procedures performed across breast imaging platforms; High and low vacuum strengths and a variable sample notch that can be adjusted during the procedure; 360deg sampling capability to access lesions located throughout the breast; Features to enhance visualization, including an echogenic cutting cannula and illuminated sample container; Choice of 12G, 10G, and 7G probes to accommodate different lesion types and locations. The clearance of the EnCor EnCompass Biopsy System expands BD's breast health portfolio and reflects the Company's ongoing commitment to advancing technologies that support early detection and diagnosis. Announcement • Jan 14
BD Appoints Shawn Bevec as Senior Vice President of Investor Relations, Effective January 20, 2026 BD (Becton, Dickinson and Company) announced that Shawn Bevec has been named senior vice president of investor relations, effective January 20, 2026. In this role, Bevec will lead all aspects of communicating the progress of BD's strategy to investors and the financial community, including the company's initiatives that drive shareholder value. He will report to Vitor Roque, the company's interim chief financial officer, until a new leader is appointed. Bevec brings extensive experience in investor relations and equity research to BD. He joins the company from Quest Diagnostics, where he served as vice president of investor relations, leading investor communications, earnings-related activities and engagement with the capital markets. Prior to Quest Diagnostics, Bevec was a sell-side research analyst at Deutsche Bank and Susquehanna International Group, where he covered the health care services and medical devices sectors. Earlier in his career, Bevec held research and development roles at Pfizer and Johnson & Johnson, providing him with a strong scientific and operational foundation. Bevec holds a Bachelor of Science in Chemistry from the University of Arizona and an MBA in General Management from New York University's Leonard N. Stern School of Business. Announcement • Dec 19
Becton, Dickinson and Company, Annual General Meeting, Jan 27, 2026 Becton, Dickinson and Company, Annual General Meeting, Jan 27, 2026. Announcement • Dec 16
Becton, Dickinson and Company Expands BD Max System Menu with New IVDR-Certified VIASURE Assays in Partnership with Certest Biotec BD (Becton, Dickinson and Company) announced the expansion of its respiratory and sexually transmitted infection (STI) diagnostics offerings in Europe following In Vitro Diagnostic Medical Device Regulation (IVDR) certification of two VIASURE assays developed by Certest Biotec for use on the BD MAX™? System. The addition of these new assays to the BD MAX™? System portfolio enables clinical laboratories to detect a broad range of pathogens quickly and accurately using a fully automated molecular platform. The newly certified assays include: VIASURE Respiratory Virus Extended Mix Real Time PCR Detection Kit for BD MAX™? System: Detects multiple respiratory viruses, including SARS-CoV-2, flu (A and B), RSV, parainfluenza, human coronavirus, metapneumovirus, and adenovirus, from a single nasopharyngeal swab. VIASURE HSV-1, HSV-2 & Treponema pallidum Assay forBD MAX™? System: Identifies the presence of herpes simplex viruses (HSV-1 and HSV-2) and the bacteria that causes syphilis (Treponema pallidum) using anogenital and oral skin lesion swabs. The BD MAX™? System can process up to 24 samples per run and offers a comprehensive assay menu spanning HAI, respiratory, enteric, STI and women's health panels, as well as offering open system capabilities. Designed for clinical laboratories and hospitals, the BD MAX™? System combines real-time PCR technology with automated nucleic acid extraction, amplification and detection in a single streamlined workflow. It delivers results in approximately three hours with less than one minute of hands-on time per sample, providing clinicians with timely, reliable information to support accurate treatment decisions and helping improve patient care. Announcement • Dec 03
BD Launches New Cell Analyzer Configurations to Bring Cutting-Edge Capabilities to Labs of All Sizes BD (Becton, Dickinson and Company) announced the global commercial release of new configurations of cell analyzers featuring breakthrough spectral and real-time cell imaging technologies, enabling more labs inemia, pharma and biotech - across scales, needs and budgets - to advance discoveries in immunology, cancer immunotherapy and cell biology. The new BD FACSDiscover™? A8 Cell Analyzers feature BD SpectralFX™? Technology, which allows scientists to analyze up to 50 or more characteristics of a single cell with optimal resolution and sensitivity, and BD CellView™? Image Technology, which enables high-speed imaging, revealing spatial and morphological insights - like the location of a protein within a single cell - that can be visually analyzed in real time. The three- and four-laser additions to the BD FACSD discover™? A8 Cell Analyzer portfolio complement the five-laser instrument launched earlier this year, providing more scientists worldwide the opportunity to incorporate capabilities in their labs. Both versions have the option to start with a free trial of CellView™? Image Technology and upgrade later via software - giving labs further flexibility. All configurations of the BD FACSDiscover™?A8 Cell Analyzer feature high-throughput, walkaway automation that enables best-in-class cost-per-insight economics through real-time imaging. The intuitive software makes it easy to manage large datasets, and is designed for out-of-the-box standardization. The analyzers also pair seamlessly with the ecosystem of BD FACSDiscover™? Cell Sorters and BD Reagents. This includes the recently launched BD Horizon RealViolet™? 828 and RealBlue™? 824 fluorochromes, pioneering entries into the near-infrared spectrum that, when used with a cell analyzer, can unlock new discoveries through spectral flow cytometry. BD FACSDiscover™? a8 Cell Analyzer are now available to order through local sales representatives. For researchers facing capital expenditure constraints, flexible financing options are now available. More information is available at bdbiosciences.com. Upcoming Dividend • Dec 01
Upcoming dividend of US$1.05 per share Eligible shareholders must have bought the stock before 08 December 2025. Payment date: 31 December 2025. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (1.6%). Announcement • Nov 24
Bd Surgiphor™? Surgical Wound Irrigation System Expands to Europe to Help Hospitals Improve Patient Safety BD (Becton, Dickinson and Company) announced the launch of the BD Surgiphor Surgical Wound Irrigation System in Europe. The system is the first of its kind to receive Conformite Europeenne (CE) approval and is now available in select European countries. BD Surgiphor is a sterile, ready-to-use irrigation solution designed to help loosen and remove debris from surgical wounds during procedures. By flushing out debris and foreign materials, including microorganisms, it helps reduce the bacterial load that could lead to infection -- a key factor associated with surgical site infections. Announcement • Nov 18
Becton, Dickinson and Company Appoints Robert "Robbie" Huffines and Jacqueline "Jacky" Wright to Its Board of Directors, Effective December 1, 2025 BD (Becton, Dickinson and Company) announced the appointment of Robert "Robbie" Huffines and Jacqueline "Jacky" Wright to its board of directors, effective December 1, 2025. Robert Huffines brings more than three decades of experience advising health care companies on strategy, mergers and acquisitions, divestitures and financing. Huffines is a former global chairman of investment banking at J.P. Morgan Chase & Co. He joined J.P. Morgan in 1991 and held several leadership roles, including co-head of the global health care investment banking group, vice chairman and co-chair of the global strategic advisory council. Prior to joining J.P. Morgan, Huffines worked at Alex Brown & Sons, specializing in equity financing and advisory assignments for emerging growth companies. Mr. Huffines currently serves on the Board of Directors of Insulet Corporation. He also served as a director of Walgreens Boots Alliance until its sale in August 2025. In 2023, Huffines co-founded The Forest Group Inc., a non-profit organization focused on improving the mental health of children in underserved communities. He is also a board member of the Hastings Center for Biomedical Ethics, Nextech Invest Ltd. and Eikon Therapeutics. Huffines received a bachelor's degree in English and economics from the University of North Carolina and a master's degree from the University of Virginia Darden School of Business. Jacqueline Wright, brings more than 30 years of experience in technology and digital transformation. She most recently served as the first chief technology and platform officer at McKinsey & Company, a global management consulting firm, where as a senior partner, she led the firm's overall technology portfolio and strategy. Prior to joining McKinsey, Wright spent over a decade at Microsoft Corporation in various roles, including chief digital officer, U.S. Business. From 2017 to 2019, Wright took leave from Microsoft to serve as chief information & digital officer at HM Revenue and Customs, the United Kingdom's tax authority, where she led digital transformation efforts preparing the department for the UK's departure from the European Union. Before joining Microsoft, Wright held technology leadership roles across a variety of industries and businesses, including BP and GE. Wright currently serves on the Board of Directors of Frasers Group Plc and Russell Reynolds Associates Inc. and previously served as a board member for Exelixis Inc. and nVent Electric plc. Wright received a bachelor's degree in Computer Information Systems and Accounting from the Bernard M. Baruch College, City University of New York and holds honorary doctorate degrees from Aston University and the University of Bath. Announcement • Nov 12
Becton, Dickinson and Company Introduces PureWick Portable Collection System Becton, Dickinson and Company introduced the PureWick™? Portable Collection System, a discreet, first-of-its-kind, battery-powered personal urine management device designed for wheelchair users to help improve mobility around and outside the home. The PureWick™? portable Collection System builds on the success of the PureWick™? Urine Collection System, the #1 external catheter used in hospitals. The non-invasive device uses gentle suction technology that draws voided urine away from the body through tubing that is connected to a collection canister for easy disposal and can be placed beside a bed or chair, or mounted on a wheelchair. Freedom, Comfort, and Confidence - Wherever You Go: Comfort and discretion - The non-invasive collection system works outside the body and has a quiet operation and simple setup for use at home or on the go; a discreet Carry Bag conceals the system; Freedom of movement - The portable power and lightweight design allow it to be placed beside a bed or Chair, carried, or mounted on a wheelchair with a battery life of up to eight hours; Confidence and independence - Empowers men and women and their caregivers managing urinary incontinence to maintain their active lifestyle and dignity; Reduced risk for skin irritation - Helps reduce the risk of one of the leading causes of skin damage by drawing voided urine away from the body. Declared Dividend • Nov 09
Fourth quarter dividend increased to US$1.05 Dividend of US$1.05 is 1.0% higher than last year. Ex-date: 8th December 2025 Payment date: 31st December 2025 Dividend yield will be 2.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 07
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$5.83 (down from US$5.88 in FY 2024). Revenue: US$21.8b (up 8.2% from FY 2024). Net income: US$1.68b (down 1.6% from FY 2024). Profit margin: 7.7% (down from 8.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Nov 04
Becton, Dickinson and Company Achieves Milestone in AGILITY Study of Revello Vascular Covered Stent for Treatment of Peripheral Artery Disease Becton, Dickinson and Company announced full enrollment of the iliac artery patient cohort in its pivotal AGILITY Investigational Device Exemption (IDE) study, a prospective, multi-center study evaluating the Revello Vascular Covered Stent in patients with peripheral arterial disease (PAD). The announcement was made in conjunction with a late-breaking clinical trial presentation at the VIVA (Vascular InterVentional Advances) 2025 conference by Dr. Sean Lyden, chairman of the Department of Vascular Surgery at Cleveland Clinic in Cleveland, Ohio, and global lead principal investigator for AGILITY. The AGILITY study represents the latest advancement by BD in self-expanding covered stent technology, aiming to address the clinical need for improved flexibility, deliverability and low-profile performance in the treatment of challenging PAD lesions. The AGILITY study (NCT06111469) is being conducted in up to 45 investigational sites in the United States, Europe, Australia and New Zealand. It aims to evaluate the safety and effectiveness of the Revello Vascular C covered Stent for the treatment of de novo or restenotic lesions in two patient cohorts: Common and external iliac artery cohort (n=118) - now fully enrolled; and Superficial femoral and proximal popliteal artery cohort (n=223) - enrollment ongoing. Announcement • Nov 03
BD Receives FDA 510(k) Clearance and CE-IVDR Certification for High-Throughput Enteric Bacterial Panels on BD COR System BD announced it has received U.S. Food and Drug Administration (FDA) 510(k) clearance and Conformite Europeenne (CE) marking in the European Union for its Enteric Bacterial Panel* (EBP) and Enteric Bacterial Panelplus (EBP plus) for the BD COR™? System. By leveraging advanced Polymerase Chain Reaction (PCR) technology with streamlined testing for a broad range of gastrointestinal (GI) bacterial pathogens from a single stool swab sample, the panels simplify workflows helping clinicians deliver timely, targeted care. GI infections cause billions of illnesses and more than 1.7 million deaths globally each year, disproportionately affecting young children, older adults, and immunocompromised peoplei. In the United States, GI accounts for an estimated 179 million outpatient visits, 500,000 hospitalizations, and more than 5,000 deaths annually, resulting in approximately one episode of acute diarrhea per person per yearii. These figures highlight the urgent need for rapid, accurate diagnostics to improve outcomes and support antimicrobial stewardship. BD EBP for BD COR™? System offers a wide range of targets for enteric bacterial pathogens, including Salmonella spp., Campylobacter spp. (jejuni and coli), Shigella spp./Enteroinvasive Escherichia coli (EIEC), and Shigaoxin-producing Escherichia coli (STEC). BD EBP plus for BD COR™? System is the only high-throughput, bacterial-only molecular panel that detects Enterotoxigenic Escherichia coli (ETEC), heat-labile enterotoxin (LT) and heat-stable enterotoxin (ST) genes, enabling improved patient management through rapid identification for targeted treatment of this major cause of diarrhea and helping reduce unnecessary antibiotic useiii. The panel also identifies Plesiomonas shigelloides, Vibrio spp. (V. vulnificus, V. parahaemolyticus, V. cholerae), and Yersinia enterocolitica. The panels are run on the BD COR™? System, which automates molecular lab workflows with capacity for nearly 1,650 tests while delivering up to 1,000 sample results in 24 hours with barcode-driven traceability and remote system management. It offers up to seven hours of walk-away time, requires under 15 minutes to load, and uses room-temperature reagents that require no reconstitution, maximizing efficiency and minimizing manual interaction. BD also offers the BD MAX™? Enteric Bacterial, Extended Enteric Bacterial, Enteric Viral and Enteric Parasite targeted syndromic panels for timely, accurate detection of the most common bacterial, viral and parasitic pathogens responsible for infectious diarrhea. Announcement • Oct 22
Becton, Dickinson and Company Announces New Self- Collection Solution for HPV Testing in Markets Outside the United States BD announced a new self-collection solution for HPV testing in markets outside the United States. This new innovation simplifies at-home sample collection for patients and further automates lab processing using high-tech robotics with the BD COR™ System. The new swab technology has been certified through the In Vitro Diagnostic Medical Device Regulation (IVDR) in Europe, which is also recognized by many other countries around the world. The new self-collection technology provides a safe, simple and non-invasive collection experience for patients without the need for liquids or complex devices. The stability of the swab also allows for convenient mailing from home to the lab, helping to remove logistical barriers and support broader participation in cervical cancer screening programs. At the lab, the self-collected swab requires no manual sample preparation by clinical laboratory technologists, allowing them to focus on higher value tasks. Once the sample is placed into the BD COR™? System, a fully automated process uses sophisticated robotics to prepare, analyze and report results for each sample. The use of an internal cellular control, combined with minimal manual touch and intervention, helps ensure the integrity of the specimen from collection through delivery of dependable, high-quality results. Key features of the IVDR-certified workflow include: Onboard Rehydration Technology that eliminates manual sample prep; Safe, dry self-collection with no liquids or chemicals; Simple, user-friendly process for patients, with easy mailing; 30-day dry sample stability, including up to 5 days at 45degC and 4 freeze/thaw cycles; Unified, barcode-driven workflow for both clinician-t taken and self-collected samples; Proven performance of the Copan FLOQSwab®?. The BD Onclarity™? HPV Self-Collection with Onboard Rehydration Fully Automated Solution is expected to become commercially available across IVDR-recognized markets in the coming months, supporting public health efforts to expand access to cervical cancer screening while improving laboratory efficiency. Announcement • Oct 21
Bd Introduces the Bd Incada™? Connected Care Platform BD introduced the BD Incada™? Connected Care Platform, a new scalable, AI-enabled, cloud-based platform that unifies BD device data into one intelligent ecosystem for the first time. The BD Incada™? Platform is available now with the launch of the next-generation BD Pyxis™? Pro Automated Medication Dispensing Solution, creating enterprise-wide visibility and connectivity that transforms data into actionable insights. Built on Amazon Web Services' (AWS) on-demand cloud computing infrastructure, the BD Incada™? Platform leverages the latest in AI technologies, such as natural language search in analytics, and is scalable to meet the data volumes created by nearly 3 million smart connected BD devices. With Analytics in the BD Incada™? platform, data from BD's leading medication management solutions now flows through a secure, cloud platform and enables: Enterprise-wide visibility into medication inventory, which helps clinicians identify patterns and ensure medication availability, reduce medication waste and improve labor efficiency; The ability to ask natural language questions and receive AI-powered insights and analytics on demand; User-customizable dashboards that empower frontline clinical teams to act on insights quickly; Flexible, secure storage to get the right medication to the right patient, faster; The new BD Pyxis™?Pro Dispensing Solution delivers smarter, more secure medication storage, which enables faster access at the point of care. The first-of-its-kind flexible, stackable device configuration offers more medication storage capacity to improve medication availability from refrigerated to ambient storage. The BD Pyxis™? pro Dispensing Solution allows hospitals and health systems to easily adapt to the evolving needs of their patient populations, with features including: Expanded capacity in a similar footprint, enabling clinicians to add up to 538 multi-access or 98 secure pockets without taking more space in their medication rooms; Enhanced security features to improve controlled substance management and medication safety efforts; More efficient access, with RFID badge scanning, wireless barcode scanners and illuminated bins to streamline medication retrieval. Together, the BD Incada™ Platform and BD Pyxis™ Pro Dispensing Solution sets a new standard for unified, data-driven healthcare operations. Announcement • Oct 09
Becton, Dickinson and Company Reaches Major Milestone for Rotarex™? Catheter System with First Patient Enrolled in XTRACT™? Registry to Advance Real-World Evidence in Peripheral Artery Disease Becton, Dickinson and Company announced the enrollment of the first patient in the XTRACT Registry, a prospective, multi-center, single-arm, post-market registry study designed to evaluate the real-world performance of the Rotarex™? Catheter System in the treatment of patients with peripheral artery disease (PAD) lesions. The XTRACT™? Registry is being led in partnership with Co-Principal Investigators, Dr. Prakash Krishnan, an interventional cardiologist, and Dr. Todd Berland, a vascular surgeon. The first patient was enrolled on September 29, 2025, under the care of Dr. Kousta Foteh, Chief of Vascular Surgery at Vital Heart & Vein medical practice. With patient participation, the XTRACT™? Registry will now collect valuable data to inform clinical decision-making and optimize treatment strategies for PAD. Announcement • Sep 17
Bd Marks 1,000Th Bd Rhapsody System, Driving Scientific Breakthroughs Via Single-Cell Multiomics BD announced the placement of the 1,000th BD Rhapsody System, a instrument for single-cell multiomics analysis, at Addenbrooke's Hospital of the University of Cambridge, United Kingdom. Together with its comprehensive menu of assays for DNA, RNA, and protein analysis, the instrument enables scientists to capture deeper insights from hundreds of thousands of single cells at a time. Since the BD Rhapsody™? instrument was introduced in 2017, it has been cited in more than 700 publications in peer-reviewed journals. The latest version, which launched in 2023, allows flexible sample processing and cell capture using a gentle, robust microwell-based cartridge technology, and proprietary BD molecular indexing technology. The captured cellular information is used to generate various types of libraries for next-generation sequencing applications, accelerating time to insight. The BD Rhapsody™? System is uniquely positioned in the cell sorting and analysis workflow with flow cytometry instruments, including the BD FACSDiscover™? S8 Cell Sorter and A8 Cell Analyzer. Innovation around the BD Rhapsody™®? System and its workflows continues with upcoming launches: BD OMICS-One™? WTA Next Assay is now available for early-access customers, enabling researchers to unlock more genetic information from individual cells at a lower cost-per-cell basis; BD®? OMICS-Guard Cryo will be available this year, enabling researchers to preserve samples for extended periods of time, allowing for batching of analysis; Robust automation is in development to further standardize and speed workflows. The research of Dr. Andrew Conway Morris is funded by the Medical Research Council, LifeArc, and Addenbrooke's Charitable Trust. The BD Rhapsody®? System will be featured at the following: Booth 447 at the 2025 Annual Meeting of American Society of Human Genetics (October 14-18 in Boston), and presentations at Advancing Precision Medicine (October 3-4 in Philadelphia). Upcoming Dividend • Sep 01
Upcoming dividend of US$1.04 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (1.7%). Recent Insider Transactions • Aug 12
Director recently bought US$1.0m worth of stock On the 11th of August, Gregory Hayes bought around 5k shares on-market at roughly US$192 per share. This transaction increased Gregory's direct individual holding by 7x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.0m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 08
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: US$2.00 (up from US$1.68 in 3Q 2024). Revenue: US$5.51b (up 10% from 3Q 2024). Net income: US$574.0m (up 18% from 3Q 2024). Profit margin: 10% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 69%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Aug 07
Becton, Dickinson and Company Revises Its Earnings Guidance for the Year 2025 Becton, Dickinson and Company revised its earnings guidance for the year 2025. For the year company expects organic revenue growth guidance of 3.0% to 3.5%. GAAP revenue of $21.8 billion to $21.9 billion compared to $21.8 billion to $21.9 billion previously. GAAP Revenue Growth of 8.2% to 8.7% compared to 8.0% to 8.5% previously. Announcement • Aug 01
Becton, Dickinson and Company Submits Application to FDA for At-Home Hpv Test with Self-Collection Swab and High-Tech Laboratory Robotics Becton, Dickinson and Company announced it has submitted an application to the U.S. Food and Drug Administration for a new, at-home human papillomavirus test that enables patients to self-collect a sample in the comfort of their own home using a swab the size of a Q-tip that simplifies processing at the lab and reports more high-risk strains of HPV than any other test on the market today. When available, the new HPV test from BD will include a self-collection swab technology that offers a safe, simple and non-invasive collection experience without the need for liquids or complex devices. The stability of the swab also allows for convenient mailing from home to the lab, removing logistical barriers and supporting broader participation in cervical cancer screening programs. At the lab, the self-collected swab needs no manual sample preparation by clinical laboratory technologists, which allows them to focus on higher value work. The sample is simply placed into the BD COR System and the fully automated process uses sophisticated robotics to prepare, analyze and report results for each sample. Using an internal cellular control and minimizing manual touch and intervention ensures the integrity of the specimen from collection to delivery of dependable, high-quality results. Importantly, the BD Onclarity Assay can also report more individual high-risk strains of HPV more than any other test available today. This is a must-have attribute in today's testing paradigm, due to the shifting prevalence of high-risk genotypes beyond HPV 16/18. In November 2024, a survey of more than 1,100 women in the U.S. conducted online by the Harris Poll found that 72% of women in the United States have delayed having a gynecology visit, with many highlighting the need for greater convenience, comfort and ease for this critical cervical cancer screening process. The study also found that 81% of women want more comfortable and less invasive HPV/cervical cancer testing options versus a pelvic exam, with 74% indicating interest in using a self-collection vaginal swab test at home in place of going to an office or clinic where a doctor uses a speculum to collect a sample from their cervix. Earlier this year, the American Society for Colposcopy and Cervical Pathology added the BD Onclarity Assay to its Enduring Risk-Based Management Guidelines, due to its ability to individually identify more high-risk types of HPV. Self-collection for HPV/cervical cancer screening is also among the draft recommendations by the U.S. Preventive Services Task Force, which helps guide health care providers in the U.S. about the effectiveness of specific preventive care services to improve the health of people nationwide. Announcement • Jul 30
Becton, Dickinson and Company Receives FDA 510(k) Clearance for Rapid Point-Of-Care COVID-19 Test BD announced it has received U.S. Food and Drug Administration (FDA) 510(k) clearance for the BD Veritor™ System for SARS-CoV-2, a digital test designed to detect COVID-19 antigens in symptomatic individuals in about 15 minutes at doctors' offices, urgent care centers, retail clinics and other convenient points of care. The BD Veritor™ System for SARS-CoV-2 has been available under Emergency Use Authorization (EUA) from the FDA since September 2020. The new 510(k) clearance will eventually replace the current EUA version of the test, starting in early fall 2025. The BD Veritor™ System for SARS-CoV-2 is a chromatographic, digital lateral flow immunoassay that delivers objective, easy-to-read results using the BD Veritor™ Plus Analyzer. The test is intended for use in CLIA-waived environments and provides results from nasal swab specimens from patients within six days of symptom onset. Declared Dividend • Jul 25
Second quarter dividend of US$1.04 announced Shareholders will receive a dividend of US$1.04. Ex-date: 8th September 2025 Payment date: 30th September 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 15
Waters Corporation (NYSE:WAT) entered into a definitive agreement to acquire Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company in a transaction valued at $17.5 billion. Waters Corporation (NYSE:WAT) entered into a definitive agreement to acquire Biosciences and Diagnostics Solutions Business of Becton Dickinson and Company in a transaction valued at $17.5 billion on July 13, 2025. BD’s shareholders are expected to own approximately 39.2% of the combined company, and existing Waters shareholders are expected to own approximately 60.8% of the combined company. BD will also receive a cash distribution of approximately $4 billion prior to completion of the combination, subject to adjustment for cash, working capital, and indebtedness. Waters is expected to assume approximately $4 billion of incremental debt, which would result in a net-debt-to-adjusted EBITDA leverage ratio for the combined company of 2.3x at closing.
The transaction is subject to receipt of required regulatory approvals, Waters shareholder approval, Any applicable waiting period under the HSR Act and satisfaction of other customary closing conditions. It was subject to approval by Boards of Directors of Waters and BD and has been unanimously approved by the Boards of Directors of both Waters and BD. The transaction is expected to close around the end of the first quarter of calendar year 2026.
Upon closing of the transaction, Udit Batra will lead the new entity, and Amol Chaubal will serve as SVP and Chief Financial Officer. Executives from both companies will serve in key leadership roles to be announced at a later date. Up to two BD designees will join the Waters Board of Directors upon closing. The combined company will continue to operate under the Waters name and retain its listing on the New York Stock Exchange under the ticker symbol WAT. Waters’ headquarters will remain in Milford, Massachusetts.
Barclays is serving as financial advisor and Daniel E. Wolf, P.C., David M. Klein, P.C., Allie M. Wein, P.C. and Steven M. Choi of Kirkland & Ellis LLP is serving as legal advisor to Waters. Citi and Evercore is acting as lead financial advisor to BD. David K. Lam and Jenna E. Levine of Wachtell, Lipton, Rosen & Katz is serving as legal advisor to BD. Announcement • Jul 08
BD Appoints Bilal Muhsin as Executive Vice President and President of Future Connected Care Segment, Effective July 2 BD announced that, effective July 2, Bilal Muhsin has been named executive vice president and will become the president of BD's future Connected Care segment, as part of the company's previously announced plans to update its structure as it advances its New BD strategy. Mushin will serve as a member of the BD Executive Leadership Team reporting to Tom Polen, chairman, CEO and president of BD and will lead the strategy development to support an effective transition into this new structure over the next several months. Under Bilal's leadership, BD Connected Care will aim to leverage advanced analytics and AI solutions alongside BD's industry-leading smart devices to improve the efficiency and effectiveness of patient care while driving compelling growth opportunities in new areas of health care, such as connected medication management, advanced workflow robotics and smart monitoring solutions. In this newly created role, Muhsin will be responsible for advancing BD's future Connected Care strategy, including shaping organizational capabilities, driving and executing the commercial strategy, accelerating industry-leading innovation initiatives, and ensuring operational and quality excellence. Muhsin joins BD from Masimo, a health technology and consumer electronics manufacturer, where he spent 25 years, most recently as chief operating officer. Prior to that, Bilal held several other leadership roles at Masimo, including executive vice president of engineering, marketing and regulatory. Muhsin has decades of experience with a proven track record in medical engineering and software development, and holds more than 50 patents in Medical Systems Communication, Analytics and Patient Monitoring Systems. Muhsin holds a Bachelor of Science degree in Computer Science from San Diego State University. Major Estimate Revision • Jun 26
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$5.99 to US$5.27 per share. Revenue forecast steady at US$21.8b. Net income forecast to grow 22% next year vs 13% growth forecast for Medical Equipment industry in the US. Consensus price target broadly unchanged at US$218. Share price was steady at US$171 over the past week. Upcoming Dividend • Jun 02
Upcoming dividend of US$1.04 per share Eligible shareholders must have bought the stock before 09 June 2025. Payment date: 30 June 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (1.7%). Announcement • May 28
Becton, Dickinson and Company to Initiate Real-World Patient Data Registry for the Rotarex™? Atherectomy System in Treatment of Peripheral Artery Disease Becton, Dickinson and Company announced plans to initiate a patient data registry for the Rotarex™? Atherectomy System to measure real-world outcomes for patients with peripheral artery disease (PAD). Known as "XTRACT," this prospective, multi-center, single-arm, post-market registry study will assess the clinical performance of the Rotarex™?Arectomy System in the treatment of U.S. patients with PAD lesions. The XTRACT Registry is being led in partnership with Co-Principal Investigators, Dr. Prakash Krishnan, an interventional cardiologist, and Dr. Todd Berland, a vascular surgeon. The registry will enroll up to 600 patients at approximately 100 clinical sites across the United States, with the first patient enrollment expected later this year. Clinical follow-up evaluations will occur after 30 days, 6 months and 12 months post-procedure to assess safety and effectiveness of outcomes. The Rotarex™? Athe rectomy System is a minimally invasive solution designed to efficiently remove both plaque and thrombus in peripheral arteries. Offering dual indications as both an atherectomy and thrombectomy device, the Rotarex™? Association is a proven tool for treating PAD. PAD is a potentially debilitating disease that is estimated to affect more than 21 million Americans and more than 200 million people worldwide and can lead to increased risk of cardiovascular complications and lower limb ampututation. The XTRACT Registry underscores BD's ongoing commitment to innovative technological development and evidence-based research that support physicians and improve patient outcomes. Announcement • May 22
Retractable Technologies, Inc. Enters Settlement Agreement with Becton, Dickinson and Company On May19, 2025, Retractable Technologies Inc. (the Company) entered into a Settlement Agreement resolving all claims and causes in action in Cause No. DC-19-17946, Retractable Technologies Inc. v. Locke Lord LLP, et al., in the 44th District Court of Dallas County, Texas (the Lawsuit). The Lawsuit had alleged various claims in connection with legal representation of the Company in its previous litigation against Becton, Dickinson and Company. Neither the Company nor the defendants admitted liability or damages. Under the Settlement Agreement, the Company will receive $1.9 million, will dismiss all claims and causes of actions against the defendants with prejudice, and will exchange mutual releases with the defendants. Announcement • May 21
Becton, Dickinson and Company Announces Cancer Patients Face Elevated Risk of Carrying Antimicrobial Resistant 'Superbugs' Becton, Dickinson and Company provided new data showing that cancer patients in both hospital and outpatient settings are at a substantially higher risk of developing antimicrobial resistant (AMR) infections compared to all other non-cancer patients. The studies, led by the Cancer and AMR Consortium, which includes BD (Becton, Dickinson and company), the Union for International Cancer Control (UICC), and the AMR Action Fund, found AMR rates among key pathogens were 1 to 3 times higher, and up to 5 times greater with some specific pathogen-source combinations in outpatient cancer patients;3 and 1.5 to 2 times more likely in hospitalized cancer patients as compared to non-cancer patients2. Studies examined data on more than 1.6 million bacterial isolates collected from 198 outpatient facilities in the U.S. and more than 4.6 million admissions across 168 U.S. hospitals. Together, the two studies, which are understood to be the first large, multi-center studies to quantify AMR among cancer patients in the U.S., offer some of the strongest evidence to date that superbugs pose a substantial risk to cancer patients across a variety of settings. The rise of AMR is rapidly diminishing the effectiveness of available antimicrobial medicines, contributing to approximately 4.7 million deaths per year. Antibiotics and other antimicrobials like antifungals play a critical role in cancer care, both as a treatment for infections and as a preventative treatment to reduce the risk of infections associated with certain medical procedures, such as surgery or chemotherapy. Announcement • May 14
Becton, Dickinson and Company Launches Cell Analyzer Featuring Breakthrough Spectral and Real-Time Cell Imaging Technologies BD (Becton, Dickinson and Company) announced the global commercial launch of the cell analyzer featuring breakthrough spectral and real-time cell imaging technologies, enabling more researchers across a wider range of applications to uncover deeper insights and dynamics from cells once invisible in flow cytometry experiments - with increased ease and throughput. BD SpectralFX™? Technology maximizes the number of colors that can be used in flow cytometry, allowing scientists to analyze up to 50 or more characteristics of a single cell at one time, with optimal resolution and sensitivity, which is ideal for scientists pursuing novel biomarker discovery. BD CellView™? Image Technology enables high-speed fluorescent and label-free imaging of single cells, revealing precise spatial and structural insights - like the location of a virus or protein within a single cell, or the microscopic interaction between two cells - that can be visually confirmed and analyzed in real time. Combining these technologies, which were first introduced in the BD FACSDiscover™? S8 Cell Sorter and profiled on the cover of the journal Science, the BD FACSD discover™? A8 Cell Analyzer enables scientists to capture more insights per experiment than ever, with exceptional depth, speed and sensitivity. Major Estimate Revision • May 08
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$6.67 to US$5.98 per share. Revenue forecast steady at US$21.8b. Net income forecast to grow 35% next year vs 15% growth forecast for Medical Equipment industry in the US. Consensus price target down from US$274 to US$225. Share price was steady at US$168 over the past week. Price Target Changed • May 05
Price target decreased by 16% to US$231 Down from US$274, the current price target is an average from 14 analysts. New target price is 38% above last closing price of US$167. Stock is down 29% over the past year. The company is forecast to post earnings per share of US$5.98 for next year compared to US$5.88 last year. Declared Dividend • May 05
Second quarter dividend of US$1.04 announced Shareholders will receive a dividend of US$1.04. Ex-date: 9th June 2025 Payment date: 30th June 2025 Dividend yield will be 2.4%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 80% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 01
Becton, Dickinson and Company Updates Earnings Guidance for the Fiscal Year 2025 Becton, Dickinson and Company updated earnings guidance for the fiscal year 2025. For the year, the company 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. Announcement • Apr 30
Becton, Dickinson and Company Declares Quarterly Dividend, Payable on June 30, 2025 The Board of Directors of Becton, Dickinson and Company announced it has declared a quarterly dividend of $1.04 per common share, payable on June 30, 2025 to holders of record on June 9, 2025. The indicated annual dividend rate is $4.16 per share. Announcement • Apr 23
Becton, Dickinson and Company Launches Industry-First Bioabsorbable Mesh Designed for Umbilical Hernia Repair BD announced 510(k) clearance from the U.S. Food and Drug Administration (FDA) and the commercial launch of Phasix™? ST Umbilical Hernia Patch, the first and only fully absorbable hernia patch on the market designed specifically for umbilical hernias. Composed of Poly-4-hydroxybutyrate (P4HB), a biologically-derived material, with the added benefits of a proven hydrogel barrier based on Sepra® Technology, Phasix™ ST umbilical Hernia Patch offers a unique absorbable solution to umbilical hernia repair. It can be deployed using the same technique surgeons use with a traditional permanent mesh patch, while providing material optionality. The pocket and strap design facilitates placement, positioning, and lateral fixation, and is designed to duplicate the form, function, and technique of the Ventralex™? ST Hernia Patch - a product family with more than two million implants globally. Announcement • Apr 21
Becton, Dickinson and Company Launches Next Generation Hemodynamic Monitoring Solution Providing Clinicians with Ai-Driven Clinical Decision Support BD has launched a new advanced hemodynamic monitoring platform with predictive, artificial intelligence (AI) based algorithms that can help clinicians proactively address blood pressure instability and optimize blood flow to help avoid potential life-threatening situations during procedures. HemoSphere Alta platform is the company's most advanced hemodynamic monitoring technology available and is the first major product launch from the Advanced Patient Monitoring business since its acquisition by BD. The new product advances BD's leadership in smart, connected care technologies that use clinical data and AI to help clinicians improve patient outcomes and optimize clinical workflows. One of the key innovations is the new Cerebral Autoregulation Index (CAI), a first-of-its-kind parameter that indicates whether the brain is likely to maintain stable blood flow despite changes in blood pressure and offers personalized insights into a patient's blood pressure requirements. Clinicians can access CAI when using a noninvasive ForeSight IQ™ Sensor, placed on the patient's forehead, combined with an Acumen IQ™? Sensor, connected to the patient's arterial line. The HemoSphere Alta™ platform also includes the Acumen Hypotension Prediction Index (HPI) software that predicts when a patient could have a low blood pressure event, which has been demonstrated to reduce the depth, duration and severity of hypotension in several large multicenter studies. The new monitor also features an improved design to streamline the user experience, including a larger 15" high-resolution, customizable touchscreen display, split-screen views and is designed to minimize disruptive pop-ups. Voice and gesture command features help maintain sterility and allow for hands-free interaction with the monitor, such as silencing alarms and switching views. These improvements offer a more intuitive and efficient interface. With the recent acquisition of Advanced Patient Monitoring, BD continues to advance its collaboration with clinicians to develop advanced patient monitoring solutions that help improve the quality of care for patients around the world. Announcement • Mar 28
Becton, Dickinson and Company Appoints Gregory J. Hayes to Board of Directors, Effective March 26, 2025 BD (Becton, Dickinson and Company) announced the appointment of Gregory J. Hayes to its board of directors, effective March 26, 2025. Hayes, 64, is currently the executive chairman of the board of directors of RTX Corporation, the world's largest aerospace and defense company. He brings more than 30 years of extensive executive experience, having held chief executive officer and senior leadership roles across finance, corporate strategy and business development functions, as well as leadership of large and complex businesses undergoing transformative initiatives, including M&A and spinoff transactions. Hayes' appointment to the BD board of directors is in line with the company's ongoing commitment to strong corporate governance and regular board refreshment. With this appointment, the BD board of directors has added four new, independent directors since 2021. Prior to his appointment to the RTX board of directors, Hayes' career at United Technologies Corporation (UTC) spanned two decades, culminating in his appointment to chief executive officer in 2014 and chairman in 2016. As CEO, Hayes was instrumental in the formation of RTX — the result of the 2020 merger of UTC's aerospace businesses, Pratt & Whitney and Collins Aerospace, with Raytheon Company. Hayes, who joined UTC in 1999 through its merger with the Sundstrand Corporation, also served as UTC's chief financial officer from 2008 to 2014. He also serves on the board of directors for Phillips 66 Company. Hayes earned a bachelor's degree in Economics from Purdue University and is a certified public accountant. 
