Becton, Dickinson and Company

What they do

BD develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical companies, and the general public. Products include peripheral IV catheters, infusion pumps and dedicated disposables, prefillable drug delivery systems, hemodynamic monitoring systems, and infection prevention and surgical products. The company markets worldwide through independent distribution channels and directly to end-users.

Revenue drivers

• BD Medical (Medication Delivery Solutions, Medication Management Solutions, Pharmaceutical Systems, Advanced Patient Monitoring) — Historically BD's largest segment, producing IV catheters, infusion pumps and disposables, prefillable syringes and self-injection systems for pharmaceutical companies, and hemodynamic monitoring systems. Serves hospitals, clinics, physicians' offices, retail pharmacies, public health agencies, and pharmaceutical companies.
• Medical Essentials (new segment, effective October 1, 2025) — One of four segments under the New BD structure; Q3 fiscal 2026 revenue was $1,675 million, up 4.5% reported and 3.2% FXN. Includes the BD CentroVena One Insertion System.
• Connected Care (new segment, effective October 1, 2025) — One of four segments under the New BD structure; Q3 fiscal 2026 revenue growth was reported in the earnings release.
• BioPharma Systems (new segment, effective October 1, 2025) — Provides prefillable drug delivery systems to pharmaceutical companies; announced collaboration with EMS in Brazil to expand GLP-1 access using BD's Vystra Injection Pen platform.

Recent performance

For the fiscal 2026 third quarter ended June 30, 2026, BD reported revenue of $4,983 million, up 5.4% as reported and 4.4% FXN, with U.S. revenue of $3,081 million (up 6.9%) and international revenue of $1,902 million (up 3.2% reported, 0.6% FXN). GAAP diluted EPS from continuing operations was $1.64; adjusted diluted EPS from continuing operations was $3.23. Medical Essentials revenue was $1,675 million, up 4.5% reported and 3.2% FXN. Year-to-date cash from continuing operations increased 33.3% to $2.1 billion and free cash flow increased 44.6% to $1.7 billion.

Strategy

Under the New BD strategy called Excellence Unleashed, management is anchored in three priorities: compete, innovate, and deliver. The company is elevating commercial capabilities to gain share in fast-growing areas of medical technology, bringing high-impact solutions to market from a more focused pipeline, and pursuing operational excellence in safety, quality, supply, and cash flow. The February 9, 2026 spin-off and combination of the former Biosciences and Diagnostic Solutions business with Waters Corporation concluded the separation, leaving BD as a more focused MedTech company. Beginning in fiscal 2026, BD split its EMEA region into Europe and META and now organizes non-U.S. operations into Europe, META, Greater Asia, Latin America, and Canada. The company continues to pursue growth opportunities in emerging markets including Eastern Europe, the Middle East and Africa, Latin America, and certain countries in Greater Asia.

Risks

• Global economic conditions and inflation — BD states that heightened inflation, capital market volatility including tariff-related volatility, interest rate and currency fluctuations, and economic slowdown or recession have impacted and may continue to impact demand, prices, supply chain, and borrowing costs, with inflationary pressures experienced in fiscal 2025 and expected to persist.
• Supply chain and geopolitical disruption — BD has experienced shortages and price increases for certain materials and components, and notes that the ongoing conflict in Iran and the Middle East region has not yet significantly impacted its supply chain but continued disruption of transportation lanes and global energy supplies could adversely affect sourcing, raw materials, and product delivery.
• China market dynamics — BD has been experiencing adverse impact on results from market dynamics in China, including volume-based procurement programs (VoBP), the government's focus to contain healthcare-related costs and improve compliance of healthcare practitioners, and lower demand for vaccines.
• Cybersecurity and IT infrastructure — BD relies on numerous IT systems, third-party vendors, cloud and AI tools, and legacy technologies that are more vulnerable to failures and disruptions; it has experienced and could in the future experience interruptions that may compromise confidential information, impair operations, or result in regulatory inquiries, litigation, and reputational harm.

Outlook

Management updated full-year guidance to reflect ongoing momentum, expecting revenue growth toward the high end of its range and raising the midpoint of adjusted diluted EPS guidance. CEO Tom Polen said revenue, adjusted operating margin, and adjusted EPS in the third quarter were all ahead of expectations. The company cited strong momentum across key growth platforms, continued innovation, and further progress through BD Excellence.