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Becton, Dickinson and Company (BDX) investor relations material
Becton, Dickinson and Company Wells Fargo 20th Annual Healthcare Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic priorities and business transformation
Completing the separation of the life sciences business with Waters Corporation, targeting early 2026, with integration and SEC filings underway.
Executing a commercial strategy focused on incremental investments in sales and innovation to drive growth into FY 2026 and beyond.
Continuing margin expansion through the BD Excellence program, driving strong earnings and productivity improvements.
Allocating capital with a preference for share buybacks, including at least half of the $4B from the Waters transaction, and recently completing a $1B buyback.
Returning $2.2B to shareholders this year through buybacks and dividends.
Growth outlook and innovation pipeline
New BD is expected to deliver mid-single-digit growth, supported by innovations in biologic drug delivery, smart connected care, and AI solutions.
Margin expansion is driven by productivity gains, waste reduction, and improved service levels, with CapEx spending down and output capacity up.
Tuck-in acquisitions are leveraged for serial innovation, with a strong pipeline in surgery, APM, and interventional products.
Continued focus on maximizing value from past tuck-ins, supplementing with targeted acquisitions, and maintaining R&D spend above $1B.
Financial performance and guidance
Organic growth is accelerating, with Q4 guidance implying a rise from 3% to 5%, driven by strong interventional and medical businesses, and APM becoming organic.
Recovery is expected in biosciences, pharma systems, and China, with China stabilizing after VBP impacts by end of 2026.
Operating and gross margins post-separation are expected to be very similar to current levels, with proactive elimination of stranded costs.
FY 2025 organic growth guidance is 3%-3.5%, with prudent guidance for FY 2026 amid macro uncertainty, but long-term mid-single-digit ambition remains.
EPS outlook for FY 2026 raised by about 2% due to tariff improvements, with further upside possible from currency.
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