Becton, Dickinson and Company (BDX) Barclays 28th Annual Global Healthcare Conference summary

Impact of oil prices, hedging, and supply chain

• No material impact expected from oil price fluctuations in FY 2026 due to aggressive hedging and diversified resin sourcing.

• Over 50% of resins are hedged, and multiple vendors now supply key products, improving cost leverage and supply stability.

• Currency hedging has matured, now impacting the income statement and providing greater financial stability.

• Finished goods inventory and raw material reserves further insulate from short-term supply shocks.

• Middle East exposure is around 2% of revenue, with continued engagement despite current regional challenges.

Strategic transformation and growth platforms

• Completed major divestitures, including diabetes care, surgical instruments, and a $3.2B life science business.

• Built new growth platforms: biologic drug delivery, regenerative medicine, pharmacy automation, and urinary incontinence.

• Pharmacy automation and connected care businesses are scaling rapidly, with pharmacy robotics gaining traction in Europe.

• Peripheral vascular and other growth areas are being expanded through organic investment and strategic tuck-in M&A.

• Ongoing innovation announcements expected throughout the year.

Connected care and infusion systems innovation

• Unique integration of pharmacy software, drug compounding, and infusion systems enables closed-loop medication management.

• AI-driven monitoring and infusion technology integration aims to optimize patient physiological response in real time.

• First step is integrating patient monitoring into Alaris pumps, with further regulatory steps and launches planned.

• Broader hospital applications envisioned, beyond insulin management.