Becton, Dickinson and Company (BDX) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and FY24 results with 7.4% revenue growth (6.2% organic), 120 bps margin expansion, and adjusted diluted EPS up 11.4% year-over-year, advancing strategic priorities in innovation and operational excellence.

• FY24 revenue reached $20.2 billion, up 4.5% FXN and 5.0% organic, with med tech and diagnostics up 5.9% and bioscience pharma up 1%.

• Over 20 new products launched and Advanced Patient Monitoring acquisition completed, supporting innovation and commercial excellence.

• Recognized for sustainability, innovation, and workplace excellence, including awards from Fortune and Business Group on Health.

• Navigated complex market dynamics in China and bioscience pharma, outperforming initial margin and EPS guidance.

Financial highlights

• Q4 adjusted diluted EPS of $3.81, up 11.4% year-over-year; FY24 adjusted diluted EPS of $13.14, up 7.6%.

• Q4 FY24 revenue reached $5.4B, up 7.4% FXN and 6.2% organic year-over-year.

• Free cash flow for FY24 was $3.1B, up 47% year-over-year, with 82% free cash flow conversion.

• Adjusted operating margin for Q4 was 26.6%, up 120 bps year-over-year; FY24 adjusted operating margin was 24.2%.

• Returned $1.6B to shareholders via dividends and buybacks; cash and short-term investments at $2.2B.

Outlook and guidance

• FY25 revenue guidance: $21.9–$22.1 billion, with 8.8%–9.4% FXN growth and 4.0%–4.5% organic growth.

• Adjusted diluted EPS guidance: $14.25–$14.60, ~10% growth at midpoint.

• Adjusted operating margin expected to expand by ~100 bps, exceeding 25%.

• Guidance incorporates headwinds from China and bioscience/pharma market dynamics.

• Free cash flow conversion expected to moderate to ~75% due to APM integration, but remain strong.