Becton, Dickinson and Company (BDX) investor relations material

Leadership and strategy

• Newly appointed CFO emphasizes consistency, transparency, and responsible capital allocation, prioritizing share buybacks and tuck-in acquisitions to drive growth and maintain leverage targets.

• The leadership team is focused on sharpening strategic execution rather than transforming the business, aiming to deliver on promised financial targets.

• Operational rigor is supported by extensive leadership experience across multiple regions and business segments.

Portfolio transformation and growth drivers

• The portfolio has been reshaped over five years, with divestitures in diabetes care and life sciences, and a focus on high-growth med tech segments.

• Key growth drivers include biologics, advanced patient monitoring, PureWick, and tissue regeneration, each now scaled to $500M–$1B+ businesses and growing double digits.

• About 30% of the portfolio is growing double digits, 25–30% at mid-single digits, and 30% (medical essentials) at low single digits; 10% faces headwinds from China, Alaris, and vaccines.

Headwinds and market dynamics

• Alaris remediation is expected to conclude by year-end, with a new revenue run rate in 2027; vaccine declines are not expected to repeat, and China remains a dynamic, cost-constrained market.

• Alaris market share is at record levels, with a unique replacement cycle dynamic compared to competitors.

• Utilization trends remain solid, with strong demand for diagnostic and medication management products.