Becton, Dickinson And Company · NYSE:BDX
Becton, Dickinson And — Merger or Acquisition (July 2025)
24 slides from Becton, Dickinson And's merger presentation, Jul 14, 2025
Slide 1: Creating a Life Science Tools & Diagnostics Leader Focused on Regulated, High-Volume Testing
Exhibit 99.2 Biosciences & Diagnostic Solutions CREATING A Life Science Tools & Diagnostics Leader Focused on Regulated, High-Volume Testing July 14, 2025
Slide 2: Disclaimer
Biosciences & Diagnostic Solutions Disclaimer Additional Information and Where to Find It: This communication is not intended to and does not constitute an offer to sell or the solicitation of an materialize, or should underlying assumptions prove incorrect, these developments could have a material
Slide 3: Today's Speakers
Biosciences & Diagnostic Solutions Today’s Speakers Dr. Udit Batra Tom Polen Amol Chaubal Christopher DelOrefice Waters President BD Chairman, Waters SVP, BD EVP, & Chief Executive Officer CEO & President Chief Financial Officer Chief Financial Officer 2025 WATERS CORPORATION 2
Slide 4: A Strong, Shared Culture of Pioneering Science
Biosciences & Diagnostic Solutions A Strong, Shared Culture of Pioneering Science 50+ Years 50+ Years Defining Separations Advancing the Field Science with Liquid of Biology with Chromatography Best-in-Class Innovators Flow Cytometry Biosciences & Diagnostic Solutions 1965 2019 R. B. Woodward Kaelin
Slide 5: A Significant Value Creation Opportunity
Biosciences & Diagnostic Solutions A Significant Value Creation Opportunity Creates an Innovation Leader …Serving High Volume, Regulated with Robust Financial Strength… Applications w/ Industry-Leading Brands Large TAM w/ Consistent Growth Drivers 1 Doubles Waters TAM to ~$40B at 5-7% growth in a br
Slide 6: Large TAM w/ Growth Tied to Consistent Volume Expansion
Biosciences & Diagnostic Solutions Large TAM w/ Growth Tied to Consistent Volume Expansion End-Markets & Demand Drivers Why it Matters ST A B L E G R O W T H Quality Testing of Pharmaceuticals DRI V E RS Pharma QA/QC End-Points in Late-Stage Pharma Trials (MSD-HSD) # of Biologic Medicines Food & TRU
Slide 7: Unmatched Strategic Fit Accelerates Stated Opportunity
Biosciences & Diagnostic Solutions Unmatched Strategic Fit Accelerates Stated Opportunity to Apply Waters Cross-Selling in Proven Execution Model to Highly Complementary Strategic Ambitions in Multiple BD Biosciences/Dx High Growth Adjacencies Customer Segments Accelerate BioSeparations Instrument R
Slide 8: Increases Resilience & Growth Stability
Biosciences & Diagnostic Solutions Increases Resilience & Growth Stability >80% of Revenue from Iconic Brands… … >70% Annually Recurring Revenue Annually Recurring Revenue Biosciences & Diagnostic Solutions >70% ™ FACSLyric Clinical ™ FACSDiscover >80% ™ BACTEC ™ Kiestra ™ BD MAX Instruments >50% Re
Slide 9: An Industry Leading Financial Outlook
Bi Bio osci scie en nce ces s & & Dia Diag gn no os st tic ic S So olu lut tio ion ns s An Industry Leading Financial Outlook Biosciences & Diagnostic Solutions Biosciences & SYNERGIES Diagnostic Solutions ~ MSD+ MSD-HSD $290M + Historic Sales Growth Expected Revenue Synergies Near-To-Mid-Term Expec
Slide 10: Transaction Expected to Yield Outstanding Financial Benefits
Biosciences & Diagnostic Solutions Transaction Expected to Yield Outstanding Financial Benefits An Industry-Leading Significant Synergies Meaningful, Rapid Strong Free Cash & Value Creation Financial Outlook Accretion Flow Profile EXPECTED EXPECTED EXPECTED EXPECTED ~$345M MSD-HSD EPS Accretive 2.3x
Slide 11: BD Biosciences/Diagnostics is a Leader in Upstream & Clinical
Biosciences & Diagnostic Solutions BD Biosciences/Diagnostics is a Leader in Upstream & Clinical Software Leadership in Flow Informatics ™ 1 Fast-Growing Flow Cytometry Microbiology Molecular Dx ™ 40K+ 25K+ FDA-cleared AI workflow installed base Installed Base 80%+ applications for microbiology (Dia
Slide 12: An Innovation Leader w/ Uniquely Differentiated Portfolio
Biosciences & Diagnostic Solutions An Innovation Leader w/ Uniquely Differentiated Portfolio Biosciences Diagnostic Solutions ~$1.5B FY-24 GAAP REVENUE ~$1.8B FY-24 GAAP REVENUE New Breakthrough Products New Breakthrough Products $7B $15B 1 TAM; HSD% growth TAM; MSD+% growth FACSDiscover™ S8 Next-ge
Slide 13: Attractive Financial Profile & Business Mix
Biosciences & Diagnostic Solutions Attractive Financial Profile & Business Mix Product Type Geography Innovative portfolio and highly differentiated capabilities in attractive end-markets Service China 10% LATAM Single Cell Microbiology 13% 5% Multiomics 35% APAC 1% 10% Well-established in Strong in
Slide 14: Waters is a Leader in Downstream, Regulated Applications
Biosciences & Diagnostic Solutions Waters is a Leader in Downstream, Regulated Applications 170K+ 4 installed base Liquid Mass Chromatography Spectrometry Instruments replaced 1 every 5-7 years Compliant Informatics Leader Chromatography Data System Thermal Light Analysis Scattering ~80% of novel dr
Slide 15: Have Orchestrated Successful Transformation at Waters
Biosciences & Diagnostic Solutions Have Orchestrated Successful Transformation at Waters Strengthened Innovation Built Commercial Momentum Entered High Growth Adjacencies 2019 NOW PRE-2019 NOW Biologics 20% 35% EMBEDDED Bioseparations Instrument of Pharma Revs of Pharma Revs Bioanalytical OPERATING
Slide 16: Strong Financial Profile & Operating Performance
Biosciences & Diagnostic Solutions Strong Financial Profile & Operating Performance Academic & Govt Waters Standalone Financials 11% ADJ. EBITDA MARGIN Pharma 31% Industrial $3B 58% (CY-24) Total Revenue (CY-24) 37% WAT Peer Avg 27% Europe Asia 30% 33% $1.1B Adj. EBITDA (CY-24) FCF AS % OF REV 37% A
Slide 17: Accelerates Innovation Journey into BioSeparations
Biosciences & Diagnostic Solutions Accelerates Innovation Journey into BioSeparations to Create a Category-Defining Company Creating Next-Generation Separation Columns by Pairing Deep Chemistry & Biology Expertise CHEMISTRY CHEMISTRY Innovation leader in AAV Separations Advanced titer options for Ne
Slide 18: Positions Flow Cytometry into Bioanalytical Characterization
Biosciences & Diagnostic Solutions Positions Flow Cytometry into Bioanalytical Characterization Brings Flow Downstream into Large Molecule QA/QC Small mol data Large mol data FDA EMA NMPA Others Flow UV Mass Mass Light Detection Spectrometry Scattering Cytometry Receptor Interaction & biological res
Slide 19: Scales Capabilities & Presence for Multiplex Diagnostics
Biosciences & Diagnostic Solutions Scales Capabilities & Presence for Multiplex Diagnostics Automation Addition of BD Diagnostics will Accelerate w/ Core Lab Value Creation in ‘LC-MS into Dx’ Analyzer Adjacency Accelerate Automated Reagents Assay Menu Sample Prep Expansion Elevate 24/7 Service Metho
Slide 20: Substantial Financial Benefits Expected
Biosciences & Diagnostic Solutions Substantial Financial Benefits Expected Cost Synergies by Year 3 Revenue Synergies by Year 5 Commercial Excellence Instrument Replacement Mfg. & Supply Chain $80M $115M Service Attach & eCommerce EPS Launch Excellence accretive High Growth Adjacencies in Yr 1 Bioan
Slide 21: An Industry-Leading Financial Outlook
Biosciences & Diagnostic Solutions An Industry-Leading Financial Outlook Compelling 5-Year Growth Projection CY 2025E CY 2030E Revenue Growth CAGR MSD-HSD (CY 2025-30) $6.5B $9.0B Total Revenue (CY PF 25E) Total Revenue (CY PF 30E) Adj. EBITDA Growth +$1.3B $2.0B Adj. EBIT Margin Expansion ~ $3.3B 5
Slide 22: Transaction Overview
Biosciences & Diagnostic Solutions Transaction Overview ► BD to separate its Biosciences and Diagnostic Solutions business to BD shareholders and simultaneously Structure & Ownership merge SpinCo (which will own the Biosciences/Dx business) with a wholly owned subsidiary of Waters in a tax-efficient
Slide 23: Summary: Two Businesses Uniquely Suited for Each Other
Biosciences & Diagnostic Solutions Summary: Two Businesses Uniquely Suited for Each Other Creates an Innovation Leader …Serving High Volume, Regulated with Robust Financial Strength… Applications w/ Industry-Leading Brands Large TAM w/ Consistent Growth Drivers 1 Doubles Waters TAM to ~$40B at 5-7%
Slide 24: Q&A Session
CREATING A Life Science Tools & Diagnostics Leader Focused on Regulated, High-Volume Testing Q&A Session
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