Becton, Dickinson And Company · NYSE:BDX
Becton, Dickinson And — Q4 2025 Earnings Presentation
36 slides from Becton, Dickinson And's earnings presentation, Nov 6, 2025
Slide 1: Q4 FY25 Earnings Presentation
Q4 FY25 Earnings Presentation November 6, 2025 Advancing the TM world of health
Slide 2: Caution Concerning Forward-looking Statements
Caution Concerning Forward-looking Statements This presentation and accompanying webcast contain certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s future prospects and performance, including, but not limited to, future revenues, margins,
Slide 3: Basis of Presentation
Basis of Presentation All dollar amounts presented are USD ($) in millions, unless otherwise indicated, except per share figures. FXN denotes currency-neutral basis. Revenue and adjusted revenue year-over-year change comparisons are on an FXN basis unless otherwise noted. Organic Revenue growth deno
Slide 4: FY25 Key Highlights
FY25 Key Highlights $21.8B Revenue +7.7% adj. FXN Delivered New BD organic revenue growth of +3.9% with solid growth across key platforms while navigating a dynamic market environment +2.9% Organic Strong momentum with over 25 new product launches across high-growth end-markets as Adjusted BD202
Slide 5: Achieved key innovation milestones in FY25
Achieved key innovation milestones in FY25 AI-enabled solutions set a new Expanding care through increased Minimizing access site standard for data-driven decisions and user mobility options complications connectivity across healthcare settings BD Incada BD Pyxis Pro BD PureWick Portable Revello Vas
Slide 6: High-impact FY26 launches advancing our strategy
High-impact FY26 launches advancing our strategy Next generation blood culture Transforming accessibility of Highly-differentiated solution for system designed to address urgent continuous noninvasive blood pressure console breast biopsy and excision patient needs HemoSphere Stream Module BD Encompa
Slide 7: Q4 FY25 Segment Revenue and Key Highlights
Q4 FY25 Segment Revenue and Key Highlights BD Medical BD Life Sciences BD Interventional DS MDS $498M $1,202M SURG PI MMS +1.5% FXN $400M $530M +3.8% FXN $3,155M $974M SM $1,368M +7.6% FXN $1,367M +4.3% FXN +9.9% FXN +3.1% FXN $483M +0.3% FXN +7.5% FXN +4.0% Organic +3.3% FXN APM BDB PS $387M UCC $2
Slide 8: Q4 and FY25 Adjusted Income Statement
Q4 and FY25 Adjusted Income Statement (As adjusted) $ in millions, except per share data Q4 FY25 Q4 FY24 Y/Y ∆ FY25 FY24 Y/Y ∆ Revenues $5,890 $5,437 8.3%(1) $21,840 $20,245(2) 7.9%(1) Organic revenue growth 3.9% 2.9% Gross Profit $3,192 $2,969 7.5% $11,940 $10,791 10.7% Gross margin 54.2% 54.6% (40
Slide 9: FY25 Free Cash Flow
FY25 Free Cash Flow • YoY free cash flow primarily impacted by increased -14% inventory, tariff payments, and discrete items • BD Excellence operating system continues to yield strong productivity gains and capex leverage $3,119 M • Net leverage of 2.8x, continue to make progress $2,670M towards ~2.
Slide 10: Completion of BD2025 reflects significant strategic progress
Completion of BD2025 reflects significant strategic progress and positions BD to drive long-term sustainable revenue and earnings growth Built multiple new growth platforms including Biologic Drug Delivery, APM, Urinary Incontinence and Advanced Tissue Regeneration +$5.4B Most substantive period of
Slide 11: BD Excellence business system: powering margin expansion & reinvestment
business system: powering margin expansion & reinvestment Expanding impact across Commercial and Innovation in FY26 15% reduction in recordable injury rates; near world-class levels 50% reduction in manufacturing non-conformances 8%+ gross productivity improvements in our plants 3.5% CapEx-t
Slide 12: FY26 Guidance Summary
FY26 Guidance Summary WholeCo Guidance as of November 6, 2025 Guidance considerations Revenue Growth (FXN) Low single-digit growth • Q1 revenue growth expected to decline LSD reflecting near-term headwinds as well as YoY compare in BDB and order timing in Med includes ~250 bps of near-term headwinds
Slide 13: FY26 revenue considerations
FY26 revenue considerations ~(250 bps) Mid single-digit growth Alaris: (100+ bps) FY25 record install levels create YoY headwind; expect FY26 U.S. Alaris capital China (~100 bps) above historical run rate Expected to decline mid-teens impacted Low single-digit by continuation of government policies
Slide 14: Expecting to deliver FY26 high single-digit operational EPS growth
Expecting to deliver FY26 high single-digit operational EPS growth partially offset by tariffs High single- (1) digit growth $14.75 to $15.05 $14.40 ~(370 bps) Volume Productivity $X,XXX M Cost programs FX Investments FY25 adj. EPS Operational Tariffs FY26 adj. EPS Please see Basis of Presentation o
Slide 15: Corporate Sustainability: Together We Advance
Corporate Sustainability: Together We Advance Named among Named to TIME’s Named one of World’s Best Employers World’s Best Companies America’s Climate Leaders by Forbes in 2025 list in 2025 in 2025 by USA TODAY Named to Newsweek’s Named among the Named to Newsweek’s Worlds’ Most Trustworthy World’s
Slide 16: Appendix
Appendix Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 16
Slide 17: Our innovation pipeline – 125+ new products launched since start of BD2025
Our innovation pipeline – 125+ new products launched since start of BD2025 Recent innovation driving growth Near and mid-term catalysts Select pipeline products BD Medical BD Libertas 5mL CentroVena One BD Alaris HemoSphere Alta Swan IQ and Site-Rite 9 BD neXus BD Pyxis BD Evolve Next Gen PFS Next-G
Slide 18: Glossary
Glossary 1H First Half FX Foreign Exchange Q Quarter 2H Second Half FY Fiscal Year R&D Research and Development Adj. Adjusted GLP-1 Glucagon-Like Peptide-1 RMT Reverse Morris Trust AI Artificial Intelligence HPV Human Papillomavirus RVP Respiratory Viral Panel APM Advanced Patient Monitoring HT High
Slide 19: Reconciliation – Revenues by Business Segments and Units
Supplemental Reconciliation – Revenues by Business Segments and Units For the Three Months Ended September 30, (Unaudited; $ in millions) (1) Reflects Advanced Patient Monitoring Revenue for the period July 1, 2024 through September 30, 2024, giving effect as if Advanced Patient Monitoring had been
Slide 20: Revenue Information – Revenues by Geographic Regions
Supplemental Revenue Information – Revenues by Geographic Regions For the Three Months Ended September 30, (Unaudited; $ in millions) Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 20
Slide 21: Reconciliation – Reported Geographic Revenue to Adjusted Revenue
Supplemental Reconciliation – Reported Geographic Revenue to Adjusted Revenue For the Twelve Months Ended September 30, (Unaudited; $ in millions) (1) Represents the recognition of accruals relating to the Italian government medical device pay back legislation, as well as another legal matter, and w
Slide 22: Reconciliation – Reported Revenue to Organic Revenue
Supplemental Reconciliation – Reported Revenue to Organic Revenue For the Three Months Ended September 30, (Unaudited; $ in millions) "NM" denotes that the percentage change is not meaningful. (1) Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitio
Slide 23: Reconciliation – Reported Revenue to Organic Revenue
Supplemental Reconciliation – Reported Revenue to Organic Revenue For the Twelve Months Ended September 30, (Unaudited; $ in millions) "NM" denotes that the percentage change is not meaningful. (1) Represents the recognition of accruals relating to the Italian government medical device pay back legi
Slide 24: Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Three Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring acti
Slide 25: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Three Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 24. Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 25
Slide 26: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Three Months Ended September 30, 2024 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 24. Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 26
Slide 27: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation Change in Three Months Ended September 30, 2025 Compared With Three Months Ended September 30, 2024 (Unaudited; $ in millions, except per share data) Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 27
Slide 28: Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Twelve Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring act
Slide 29: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Twelve Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 28. Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 29
Slide 30: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation For the Twelve Months Ended September 30, 2024 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 28. Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 30
Slide 31: Non-GAAP Reconciliation
Supplemental Non-GAAP Reconciliation Change in Twelve Months Ended September 30, 2025 Compared With Twelve Months Ended September 30, 2024 (Unaudited; $ in millions, except per share data) Q4 FY25 EARNINGS PRESENTATION NOVEMBER 6, 2025 31
Slide 32: Reconciliation – Net Leverage
Supplemental Reconciliation – Net Leverage Last Twelve Months Ended September 30, 2025 (Unaudited; Amounts in millions) (1) Represents costs associated with integration and restructuring activities. (2) Represents transaction costs associated with the Advanced Patient Monitoring acquisition. (3) Rep
Slide 33: Reconciliation – Free Cash Flow and Free Cash Flow Conversion
Supplemental Reconciliation – Free Cash Flow and Free Cash Flow Conversion Last Twelve Months Ended September 30, 2025 (Unaudited; Amounts in millions) (1) Refers to the adjusted figures for the twelve-month periods ended September 30, 2025 and September 30, 2024 from slide 31. (2) FCF conversion is
Slide 34: FY2026 Outlook Reconciliation
FY2026 Outlook Reconciliation (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents transaction costs incurred in connection with the Advanced Patient Monitori
Slide 35: Q1 Outlook Reconciliation
Q1 Outlook Reconciliation (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents transaction costs recorded to Integration, restructuring and transaction expens
Slide 36: Non-GAAP Reconciliations
Supplemental Non-GAAP Reconciliations Last Twelve Months Ended September 30, 2025 (Unaudited; Amounts in millions) (1) (2) (3) (4) (1) (1) (1) Please see page 8 of our Form 8-K posted on April 14, 2022 at investors.bd.com for restatement of annual revenue, and reconciliation of GAAP to non-GAAP oper
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