Becton, Dickinson And Company · NYSE:BDX
Becton, Dickinson And — Q2 2025 Earnings Presentation
24 slides from Becton, Dickinson And's earnings presentation, May 1, 2025
Slide 1: Q2 FY25 Earnings Presentation
Q2 FY25 Earnings Presentation May 1, 2025 Advancing the TM world of health
Slide 2: Caution Concerning Forward-looking Statements and Non-GAAP Financial Measures
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 and Guidance Considerations
Basis of Presentation All dollar amounts presented are USD ($) in millions, unless otherwise indicated, except per share figures. FXN denotes currency-neutral basis. Revenue year-over-year change comparisons are on an FXN basis unless otherwise noted. Organic Revenue growth denotes foreign currency
Slide 4: Q2 FY25 Key Highlights
Q2 FY25 Key Highlights Q2 organic growth impacted by a difficult operating environment Exceeded our earnings expectations through quality gross margin “Our BD Excellence operating improvement (+190 bps YoY) fueled by strong BD Excellence system is driving continued momentum margin expansion and
Slide 5: Strong pipeline progression including key product launches with sizable revenue opportunities
Strong pipeline progression including key product launches with sizable revenue opportunities Expanding into new Advanced Tissue Advancing infusion pump Increasing lab productivity and Regeneration applications technologies globally resolving complex biology Phasix ST Umbilical BD Alaris Infusion BD
Slide 6: Q2 FY25 Consolidated Performance Summary
Q2 FY25 Consolidated Performance Summary Revenue Adj. Operating Margin Adj. Diluted EPS Operating Cash Flow $5.3B 24.9% $3.35 $0.9B +6.0% FXN +60 bps YoY +5.7% YoY YTD +0.9% Organic Revenue by segment Revenue by geography BD Life Sciences United States $1,247M 59% BD Medical (2.4%) FXN $2,760M (all
Slide 7: Q2 FY25 Segment Revenue and Key Highlights
Q2 FY25 Segment Revenue and Key Highlights BD Medical BD Life Sciences BD Interventional DS MDS $440M $1,117M SURG PI MMS (4.1%) FXN $383M +2.8% FXN $2,760M $811M SM $1,247M +1.9% FXN $1,264M $481M +0.1% FXN +14.3% FXN +5.9% FXN (2.4%) FXN (1.1%) FXN $456M +3.6% Organic (all organic) (all organic) +
Slide 8: Q2 FY25 Adjusted Income Statement
Q2 FY25 Adjusted Income Statement (As adjusted) $ in millions, except per share data Q2 FY25 Q2 FY24 Y/Y ∆ Revenues $5,272 $5,045 4.5%* Organic revenue growth 0.9% Gross Profit $2,896 $2,674 8.3% Gross margin 54.9% 53.0% 190 bps SSG&A $1,283 $1,172 9.5% % of revenues 24.3% 23.2% 110 bps R&D $300 $28
Slide 9: Q2 FY25 YTD Free Cash Flow
Q2 FY25 YTD Free Cash Flow -44% • As expected, YTD Free Cash Flow reflects the timing of planned one-time cash payments • BD Excellence operating system continues to yield productivity gains, driving capex leverage $1,119 M • Committed to $1B share buyback by the end of $623 M the calendar year with
Slide 10: FY25 Guidance Summary
FY25 Guidance Summary May 1, 2025 February 5, 2025 Commentary Estimated Total Company Revenue ~$21.8B to $21.9B ~$21.7B to $21.9B • Segment growth expectations relative to BDX organic growth range: Medical Adjusted Revenue Growth (FXN) 7.8% to 8.3% 8.8% to 9.3% above, Life Sciences below and Organic
Slide 11: Corporate Sustainability: Together We Advance
Corporate Sustainability: Together We Advance Named to Newsweek’s Named one of Most Trustworthy America’s Company Climate Leaders list in 2025 in 2025 by USA TODAY Q2 FY25 EARNINGS PRESENTATION MAY 1, 2025 11
Slide 12: Appendix
Appendix Q2 FY25 EARNINGS PRESENTATION MAY 1, 2025 12
Slide 13: BD Innovation Pipeline
Our innovation pipeline - Over 100 new product launches expected by FY25(1) Recent innovation driving growth Near and mid-term catalysts Select pipeline products BD Medical BD Alaris HemoSphere Alta Swan IQ and Site-Rite 9 BD neXus BD Libertas 5mL Next Gen Central BD Intelliport BD Evolve Next Gen P
Slide 14: Glossary
Glossary Adj. Adjusted HSD High single digits R&D Research and Development APM Advanced Patient Monitoring HPV Human Papillomavirus RICC Rapid Infusion Central Catheter B Billion HT High Throughput RVP Respiratory Viral Panel BDB Biosciences ICU Intensive Care Unit SM Specimen Management Identificat
Slide 15: Supplemental Reconciliation – Revenues by Business Segments and Units
Supplemental Reconciliation – Revenues by Business Segments and Units For the Three Months Ended March 31, (Unaudited; $ in millions) “NM” denotes that the percentage change is not meaningful. (1) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solu
Slide 16: Supplemental Reconciliation – Revenues by Geographic Regions
Supplemental Reconciliation – Revenues by Geographic Regions For the Three Months Ended March 31, (Unaudited; $ in millions) Q2 FY25 EARNINGS PRESENTATION MAY 1, 2025 16
Slide 17: Supplemental Reconciliation – Reported Revenue to Organic Revenue
Supplemental Reconciliation – Reported Revenue to Organic Revenue For the Three Months Ended March 31, (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 acquisitions a
Slide 18: Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS
Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Three Months Ended March 31, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activiti
Slide 19: Supplemental Non-GAAP Reconciliation (Q2 2025)
Supplemental Non-GAAP Reconciliation For the Three Months Ended March 31, 2025 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 18. Q2 FY25 EARNINGS PRESENTATION MAY 1, 2025 19
Slide 20: Supplemental Non-GAAP Reconciliation (Q2 2024)
Supplemental Non-GAAP Reconciliation For the Three Months Ended March 31, 2024 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 18. Q2 FY25 EARNINGS PRESENTATION MAY 1, 2025 20
Slide 21: Supplemental Non-GAAP Reconciliation (Change)
Supplemental Non-GAAP Reconciliation Change in Three Months Ended March 31, 2025 Compared With Three Months Ended March 31, 2024 (Unaudited; $ in millions, except per share data) Q2 FY25 EARNINGS PRESENTATION MAY 1, 2025 21
Slide 22: Supplemental Reconciliation – Net Leverage and Free Cash Flow
Supplemental Reconciliation – Net Leverage and Free Cash Flow Last Twelve Months Ended March 31, 2025 For the Six Months Ended March 31, 2025 (Unaudited; Amounts in millions) (Unaudited; Amounts in millions) Note: Amounts may not add due to rounding. (1) Represents costs associated with integration
Slide 23: FY2025 Outlook Reconciliation
FY2025 Outlook Reconciliation Notes: - Revenue Adjustment Impact reflects the recognition of accruals resulting from developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to fiscal year 2024
Slide 24: FY2025 Outlook Reconciliation
FY2025 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 and financing impacts associated with the Advanced Patien
Becton, Dickinson and Company — Q2 2025 Earnings Presentation on 6ix