Becton Dickinson and Co (NYSE:BDX) reported fourth-quarter adjusted earnings of $3.96, beating the consensus of $3.92.
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The company reported third-quarter 2025 sales of $5.89 billion, slightly below the consensus of $5.90 billion.
Revenues increased 8.3% as reported, 7% adjusted FXN, and 3.9% organic.
Medical segment sales increased 11.2% (+4% organically) $3.16 billion. Medication Delivery Solutions’ performance reflects strong growth led by Vascular Access Management, partially offset by volume-based procurement in China. Medication Management Solutions’ performance reflects strength in Infusion Systems, driven by a record quarter for BD Alaris capital installations.
Pharmaceutical Systems’ performance reflects high single-digit growth in Biologics, partially offset by lower market demand for vaccine products. It also reflects strong growth from all product lines, led by the HemoSphere Alta Monitor and Smart Recovery, with strong adoption of Acumen IQ sensors.
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Life Sciences sales reached $1.37 billion, up 2.1% (+0.3%).
Specimen Management performance reflects solid growth in the BD Vacutainer portfolio, partially offset by performance in China. Diagnostic Solutions returned to positive growth with sequential improvement of over 450 basis points on a reported basis and over 300 basis points FXN. Biosciences’ performance was driven by continued market dynamics impacting research funding, partially offset by continued new product traction in the FACSDiscover platform.
Interventional sales jumped 8.5% (+7.5%) to $1.37 billion.
Surgery performance reflects double-digit growth in Advanced Tissue Regeneration and Biosurgery, and high single-digit growth in Infection Prevention, partially offset by legacy U.S. hernia. Peripheral Intervention performance reflects strength in Oncology across the portfolio and continued double-digit growth in the Rotarex Atherectomy System, partially offset by volume-based procurement in China.
Urology and Critical Care performance reflects strong double-digit growth in the PureWick franchise with continued adoption of the Male and Female portfolios.
Dividend
BD declared a quarterly dividend of $1.05 per share, an increase of 1.0%.
Guidance
BD expects fiscal 2026 adjusted earnings of $14.75-$15.05 per share versus the consensus of $14.38, reflecting high single-digit operational EPS growth partially offset by tariffs.
Expects revenue growth in low single-digits. China is expected to cost around 100 basis points of revenue growth, reflecting a decline in mid-teens impacted by the continuation of government policies.
First quarter revenue growth expected to decline low single digits, reflecting near-term headwinds
First quarter adjusted earnings are expected to be between $2.75 and $2.85, which includes ~5-point tax rate headwind, compared to the consensus of $3.239.
In July, Becton Dickinson agreed to combine its Biosciences & Diagnostic Solutions business with Waters Corp (NYSE:WAT), valued at approximately $17.5 billion. The transaction is expected to close around the end of the first quarter of calendar year 2026.
BD will use at least half of $4 billion cash distribution from the Waters RMT transaction for share repurchases, with the balance for debt paydown.
BDX Price Action: Becton, Dickinson and Co. stock is down 1.23% at $174.17 at publication on Thursday, according to Benzinga Pro.
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