BDX
Becton, Dickinson and Company196.39
-3.70-1.85%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
Reaffirms guidance, details headwinds
Q&A largely reaffirmed the scripted story of a strong Q1 start and intact low single-digit guidance, but detailed headwinds persisting: Alaris as 100bps drag in FY26 ramping to 200bps in FY27 despite nearing 60% share and record wins; vaccines and China VBP as expected. GLP-1 trajectory stays on path to $1B by decade-end with 80+ contracts and double-digit growth. R&D kaizens shave 6-12 months off launches; new commercial tools and comps aim higher. Headwinds persist, yet share gains accelerate. Management sounded confident on no H1-H2 ramp, with eyes on execution.
Key Stats
Market Cap
56.29BP/E (TTM)
33.80Basic EPS (TTM)
5.81Dividend Yield
0.02%Recent Filings
8-K
BD upsizes debt tender to $2B
BD announced early tender results for its debt tender offers on February 25, 2026, upsizing the cap to $2B purchase price and accepting $1.7B+ principal across top-priority notes like $656M of 4.669% due 2047 and $472M of 4.685% due 2044, with 3.794% notes prorated. Payments hit early settlers February 27. Tenders oversubscribed sharply.
8-K
BD starts $1.6B debt tender
BD launched tender offers on February 10, 2026, to buy up to $1.6B purchase price of 15 high-coupon senior notes, prioritizing shorter maturities like its 6.700% Notes due 2026 ($137M outstanding). Early tenders by February 24 qualify for $30 premium per $1,000; offers expire March 11. Caps apply to two series. Tender success hinges on market conditions.
8-K
BD spins off biosciences to Waters
BD completed the spin-off of its Biosciences and Diagnostic Solutions business on February 9, 2026, merging it with Waters; shareholders received 0.135 Waters shares per BD share, valuing the unit at $18.8B. SpinCo paid BD $4B cash prior to distribution. BD plans $2B accelerated share repurchases and $2B debt paydown. Claire Fraser shifted to Waters' board.
10-Q
Q1 FY2026 results
BD posted Q1 FY2026 revenues of $5.252B, up 1.6% y/y from $5.168B, with operating income jumping to $552M from $453M as gross margins expanded to 45.9% from 43.3% despite tariff pressures, fueled by Connected Care and Interventional growth while Life Sciences dipped. Diluted EPS rose to $1.34 from $1.04 on 285.8M shares, reconciling cleanly. Operating cash flow hit $657M, yielding ~$549M FCF after $108M capex; cash climbed to $1.035B amid $19.5B total debt, with $2.75B revolver available. Spin-off of Biosciences/Diagnostic Solutions to Waters closed February 9, 2026, delivering $4B cash for buybacks and deleveraging. Product liability claims persist across multiple fronts.
8-K
BD Q1 beats; Waters deal closes
BD reported Q1 FY26 revenue of $5.3B, up 1.6% reported and 0.4% FXN, with New BD revenue up 2.5% FXN after stripping out declining Life Sciences. Biosciences and Diagnostic Solutions combination with Waters closes today, sharpening focus on core segments. New BD affirms low single-digit FY26 revenue growth, $12.35-$12.65 adjusted EPS. Pivots fully now.
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