BD Reports Third Quarter Fiscal 2025 Financial Results

• Revenue of $5.5 billion increased 10.4% as reported, 8.5% adjusted FXN and 3.0% organic
• GAAP and adjusted diluted EPS grew to $2.00 and $3.68, respectively
• GAAP and adjusted gross margin up 160 basis points and 50 basis points, respectively, driven by BD Excellence
• GAAP and adjusted operating income up 46.6% and 11.3%, respectively
• Company raises full-year adjusted diluted EPS guidance to $14.30 to $14.45, reflecting an $0.18 increase to 9.4% growth at the midpoint, while reaffirming organic revenue growth guidance¹
• Expects to complete remaining $250 million of $1 billion share buyback commitment by the end of fiscal 2025

FRANKLIN LAKES, N.J., Aug. 7, 2025 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE:BDX), a leading global medical technology company, today announced results for its fiscal 2025 third quarter, which ended June 30, 2025.

"We increased our organic growth trajectory in Q3 while delivering strong margin and EPS growth fueled by BD Excellence, enabling us to raise our EPS guidance and reaffirm organic revenue growth expectations for the full year," said Tom Polen, chairman, CEO and president of BD. "We also announced in July an agreement to combine BD's Biosciences and Diagnostic Solutions business with Waters Corporation, which is expected to create an innovative life science and diagnostic leader focused on high-volume testing with a leading financial outlook. We are focused on closing the transaction and realizing the meaningful value-creation opportunity for BD shareholders through capturing the upside of synergies and growth within the combined company as well as maximizing the value of New BD. Looking ahead for the remainder of the fiscal year, we remain focused on further accelerating sequential growth as we position New BD for its next chapter of long-term success."

Recent Business Highlights

• The company announced a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters Corporation, in a transaction which is expected to create an innovative life science and diagnostics leader with an industry-leading financial outlook focused on regulated, high-volume testing.
• BD Medical:
  • The Medication Delivery Solutions business unit announced:
    • Plans to invest $35 million in Nebraska facility to support new BD^® PosiFlush™ Prefilled Flush Syringe production lines, product innovation and operational efficiencies, enabling BD to produce hundreds of millions of additional units annually to meet growing demand from U.S. hospitals and health systems.
    • BD Vascular Access Management has been recognized with the Infusion Nurses Society Seal of Approval.
  • The Pharmaceutical Systems business unit announced the first pharma-sponsored combination product clinical trial using the BD Libertas™ Wearable Injector for subcutaneous delivery of complex biologics.
• BD Interventional:
  • The Peripheral Intervention business unit announced plans to initiate a patient data registry, known as "XTRACT," for the Rotarex™ Atherectomy System to measure real-world outcomes for patients with peripheral artery disease.
• BD Life Sciences:
  • The Diagnostic Solutions business unit announced:
    • Submission of FDA application for at-home BD Onclarity™ HPV Assay that includes a state-of-the-art fiber swab for self-collection, is fully automated on the BD COR™ System and reports more high-risk HPV strains than any other test on the market today.
    • Receipt of FDA 510(k) clearance for the BD Veritor™ System rapid point-of-care COVID-19 test.
  • The Biosciences business unit announced the global commercial launch of the BD FACSDiscover™ A8 Cell Analyzer, the world's first cell analyzer which features breakthrough spectral and real-time cell imaging technologies, bringing leading-edge capabilities to a wider range of scientists across academia and biopharma.
• BD issued its Fiscal Year 2024 Together We Advance Corporate Sustainability Report and announced it has achieved its Scope 1 and 2 science-based greenhouse gas (GHG) emissions reduction target for FY 2024, as well as mid-point reduction targets for water consumption and energy use.

Third Quarter Fiscal 2025 Operating Results

Geographic Results

Segment Results

The BD Medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS) and Pharmaceutical Systems (PS) business units, and the Advanced Patient Monitoring (APM) business unit. BD Medical performance reflects the revenue contribution from APM, which was formed upon the closing of the acquisition of Critical Care from Edwards Lifesciences on September 3, 2024. BD Medical organic revenue growth reflects mid single-digit growth in MMS and PS and low single-digit growth in MDS.

• MDS performance reflects increased volumes driven by share gains in Vascular Access Management and hypodermic products in the U.S., partially offset by an impact from the IV fluid shortage and volume-based procurement in China.
• MMS performance reflects continued strength in Infusion Systems, and solid growth in Dispensing Solutions and Pharmacy Automation.
• PS performance reflects sustained double-digit growth in Biologics, partially offset by lower market demand for non-biologic products.

The BD Life Sciences segment includes the Specimen Management (SM), Diagnostic Solutions (DS) and Biosciences (BDB) business units. BD Life Sciences performance reflects declines in DS and BDB that were partially offset by low single-digit growth in SM.

• SM performance reflects growth in the BD Vacutainer™ portfolio, partially offset by performance in China.
• DS performance reflects declines in point of care testing and BD BACTEC™ blood culture, partially offset by continued double-digit growth in BD MAX™ IVD. BD BACTEC™ utilization improved sequentially, exiting the quarter at over 80% of historical levels.
• BDB performance was driven by continued market dynamics impacting instrument demand, partially offset by strong early traction from the FACSDiscover™ A8 and continued strength in reagents and service excluding a discontinued legacy platform.

The BD Interventional segment includes the Surgery (SURG), Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional performance reflects double-digit growth in UCC and mid single-digit growth in SURG and PI.

• SURG performance reflects high single-digit growth in Advanced Tissue Regeneration, Infection Prevention and Biosurgery, partially offset by legacy U.S. hernia.
• PI performance reflects strong growth in Peripheral Vascular Disease driven by strength in the Rotarex™ Atherectomy System.
• UCC performance reflects strong double-digit growth in the PureWick™ franchise with continued adoption of the Male and Female portfolios.

Assumptions and Outlook for Full Year Fiscal 2025

The company raised its full-year adjusted EPS guidance to $14.30 to $14.45, reflecting an $0.18 increase to 9.4% growth at the midpoint. This reflects strong Q3 operating performance and incremental investments in selling and marketing in Q4. The company reaffirmed its organic revenue growth guidance of 3.0% to 3.5%.

For the full fiscal year, the company now estimates the impact of translational foreign currency to be an increase of approximately $10 million to revenue year over year and about neutral to adjusted EPS.

BD's outlook for fiscal 2025 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its third fiscal quarter earnings call.

The company's expected adjusted diluted EPS for fiscal 2025 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted non-GAAP EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD's financial performance. We also present our estimated adjusted revenue growth and organic revenue growth for our 2025 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying earnings performance for our 2025 fiscal year in relation to our underlying 2024 fiscal year performance.

Conference Call and Presentation Materials

BD will host an audio webcast today for the public, investors, analysts and news media to discuss its third quarter results. The audio webcast will be broadcast live on BD's website, www.bd.com/investors at 8 a.m. (ET) Thursday, August 7, 2025. Accompanying slides will be available on BD's website, www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD's website, www.bd.com/investors. Alternatively, you can dial into the replay at 800-839-1246 (domestic) and 402-220-0464 (international) through the close of business on Thursday, August 14, 2025. A confirmation number is not needed to access the replay.

Non-GAAP Financial Measures/Financial Tables

This news release contains certain non-GAAP financial measures. These include adjusted revenues, revenue growth rates on a currency-neutral, adjusted and organic basis, adjusted diluted earnings per share, adjusted gross margin and adjusted operating income. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period-to-period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results, and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.

We present adjusted revenues for the third quarter of fiscal year 2024 which excludes the recognition of accruals 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, because we believe these items affect the comparability of the periods presented.

We present adjusted gross margin and adjusted operating income for the third quarter of fiscal year 2025 and for the corresponding prior period, which excludes the recognition of accruals 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, as well as the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, separation-related costs, certain regulatory costs, certain product remediation costs, certain legal matters, and certain asset impairment charges because we believe these items affect the comparability of the periods presented to prior periods and helps investors better understand our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results, and to better understand our future prospects.

We present adjusted diluted earnings per share for the third quarter and the first nine months of fiscal year 2025, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, financing costs, separation-related costs, certain regulatory costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. In particular, prior-year adjusted diluted earnings per share results exclude European regulatory initiative-related costs, which represent costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation (collectively, the "New EU Medical Devices Regulations"), which represent a significant, unusual change to the existing regulatory framework. We consider the excluded European regulatory initiative-related costs to be duplicative of previously incurred costs and/or one-off costs related to establishing initial compliance with such regulatory regimes, and in each case are limited to a specific period of time. These expenses relate to establishing initial compliance with the New EU Medical Devices Regulations and include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. These costs were recorded in Cost of products sold and Research and development expense.

We also present revenue growth rates for the third quarter and the first nine months of fiscal year 2025 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior periods. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior periods.

Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

About BD

BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its more than 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and on X (formerly known as Twitter) @BDandCo.

***

This press release and accompanying audio webcast on August 7, 2025 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, statements relating to future revenues, margins, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to such forward-looking statements, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to macroeconomic conditions and their impact on our operations and health care spending generally, including any impact of disruptions in the global transportation networks or other aspects of our supply chain on our ability to source raw materials, components and energy sources needed to produce our products, labor constraints or disputes, inflationary pressures, volatility resulting from the imposition of and changing policies around tariffs, currency rate fluctuations, and increased interest rates and borrowing costs; conditions in international markets, including geopolitical developments such as the evolving situations in Russia and Ukraine, the Middle East and Asia, which could adversely impact our operations; competitive factors including technological advances and new products or novel medical therapies introduced by competitors; product efficacy or safety concerns, changes to the labeled use of our products, non-compliance with applicable regulatory requirements regarding our products (such as non-compliance of our products with marketing authorization or registration requirements resulting from modifications to such products, or other factors, including, but not limited to, with respect to BD Alaris™ System and infusion sets, BD Vacutainer™ and BD Pyxis™ products) resulting in product recalls, lost revenue or other actions being taken with respect to products in the field or the ability to continue selling new products to customers (including restrictions on future product clearances and civil penalties), product liability or other claims and damage to our reputation, including products we acquire through acquisitions; changes to legislation or regulations impacting the U.S. or foreign health care systems, changes in medical or clinical practices or in patient preferences, potential cuts or freezes in governmental research or other health care spending, or governmental or private measures to contain health care costs, such as China's volume-based procurement tender process or changes in pricing and reimbursement policies, which could result in reduced demand for our products or downward pricing pressure; policy and regulatory changes implemented by the U.S. federal government, including the elimination, downsizing, and reduced funding of certain government agencies and programs, as well as changes in the policy positions of such agencies; new or changing laws and regulations impacting our business (including the imposition of tariffs, such as those relating to countries in which we do business), sanctions or other trade barriers, changes in tax laws, new environmental laws and regulations (such as those related to climate change or materials of concern), new cybersecurity, artificial intelligence or privacy laws, or changes in laws impacting international trade, including import and export licensing requirements, or anti-corruption and bribery, or changes in reporting requirements or enforcement practices with respect to such laws; the adverse impact on our business or products of past, current or future information and technology system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal proceedings, liability, expense or reputational damage arising in connection with any such events; increased labor costs and labor shortages or disputes; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; increases in energy costs and their effect on, among other things, the cost of producing BD's products; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations; risks relating to our overall indebtedness; the possible impact of public health crises on our business and the global health care system, which could decrease demand for our products, disrupt our operations or the operations of our customers and companies within our supply chain, or increase transportation costs; interruptions in our manufacturing or sterilization processes or those of our third-party providers, including any restrictions placed on the use of ethylene oxide for sterilization; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; the overall timing of the replacement or remediation of the BD Alaris™ Infusion System and return to market in the U.S., which may be impacted by, among other things, customer readiness, supply continuity and our continued engagement with the FDA; our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation, investigations, subpoenas, settlements, fines, penalties and/or other sanctions (as described in BD's filings with the Securities and Exchange Commission (the "SEC")); the issuance of new or revised accounting standards; risks associated with the proposed combination of BD's Biosciences and Diagnostic Solutions business with Waters, including the anticipated benefits of the proposed transaction and the expected timing of completion of the proposed transaction, as well as other factors discussed in BD's filings with the SEC. There can be no assurance that the proposed combination will in fact be completed, in the manner described or at all. Tariff commentary is based on tariff policies in effect as of August 5, 2025. International trade policies, trade restrictions and tariffs are rapidly evolving and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will be. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

Contacts:

Investors: Adam Reiffe, Sr. Director, Investor Relations - 201-847-6927

Media: Troy Kirkpatrick, VP, Public Relations - 858-617-2361

View original content:https://www.prnewswire.com/news-releases/bd-reports-third-quarter-fiscal-2025-financial-results-302523728.html

SOURCE BD (Becton, Dickinson and Company)