Becton, Dickinson and Company

Q3 performance beat expectations; “New BD” momentum is real - Revenue $5.0B, +4.4% YoY (FX-neutral), with >90% of the portfolio delivering high single-digit or better growth; growth platform mix is increasingly driving results. - Adjusted EPS: $3.23, +4.9% YoY, ahead of expectations. - Adjusted operating margin: 24.9%, slightly down (−100 bps) vs prior year due to tariffs, partially offset by productivity/mix.

Guidance raised (FY26); strong confidence but still “known headwinds” - FY26 revenue: now expected toward the high end of low single-digit growth range. - Adjusted EPS guidance midpoint raised; updated range $12.62–$12.72 (higher from prior guidance per Q3 execution and assumed continued momentum). - Currency: current spot rates imply currency is a ~100 bps tailwind to revenue.

Profitability & cash flow: productivity gains continue; investment + tariff headwind - Despite tariff pressure (~110 bps impact called out on margins), the company highlighted BD Excellence benefits: - ~8% gross productivity in plants - Service levels above 90% - Cash flow strong: - YTD free cash flow: $1.7B, +45% YoY - Returned $3.1B to shareholders YTD: $2.3B buybacks + $0.9B dividends - Capital allocation stance unchanged: repurchase program + selective high-growth tuck-in M&A; targeting ~90% free cash flow conversion over time.