Becton Dickinson & Co.

Strong Q3 performance (first full quarter as “New BD”) - Revenue: $5.0B, +4.4% YoY (FX-neutral); >90% of the portfolio delivered high single-digit growth. - Adjusted EPS: $3.23, +4.9% YoY, ahead of expectations. - Adjusted operating margin: 24.9% (down 100 bps YoY) vs. prior-year, with tariffs a key headwind (~110 bps); partially offset by mix and BD Excellence productivity. - Adjusted gross margin: 54.3%.

Growth platform momentum drives the “good” story (with mix/faster growth) - Highlighted double-digit growth in key platforms, including biologic drug delivery (GLP-1s), advanced patient monitoring (APM), PureWick, advanced tissue regeneration, plus strong peripheral vascular disease and Rowa pharmacy automation. - U.S. strength: MDS and specimen management grew due to underlying utilization + share gains; specimen management benefited from improved supply and customer “working through” competitor backlogs.

Known headwinds remain the main “bad/surprising risk” to track - Alaris: difficult prior-year comparisons; management frames this as a defined headwind with the remediation impact ending in FY’27. - Guidance discussion implies ~200 bps headwind in FY’27 (from the Alaris remediation flow-through ending). - Vaccines in China: continued pressure, treated as expected/dynamic; management expects some stabilization by end of summer and that the headwind should ease as Q4 laps earlier weakness. - Net margin pressure: tariffs (~110 bps) impacted Q3 margin; also implies continued inclusion in FY’26 margin outlook.