Becton Dickinson & Co. Deposit Repr 1/20th Cum Conv Pfd Registered Series A

Strong Q3 “New BD” performance; broad-based beat vs expectations - Revenue: $5.0B, +4.4% YoY (FX-neutral) with >90% of the portfolio delivering high-single-digit growth; 4 growth platforms grew double-digits. - Adjusted operating margin: 24.9%; Adjusted EPS: $3.23 (+4.9%), both ahead of expectations. - Margin bridge: productivity/mix helped; tariffs ~110 bps were a headwind. - Notable platform momentum: double-digit growth in biologic drug delivery, advanced patient monitoring (APM), PureWick, advanced tissue regeneration; also strong peripheral vascular disease and Rowa pharmacy automation.

Guidance raised: FY26 revenue toward the high end of low single digits; EPS midpoint increased - Updated outlook: revenue growth toward the high end of the low single-digit range. - Adjusted EPS guidance (raised): $12.62 to $12.72 (raising midpoint); ~100 bps currency tailwind expected given current spot rates. - FY26 adjusted operating margin: ~25% (inclusive of tariffs); tax rate expected 16%–17%. - Cash flow: YTD free cash flow $1.7B (+45% YoY); strong capital returns ($3.1B returned YTD, incl. $2.3B buybacks + $0.9B dividends).

“Compete, Innovate, Deliver” strategy is directly linked to results (commercial + product + BD Excellence) - Commercial execution (“Compete”): evidence of share gains and accelerating growth via targeted investments and operating changes. - Examples: APM sales team +15% in U.S.; $35M incremental investment; management says ~100–150 bps of APM growth in the quarter came from these investments. - UCC/PureWick: VA reimbursement-focused sales effort driving well over $1M/month run rate (built through 2026). - PI sales team +15% in U.S.; continued acceleration. - Innovation (“Innovate”): pipeline and launches to support long-term mix and growth. - Examples: Liverty TIPS stent graft early EU launch; Elyra Thulium Fiber Laser; Acumen IQ Plus finger cuff + Smart Pressure Controller (with HemoSphere Alta). - Delivery excellence (“Deliver”): operational performance with resiliency and productivity. - Q3 manufacturing: ~8% gross productivity and service levels >90%; record-low backorders. - Digital/AI platform deployment in supply chain expected to extend productivity runway.