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• Like **Johnson & Johnson (JNJ)**, but primarily focused on essential medical devices, drug delivery systems, and diagnostic tools for hospitals and healthcare providers.
• Like **Thermo Fisher Scientific (TMO)**, but with a stronger emphasis on clinical diagnostics and widely used medical devices for patient care.

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Major products of Becton Dickinson (BDX) include:

• Syringes and Needles: Devices primarily used for drug injection and blood collection in various healthcare settings.
• Infusion Systems: Integrated pumps and related disposables designed for the controlled intravenous delivery of fluids and medications.
• Automated Medication Management Systems: Software and hardware solutions, like automated dispensing cabinets, that streamline medication dispensing and inventory control within healthcare facilities.
• Diagnostic Instruments and Reagents: Equipment and chemical components used for identifying infectious diseases, cancers, and other medical conditions.
• Specimen Collection Products: A range of devices, including blood collection tubes and systems, utilized for safely gathering biological samples.
• Flow Cytometry Systems: Advanced instruments employed for cell analysis in both research environments and clinical diagnostic applications.
• Surgical Devices: Various instruments such as staplers, energy devices, and trocars used across different surgical procedures.
• Vascular Access and Intervention Products: Catheters, guidewires, and other devices essential for accessing blood vessels and treating vascular diseases.
• Urology and Critical Care Devices: Products like catheters, drainage systems, and temperature management devices used in urology and for critically ill patients.

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Becton Dickinson (BDX) is a global medical technology company that primarily sells its products and solutions to other companies and healthcare institutions, rather than directly to individual consumers.

Due to the widespread adoption of its products across various healthcare settings and the highly competitive nature of the medical technology market, Becton Dickinson serves thousands of customers worldwide. As a standard practice for B2B companies of this scale, BD does not publicly disclose the names of its individual major customer companies. Furthermore, no single customer typically accounts for a material portion (e.g., 10% or more) of its consolidated revenues, making it impractical to identify specific "major customers" by name with public information.

However, BDX's major customer categories, which represent the types of "companies" or institutions it serves, include:

• Hospitals and Integrated Healthcare Systems: This broad category encompasses acute care hospitals, ambulatory surgery centers, long-term care facilities, and large integrated delivery networks (IDNs) globally. These institutions utilize a wide range of BD's medical devices, surgical products, and medication management solutions.
• Clinical Laboratories and Diagnostic Centers: BD supplies independent reference laboratories, hospital laboratories, physician office laboratories, and public health laboratories with diagnostic instruments, reagents, and consumables for disease detection, diagnosis, and monitoring.
• Research Institutions and Pharmaceutical/Biotechnology Companies: Academic institutions, government research centers, biotechnology companies, and pharmaceutical manufacturers use BD's products for life science research, drug discovery, development, and manufacturing processes, including cell analysis, flow cytometry, and drug delivery systems.

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Tom Polen, Chairman, CEO and President

Tom Polen is the Chairman, CEO, and President of BD (Becton, Dickinson and Company). He has over 25 years of experience in the medtech industry. Polen joined BD in 1999 through an acquisition of an early-phase startup, later worked at Baxter Healthcare leading their pharmaceuticals businesses, and returned to BD in 2009. Before becoming CEO in January 2020, he served as president and chief operating officer. Polen led significant acquisitions for BD, including the $12 billion acquisition of CareFusion and the $24 billion acquisition of C. R. Bard, Inc., which expanded BD's presence in informatics, healthcare automation, digital health solutions, and strengthened its medtech leadership. He also served on the board of directors for Walgreens Boots Alliance, participating in committees related to its transition to a private company.

Christopher J. DelOrefice, Executive Vice President and Chief Financial Officer

Christopher J. DelOrefice serves as the Executive Vice President and Chief Financial Officer of BD. He joined BD in September 2021 from Johnson & Johnson (J&J), where he was the vice president of Investor Relations. During his nearly two decades at J&J, DelOrefice held various senior finance leadership roles, including CFO for the Consumer and Medical Devices segments in North America. He also had finance leadership roles for J&J Supply Chain, Corporate Mergers and Acquisitions, Consumer Global R&D, and the Pharmaceutical North America Business Development and Commercial Contracting Finance groups. Prior to J&J, he held leadership positions in cost accounting, global audit, and financial reporting at AstraZeneca Pharmaceuticals, AET Films, Inc., and Ametek, Inc.

Shana Carol Neal, Executive Vice President and Chief People Officer

Shana Carol Neal is the Executive Vice President and Chief People Officer at BD. She specializes in leading organizational growth and transformation, overseeing human resources, communications, and social investing globally. Neal rejoined BD in April 2022, having previously held numerous human resources leadership positions at the company between 2005 and 2018. From 2018, she served as executive vice president and chief human resources officer at Owens & Minor, where she was also president of the Owens & Minor Foundation and executive sponsor for Environmental, Social and Governance (ESG) initiatives. While at BD, she successfully led organization and talent integration for the acquisitions of C.R. Bard, Inc. and CareFusion Corporation.

Richard E. Byrd, Executive Vice President and President, Interventional Segment

Richard E. Byrd serves as the Executive Vice President and President of the Interventional Segment. In this role, he is responsible for the global operational, commercial, and financial performance of the BD Interventional Segment, which includes BD Peripheral Intervention, BD Surgery, and BD Urology and Critical Care. Since joining BD in 2004, Byrd has focused on leveraging technology and innovation to drive growth, prioritize customer needs, and improve operational efficiencies. He previously held leadership roles within BD Life Sciences and Research and Development, and most recently served as worldwide president of BD Medication Delivery Solutions within the Medical segment. During his time leading Medication Delivery Solutions, he advanced BD's leadership in Vascular Access Management, integrated the Bard portfolio, and oversaw BD's role in global COVID-19 vaccination campaigns.

Michael Feld, Executive Vice President and President, Life Sciences Segment

Michael Feld is the Executive Vice President and President of the Life Sciences segment for BD. He joined BD in August 2024 from Veralto, a spin-off of Danaher, where he was president of Hach, a global leader in water quality products. Prior to Veralto, Feld held several senior positions within Danaher, including senior vice president and general manager of Cepheid Europe, and served as president of other Danaher businesses such as Mammotome, XOS, and Dover Motion. His experience encompasses strategic planning, quality enhancement, associate development, and cultural progression. As president of the Life Sciences segment, Feld is responsible for an organization that delivers advancements from discovery to diagnosis, focusing on innovative diagnostics, research solutions, and cutting-edge technologies.

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The key risks to Becton Dickinson's (BDX) business include:

1. Macroeconomic and Political Factors, including Supply Chain Disruptions: Becton Dickinson faces significant risks from global economic conditions, such as inflation, interest rate fluctuations, and general economic slowdowns, which can impact demand for its products and services. The company is also vulnerable to supply chain disruptions and volatility in the cost of raw materials, components, labor, and freight, exacerbated by events like climate change and the ongoing impacts of the COVID-19 pandemic.
2. Execution Risk of Business Separation and Corporate Restructuring: A prominent strategic risk for BDX is the execution of its planned separation of the Biosciences and Diagnostic Solutions businesses and their subsequent combination with Waters Corporation. This major corporate restructuring introduces a period of operational uncertainty, and any issues in execution could derail anticipated earnings and margin improvements.
3. Regulatory, Compliance, and Product-Related Risks: BDX operates in a highly regulated global environment, subjecting it to extensive oversight from agencies like the FDA and comparable foreign bodies. Changes in healthcare policies, laws, and enforcement practices can increase compliance costs or restrict market access. Furthermore, the inherent risks in designing, manufacturing, and marketing medical devices can lead to product defects, unanticipated uses, or inadequate disclosures, potentially resulting in recalls, significant costs, negative publicity, and damage to the company's reputation. International operations also amplify compliance risks, including those related to anti-corruption laws.

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Becton Dickinson (BDX) operates in several key addressable markets through its main product and service categories. Based on recent information, the company is undergoing a strategic separation of its Biosciences and Diagnostic Solutions business. Therefore, market sizes are provided for the "New BD" (comprising BD Medical and BD Interventional segments) and the separated Biosciences and Diagnostic Solutions entity.

• "New BD" (BD Medical and BD Interventional Segments): The addressable market for the "New BD," which includes Medical Essentials (such as medication delivery solutions like IV catheters and syringes, and specimen management products like blood collection solutions), Connected Care (including medication management solutions and advanced patient monitoring), and products for surgical and interventional procedures, is estimated to be over $70 billion globally, with an approximate growth rate of 5%. The broader global medical device technology market, which encompasses many of these products, was valued at $810.4 billion in 2024 and is projected to reach $1.3 trillion by the end of 2029, growing at a compound annual growth rate (CAGR) of 9.8%. Another estimate places the global MedTech Devices market at US$ 631.39 billion in 2024, expected to reach US$ 897.07 billion by 2031, with a CAGR of 5.2%.

• Biosciences and Diagnostic Solutions: The addressable market for the Biosciences and Diagnostic Solutions business, which focuses on immunology and cancer research solutions, flow cytometry instruments and reagents, and clinical diagnostics, microbiology, and molecular diagnostics, is estimated at over $22 billion globally, with a mid-to-high single-digit growth rate. Within this broader category, the global clinical diagnostics market was estimated at USD 115.51 billion in 2024 and is anticipated to reach USD 169.23 billion by 2030, growing at a CAGR of 6.6% from 2025 to 2030. North America held the largest share of this market in 2023 at 47.56%. The global diagnostic tests market, a similar but broader category, was valued at USD 286.36 billion in 2024 and is expected to reach USD 545.94 billion by 2032, with a CAGR of 8.4%. North America dominated this market with a 42.5% revenue share in 2024, and the U.S. alone accounted for 79% of the North American market in the same year. The global professional diagnostics market was valued at USD 54.84 billion in 2024 and is projected to reach USD 75.69 billion by 2033, exhibiting a CAGR of 3.46% from 2025-2033. North America currently dominates this market with over 43.7% share in 2024. The global life science market, encompassing a wider range of activities including biotechnology and genomics, is valued at USD 100.88 billion in 2025 and is projected to reach approximately USD 278.40 billion by 2034, growing at a CAGR of 11.94% from 2025 to 2034. North America was the largest market for life sciences in 2024.

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Becton Dickinson (BDX) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Growth from Recently Acquired Businesses: A significant driver of revenue growth is expected to come from the Advanced Patient Monitoring (APM) business, which was formed through the acquisition of Edwards Lifesciences' Critical Care product group. BDX anticipates strong performance and contribution from APM, which is included in its fiscal year 2025 guidance.
2. New Product Launches and Innovation Pipeline: The company has a robust innovation pipeline and plans for numerous new product introductions across its segments. Specific examples include the FACSDiscover A8, CentroVena One, BD Incada™ (an AI-enabled, cloud-based platform), BD PureWick™ Portable, the BD COR™ HPV platform and at-home collection kits, and advancements in its tissue regeneration platform (e.g., Phasix resorbable mesh). These innovations are designed to meet evolving market demands and capture new growth opportunities.
3. Strength and Expansion in Key Product Portfolios and Segments: Becton Dickinson expects continued strong performance from several of its established and growing portfolios. This includes high single-digit growth in BD Interventional (BDI), with notable contributions from areas like Urology, Critical Care, and Surgery. The Pharmaceutical Systems (PS) segment is also a key driver, particularly due to double-digit growth in biologics and expanding partnerships related to GLP-1 (weight-loss) therapies. Additionally, the Medication Management Solutions (MMS) business is seeing strong sales with Alaris pump installations and a substantial backlog of committed contracts.
4. Strategic Portfolio Optimization ("New BD"): The company is undertaking a strategic separation of its Biosciences and Diagnostic Solutions businesses. This initiative aims to create a more focused "New BD" as a pure-play MedTech company, concentrating investments and efforts on higher-growth areas and recurring revenue segments, which is expected to unlock significant value and accelerate overall growth for the remaining core business.

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Share Repurchases

• In fiscal year 2024, Becton Dickinson executed accelerated share repurchase agreements for approximately $500 million.
• The Board authorized a share repurchase program for 10 million shares on November 3, 2021, and an additional 10 million shares on January 28, 2025, both without an expiration date.
• BDX plans to deploy approximately $1 billion towards share repurchases over the next 12-18 months in fiscal year 2025, and has committed at least half of the approximately $4 billion cash distribution from the upcoming Waters transaction (expected early 2026) to share repurchases.

Share Issuance

• The diluted average common shares outstanding for BDX increased from 240.136 million in fiscal year 2010 to 291.009 million in fiscal year 2024.
• Share issuances have been related to employee stock-based compensation programs and funding for acquisitions.

Outbound Investments

• On September 3, 2024, Becton Dickinson completed the acquisition of Edwards Lifesciences' Critical Care product group for approximately $3.9 billion, which was subsequently renamed BD Advanced Patient Monitoring.
• In 2022, BDX acquired Parata Systems for $1.525 billion to enhance its pharmacy automation solutions, and MedKeeper for healthcare workflow and medication tracking software.
• Strategic acquisitions in 2021 included Scanwell Health for at-home diagnostic testing solutions and Velano Vascular for needle-free blood draw technology.

Capital Expenditures

• Capital expenditures were $725 million in fiscal year 2024, $874 million in fiscal year 2023, and $973 million in fiscal year 2022.
• BD expects to invest approximately $30 million in its Sumter facility in fiscal year 2026 to support new product lines, innovation, and operational efficiencies.
• A significant portion of capital allocation is directed towards research and development, with over $1.1 billion invested annually and approximately 6% of revenue allocated to R&D for innovation.