BDX
Updated: 24/09/2026, 11:05:46
Operating globally, Becton, Dickinson and Company (BD) is a prominent enterprise focused on the development, manufacturing, and distribution of a broad spectrum of medical technology. This includes essential medical supplies, sophisticated devices, advanced laboratory equipment, and critical diagnostic products. Its extensive customer base comprises healthcare providers, clinical institutions, medical researchers, pharmaceutical firms, and the general public around the world. The BD Medical division delivers a comprehensive suite of products primarily focused on medication management and drug delivery. This encompasses a variety of intravenous (IV) access solutions, such as peripheral and advanced catheters, central lines, acute dialysis catheters, and related vascular care items including needle-free connectors and closed-system drug transfer devices. It also provides essential injection equipment like hypodermic syringes, needles, anesthesia trays, enteral syringes, and sharps disposal systems. Additionally, this segment develops integrated systems for IV medication and infusion therapy, medication compounding workflow, automated dispensing, and supply chain optimization. Specialized products for diabetes management, including pen needles, along with prefillable drug delivery systems, are also key offerings. BD Life Sciences focuses on diagnostic and research tools, offering products for specimen and blood collection. This segment supplies automated systems for culturing blood and tuberculosis, molecular testing, microorganism identification, and drug susceptibility analysis. It also provides liquid-based cytology systems, rapid diagnostic assays, microbiology laboratory automation, and plated media. Furthermore, it offers advanced solutions for cell analysis, including fluorescence-activated cell sorters and analyzers, antibodies, kits, and reagent systems. These are crucial for single-cell gene expression analysis, as well as for clinical oncology, immunological, and transplantation diagnostics and monitoring. Finally, the BD Interventional segment delivers specialized products for surgical and interventional procedures. Its portfolio includes solutions for hernia and soft tissue repair, biological and bioresorbable grafts, and biosurgery, alongside other surgical products. This segment also addresses surgical infection prevention, provides a range of surgical and laparoscopic instrumentation, offers peripheral intervention products, and supplies urology and critical care devices. Established in 1897, the company maintains its headquarters in Franklin Lakes, New Jersey.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.7B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Global medical technology company; incorporated NJ 1906; HQ Franklin Lakes, NJ
“BD is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products”
Three worldwide business segments (FY2025)
BD Medical, BD Life Sciences, BD Interventional; reorganized to five segments (Medical Essentials, Connected Care, BioPharma Systems, Interventional, Life Sciences) effective Oct 1, 2025
“As of September 30, 2025, BD’s operations consisted of three worldwide business segments: BD Medical, BD Life Sciences and BD Interventional.”
BD Medical primary customers
Hospitals/clinics, physician offices, consumers/retail pharmacies, public health agencies, pharma companies, healthcare workers
“The primary customers served by BD Medical are hospitals and clinics; physicians’ office practices; consumers and retail pharmacies; governmental and nonprofit public health agencies; pharmaceutical companies; and healthcare workers.”
BD Life Sciences primary customers
Hospitals/labs/clinics, blood banks, healthcare workers, physician offices, academic/government institutions, pharma and biotech companies
“The primary customers served by BD Life Sciences are hospitals, laboratories and clinics; blood banks; healthcare workers; physicians’ office practices; academic and government institutions; and pharmaceutical and biotechnology companies.”
BD Interventional primary customers
Hospitals, ambulatory surgery centers, healthcare professionals, extended care facilities, alternate site facilities, patients via Homecare
“The primary customers served by BD Interventional are hospitals, ambulatory surgery centers, individual healthcare professionals, extended care facilities, alternate site facilities, and patients via our Homecare business.”
Sales and distribution model
Marketed in the US and internationally through independent distributors and directly to end-users by BD and independent sales reps
“Our products are marketed in the United States and internationally through independent distribution channels and directly to end-users by BD and independent sales representatives.”
BD Interventional organizational units and product lines
Surgery; Peripheral Intervention; Urology and Critical Care
“Percutaneous transluminal angioplasty (“PTA”) balloon catheters, radio frequency ablation catheters, peripheral vascular stents, self-expanding and balloon-expandable stent grafts”
BD Medical organizational units and product lines
Medication Delivery Solutions; Medication Management Solutions; Pharmaceutical Systems; Advanced Patient Monitoring
“Prefillable drug delivery systems - prefillable syringes, safety, shielding and self-injection systems and support services”
BD Life Sciences organizational units and product lines
Diagnostic Solutions; Biosciences; Specimen Management
“Fluorescence-activated cell sorters and analyzers; antibodies and kits for performing cell analysis; reagents for life science research”
Revenues by geographic area (millions of dollars)
FY2025: US $12,790M; EMEA $4,729M; Greater Asia $3,093M; Other (Latin America + Canada) $1,227M
“United States$12,790 $11,663 $11,113 EMEA4,729 4,402 4,244 Greater Asia3,093 2,906 2,913 Other1,227 1,207 1,102”
Long-lived assets by geographic area (millions of dollars)
FY2025 long-lived assets: US $34,778M; EMEA $6,759M; Greater Asia $1,586M; Other $2,447M; Corporate $500M
“Long-Lived Assets United States$34,778 $35,526 $35,732 EMEA6,759 6,706 5,317 Greater Asia1,586 1,580 1,521 Other2,447 2,548 1,116”
Segment revenues FY2025-2023 (millions of dollars)
FY2025: Medical $11,456M; Life Sciences $5,167M; Interventional $5,217M; Total $21,840M (US $12,790M, International $9,049M)
“Total Company revenues from continuing operations$12,790 $9,049 $21,840 $11,663 $8,515 $20,178 $11,113 $8,258 $19,372”
Foreign currency hedging and sensitivity
Hedges substantially all transactional FX exposure; 10% USD appreciation = $(42)M, depreciation = $68M pre-tax derivative impact (2025)
“10% appreciation in U.S. dollar$(42)$(143) 10% depreciation in U.S. dollar$68 $147”
Acquisition of Edwards Lifesciences' Critical Care product group
Acquired Edwards' Critical Care group for $3.914B (Sept 3, 2024), renamed BD Advanced Patient Monitoring
“On September 3, 2024, BD completed the acquisition of Edwards Lifesciences’ Critical Care product group, which was renamed as BD Advanced Patient Monitoring. The fair value of consideration transferred in connection with the acquisition was $3.914 billion.”
Capital expenditures
CapEx of $760M (2025), $725M (2024), $874M (2023), primarily manufacturing capacity expansions
“Capital expenditures of $760 million, $725 million and $874 million in 2025, 2024 and 2023, respectively, primarily related to manufacturing capacity expansions.”
Competitive landscape
Competition from large medtech companies, specialized firms, and nontraditional entrants (technology companies) on features, outcomes, quality, price
“These include large medical device companies with multiple product lines, some of which may have greater financial and other resources than we do, as well as firms which are more specialized than we are with respect to particular markets or product lines.”
China market dynamics
Adverse impact from China VoBP programs and government compliance focus on healthcare practitioners
“We have been experiencing, and may continue to experience, some adverse impact to our results of operations due to market dynamics in China, such as volume-based procurement programs (“VoBP”) and the government’s focus to improve compliance of healthcare practitioners.”
Other demand headwinds
Government research funding cuts delay instrument purchases; lower vaccine demand; higher rates and strained healthcare budgets may impact demand
“Also, reductions or delays in governmental research funding has caused customers for certain of our instruments to delay or forgo purchases of these products. Lower demand for vaccines has also adversely impacted our results of operations.”
Proposed combination of Biosciences and Diagnostic Solutions with Waters Corporation
RMT transaction with Waters announced July 13, 2025; BD shareholders ~39.2% of combined company; ~$4B cash distribution to BD; expected close around end of Q1 CY2026
“On July 13, 2025, BD entered into a definitive agreement to combine its Biosciences and Diagnostic Solutions business with Waters Corporation (“Waters”) in a Reverse Morris Trust (“RMT”) transaction.”
Past divestitures
Surgical Instrumentation platform sale (Aug 2023, $540M inflow); Embecta (Diabetes Care) spin-off (April 2022)
“In August 2023, we completed the sale of the Interventional segment's Surgical Instrumentation platform. The historical financial results for this platform have not been classified as a discontinued operation.”
Advanced Patient Monitoring market position
Advanced Patient Monitoring is a global leader in advanced monitoring solutions
“Advanced Patient Monitoring is a global leader in advanced monitoring solutions that expands BD’s portfolio of smart connected care solutions with its growing set of leading monitoring technologies, advanced AI-enabled clinical decision tools”
R&D expense
FY2025 R&D $1,092M total; focus on category leadership, smart devices, robotics, analytics, AI
“Research and development expense523 315 255 1,092”
Strategic pillars
Strategy anchored in grow, simplify, empower: smart device/AI/robotics innovation, R&D, acquisitions, BD Excellence margin expansion, renewable energy strategy
“Our strategy is anchored in three key pillars: grow, simplify and empower.”
Inflation and supply chain costs
Inflation persisted in FY2025 and is expected to persist; supply shortages and component price increases; tariff-driven cost pressure
“Both domestic and international markets experienced inflationary pressures in fiscal year 2025 and we expect inflation to persist in the future.”
SEC investigation payment
Paid $175 million in 2025 relating to SEC investigation (accrued in 2024)
“The decrease in accrued expenses included our payment of $175 million relating to the SEC investigation as further discussed in Note 6”
Interest rate risk management
Balances fixed/floating instruments with interest rate swaps; 10% rate increase = $(1)M earnings impact (2025)
“10% increase in interest rates$(11)$(12)$(1)$5”
Waters transaction outlook and post-close structure
Waters RMT expected to close around end of Q1 CY2026; post-close Life Sciences segment eliminated, four reportable segments remain
“The proposed combination of the Company’s Biosciences and Diagnostic Solutions business with Waters is expected to close around the end of the first quarter of calendar year 2026, as further discussed in Note 1. Post-closing, the Life Sciences segment will be eliminated”
Italian medical device payback legislation
$67M FY2024 accrual related to Italian government medical device pay back legislation and another legal matter
“The amount in 2024 included $67 million of accruals recorded to Revenues relating to the Italian government medical device pay back legislation, as well as another legal matter”
FDA and international regulatory requirements
Subject to extensive FDA/Federal Food, Drug and Cosmetic Act regulation and foreign counterparts; government shutdowns/staffing cuts could delay product authorizations
“We are subject to extensive regulation by the FDA pursuant to the Federal Food, Drug and Cosmetic Act, by comparable agencies in foreign countries, and by other regulatory agencies and governing bodies.”
Tariffs and trade policy risk
Tariffs expected to adversely impact FY2026 operating expense; Section 232 investigation into medical imports creates policy uncertainty; mitigation via sourcing optimization and exemptions
“Based upon the latest published tariffs that are currently in effect, we expect tariffs to adversely impact our operating expense for fiscal year 2026 and potentially beyond, primarily relating to any products (or components) imported from countries across our global supply chain”
Litigation exposure
Product liability (ethylene oxide, hernia mesh, vena cava filters, ports), antitrust, securities, patent suits; SEC investigation accrual of $175M with $175M payment in 2025
“(including pending claims relating to ethylene oxide, our hernia repair implant products, surgical continence and pelvic organ prolapse products for women, vena cava filter products and implantable ports”
Sterilization ethylene oxide regulatory focus
Increased regulatory focus on ethylene oxide use/emissions in sterilization; new requirements could impact BD or third-party sterilization providers
“In particular, there has been increased regulatory focus on the use and emission of ethylene oxide in sterilization processes, and additional regulatory requirements may be imposed in the future that could adversely impact us or our third-party sterilization providers.”
Cybersecurity/IT systems risk
IT system disruption/cyberattack risk could impair operations, compromise patient and company data, cause regulatory and litigation exposure
“IT system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, which could impair our ability or that of our customers, suppliers and other business partners to conduct business”
Climate change and sustainability regulation
Climate-related regulation (GHG disclosure, renewable energy mandates, energy taxes) increases compliance cost; shifting customer demand toward sustainable products
“There has also been shifting focus by federal, international, state and local regulatory and legislative bodies on combating and limiting climate change and to promote sustainability and related efforts”
Anti-corruption compliance risk
FCPA and anti-corruption/sanctions compliance risk from international operations and government customers
“such international operations are governed by the U.S. Foreign Corrupt Practices Act and similar foreign anti-corruption laws”
Hospitals and clinics are primary customers across BD Medical and BD Interventional segments; healthcare budget deterioration is a demand risk.
“The primary customers served by BD Medical are hospitals and clinics; physicians’ office practices; consumers and retail pharmacies; governmental and nonprofit public health agencies; pharmaceutical companies; and healthcare workers.”
US is largest geography with $12,790M of $21,840M FY2025 continuing-operations revenue.
“United States$12,790 $11,663 $11,113”
Most products require FDA or counterpart authorization; government shutdowns and staffing reductions could delay approvals.
“Most of our products must receive authorization from the FDA or counterpart regulatory agencies in other countries before they can be marketed or sold.”
Pharmaceutical companies are key customers for Pharmaceutical Systems prefillable drug delivery and Biosciences; demand subject to pharma funding constraints and consolidation.
“Prefillable drug delivery systems - prefillable syringes, safety, shielding and self-injection systems and support services (combination product testing, technical and regulatory) - provided to pharmaceutical companies for use as containers for injectable pharmaceutical products”
Tariffs expected to adversely impact FY2026 operating expense for imported products/components with limited mitigation; Section 232 investigation adds policy uncertainty.
“we expect tariffs to adversely impact our operating expense for fiscal year 2026 and potentially beyond, primarily relating to any products (or components) imported from countries across our global supply chain, for which there are limited mitigation opportunities”
EMEA generated $4,729M of FY2025 revenue, second largest geography.
“EMEA4,729 4,402 4,244”
Substantial international sales; translation and transactional FX exposure hedged with forwards; 10% USD appreciation = $(42)M pre-tax derivative impact in 2025.
“10% appreciation in U.S. dollar$(42)$(143)”
Products marketed in the US and internationally through independent distribution channels and directly to end-users; events impacting key distributors are a supply/distribution risk.
“Our products are marketed in the United States and internationally through independent distribution channels and directly to end-users by BD and independent sales representatives.”
Inflationary pressures in FY2025 both domestically and internationally expected to persist, affecting prices and costs.
“Both domestic and international markets experienced inflationary pressures in fiscal year 2025 and we expect inflation to persist in the future.”
Greater Asia generated $3,093M of FY2025 revenue.
“Greater Asia3,093 2,906 2,913”
Increased regulatory focus on ethylene oxide use and emissions in sterilization may impact BD or its third-party sterilization providers.
“there has been increased regulatory focus on the use and emission of ethylene oxide in sterilization processes”
Deterioration of healthcare systems' budgets and reduced capital spending could impact demand for products.
“general economic conditions have adversely impacted, and may continue to adversely impact, the healthcare industry, including reductions in capital spending and U.S. federal funding and changes in the delivery of healthcare services”
China VoBP programs and healthcare compliance focus have adversely impacted results; China is within Greater Asia ($3,093M FY2025 revenue).
“some adverse impact to our results of operations due to market dynamics in China, such as volume-based procurement programs (“VoBP”)”
Foreign markets exposed to continuation/escalation of situations in Ukraine, the Middle East and Asia, including war, terrorism, and civil unrest.
“such as the continuation and/or escalation of the situation in Ukraine, the Middle East and Asia”
Reductions or delays in governmental research funding caused instrument customers to delay or forgo purchases.
“reductions or delays in governmental research funding has caused customers for certain of our instruments to delay or forgo purchases of these products”
AI is a strategic innovation priority and also creates risk related to development, deployment and use of AI in products and operations; AI-enabled clinical decision tools via Advanced Patient Monitoring.
“Accelerating innovation in smart devices, robotics, analytics, and artificial intelligence in order to enable new care settings, improve outcomes, streamline care workflows, and reduce costs within healthcare settings”
Nontraditional entrants such as technology companies are entering healthcare, some with greater financial resources.
“Nontraditional entrants, such as technology companies, are also entering into the healthcare industry and some may have greater financial and other resources than we do.”
Higher interest rates could impact future product demand; rate changes affect interest income and debt servicing costs.
“The future demand for our products and services could be impacted by other factors including higher interest rates and the deterioration of healthcare systems’ budgets.”
Increased regulatory focus on ethylene oxide in sterilization processes may impact BD or third-party sterilization providers.
“there has been increased regulatory focus on the use and emission of ethylene oxide in sterilization processes, and additional regulatory requirements may be imposed in the future that could adversely impact us or our third-party sterilization providers”
Italian government medical device pay back legislation led to $67M revenue accruals in FY2024.
“$67 million of accruals recorded to Revenues relating to the Italian government medical device pay back legislation”
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