Becton, Dickinson and Company Q3 Earnings Call Highlights

Strong Q3 performance: Becton, Dickinson and Company reported $5 billion in fiscal 2026 third-quarter revenue, up 4.4% on an FX-neutral basis, while adjusted EPS increased 4.9% to $3.23. The company raised its full-year adjusted EPS outlook midpoint to $12.62–$12.72. Growth led by key platforms: Double-digit gains in biologic drug delivery, advanced patient monitoring, PureWick, advanced tissue regeneration and peripheral vascular disease supported broad-based results, with BD also expanding its GLP-1 partnerships and product offerings. Cash flow improved despite margin pressure: Year-to-date free cash flow rose 45% to $1.7 billion, although tariffs and commercial and R&D investments reduced adjusted operating margin to 24.9%. BD expects fiscal 2026 revenue growth near the high end of its low-single-digit range and approximately 25% adjusted operating margin.

Becton, Dickinson and Company NYSE: BDX reported third-quarter fiscal 2026 revenue of $5 billion, up 4.4% on an FX-neutral basis, as growth across its key platforms and operational productivity helped results exceed the company’s expectations. Chairman, Chief Executive Officer and President Tom Polen said the quarter was BD’s first full period operating as a focused medical technology company following the separation of its life sciences business. More than 90% of the portfolio delivered high-single-digit growth, he said, while several platforms posted double-digit gains.

Adjusted operating margin was 24.9%, while adjusted diluted earnings per share rose 4.9% to $3.23. The company raised the midpoint of its full-year adjusted EPS outlook and now expects earnings of $12.62 to $12.72 per share.

BD cited double-digit growth in biologic drug delivery, advanced patient monitoring, PureWick and advanced tissue regeneration. The company also reported strong performance in peripheral vascular disease and Rowa pharmacy automation. Executive Vice President and Chief Financial Officer Vitor Roque said Medical Essentials revenue grew 3.2%, with strong U.S. performance in medication delivery solutions supported by share gains in vascular access management and utilization recovery following last year’s fluid shortage. Specimen management delivered high-single-digit growth, driven by share gains in the BD Vacutainer portfolio, improved supply and demand from customers working through competitor back orders. Connected Care revenue rose 4.4%, led by double-digit growth in advanced patient monitoring and continued strength in consumables. Medication management solutions grew at a low-single-digit rate, supported by double-digit dispensing growth and Rowa pharmacy automation, though results were partly offset by a difficult comparison in Alaris capital sales. BioPharma Systems revenue increased 5.2%, driven by double-digit biologics growth led by GLP-1 programs. Excluding vaccines, the segment grew in the mid-teens, Roque said. Interventional revenue rose 5.5%, with growth in oncology and peripheral vascular disease, while the urology and critical care business benefited from continued double-digit PureWick growth. Surgery was supported by double-digit gains in infection prevention and advanced tissue regeneration. Polen said BD has signed approximately 100 agreements across novel and biosimilar GLP-1 programs. He also highlighted a collaboration with Brazilian pharmaceutical company EMS to launch a semaglutide therapy using BD’s Vystra i...