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    Becton Dickinson and Co (BDX)

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    Business Description

    Becton, Dickinson and Company (BD) is a global medical technology company that develops, manufactures, and sells a wide range of medical supplies, devices, laboratory equipment, and diagnostic products . The company operates through three principal business segments: BD Medical, BD Life Sciences, and BD Interventional . BD's products are marketed and sold worldwide, with operations organized into regions such as EMEA, Greater Asia, Latin America, and Canada .

    1. BD Medical - Provides medication delivery solutions, medication management systems, pharmaceutical systems, and advanced patient monitoring products, serving hospitals, clinics, and other healthcare providers.

      • Medication Delivery Solutions - Offers products like infusion pumps and syringes.
      • Medication Management Solutions - Focuses on systems for managing medication.
      • Pharmaceutical Systems - Develops systems for pharmaceutical applications.
      • Advanced Patient Monitoring - Supplies monitoring solutions for patient care.

    2. BD Life Sciences - Supplies products for specimen collection, diagnostic systems, and research tools, catering to hospitals, laboratories, and research institutions.

      • Integrated Diagnostic Solutions - Provides comprehensive diagnostic solutions.
      • Biosciences - Offers tools and systems for biological research.

    3. BD Interventional - Delivers vascular, urology, oncology, and surgical specialty products, including surgery, peripheral intervention, and urology and critical care units.

      • Surgery - Offers surgical specialty products.
      • Peripheral Intervention - Provides solutions for vascular interventions.
      • Urology and Critical Care - Supplies products for urology and critical care needs.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Thomas E. PolenChairman, Chief Executive Officer, and PresidentCEO: Jan 2020Thomas E. Polen has been with BD for over 20 years. He became CEO in January 2020 and Chairman in April 2021. He has served as BD's President since April 2017 and was the COO from October 2018 to January 2020 .
    Richard ByrdExecutive Vice President and President, Interventional SegmentSep 2022Richard Byrd has been the Executive Vice President and President of the Interventional Segment since September 2022. He was previously the Worldwide President of BD Medication Delivery Solutions from March 2019 to September 2022 .
    Christopher J. DelOreficeExecutive Vice President and Chief Financial OfficerSep 2021Christopher J. DelOrefice has been serving as the Executive Vice President and Chief Financial Officer since September 2021. He was previously Vice President of Investor Relations at Johnson & Johnson .
    Antoine C. EzellExecutive Vice President, President of the Americas, and Chief Marketing OfficerOct 2020Antoine C. Ezell has held his current position since October 2020. He was previously the Executive Vice President and Chief Marketing Officer from January 2020 to October 2020 .
    Michael FeldExecutive Vice President and President, Life SciencesAug 2024Michael Feld began his role in August 2024. He was previously President of Hach (Veralto Corporation) from September 2023 to August 2024 .
    Michael GarrisonExecutive Vice President and President, Medical SegmentSep 2022Michael Garrison has been in this role since September 2022. He was previously the Worldwide President of BD Medication Management Solutions from March 2020 to September 2022 .
    Roland GoetteExecutive Vice President and President, EMEAMay 2017Roland Goette has held this position since May 2017 .
    Pavan MocherlaExecutive Vice President and President, Greater AsiaJuly 2022Pavan Mocherla has held this position since July 2022. He was previously the Country General Manager, South Asia/Managing Director from December 2017 to June 2022 .
    Shana NealExecutive Vice President and Chief People OfficerApr 2022Shana Neal joined BD as the Executive Vice President and Chief People Officer on April 4, 2022. She was previously the Chief Human Resources Officer at Owens & Minor .
    Michelle QuinnExecutive Vice President and General CounselApr 2023Michelle Quinn has been serving as the Executive Vice President and General Counsel since April 2023. She was previously the Senior Vice President, Deputy General Counsel, and Chief Ethics and Compliance Officer .
    David ShanExecutive Vice President and Chief Integrated Supply Chain OfficerJan 2023David Shan has held this position since January 2023. He was previously the Executive Vice President and Chief Quality Officer from March 2020 to August 2023 .
    Dave HickeyExecutive Vice President and President, Life Sciences (retiring)Jan 2021Dave Hickey has been in this role since January 2021 and announced his retirement effective July 1, 2024. He joined BD in 2014 after various leadership roles at Siemens Healthcare .
    Thomas SpoerelSenior Vice President, CFO RegionsAug 30, 2024Thomas Spoerel was appointed to this position effective August 30, 2024. He was previously the Senior Vice President and Controller, Chief Accounting Officer, and International Chief Financial Officer at BD .
    Katie SzymanLeader of the Critical Care business unit within BD's Medical segment2015Katie Szyman has been serving as the leader of the Critical Care business unit since the acquisition of Edwards Lifesciences' Critical Care product group by BD. She has been with the unit since 2015 .

    Questions to Ask Management

    1. You expect a mid-single-digit decrease in China revenues for fiscal year 2025 due to market dynamics ; can you elaborate on the specific challenges in China and the strategies you have in place to mitigate these headwinds?

    2. Given the transitory dynamics affecting your bioscience pharma businesses, resulting in lower market demand for research instruments and reagents ; how do you plan to drive growth in this segment amid these challenges?

    3. With strong growth in biologic drug delivery sales driven by GLP-1 demand, but noting expected customer inventory destocking impacting Pharma Systems ; what measures are you taking to address potential overreliance on specific therapies and ensure sustainable growth in the Pharma Systems segment?

    4. You are increasing investments in AI and plan to launch AI-enabled devices across your platforms ; can you discuss how these investments will impact your top-line growth and operational efficiency, and what is the expected return on investment in the near term?

    5. You announced a $1 billion share repurchase program while also focusing on capitalizing the value from the Advanced Patient Monitoring acquisition and managing net leverage ; how do you balance these capital allocation priorities, and does this indicate a temporary shift away from tuck-in acquisitions due to valuation concerns or integration capacity?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateSeptember 24, 2013 November 3, 2021
    End Date/DurationFully utilized as of September 30, 2022 No expiration date
    Total additional amount10 million shares 10 million shares
    Remaining authorization amountNone 6,681,777 shares as of September 30, 2024
    DetailsN/APart of capital allocation strategy, supported by strong margins and healthy cash flow

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024875 3.734% Notes due December 15, 2024 3.734 4.4% = (875 / 20,110) * 100
    2025335 3.020% Notes due May 24, 2025 3.020 1.7% = (335 / 20,110) * 100
    2025559 0.034% Notes due August 13, 2025 0.034 2.8% = (559 / 20,110) * 100
    20252,824 Long-term maturities N/A14.0% = (2,824 / 20,110) * 100
    20261,297 Long-term maturities N/A6.4% = (1,297 / 20,110) * 100
    20273,136 Long-term maturities N/A15.6% = (3,136 / 20,110) * 100
    20282,434 Long-term maturities N/A12.1% = (2,434 / 20,110) * 100
    20292,581 Long-term maturities N/A12.8% = (2,581 / 20,110) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1959 PresentCurrent auditor

    Latest news

    Recent developments and announcements about BDX.

    Corporate Leadership

      Leadership Change

      ·
      Jan 10, 2025, 12:38 PM

      Who is leaving? No one is leaving at this time.

      Who is stepping up? Pamela L. Spikner has been appointed as Senior Vice President, Chief Accounting Officer, and Controller of BD, effective January 20, 2025. She will take over as the company's principal accounting officer after the filing of the Form 10-Q for the quarter ending December 31, 2024.

      Why? Pamela Spikner's appointment is based on her 25+ years of expertise in corporate finance and accounting, including leadership roles at R1 RCM, Exelon Corporation, and Hill-Rom Holdings. She is recognized for her ability to lead high-performing teams and her deep knowledge of financial reporting and compliance.