BECTON DICKINSON & (BDX) Company Report

BD announced the pricing of tender offers to repurchase up to $2.0 billion aggregate principal across fifteen series of senior notes due 2026–2050, subject to an aggregate offer cap of $2.0 billion.
The Total Consideration per $1,000 principal ranged from $789.44 to $1,095.99, inclusive of a $30 early tender payment.
Aggregate principal amounts accepted include $656.047 million of 4.669% Senior Notes due 2047 and $91.153 million of 4.875% Senior Notes due 2044, determined by acceptance priority and subject to the offer cap.
The offers were fully subscribed at the early tender date, with early settlement scheduled for February 27, 2026, and accrued interest payable up to, but not including, that date.

2 days ago

Press Release

BDX outlines prefilled syringes market growth through 2031

BDX

Global market projected to grow from USD 9.71 billion in 2025 to USD 10.77 billion by 2026 and USD 18.08 billion by 2031 (CAGR 10.93%)
GLP-1 obesity therapeutics demand and post-pandemic fill-finish expansions drive market growth; BD’s Neopak XtraFlow supports high-viscosity self-injection
Polymer (COP) syringes expanding at an 11.71% CAGR, reducing silicone-oil interactions and protein aggregation versus glass
Glass delamination in high-pH biologics prompting recalls and boosting polymer adoption, though raising testing costs
North America held 38.40% of 2025 revenue; Asia-Pacific leads with 11.79% CAGR to 2031

2 days ago

Press Release

BD announces early tender results and upsizes tender caps

BDX

Debt Issuance

BD has increased its Aggregate Offer Cap from $1.6 billion to $2.0 billion and raised the Offer SubCap for its 4.685% Senior Notes due 2044 to $472.349 million.
As of the early tender date (Feb. 24, 2026), the largest tenders included $698.963 million of 3.700% Senior Notes due 2027, $656.047 million of 4.669% Senior Notes due 2047 and $472.349 million of 4.685% Senior Notes due 2044.
All conditions for the Tender Offers have been satisfied or waived, and BD will effect early settlement on Feb. 27, 2026, with holders receiving the Total Consideration plus accrued interest.

2 days ago

Press Release

Becton Dickinson announces tender offers for outstanding debt securities

BDX

Debt Issuance

Becton, Dickinson and Company has commenced tender offers to purchase for cash up to $1.6 billion aggregate purchase price of its senior notes due 2026–2050.
The offers cover fifteen series of senior notes, each with an Early Tender Payment of $30 per $1,000 and fixed spreads over U.S. Treasury reference securities.
The tender offers expire on March 11, 2026, with an early tender deadline of February 24, 2026 to qualify for the Early Tender Payment.
Settlement is expected as early as February 27, 2026 for timely tenders or on March 13, 2026 for final settlements.

Feb 10, 2026, 9:16 PM

8-K

Becton Dickinson launches $1.6 billion tender offers for outstanding debt

BDX

Debt Issuance

Becton Dickinson has commenced cash tender offers to repurchase up to $1.6 billion aggregate purchase price of 15 series of its senior notes due between 2026 and 2050.
Offers are prioritized by Acceptance Priority Level with series-specific subcaps, feature an Early Tender Payment of $30 per $1,000 and pricing based on U.S. Treasury reference yields plus fixed spreads.
Holders validly tendering by 5:00 p.m. ET on February 24, 2026 will receive early settlement (anticipated February 27); the offers expire on March 11, 2026 with settlement (anticipated March 13) for all accepted tenders.

Feb 10, 2026, 6:00 PM

Press Release

BD completes combination of Biosciences & Diagnostic Solutions with Waters Corporation

BDX

M&A

Share Buyback

BD spun off its Biosciences & Diagnostic Solutions unit and merged it with Waters Corporation; BD shareholders received 0.135 shares of Waters per BD share and BD received $4 billion in cash proceeds.
Following the transaction, BD shareholders own 39.2 % of Waters on a fully diluted basis, and the unit was valued at $18.8 billion based on Waters’s closing price on February 6, 2026.
BD intends to deploy $2 billion for an accelerated share repurchase program and $2 billion for debt repayment, subject to market conditions.

Feb 9, 2026, 1:40 PM

Press Release

Becton Dickinson reports Q1 2026 financial results

BDX

Earnings

Guidance Update

Share Buyback

Reported Q1 revenue of $5.3 billion, up 0.4%; New BD grew 2.5% year-over-year
Delivered adjusted gross margin of 53.4% and adjusted EPS of $2.91, down 15.2% on tariff impacts but ahead of expectations
Saw double-digit growth in biologic drug delivery, PureWick, advanced tissue regeneration, and pharmacy automation; high single-digit growth in APM; mid-single-digit growth across 90% of portfolio, partially offset by headwinds in Alaris and vaccines in China (10% of portfolio)
Closed life sciences spin-off with Waters via Reverse Morris Trust, receiving a $4 billion cash distribution, with $2 billion for share repurchases and $2 billion for debt paydown
Issued fiscal 2026 guidance on continuing operations: low single-digit revenue growth; adjusted EPS of $12.35–$12.65; Q2 revenue growth ~2% and Q2 adjusted EPS of $2.72–$2.82

Feb 9, 2026, 1:00 PM

Transcript

Becton Dickinson reports Q1 FY26 results

BDX

Earnings

Guidance Update

Share Buyback

BDX reported Q1 FY26 revenue of $5.3 B, up 0.4% FXN, with an adjusted operating margin of 21.2%, down 240 bps YoY.
Adjusted diluted EPS was $2.91, a 15.2% decline year-over-year.
Operating cash flow was $0.7 B; free cash flow conversion improved to 66% (vs. 59% in Q1 FY25), and net leverage remained at 2.9x.
Received a $4 B distribution from the Waters transaction, to be deployed evenly between share repurchases and debt paydown.
FY26 New BD guidance maintained at low single-digit FXN revenue growth and adjusted EPS of $12.35–$12.65.

Feb 9, 2026, 1:00 PM

Presentation

BDX announces Q1 2026 results

BDX

Earnings

M&A

Guidance Update

BD reported Q1 revenue of $5.3 billion (up 0.4% y-o-y), with New BD revenue up 2.5%, an adjusted gross margin of 53.4%, and adjusted EPS of $2.91.
The reverse Morris Trust transaction with Waters is officially closed, with BD receiving a $4 billion cash distribution; $2 billion will fund share repurchases and $2 billion will pay down debt.
Fiscal 2026 guidance for New BD calls for low single-digit revenue growth, ~25% adjusted operating margin, and adjusted EPS of $12.35–$12.65 (Q2 EPS of $2.72–$2.82).
Free cash flow was $548 million (66% conversion), net leverage ended at 2.9 times, and the company returned ~$550 million to shareholders in Q1, including $250 million of buybacks.

Feb 9, 2026, 1:00 PM

Transcript

Becton Dickinson reports Q1 2026 results

BDX

Earnings

M&A

Guidance Update

Revenue of $5.3 billion (+0.4%), with 2.5% growth in new BD platforms driving broad-based gains across key segments.
Adjusted gross margin of 53.4% and adjusted EPS of $2.91, both exceeding expectations despite a 15.2% year-over-year EPS decline.
Free cash flow of $548 million (66% conversion), net leverage of 2.9×, and $550 million returned to shareholders, including $250 million in share buybacks.
Fiscal 2026 guidance for new BD: low single-digit revenue growth; adjusted operating margin ~25%; adjusted EPS of $12.35–$12.65; Q2 revenue growth ~2% and EPS of $2.72–$2.82.
Closed life sciences combination with Waters via Reverse Morris Trust ahead of schedule; received $4 billion cash distribution, deploying $2 billion to share repurchases and $2 billion to debt reduction.