Alaris Infusion System

Q3: Achieved ~$100M run rate, robust backlog. " Q2: Surpassed total FY23 performance; faster-than-expected ramp. " " " Q1: Relaunch progressed; $200M revenue “floor”. " " "

Exceeded FY24 goal of $350M revenue; Q4 revenue (~$100M) below $150M target; returned to historical run rate; strong FY25 growth expected. " " "

Consistent. Q4 missed near-term target but overall FY24 performance was strong; outlook remains bullish.

China Headwinds (VBP)

Q3: VBP price pressure but strong volumes in MDS; expecting less impact in FY25. " " Q2: No specific mention. " Q1: Concentrated in MDS; guided flat-to-low single-digit growth for China, seeing impact easing in second half. " " " "

Continued offset of strong volume by pricing; cautious near term with mid-single-digit decline in FY25 China revenues built into guidance. "

Recurring. Persistent headwinds; near-term caution but long-term optimism remains.

Margin Expansion & Cost Initiatives (BD Excellence, Project Recode)

Q3: 170 bps gross margin, 220 bps operating margin improvement; Project Recode network consolidation to ramp. " " " Q2: Executing simplification strategy; ~50 bps operating margin improvement for FY24. " " Q1: Targeting 25% margins by FY25; SKU rationalization & lean events. " " "

Achieved 120 bps YOY margin expansion; focusing on manufacturing productivity, expected +100 bps in FY25; BD Excellence cited as a key driver. " "

Consistent. Ongoing margin gains; strong execution and further improvements expected in FY25.

PureWick Platform

Q3: 28th consecutive quarter of double-digit growth; next-gen PureWick Flex; $1B franchise potential. " Q2: Double-digit growth; key driver in Interventional. " " Q1: Strong demand in acute and home care; next-gen female catheter launch plans. " "

Continued double-digit growth; strongest quarter for male product; expansion into at-home solutions; $1B opportunity by 2030. " " " "

Consistent. Strong growth trajectory; expanding product lines fueling bullish outlook.

Biologic Drug Delivery (Pharma Systems)

Q3: Double-digit biologics growth; GLP-1 opportunity; some destocking in anticoagulants. " " Q2: Biologics >40% of Pharma Systems; double-digit rate. " Q1: Shift from anticoagulants to biologics; capacity reallocation, new development agreements. " " "

Surpassed $1B in annual biologic sales; double-digit growth in GLP-1 prefilled devices; cautious near-term view due to inventory destocking. " "

Consistent. Durable growth segment; near-term destocking but bullish long-term driver.

Advanced Patient Monitoring (APM) Acquisition

Q3, Q2, Q1: No mention.

Integration progressing; $74M revenue in Q4 within BD Medical; seen as durable high single-digit growth business. " "

New in Q4. Expands connected care solutions; viewed as strategically important.

Cash Flow, Capital Allocation, Share Repurchases

Q3: $2.2B YTD free cash flow, strong improvements in working capital. " Q2: $1.1B in FCF in first half, net leverage at 2.6x. " " Q1: $850M in operating cash flows; $500M in share repurchases. " "

47% increase in free cash flow to $3.1B; announced $1B share repurchase over 12–18 months; higher dividend. " "

Consistent. Strong cash flow supports repurchases and dividends; disciplined M&A approach continues.

Pillar 2 Tax Regulations

Q3: Headwind expected in FY25 but included in guidance. " " Q2, Q1: No mention.

FY25 adjusted tax rate of 14–15.5% includes Pillar 2 impact; possible quarterly fluctuations. "

New in Q3. Incorporated into FY25 outlook; minimal near-term sentiment shift.

Biosciences & Pharma Market Uncertainty

Q3: Flat biosciences growth; pharma destocking; uncertain timing of recovery. " " Q2: Facing transitory market pressures; strong biologics offset decline in other areas. " " Q1: 5.7% biosciences growth; strategic capacity shifts in pharma. " "

1% full-year growth; inventory destocking and lower research demand continue; caution in near-term guidance. "

Consistent. Sustained caution due to inventories and research spending; expecting eventual recovery.

Inflation & Supply Chain

Q3: Moderating inflation aided margins; supply chain improvements with Kaizen events. " " Q2: Inflation was moderating after outsized impact in early FY24. " Q1: Outsized inflation expected to ease in H2; wage inflation a key factor. " " "

Absorbed outsized inflation in FY24; localized manufacturing minimizes disruptions; BD Excellence improved productivity. " " "

Consistent. Inflation headwinds easing; supply chain improving through operational initiatives.