Becton Dickinson and Co
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Becton Dickinson and Co
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Becton Dickinson and Co
Becton Dickinson, better known as BD, makes medical devices and supplies used in hospitals, labs, doctor offices, and by patients at home. Its core products include needles, syringes, catheters, blood collection systems, infusion and medication-delivery equipment, and diagnostic tools that help identify infections and other conditions. The company sits deep in the healthcare supply chain, where its products are used every day and are often needed in large, steady volumes. BD sells primarily to hospitals, health systems, laboratories, pharmacies, and other healthcare providers, with some products also going directly to patients through home care channels. It makes money by selling equipment, disposable consumables, and service or support tied to its installed systems. A lot of its business is built on repeat use: many products are used once and replaced, which creates ongoing demand after the initial sale. What makes BD distinct is that it combines medical consumables with diagnostic and delivery systems, so it is not just a device maker but also a supplier of tools that help healthcare workers collect samples, test for disease, and deliver treatment safely. That mix gives the company a broad role in routine care, infection prevention, and patient management, making it an important behind-the-scenes supplier rather than a consumer-facing brand.
Becton Dickinson, better known as BD, makes medical devices and supplies used in hospitals, labs, doctor offices, and by patients at home. Its core products include needles, syringes, catheters, blood collection systems, infusion and medication-delivery equipment, and diagnostic tools that help identify infections and other conditions. The company sits deep in the healthcare supply chain, where its products are used every day and are often needed in large, steady volumes.
BD sells primarily to hospitals, health systems, laboratories, pharmacies, and other healthcare providers, with some products also going directly to patients through home care channels. It makes money by selling equipment, disposable consumables, and service or support tied to its installed systems. A lot of its business is built on repeat use: many products are used once and replaced, which creates ongoing demand after the initial sale.
What makes BD distinct is that it combines medical consumables with diagnostic and delivery systems, so it is not just a device maker but also a supplier of tools that help healthcare workers collect samples, test for disease, and deliver treatment safely. That mix gives the company a broad role in routine care, infection prevention, and patient management, making it an important behind-the-scenes supplier rather than a consumer-facing brand.
Q1 Beat: BD delivered stronger-than-expected Q1 results, with revenue of $5.3 billion, adjusted gross margin of 53.4%, and adjusted EPS of $2.91, all ahead of company expectations.
Waters Transaction: The Life Sciences business combination with Waters closed nearly two months ahead of schedule, unlocking $4 billion in cash for share buybacks and debt reduction.
Full-Year Guidance: Fiscal 2026 guidance for new BD is unchanged, calling for low single-digit revenue growth and adjusted EPS of $12.35 to $12.65, with operating margins targeted at 25%.
Headwinds Contained: 10% of the portfolio (Alaris, vaccines in China, and China market dynamics) continues to face headwinds, but these were in line with expectations and are not expected to worsen.
Growth Drivers: Strong double-digit growth in biologic drug delivery, PureWick, advanced tissue regeneration, and pharmacy automation; high single-digit growth in EPM and other platforms.
Capital Allocation: $2 billion to share repurchases and $2 billion to debt paydown from Waters proceeds; ongoing focus on strategic tuck-in M&A.
Margins & Productivity: Margin pressure from tariffs was offset by 8% productivity improvements and manufacturing network simplification, with ongoing focus on high-growth, high-margin areas.
Management
Thomas E. Polen Jr. is the Chairman, Chief Executive Officer, and President of Becton, Dickinson and Company (BD), a global medical technology company. He began his career at BD in 1999 and has held various executive roles throughout his tenure. Before becoming CEO, Polen served as BD's President and Chief Operating Officer. Polen has been instrumental in driving the company’s strategic initiatives, including leading its growth through innovation, expansion into new markets, and significant acquisitions, such as the company’s acquisition of CareFusion and C.R. Bard, which have been pivotal in expanding BD's capabilities and market reach. He has a strong focus on patient and healthcare worker safety, having spearheaded initiatives that emphasize the development of products and solutions that enhance safety and efficiency in healthcare settings. Under his leadership, the company has also made advancements in areas such as infection prevention, medication management, and diagnostic solutions. Polen holds a Bachelor’s degree from the State University of New York at Albany, and an MBA from Johns Hopkins University. Throughout his career, he has been recognized for his leadership qualities in transforming healthcare systems and advocating for innovation in medical technology. His commitment to addressing global health challenges and enhancing healthcare delivery has been central to his role at BD.
Polen has been instrumental in driving the company’s strategic initiatives, including leading its growth through innovation, expansion into new markets, and significant acquisitions, such as the company’s acquisition of CareFusion and C.R. Bard, which have been pivotal in expanding BD's capabilities and market reach.
He has a strong focus on patient and healthcare worker safety, having spearheaded initiatives that emphasize the development of products and solutions that enhance safety and efficiency in healthcare settings. Under his leadership, the company has also made advancements in areas such as infection prevention, medication management, and diagnostic solutions.
Polen holds a Bachelor’s degree from the State University of New York at Albany, and an MBA from Johns Hopkins University. Throughout his career, he has been recognized for his leadership qualities in transforming healthcare systems and advocating for innovation in medical technology. His commitment to addressing global health challenges and enhancing healthcare delivery has been central to his role at BD.
Shana Neal is a distinguished executive known for her role as the Chief People Officer at Becton Dickinson and Co. (BD). In her position, she plays a crucial part in overseeing the company's global human resources strategies and operations. Her responsibilities include talent management, leadership development, organizational effectiveness, and fostering an inclusive work environment. With a strong background in human resources, Neal is recognized for implementing forward-thinking HR practices that support BD’s mission and business objectives. Before joining BD, she held significant HR positions in various organizations, where she successfully led initiatives related to workforce planning and employee engagement. Her leadership is instrumental in aligning HR goals with the company's broader strategy, ensuring BD attracts, retains, and develops a high-performing workforce. Neal is also noted for her commitment to driving diversity and inclusion within the organization.
With a strong background in human resources, Neal is recognized for implementing forward-thinking HR practices that support BD’s mission and business objectives. Before joining BD, she held significant HR positions in various organizations, where she successfully led initiatives related to workforce planning and employee engagement. Her leadership is instrumental in aligning HR goals with the company's broader strategy, ensuring BD attracts, retains, and develops a high-performing workforce. Neal is also noted for her commitment to driving diversity and inclusion within the organization.
Michael Garrison is the Executive Vice President and President of the Medical Segment at Becton, Dickinson and Company (BD), a global medical technology company. With a career spanning several years in the healthcare sector, Garrison is known for his extensive experience in both operational leadership and strategic development within the industry. At BD, he oversees the development and execution of strategies that aim to drive growth and innovation in the medical segment of the company. His leadership focus includes enhancing product portfolios, optimizing operational efficiencies, and bringing innovative solutions to the market that improve both the safety and effectiveness of healthcare delivery. Prior to his role at BD, Garrison held various leadership positions in other top-tier healthcare companies, where he was instrumental in driving business success through strategic initiatives and transformational projects. His educational background includes degrees that support his deep understanding of business operations and management within the healthcare sector. Michael Garrison's contributions to BD and his previous experiences highlight his commitment to advancing healthcare technology and improving patient outcomes globally.
At BD, he oversees the development and execution of strategies that aim to drive growth and innovation in the medical segment of the company. His leadership focus includes enhancing product portfolios, optimizing operational efficiencies, and bringing innovative solutions to the market that improve both the safety and effectiveness of healthcare delivery.
Prior to his role at BD, Garrison held various leadership positions in other top-tier healthcare companies, where he was instrumental in driving business success through strategic initiatives and transformational projects. His educational background includes degrees that support his deep understanding of business operations and management within the healthcare sector.
Michael Garrison's contributions to BD and his previous experiences highlight his commitment to advancing healthcare technology and improving patient outcomes globally.
Elizabeth McCombs is the Executive Vice President and Chief Technology Officer at Becton, Dickinson and Company (BD), a leading global medical technology firm. She joined BD in 2019, bringing with her extensive experience in the medical device and healthcare technology industries. As the Chief Technology Officer, McCombs leads BD's innovation and product development strategies, overseeing the company's R&D initiatives. Her work focuses on driving technological advancements and ensuring that BD continues to develop cutting-edge products that meet the evolving needs of healthcare providers and patients. McCombs holds a strong background in engineering and management, with a history of leading product development in previous roles, which positions her well to steer BD's technological growth and development initiatives.
Dr. Joseph M. Smith is a recognized leader in the healthcare and medical technology sectors, serving as an innovator and executive with extensive experience. He is a Fellow of the American College of Cardiology (F.A.C.C.) and holds both an M.D. and a Ph.D., highlighting his strong foundation in both medical practice and research. Dr. Smith joined Becton Dickinson and Co. (BD), a global medical technology company, where he has contributed to advancing the company's mission of improving medical discovery, diagnostics, and delivery of care. With a focus on delivering cutting-edge healthcare solutions, Dr. Smith has played a vital role in shaping BD's approach to integrating technology with patient care, enhancing clinical outcomes, and developing new medical devices and diagnostics tools. Throughout his career, Dr. Smith has been dedicated to leveraging technology to transform healthcare delivery and improve patient outcomes. His work at BD involves collaborating with teams across disciplines to develop innovative solutions that address the evolving needs of the healthcare industry. In addition to his role at BD, Dr. Smith's expertise and contributions to cardiology and medical technology have earned him recognition and respect in the field. Dr. Smith's extensive background in both clinical and technological aspects of healthcare enables him to bridge the gap between medicine and technology effectively, driving forward-thinking strategies and fostering a culture of innovation within BD.
Dr. Smith joined Becton Dickinson and Co. (BD), a global medical technology company, where he has contributed to advancing the company's mission of improving medical discovery, diagnostics, and delivery of care. With a focus on delivering cutting-edge healthcare solutions, Dr. Smith has played a vital role in shaping BD's approach to integrating technology with patient care, enhancing clinical outcomes, and developing new medical devices and diagnostics tools.
Throughout his career, Dr. Smith has been dedicated to leveraging technology to transform healthcare delivery and improve patient outcomes. His work at BD involves collaborating with teams across disciplines to develop innovative solutions that address the evolving needs of the healthcare industry. In addition to his role at BD, Dr. Smith's expertise and contributions to cardiology and medical technology have earned him recognition and respect in the field.
Dr. Smith's extensive background in both clinical and technological aspects of healthcare enables him to bridge the gap between medicine and technology effectively, driving forward-thinking strategies and fostering a culture of innovation within BD.
As of the latest information available, Denise Russell Fleming serves as the Executive Vice President and Chief Financial Officer (CFO) at Becton, Dickinson and Company (BD), a leading global medical technology company. Known for her strategic acumen and financial expertise, Denise Russell Fleming plays a crucial role in overseeing BD's financial operations, including financial planning, analysis, and reporting. Her responsibilities extend to driving the company's financial strategy to ensure sustainable growth and operational efficiency. Before joining BD, Denise amassed significant experience in finance and leadership roles across various industries. Her career path is marked by a series of positions that have helped her build a strong foundation in corporate finance, strategic planning, and operational management. Denise is recognized for her commitment to fostering innovation and transformation within the organizations she has been a part of. Her leadership style emphasizes collaboration, efficiency, and cutting-edge financial practices, aiming to enhance the company's market position and deliver value to shareholders. Furthermore, Denise holds an impressive academic background that complements her professional achievements. Her contributions to BD are instrumental in positioning the company for long-term success and maintaining its status as a leader in the medical technology industry.
Before joining BD, Denise amassed significant experience in finance and leadership roles across various industries. Her career path is marked by a series of positions that have helped her build a strong foundation in corporate finance, strategic planning, and operational management.
Denise is recognized for her commitment to fostering innovation and transformation within the organizations she has been a part of. Her leadership style emphasizes collaboration, efficiency, and cutting-edge financial practices, aiming to enhance the company's market position and deliver value to shareholders.
Furthermore, Denise holds an impressive academic background that complements her professional achievements. Her contributions to BD are instrumental in positioning the company for long-term success and maintaining its status as a leader in the medical technology industry.
Mr. Greg Rodetis is a notable executive associated with Becton, Dickinson and Company (BD), a leading global medical technology company. He serves as the Senior Vice President and Chief Ethics and Compliance Officer at BD. In this role, Rodetis is responsible for overseeing the company's ethics and compliance programs, ensuring they align with both legal standards and internal policies. His leadership helps maintain BD's commitment to ethical practices and regulatory compliance across its global operations. Greg Rodetis possesses extensive experience in compliance and legal affairs, having held various senior positions prior to joining BD. His expertise includes navigating complex legal landscapes and fostering a culture of integrity and ethical conduct within large organizations. Under his guidance, BD continues to demonstrate its dedication to ethical business practices, crucial for maintaining trust with customers, partners, and stakeholders within the healthcare industry.
Greg Rodetis possesses extensive experience in compliance and legal affairs, having held various senior positions prior to joining BD. His expertise includes navigating complex legal landscapes and fostering a culture of integrity and ethical conduct within large organizations. Under his guidance, BD continues to demonstrate its dedication to ethical business practices, crucial for maintaining trust with customers, partners, and stakeholders within the healthcare industry.
