Becton Dickinson (BDX) FY2025 results: revenue $21.8 billion, up 8.2% on the year

Becton, Dickinson and Company, known as BD, is a medical technology company that develops, manufactures and sells medical supplies, devices, laboratory equipment and diagnostic products. Its customers are healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. The work it names runs across medication management and patient safety, infection prevention, surgical and interventional procedures, drug delivery, anesthesiology care, diagnosis of infectious diseases and cancers, and cellular research. It was incorporated in New Jersey in November 1906, as successor to a New York business started in 1897, and its executive offices are in Franklin Lakes, New Jersey.

At 30 September 2025 the business ran in three worldwide segments, BD Medical, BD Life Sciences and BD Interventional. Effective 1 October 2025 it reorganised into five separately managed segments: Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences, the last remaining part of BD until the Waters transaction described below completes.

BD Medical

Sold mainly to hospitals and clinics, physicians' offices, consumers and retail pharmacies, public health agencies, pharmaceutical companies and healthcare workers. Medication Delivery Solutions covers peripheral intravenous catheters, central lines, acute dialysis catheters, ultrasonic vascular access imaging, vascular care such as lock solutions and prefilled flush syringes, skin antiseptics and dressings, needle-free connectors, closed-system drug transfer devices, hypodermic and anesthesia needles, enteral syringes and sharps disposal systems. Medication Management Solutions covers infusion pumps and their disposables and fluids, medication compounding workflow systems, automated dispensing and supply management, and the informatics behind enterprise medication management. Pharmaceutical Systems makes prefillable drug delivery systems, including prefillable syringes and self-injection systems, supplied to pharmaceutical companies as the containers for injectable products that then reach the market as drug and device combinations. Advanced Patient Monitoring covers hemodynamic monitoring used to measure heart function and fluid status in surgery and intensive care, including tissue oximetry, pulmonary artery catheters and blood pressure measurement.

BD Life Sciences

Products for the safe collection and transport of diagnostic specimens, the instruments and reagents that detect infectious diseases, healthcare-associated infections and cancers, and research and clinical tools for studying cells. Customers are hospitals, laboratories and clinics, blood banks, healthcare workers, physicians' offices, academic and government institutions and pharmaceutical and biotechnology companies. Diagnostic Solutions covers automated blood culturing and tuberculosis culturing, microorganism identification and drug susceptibility systems, microbiology laboratory automation, culture media, molecular testing, and rapid point-of-care respiratory assays. Biosciences covers fluorescence-activated cell sorters and analyzers, antibodies and kits for cell analysis, reagents for research, single-cell gene and protein expression analysis, and clinical oncology and transplantation reagents. Specimen Management covers blood collection systems, safety-engineered wingsets, needles and tubes, arterial blood gas devices and urine collection kits.

BD Interventional

Vascular, urology, oncology and surgical specialty products, either used once and discarded or implanted temporarily or permanently, sold to hospitals, ambulatory surgery centres, individual professionals, extended care and alternate site facilities and to patients through the Homecare business. Surgery covers hernia and soft tissue repair, biological and bioresorbable grafts, biosurgery and surgical infection prevention products. Peripheral Intervention covers angioplasty balloon catheters, radiofrequency ablation catheters, peripheral vascular stents and stent grafts, vascular grafts, drug coated balloons, ports, biopsy, chronic dialysis, vena cava filters, drainage products, and atherectomy and thrombectomy systems. Urology and Critical Care covers urine management and measurement, indwelling, intermittent and external urine catheters, kidney stone management, targeted temperature management and fecal management devices.

What has come in and what is going out

On 3 September 2024 BD completed the acquisition of Edwards Lifesciences' Critical Care product group, renamed BD Advanced Patient Monitoring, for consideration with a fair value of $3.914 billion, funded with cash on hand from earlier debt issuance and commercial paper borrowings.

On 13 July 2025 BD agreed to combine its Biosciences and Diagnostic Solutions business with Waters Corporation in a Reverse Morris Trust transaction: those businesses would be spun off to BD shareholders and simultaneously merged with a subsidiary of Waters, leaving BD shareholders with approximately 39.2% of the combined company and existing Waters shareholders approximately 60.8%. The filing states that BD expects to receive a cash distribution of approximately $4 billion prior to completion, subject to adjustment for cash, working capital and indebtedness, and that Waters is expected to assume approximately $4 billion of incremental debt. The transaction is expected to close around the end of the first quarter of calendar 2026, subject to regulatory approvals, a Waters shareholder vote, a private letter ruling from the Internal Revenue Service and other customary conditions.

Two earlier disposals are also described. In August 2023 BD sold the Interventional segment's Surgical Instrumentation platform, recognising a pre-tax gain of approximately $268 million. On 1 April 2022 it completed the separation of its Diabetes Care business as Embecta Corp., a separately listed company, whose historical results are reflected as discontinued operations for periods before that date.

From Becton Dickinson's annual report on Form 10-K for the year ended 30 September 2025. The filing

Written from the 10-K filed 25 November 2025: read the full 10-K.