BECTON DICKINSON & CO
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
BDX$211.88-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-09.
0000010795-26-000005
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000010795-26-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 191 current paragraphs.
90 unchanged; 68 reworded; 32 added; 30 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 22 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (32)
Current report
On February 9, 2026, we completed the spin-off of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters Corporation (“Waters”) in a Reverse Morris Trust transaction (the “Transaction”). The historical results of the former Biosciences and Diagnostic Solutions business (which was previously BD’s Life Sciences segment), have been reflected as discontinued operations in our consolidated financial statements for all periods prior to the spin-off date of February 9, 2026. Additional disclosures regarding our spin-off of the former Biosciences and Diagnostic Solutions business are provided in Note 2 in the Notes to Condensed Consolidated Financial Statements.
Current report
In general, major disruptions in the sourcing, manufacturing and distribution of our products could adversely impact our results of operations. The ongoing conflict in Iran and the Middle East region has not yet significantly impacted our global supply chain or distribution of our products. However, continued disruption of transportation lanes and global energy supplies, as well as increases in global oil prices due to this conflict could adversely affect our supply chain costs, our ability to source raw materials and components, and our ability to deliver product to customers, which may adversely impact our results of operations and our financial condition.
Current report
The Medical Essentials segment’s revenue growth in the second quarter of 2026 primarily reflected the following:
Current report
•Both the Medication Delivery Solutions and Specimen Management units were unfavorably impacted by market dynamics in China, including VoBP.
Current report
Medical Essentials segment total revenues for the six-month periods were as follows:
Current report
•Higher selling and administrative expense as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 primarily reflected higher selling and general and administrative costs.
Current report
•Research and development expense as a percentage of revenues in the second quarter of 2026 was flat compared with the second quarter of 2025 which primarily reflected the timing of project spending.
Current report
•The Advanced Patient Monitoring unit experienced strong volume growth across its portfolio, specifically driven by Smart Recovery, HemoSphere Alta TM and the continued adoption of Acumen IQTM Cuff and Acumen IQTM Sensor.
Current report
Connected Care segment total revenues for the six-month periods were as follows:
Current report
•Higher selling and administrative expense as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 primarily reflected higher shipping, selling, and general and administrative costs.
Current report
•Research and development expense as a percentage of revenues in the second quarter of 2026 was higher compared with the second quarter of 2025, which primarily reflected the timing of project spending.
Current report
BioPharma segment revenues for the six-month periods were as follows:
Current report
•Selling and administrative expense as a percentage of revenues in the second quarter of 2026 was higher compared with the second quarter of 2025, which primarily reflected higher general and administrative costs.
Current report
•Research and development expense as a percentage of revenues in the second quarter of 2026 was lower compared with the second quarter of 2025, which primarily reflected the timing of project spending.
Current report
Interventional segment total revenues for the six-month periods were as follows:
Current report
•Gross profit margin in the second quarter of 2026 was flat compared with the second quarter of 2025, which primarily reflected lower manufacturing costs resulting from continuous improvement projects, supply chain optimization and other productivity initiatives, offset by unfavorable impacts from tariffs.
Current report
•Higher selling and administrative expense as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 primarily reflected higher selling costs attributable to growth-accelerating initiatives.
Current report
•The amounts in the three and six months ended March 31, 2026 included charges of $42 million and the amounts in the three and six months ended March 31, 2025 included charges of $76 million and $98 million, respectively, recorded to Cost of products sold, to adjust future costs estimated for product remediation efforts.
Current report
•The amounts in the three and six months ended March 31, 2026 included charges of $52 million and $63 million, respectively, and the amounts in the three and six months ended March 31, 2025 included charges of $32 million and $60 million, respectively, recorded to Other operating expense, net, related to various legal matters. Additional disclosures regarding legislative and legal matters are provided in Note 6 in the Notes to Condensed Consolidated Financial Statements.
Current report
•The amounts in the three and six months ended March 31, 2026 included pension settlement costs of $25 million, recorded to Other income (expense), net, as further discussed in Note 9 in the Notes to Condensed Consolidated Financial Statements.
Current report
Research and development expense as a percentage of revenues in the three and six-month periods of 2026 was relatively flat compared with the prior-year periods, which primarily reflected the current-period increases in revenues, offset by the timing of project spending.
Current report
Interest expense for the three and six-month periods of fiscal year 2026 was flat compared with the prior-year periods.
Current report
Other income (expense), net
Current report
Other income in the three and six-month periods of fiscal year 2026 included pension settlement costs of $25 million and a net gain of $122 million related to the early extinguishment of certain debt instruments, as further discussed in Notes 9 and 14, respectively, in the Notes to Condensed Consolidated Financial Statements. The remaining components of Other income (expense), net for the three and six-month periods of fiscal years 2026 and 2025 were immaterial to our consolidated financial results.
Current report
The effective income tax rates for continuing operations for the three and six-month periods of fiscal year 2026 compared with the prior-year periods reflected an unfavorable net impact from discrete items, including the recognition of a deferred tax liability upon the decision to distribute certain prior-year earnings of a number of foreign subsidiaries, as further discussed below.
Current report
The dilutive impact for the three-month period of fiscal year 2026 represents the impact of share equivalents associated with share-based plans that were excluded from the reported diluted shares outstanding calculation because the result would have been antidilutive.
Current report
Net Cash Flows from Continuing Operating Activities
Current report
Net Cash Flows from Continuing Investing Activities
Current report
Net Cash Flows from Continuing Financing Activities
Current report
Additional disclosures regarding the Transaction are provided in Note 2 in the Notes to Condensed Consolidated Financial Statements.
Current report
On April 30, 2026, BD’s El Paso manufacturing facility received a Warning Letter from the FDA following an inspection conducted in October 2025 related to drug-device combination products manufactured at the site, including ChloraPrep TM and PurPrep TM (the “El Paso Warning Letter”). The El Paso Warning Letter cited deficiencies related to compliance with current good manufacturing practice requirements, including inadequate investigation of deviations, complaints, and out-of-specification results; insufficient laboratory controls and verification activities supporting product quality and sterility assurance; and shortcomings in equipment cleaning, contamination control, and facility design. The FDA also raised concerns regarding repeat observations, terminal sterilization processes, and the authority and effectiveness of the Quality Unit, as well as additional issues not previously identified in the inspectional observations. As requested by the El Paso Warning Letter, BD is preparing a comprehensive response to address the FDA’s feedback, which may include implementing additional corrections and corrective actions, including potential product recalls; however, no assurances can be given as to whether the FDA may take further action in connection with any of the non-conformities and deficiencies cited in the El Paso Warning Letter, or whether corrective and preventive actions proposed and taken by BD will be adequate to address such non-conformities and deficiencies. As of May 6, 2026, BD has voluntarily determined to put ChloraPrep TM and PurPrep TM on ship hold in the U.S. while it conducts additional final release testing based on the FDA’s request detailed in the El Paso Warning Letter. BD intends to resume shipment upon receipt of satisfactory final release test results. Any failure to adequately address the El Paso Warning Letter may result in additional regulatory actions initiated by the FDA without further notice, which may include, but are not limited to, seizure or injunction, which may be settled through a consent decree. Until the violations are completely addressed and the FDA confirms the site’s compliance, the FDA is likely to withhold the issuance of Export Certificates on drug or drug-led combination products manufactured at the El Paso site and withhold approval of new applications or supplements that list the site as a drug manufacturer. The ultimate resolution of the El Paso Warning Letter and its impact on BD’s operations is unknown at this time. While BD believes, based upon currently available information, that a loss associated with this matter is probable, BD is not able to reasonably estimate the amount or range of any such loss at this time.
Current report
•Our ability to execute our New BD strategy, Excellence Unleashed, as expected.
Removed paragraphs (30)
Previous report
The Life Sciences segment includes our Biosciences and Diagnostic Solutions business, which was separated from BD and combined with Waters Corporation (“Waters”) on February 9, 2026, as further discussed in Note 1 to the Condensed Consolidated Financial Statements. Subsequent to the separation and combination, the historical results of the Biosciences and Diagnostic Solutions business will be reflected as discontinued operations in our consolidated financial statements and the Life Sciences segment will be eliminated from our segment reporting, which will consist of the remaining four reportable segments.
Previous report
The Medical Essentials segment’s revenues in the first quarter of 2026 primarily reflected declines in both organizational units due to VoBP impacts in China and an unfavorable prior-year comparison in the U.S. Medication Delivery Solutions unit, which were partially offset by the following:
Previous report
•Lower gross profit margin in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected higher labor costs and unfavorable impacts from tariffs and foreign currency translation, partially offset by lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives.
Previous report
•Higher selling and administrative expense as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected higher selling costs.
Previous report
•Research and development expense as a percentage of revenues in the first quarter of 2026 was flat compared with the first quarter of 2025 which primarily reflected the timing of project spending.
Previous report
•Strong volume growth across the Advanced Patient Monitoring unit’s portfolio.
Previous report
•Higher selling and administrative expense as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected higher shipping, general and administrative and selling costs.
Previous report
•Research and development expense as a percentage of revenues in the first quarter of 2026 was flat compared with the first quarter of 2025, which primarily reflected the timing of project spending.
Previous report
•Selling and administrative expense as a percentage of revenues in the first quarter of 2026 was flat compared with the first quarter of 2025, which primarily reflected favorable impacts from cost containment measures.
Previous report
•Research and development expense as a percentage of revenues in the first quarter of 2026 was flat compared with the first quarter of 2025, which primarily reflected the timing of project spending.
Previous report
•Higher selling and administrative expense as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected higher selling costs from an increased investment in growth-accelerating initiatives.
Previous report
Life Sciences Segment
Previous report
The following summarizes first quarter Life Sciences revenues by organizational unit:
Previous report
The Life Sciences segment’s revenues in the first quarter of 2026 primarily reflected the following:
Previous report
•A decline in the Diagnostic Solutions unit driven by lower sales of U.S. point-of-care products and an unfavorable comparison to BD BACTECTM blood culture product sales in the prior year, partially offset by growth in sales of BD MAXTM IVD and CORTM.
Previous report
•A decline in the Biosciences unit’s sales of instruments due to continued market dynamics impacting life sciences research funding and an unfavorable comparison to prior-period licensing revenue.
Previous report
Life Sciences segment income for the three-month periods is provided below.
Previous report
The Life Sciences segment's operating income as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected the following:
Previous report
•Gross profit margin in the first quarter of 2026 was lower compared with the first quarter of 2025, which primarily reflected the current-period decline in revenues as well as unfavorable impacts from tariffs and higher labor costs, partially offset by lower manufacturing costs resulting from continuous improvement projects, supply chain optimization and other productivity initiatives.
Previous report
•Selling and administrative expense as a percentage of revenues in the first quarter of 2026 was higher compared with the first quarter of 2025 which primarily reflected the current-period decline in revenues and higher selling costs.
Previous report
•Higher research and development expense as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025, which primarily reflected the current-period decline in revenues, as well as the timing of project spending.
Previous report
Research and development expense as a percentage of revenues in the three-month period of 2026 was lower compared with the prior-year period, which primarily reflected the timing of project spending and a favorable comparison to the prior-year period, which reflected a $30 million write-down of certain assets in the Life Sciences segment.
Previous report
Interest expense for the three-month period of fiscal year 2026 was flat compared with the prior-year period. Lower interest income for the three-month period of fiscal year 2026 compared with the prior-year period primarily reflected lower levels of U.S. cash on hand.
Previous report
The effective income tax rate for the three-month period of fiscal year 2026 compared with the prior-year period reflected a less favorable net impact from discrete items.
Previous report
Net Cash Flows from Operating Activities
Previous report
Net Cash Flows from Investing Activities
Previous report
Net Cash Flows from Financing Activities
Previous report
El Paso, Texas Inspection
Previous report
BD’s El Paso, Texas facility was inspected by the FDA in October 2025, resulting in the issuance by the FDA of a Form 483 Notice (the “El Paso 483”). BD provided its timely response and corrective action plan to the FDA in November 2025. BD is also providing the FDA with regular El Paso 483 response updates which identify the progress that has been made to date. On January 30, 2026, BD received a notification from the FDA that the inspection was classified as “Official Action Indicated”, which means that regulatory and/or administrative actions are recommended. To date, BD has not received any notice of FDA regulatory or administrative action and there can be no assurance as to the nature or scope of any such regulatory or administrative action or any response that may be required from BD. BD will continue to implement the corrective actions identified in its El Paso 483 response and will take additional action as needed.
Previous report
•Fluctuations and pauses in university or U.S. and international governmental funding and policies for research.
Reworded paragraphs (68)
Previous wording
Becton, Dickinson and Company (“BD”) is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.
Current wording
Becton, Dickinson and Company (“BD”) is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies and devices used by healthcare institutions, physicians, clinical laboratories, the pharmaceutical industry and the general public.
Previous wording
Effective October 1, 2025, we reorganized our organizational units into five distinct, separately-managed segments, based on the nature of our product and service offerings. Our new organizational structure is based upon the following five worldwide segments: BD Medical Essentials (“Medical Essentials”), BD Connected Care (“Connected Care”), BD BioPharma Systems (“BioPharma Systems”), BD Interventional (“Interventional”) and BD Life Sciences (“Life Sciences”). Our prior-period segment amounts have been recast in the tables below to conform to the new segment structure and to the current-period segment income presentation, as further discussed in Note 7 in the Condensed Consolidated Financial Statements.
Current wording
Effective October 1, 2025, our segment reporting structure was reorganized into five distinct, separately-managed segments, based on the nature of our product and service offerings. Post-separation, we eliminated the Life Sciences segment from our segment reporting structure and our new organizational structure is based upon the following four remaining worldwide segments: BD Medical Essentials (“Medical Essentials”), BD Connected Care (“Connected Care”), BD BioPharma Systems (“BioPharma Systems”), and BD Interventional (“Interventional”). Our prior-period segment amounts have been recast in the tables below to conform to the new segment structure and to the current-period segment income presentation, as further discussed in Note 8 in the Notes to Condensed Consolidated Financial Statements.
Previous wording
We have been experiencing, and may continue to experience, some adverse impact to our results of operations due to market dynamics in China, such as volume-based procurement programs (“VoBP”) and the government’s focus to improve compliance of healthcare practitioners. Also, reductions or delays in governmental research funding has caused customers for certain of our instruments to delay or forgo purchases of these products. Lower demand for vaccines has also adversely impacted our results of operations. The future demand for our products and services could be impacted by other factors including the deterioration of healthcare systems’ budgets.
Current wording
We have been experiencing, and may continue to experience, some adverse impact to our results of operations due to market dynamics in China, such as volume-based procurement programs (“VoBP”) and the government’s focus to contain its healthcare-related costs and to improve compliance of healthcare practitioners. Lower demand for vaccines has also adversely impacted our results of operations. The future demand for our products and services could be impacted by other factors including the deterioration of healthcare systems’ budgets.
Previous wording
In general, major disruptions in the sourcing, manufacturing and distribution of our products could adversely impact our results of operations. Also, tariffs, sanctions or other trade barriers imposed by the United States, or against the United States from countries in which we do business, could adversely impact our supply chain costs, results of operations and our financial condition. Tariffs adversely impacted our first quarter fiscal year 2026 operating expense and we continue to monitor international trade policy-related developments to assess their potential future impacts to our operations. Based upon the latest published tariffs that are currently in effect, we expect a continued adverse impact to operating expense for fiscal year 2026 and potentially beyond, primarily relating to any products (or components) imported from countries across our global supply chain which have no exemption opportunities. The ultimate impact of any existing or new tariffs or other changes in international trade policies is subject to a number of factors including, but not limited to, the duration of such tariffs, changes in tariff rates, the amount, scope and nature of the tariffs, any countermeasures that target countries may take, or any mitigating actions that may become available. While sourcing optimization and tariff exemptions for qualifying products are key aspects of our mitigation strategy, the timing of such or the ultimate results we will realize from these efforts are uncertain. In addition, our tariff mitigation strategies have been, and may be further challenged, rejected or eliminated through legislation or other challenges, or may otherwise not be effective, which may impact the collectability of the receivable we have recorded for exemption claims.
Current wording
Tariffs, sanctions or other trade barriers imposed by the United States, or against the United States from countries in which we do business, could also adversely impact our supply chain costs, results of operations and our financial condition. Tariffs have adversely impacted our second quarter fiscal year 2026 operating expense and we continue to monitor international trade policy-related developments, including developments regarding refunds of certain tariffs, to assess their potential future impacts to our operations. Based upon the latest published tariffs that are currently in effect, we expect a continued adverse impact to operating expense for fiscal year 2026 and potentially beyond, primarily relating to any products (or components) imported from countries across our global supply chain which have no exemption opportunities. The ultimate impact of any existing or new tariffs or other changes in international trade policies is subject to a number of factors including, but not limited to, the duration of such tariffs, changes in tariff rates, the amount, scope and nature of the tariffs, any countermeasures that target countries may take, or any mitigating actions that may become available. While sourcing optimization and tariff exemptions for qualifying products are key aspects of our mitigation strategy, the timing of such or the ultimate results we will realize from these efforts are uncertain. In addition, our tariff mitigation strategies have been, and may be further challenged, rejected or eliminated through legislation or other challenges, or may otherwise not be effective, which may impact the collectability of the receivable we have recorded for exemption claims.
Previous wording
For the three months ended December 31, 2025, worldwide revenues of $5.252 billion increased 1.6% from the prior-year period. This increase reflected the following impacts:
Current wording
For the three months ended March 31, 2026, worldwide revenues of $4.714 billion increased 5.2% from the prior-year period. This increase reflected the following impacts:
Previous wording
(a) Volume/other includes revenues attributable to products, services and licensing.
Current wording
(a) Volume/other includes revenues attributable to products and services.
Previous wording
Cash flows from operating activities were $657 million in the first three months of fiscal year 2026. At December 31, 2025, we had $1.035 billion in cash and equivalents and short-term investments, including restricted cash. We continued to return value to our shareholders in the form of dividends. During the first three months of fiscal year 2026, we paid cash dividends to common shareholders of $299 million. We also repurchased approximately $250 million of our common stock during the period. We expect to use approximately $2 billion of the cash distribution received in connection with the transaction with Waters, as further discussed in Note 1 in the Notes to Condensed Consolidated Financial Statements, for share repurchases through an accelerated share repurchase program that is expected to be executed in the second quarter of fiscal year 2026. The remainder of the cash distribution received from the transaction is expected to be used for debt repayments.
Current wording
Cash flows from continuing operating activities were $1.328 billion in the first six months of fiscal year 2026. At March 31, 2026, we had $1.018 billion in cash and equivalents and short-term investments, including restricted cash. We continued to return value to our shareholders in the form of dividends and during the first six months of fiscal year 2026, we paid cash dividends to common shareholders of $589 million. We also paid cash to repurchase approximately $2.250 billion of our common stock during the six-month period. In connection with the Transaction, we received a $4 billion cash distribution which was used to fund our second quarter share repurchases and debt repayments, as further discussed in Notes 4 and 14 in the Notes to Condensed Consolidated Financial Statements.
Previous wording
Each reporting period and given our worldwide operations, we face exposure to our results of operations from changes in foreign currencies. We calculate translational foreign currency impacts by converting our current-period local currency financial results using the prior-period foreign currency exchange rates and comparing these adjusted amounts to our current-period results, which allows us to compare results between periods as if exchange rates had remained constant period-over-period. The first quarter fiscal year 2026 impact of foreign currency on our revenues, which is primarily translational, is provided above. The translational impact on our earnings is provided further below. We evaluate our results of operations on both a reported and a foreign currency-neutral basis. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis, excluding translational foreign currency impacts, in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. We use results on a foreign currency-neutral basis as one measure to evaluate our performance. These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. generally accepted accounting principles (“GAAP”). Results on a foreign currency-neutral basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with U.S. GAAP.
Current wording
Each reporting period and given our worldwide operations, we face exposure to our results of operations from changes in foreign currencies. We calculate translational foreign currency impacts by converting our current-period local currency financial results using the prior-period foreign currency exchange rates and comparing these adjusted amounts to our current-period results, which allows us to compare results between periods as if exchange rates had remained constant period-over-period. The second quarter fiscal year 2026 impact of foreign currency on our revenues, which is primarily translational, is provided above. The translational impact on our earnings is provided further below. We evaluate our results of operations on both a reported and a foreign currency-neutral basis. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis, excluding translational foreign currency impacts, in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods. We use results on a foreign currency-neutral basis as one measure to evaluate our performance. These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. generally accepted accounting principles (“GAAP”). Results on a foreign currency-neutral basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with U.S. GAAP.
Previous wording
The following summarizes first quarter Medical Essentials revenues by organizational unit:
Current wording
The following summarizes second quarter Medical Essentials revenues by organizational unit:
Previous wording
•Market share gains achieved by the Medication Delivery Solutions unit’s Vascular Access Management portfolio.
Current wording
•Strong U.S. performance in the Medication Delivery Solutions unit’s Vascular Access Management portfolio.
Previous wording
•Growth in the Specimen Management unit’s BD Vacutainer TM portfolio.
Current wording
•Growth in U.S. sales of the Specimen Management unit’s BD Vacutainer TM portfolio.
Previous wording
The Medical Essentials segment’s income for the three-month periods is provided below.
Current wording
The Medical Essentials segment’s income for the three and six-month periods is provided below.
Previous wording
The Medical Essentials segment's operating income as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 reflected the following:
Current wording
The Medical Essentials segment's operating income as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 reflected the following:
Previous wording
•Lower gross profit margin in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected unfavorable impacts from tariffs as well as higher labor costs, partially offset by lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives.
Current wording
•Lower gross profit margin in the second quarter of 2026 compared with the second quarter of 2025 primarily reflected unfavorable impacts from tariffs, foreign currency translation, and higher labor costs, partially offset by lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives.
Previous wording
The following summarizes first quarter Connected Care revenues by organizational unit:
Current wording
The following summarizes second quarter Connected Care revenues by organizational unit:
Previous wording
The Connected Care segment’s revenue growth in the first quarter of 2026 primarily reflected the following:
Current wording
The Connected Care segment’s revenue growth in the second quarter of 2026 primarily reflected the following:
Previous wording
•Growth within the Medication Management Solutions unit which was driven by Pharmacy Automation, primarily BD Rowa TM, and strength in sales of infusion sets.
Current wording
•Growth within the Medication Management Solutions unit which was driven by international sales of BD Rowa TM in the Pharmacy Automation portfolio and increased utilization of infusion sets, partially offset by an unfavorable comparison to stronger U.S. placements of infusion systems in the prior-year period.
Previous wording
The Connected Care segment’s income for the three-month periods is provided below.
Current wording
The Connected Care segment’s income for the three and six-month periods is provided below.
Previous wording
The Connected Care segment's operating income as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 reflected the following:
Current wording
The Connected Care segment's operating income as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 reflected the following:
Previous wording
•Higher gross profit margin in the first quarter of 2026 compared with the first quarter of 2025 primarily reflected lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives, as well as favorable product mix, partially offset by an unfavorable impact from tariffs.
Current wording
•Higher gross profit margin in the second quarter of 2026 compared with the second quarter of 2025 primarily reflected lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives, as well as favorable product mix, partially offset by an unfavorable impact from tariffs as well as higher labor costs.
Previous wording
The following summarizes first quarter BioPharma Systems revenues:
Current wording
The following summarizes second quarter BioPharma Systems revenues:
Previous wording
The BioPharma Systems segment’s revenues in the first quarter of 2026 were primarily driven by double-digit U.S. growth of prefillable solutions in the biologic drug category, led by sales of GLP-1 delivery products, partially offset by lower market demand for vaccines products.
Current wording
The BioPharma Systems segment’s revenues in the second quarter of 2026 reflected a decline primarily driven by lower market demand for vaccines products, partially offset by double-digit growth of prefillable solutions in the biologic drug category, led by sales of GLP-1 delivery products.
Previous wording
The BioPharma Systems segment’s income for the three-month periods is provided below.
Current wording
The BioPharma Systems segment’s income for the three and six-month periods is provided below.
Previous wording
The BioPharma Systems segment's operating income as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 reflected the following:
Current wording
The BioPharma Systems segment's operating income as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 reflected the following:
Previous wording
•Gross profit margin in the first quarter of 2026 was lower compared with the first quarter of 2025, which primarily reflected unfavorable impacts from tariffs as well as higher labor costs, partially offset by lower manufacturing costs resulting from continuous improvement projects, supply chain optimization and other productivity initiatives.
Current wording
•Gross profit margin in the second quarter of 2026 was lower compared with the second quarter of 2025 and primarily reflected unfavorable impacts from foreign currency translation, product mix, higher labor costs, and tariffs, partially offset by lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives.
Previous wording
The following summarizes first quarter Interventional revenues by organizational unit:
Current wording
The following summarizes second quarter Interventional revenues by organizational unit:
Previous wording
The Interventional segment’s revenue growth in the first quarter of 2026 primarily reflected the following:
Current wording
The Interventional segment’s revenue growth in the second quarter of 2026 primarily reflected the following:
Previous wording
•Strong sales growth in the Peripheral Intervention unit’s oncology products in the U.S. and continued growth in sales of the Rotarex TM Atherectomy System, partially offset by a VoBP impact in China.
Current wording
•Strength in sales of the Peripheral Intervention unit’s Rotarex TM Atherectomy System and oncology products, partially offset by a VoBP impact in China.
Previous wording
•Double-digit growth in sales of the Surgery unit’s advanced tissue regeneration portfolio, as well as high single-digit growth attributable to the unit’s infection prevention products.
Current wording
•Double-digit growth in sales of the Surgery unit’s infection prevention products and advanced tissue regeneration portfolio.
Previous wording
Interventional segment income for the three-month periods is provided below.
Current wording
Interventional segment income for the three and six-month periods is provided below.
Previous wording
The Interventional segment's operating income as a percentage of revenues in the first quarter of 2026 compared with the first quarter of 2025 reflected the following:
Current wording
The Interventional segment's operating income as a percentage of revenues in the second quarter of 2026 compared with the second quarter of 2025 reflected the following:
Previous wording
•Research and development expense as a percentage of revenues in the first quarter of 2026 was higher compared with the first quarter of 2025, which primarily reflected an increase in investment to support product development.
Current wording
•Research and development expense as a percentage of revenues in the second quarter of 2026 was higher compared with the second quarter of 2025, which primarily reflected an increase in investment to support product development.
Previous wording
BD’s worldwide first quarter revenues by geography were as follows:
Current wording
BD’s worldwide second quarter revenues by geography were as follows:
Previous wording
U.S. revenue growth in the first quarter of 2026 reflected strong sales in both of the Connected Care segment’s units, as well as growth in the BioPharma Systems segment and in the Interventional segment’s Urology and Critical Care unit. U.S. revenue growth in the first quarter of 2026 was partially offset by a decline in the Life Sciences segment, as further discussed above.
Current wording
U.S. revenue growth in the second quarter of 2026 reflected strong sales in the Medical Essentials segment’s Medication Delivery Solutions unit, the Connected Care segment’s Advanced Patient Monitoring unit, the BioPharma Systems segment, and the Interventional segment’s Urology and Critical Care unit.
Previous wording
International revenue in the first quarter of 2026 primarily reflected declines in the BioPharma Systems and Life Sciences segments, as further discussed above, which were partially offset by growth in the Interventional segment’s Surgery unit. Current-period revenues in emerging markets primarily reflected a decline in China, as further discussed above, partially offset by strong sales in Latin America.
Current wording
International revenues in the second quarter of 2026 primarily reflected a decline in the BioPharma Systems segment, as further discussed above, which was partially offset by growth in the Interventional segment’s Peripheral Intervention and Surgery units. Current-period revenues in emerging markets primarily reflected strong sales in Latin America and certain countries within Greater Asia, partially offset by a decline in China, as further discussed above.
Previous wording
Reflected in the financial results for the three-month periods of fiscal years 2026 and 2025 were the following specified items:
Current wording
Reflected in the financial results for the three and six-month periods of fiscal years 2026 and 2025 were the following specified items:
Previous wording
(a)Represents amounts associated with restructuring and acquisition integration activities, which are recorded in Integration, restructuring and transaction expense and are further discussed below.
Current wording
(a)Represents amounts associated with restructuring and acquisition integration activities, which are recorded in Integration, restructuring and transaction expense and are further discussed below. Restructuring costs in the three and six months ended March 31, 2026 include non-cash asset impairment charges of $450 million recorded upon our commitment to exit certain operational activities and projects which no longer align with and facilitate our current operational strategy, “Excellence Unleashed”, as further discussed in Notes 10 and 13 in the Notes to Condensed Consolidated Financial Statements.
Previous wording
(c)Represents costs recorded to Other operating expense, net and incurred in connection with the separation of our Biosciences and Diagnostic Solutions business and the combination of the business with Waters.
Current wording
(c)Represents costs recorded to Other operating expense, net and incurred in connection with the Transaction.
Previous wording
(d)Includes amortization and other adjustments related to the purchase accounting for acquisitions. BD’s amortization expense is recorded in Cost of products sold. The amount in the three months ended December 31, 2024 includes $180 million recorded due to a fair value step-up adjustment relating to Advanced Patient Monitoring's inventory on the acquisition date.
Current wording
(d)Includes amortization and other adjustments related to the purchase accounting for acquisitions. BD’s amortization expense is recorded in Cost of products sold. The amounts in the three and six-month periods of 2025 include
Previous wording
(e)Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, amounts related to certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in the three months ended December 31, 2024 included: a charge within Cost of products sold of $22 million to adjust future costs estimated for product remediation efforts; a non-cash charge of $30 million within Research and development expense to write down certain assets in the Life Sciences segment; and charges of approximately $29 million recorded to Other operating expense, net, related to various legal matters. Additional disclosures regarding legislative and legal matters are provided in Note 5 in the Notes to Condensed Consolidated Financial Statements.
Current wording
(e)Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, amounts related to certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amounts presented include the following:
Showing the first 40 of 68 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
$162 million and $342 million, respectively, recorded due to a fair value step-up adjustment relating to Advanced Patient Monitoring's inventory on the acquisition date.