On this page of StockholderLetter.com we present the latest annual shareholder letter from BECTON DICKINSON & CO — ticker symbol BDX. Reading current and past BDX letters to shareholders can bring important insights into the investment thesis.

 •  12/18/2025 Letter Continued (Full PDF)
 •  12/14/2023 BDX Stockholder Letter
 •  12/19/2024 BDX Stockholder Letter
 •  More "Medical Instruments & Supplies" Category Stockholder Letters
 •  BDX Benford's Law Stock Score = 72

BDX Shareholder/Stockholder Letter Transcript:

Unleashing Excellence
Driving the Future of Care
Annual Report 2025

To our shareholders,
customers and associates,
This year marks the culmination of our BD2025 strategy
and the beginning of an ambitious new chapter and vision
to unleash excellence for a new phase of growth.
Our achievements over the past five years have positioned BD to
reach greater levels of performance and growth than ever before.
We built unique high-growth platforms, developed powerful new
capabilities, simplified the portfolio and brought world-class
excellence to our plants and supply chain. Now, we are raising
our sights even higher, bringing excellence everywhere across the
company: leading commercial capabilities, a deep innovation pipeline
and unmatched quality and supply reliability.
Our impact in FY25 illustrates what is now within our reach.
BD delivered nearly 35 billion devices to improve billions of lives in
more than 190 countries. These innovations are increasingly at the
Tom Polen
Chairman of the Board,
Chief Executive Officer and President
forefront of care, from technologies to accelerate drug discovery, to
those incorporating robotics and AI for core healthcare processes
such as vital signs and medication management, delivering hundreds
of millions of GLP-1 doses, and enabling life-changing procedures
for tissue reconstruction, peripheral vascular disease and urinary
incontinence.
BD has long been an essential medical technology company for
healthcare systems worldwide. By unleashing excellence in our
next phase of growth, we aim to become the most trusted medical
technology partner for transforming the future of care.

FY25
revenue
Our
Achievements
by segment and business unit
Delivering on BD2025 positions
us for a bold new chapter
l
BD
In
te
r

ve
a
ion
t
n
BD
Total BD revenue
BD Medical
$21.8
eS
Lif
c
ie
nc
es
BD Medical
BD Life Sciences
Specimen Management
Diagnostic Solutions
Biosciences
BD Interventional
Peripheral Intervention
Surgery
Urology and Critical Care
$11.5
Our team delivered on
the commitments we set,
driving the most prolific
period of growth in our
Most substantive
128-year history, adding
period of organic
growth in BD history
over $5.4B in organic
revenue and building
multiple new high-growth
platforms. These include
scaled platforms in the
best-in-class adj. operating
fast-growing biologic
margin expansion near the
drug delivery, tissue
top of our peer group since
FY20
regeneration, urinary
incontinence, pharmacy
robotics and advanced
patient monitoring
markets. We built our
adjusted EPS CAGR
strongest innovation
pipeline ever in attractive
end markets     with more than 125 new products launched
and an additional $1.3B added through over 20 accretive,
high-growth tuck-in acquisitions. We actively streamlined our
portfolio with the divestiture of non-strategic assets, including
our Surgical Instruments and Diabetes businesses.
+$5.4B
+560 bps

Medication Delivery Systems
Medication Management Solutions
Pharmaceutical Systems
Advanced Patient Monitoring
The successful completion of our BD2025 strategy and the
transformation of our portfolio over the past five years have
laid the foundation for what comes next.
$4.6
$3.5
$2.3
$1.1
$5.2
$1.9
$1.8
$1.5
$5.2
$2.0
$1.6
$1.6
Values in this exhibit reflect rounded numbers in billions of dollars.
+15.1%
Over this period, we became a leader among our peer
group in gross and operating margin expansion     driven by
BD Excellence, our lean operating system.
N: Figures shown reflect adjusted base metrics from FY2020 to FY2025. For non-GAAP reconciliations
see slide 36 in the BD Q4 FY25 earnings presentation posted on Nov. 6, 2025 at investors.bd.com.

We ended FY25 with a record adjusted operating margin of 25%,
record On-Time, In-Full service levels, record-high consumables
quality and world-class gross productivity improvements of over
8% in our plants. We are still in the early innings, as BD Excellence
gains momentum.
Our team achieved this while navigating a challenging
macroenvironment with changes in research spending, vaccine
utilization, tariffs and ongoing geopolitical uncertainty.
15% reduction
in recordable injury rates; near world-class levels
50% reduction
in manufacturing non-conformances
8%+
3.5%
gross productivity
improvements in
our plants
CapEx-to-revenue ratio;
lowest in over a decade
As the capstone of our BD2025 strategy, we announced
the agreement to combine our Biosciences and Diagnostic
Solutions business with Waters Corp. and the transition of
BD to a dedicated medical technology company upon closing.
This strategic move simplifies our portfolio and unlocks value
for our shareholders through ownership in the new life sciences
company. The transaction also enhances our capital allocation
framework, with a commitment to allocating at least half of the
expected $4 billion cash proceeds for share repurchases with the
balance for debt repayment following the closing.
It's a fitting final milestone as we shift toward greater focus for
faster long-term growth. We have transformed our company and
carefully selected our growth platforms, built and scaled a new
business system     BD Excellence     that is yielding significant
results in operations and has tremendous opportunities to be
applied to advancing commercial and innovation outcomes.
Now, we will maximize these platforms as we enter our
next chapter.
Our Strategy
Excellence Unleashed    
Compete, Innovate, Deliver
We have clear momentum to execute on our new
growth strategy     Excellence Unleashed     which
we are deploying across three strategic priorities:
    Compete     We expect to accelerate
growth and drive an exceptional customer
experience through world-class commercial
capabilities, technologies and a culture of
relentless execution.
    Innovate     We will capitalize on our unique
position to create and deliver breakthrough
innovations in high-growth markets, leveraging
the power of AI, robotics and new material
science to advance healthcare globally. We will
meaningfully increase the value and pace of
our pipeline through innovation excellence and
investment.
    Deliver     We will deliver exceptional quality,
reliable supply and consistent cash flow growth.
Operational excellence is our foundation for trust
and enables reinvestment in commercial and
innovation capabilities.
These three pillars set the foundation of our
strategy and are where we   ll unlock the most
value for our customers, patients, associates and
shareholders. Powered by our BD Excellence system,
we are raising the bar across each aspect of
our business.
We are already making progress, with commercial
excellence as a top focus. Our new vertical business
unit operating model empowers teams closest
to the customer to set priorities, make decisions

rapidly and drive share gains. BD Excellence equips our commercial teams with better tools, greater incentives and faster
processes to win in the market. As we drive deployment of BD Excellence to our commercial organization, led by our new
Chief Revenue Officer, we expect to further boost organic growth versus our base plans.
To drive innovation excellence, we are investing in what we believe to be the most impactful pipeline in BD history.
We aim to shape the future of patient care in high-growth markets, with advances in biologic drug delivery, connected
care, advanced patient monitoring, pharmacy robotics, tissue regeneration, urinary incontinence and at-home care.
BD is achieving innovation milestones more rapidly, leading to more launches and more positive impact on
patients ahead.
Trust is vital, earned each day through operational excellence, quality and reliability. We see a strong runway ahead for
continued service excellence, margin expansion and cash flow growth as we continue to improve.
Our Standard
World-class performance across BD
BD is built to deliver the results that define the future of
care. We have deliberately structured our portfolio and
our company to achieve a decisive advantage in fastgrowing markets with the greatest need for innovation
and the largest opportunities for an expert medical
technology partner.
Our strategy     Excellence Unleashed: Compete,
Innovate, Deliver     is how we achieve that potential.
Simply put, we are setting out to be the very best at what
we do. To have the strongest commercial organization in
the industry. To invent the future of care in our labs and
with our R&D teams. To offer unmatched supply chain
reliability and quality. To be the most trusted partner
in healthcare.
No other medical technology company is more essential
to a fully functioning healthcare system. Our products are
foundational and future forward, incorporating the latest
technologies and integrated solutions to improve clinical
and financial outcomes for patients and providers. Our
teams have opened the path to a new level of innovation,
commercial rigor and impact that wouldn   t have been
possible five years ago.
The foundation is in place. The future is up to us.
Excellence, across every part of the company, is now
our standard, our strategy and our commitment.
All of this is possible because of our more than 70,000
associates worldwide, who live The BD WAY every day
in their commitment to our company and to serving our
customers and patients. We would also like to thank our
shareholders for their continued confidence in BD and our
shared vision for the exciting future of our business as we
deliver on our Purpose of advancing the world of health   .
Tom Polen
Chairman of the Board,
Chief Executive Officer and President



 12/18/2025 Letter Continued (Full PDF)