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Delivering with excellence for our customers and patients Annual Report 2024
ww To our shareholders, customers and associates, Tom Polen Chairman of the Board, Chief Executive Officer and President 2024 marked a pivotal year in the transformation of BD as a stronger, more innovative and more influential MedTech leader.
Since launching our BD 2025 strategy, we have made great strides to grow through leading innovations, expand margins through simplification and operational excellence, and empower our team to bring our strategy to life. Our work is enabling the healthcare of today and helping our customers build and thrive in the healthcare of tomorrow. We are realizing our vision through our BD Excellence operating system and mindset. This is a concerted effort to become world-class in everything we do, whether that s how we manufacture products, serve customers or go to market. BD Excellence is, and will continue to be, transformative: improving quality and safety, enhancing customer service, speeding R&D timelines and reducing costs. Ultimately, this fuels more innovations that benefit billions of patients.
Excellence means succeeding together with our customers harnessing advanced technologies to help them adapt to today s seismic shifts in care, brought on by rising costs, clinician shortages, increased patient complexities, and the rapid pace of technology that is revolutionizing how and where care is delivered. We have built a strong innovation pipeline and are on track to meet our BD 2025 goal of launching 100 new products by the end of 2025. As we help to reshape the future of healthcare, our customers continue to rely on our more than 34 billion devices every year that deliver the healthcare of today across more than 190 countries. Our innovative portfolio is positioned at the forefront of these significant shifts reshaping healthcare. We are combining AI, robotics, and informatics with deep customer and patient insights to deliver connected, intelligent solutions that improve both the quality and cost-efficiency of core processes underlying care delivery. Through our $4 billion connected care portfolio, we are advancing our leadership in intelligent medication management, and pharmacy and microbiology robotics. The acquisition of Edwards Lifesciences' Critical Care product group, now known as Advanced Patient Monitoring, expands our portfolio of smart, connected care solutions with leading monitoring technologies, including advanced AI algorithm clinical decision support tools. Our efforts to simplify our company, along with our BD Excellence business system, supported BD in navigating and delivering solid growth amid transitory dynamics in the life science research and pharmaceutical markets, while also delivering strong FY24 outcomes in margins, EPS and cash flow. As a result, we are fueling more investment in innovation to support our customers in transforming care delivery. Across manufacturing, our teams completed over 500 Kaizen events this year, which led to improved quality and safety, waste reduction and meaningful savings. We increased operating efficiency double digits across our top 150 production lines, enabling more efficient use of capital. We have seen significant results in manufacturing and are expanding to bring our BD Excellence system to our commercial, R&D and other areas of the company. Our innovations are enabling care to be delivered in new settings, helping patients manage conditions at home such as our BD PureWick Urinary Incontinence Franchise and enabling delivery of life-changing biologic drugs through our prefillable syringes like the BD Neopak and BD Vystra self-injection devices. As the global leader in biologics drug delivery, with unmatched innovations and capacity, BD is ideally positioned to be the partner of choice for pharmaceutical innovators and capitalize on this significant growth potential. We continue to make great strides improving outcomes for those living with chronic disease. Innovations like BD FACSDiscover S8 Cell Sorters are enabling new insights into the human immune system and contributing to breakthroughs in cell and immune oncology therapies. The BD COR System and BD Onclarity HPV assay are helping to transform and expand cancer screening around the world by enabling women to self-sample at home for the virus strains that cause cervical cancer. Our impact continues through enabling advanced tissue repair and reconstruction with our resorbable mesh portfolio, comprised of BD Phasix Mesh and GalaFLEX Scaffold. Excellence advances not only our company performance, but our impact as a trusted corporate citizen. We are thinking big and doing more to empower our associates, serve our communities and protect our planet as we committed to in our corporate sustainability strategy: Together We Advance. We are exceeding the sustainability goals we set in 2021 and are on track to meet our 2030+ emission reduction goals. Notably, we reduced Scope 1 and 2 GHG emissions 18% versus our FY19 baseline, surpassing our goal. We doubled the number of sites using Green Electric Power and solar power, while reducing water usage by 21% and waste leaving the sites by 18%. In 2023, we achieved gender base pay equity globally and continue to hold ourselves accountable for equitable pay across our associate base. Our sustainability and ID&E efforts have been recognized by world-leading organizations including Fortune Magazine s Most Innovative Companies; Business Group on Health s Best Employer for Excellence in Employee Well-being; Disability Equality Index s Best Places to Work for Disability Inclusion; and 3BL s 100 Best Corporate Citizens, to name a few.
l BD Medical Medication Delivery Systems Medication Management Solutions BD In te ve a ion t n Pharmaceutical Systems Advanced Patient Monitoring S n cie ces Total BD revenue B D Medical $20.2 BD Life Sciences Integrated Diagnostics Solutions Biosciences BD Interventional Peripheral Intervention Surgery Urology and Critical Care $10.1 r FY24 revenue by segment and business unit $4.4 $3.3 $2.3 $0.1 $5.2 $3.7 $1.5 $5.0 $1.9 $1.5 $1.6 Values in this exhibit reflect rounded numbers in billions of dollars. B D Lif e Our priorities for fiscal 2025 Looking ahead, we recognize the complex landscape that our customers face, and we are working with agility to help them meet these changes and thrive in the healthcare of tomorrow. Throughout our more than 125 years as a company, we have been known for stepping up as healthcare evolves, and today is no different. We will continue to invest in our talent, strengthen our culture and provide opportunities at the forefront of the MedTech industry. We start FY25 with momentum. We have a leading portfolio in attractive growth markets, strong innovation pipeline, winning commercial plans to support growth and our BD Excellence system that is simplifying the company. As we accelerate this system across the company, we will continue to drive healthy margin improvement and transform our quality systems and the way we work. This, in turn, will enable more investment in R&D, fuel go-to-market investment and make BD an even better place to work and an exciting destination to build a career. We know that our industry is changing fast, and our stakeholders expect more. We are answering that call with bold thinking and innovations designed to deliver value for our customers and shareholders. Our commitment to strong execution is advancing industry-leading solutions for billions of patients worldwide. And, our excellence and simplification focus is designed to drive meaningful and durable growth while simultaneously creating value through purposeful capital allocation, and margin and cash flow increases. Most importantly, we will continue to attract, retain and empower the best talent who will continue to lead BD into this next chapter of growth and value creation. I want to thank our associates for their dedication, ingenuity and commitment to excellence. I m inspired by the work they are doing for billions of people around the world together, they are delivering on our Purpose of advancing the world of health . Thank you for your support. Tom Polen Chairman of the Board, Chief Executive Officer and President
 • shareholder letter icon 12/19/2024 Letter Continued (Full PDF)
 • stockholder letter icon 12/14/2023 BDX Stockholder Letter
 • stockholder letter icon More "Medical Instruments & Supplies" Category Stockholder Letters
 • Benford's Law Stocks icon BDX Benford's Law Stock Score = 97


BDX Shareholder/Stockholder Letter Transcript:

Delivering with excellence for
our customers and patients
Annual Report 2024

ww
To our
shareholders,
customers and
associates,
Tom Polen
Chairman of the Board,
Chief Executive Officer and President
2024 marked a pivotal
year in the transformation
of BD as a stronger,
more innovative and more
influential MedTech leader.

Since launching our BD 2025 strategy, we have made
great strides to grow through leading innovations, expand
margins through simplification and operational excellence,
and empower our team to bring our strategy to life.
Our work is enabling the healthcare of today and helping our
customers build     and thrive in     the healthcare of tomorrow.
We are realizing our vision through our BD Excellence operating system and mindset.
This is a concerted effort to become world-class in everything we do, whether that   s
how we manufacture products, serve customers or go to market. BD Excellence is,
and will continue to be, transformative: improving quality and safety, enhancing
customer service, speeding R&D timelines and reducing costs. Ultimately,
this fuels more innovations that benefit billions of patients.

Excellence means succeeding together with our
customers     harnessing advanced technologies to help
them adapt to today   s seismic shifts in care, brought
on by rising costs, clinician shortages, increased patient
complexities, and the rapid pace of technology that
is revolutionizing how and where care is delivered.
We have built a strong innovation pipeline and are on
track to meet our BD 2025 goal of launching 100 new
products by the end of 2025. As we help to reshape the
future of healthcare, our customers continue to rely on
our more than 34 billion devices every year that deliver
the healthcare of today across more than 190 countries.
Our innovative portfolio is positioned at the forefront
of these significant shifts reshaping healthcare. We
are combining AI, robotics, and informatics with deep
customer and patient insights to deliver connected,
intelligent solutions that improve both the quality and
cost-efficiency of core processes underlying care delivery.
Through our $4 billion connected care portfolio, we
are advancing our leadership in intelligent medication
management, and pharmacy and microbiology
robotics. The acquisition of Edwards Lifesciences' Critical
Care product group, now known as Advanced Patient
Monitoring, expands our portfolio of smart, connected care
solutions with leading monitoring technologies, including
advanced AI algorithm clinical decision support tools.
Our efforts to simplify our company, along with our
BD Excellence business system, supported BD in navigating
and delivering solid growth amid transitory dynamics in
the life science research and pharmaceutical markets, while
also delivering strong FY24 outcomes in margins, EPS and
cash flow. As a result, we are fueling more investment in
innovation to support our customers in transforming care
delivery. Across manufacturing, our teams completed over
500 Kaizen events this year, which led to improved quality
and safety, waste reduction and meaningful savings.
We increased operating efficiency double digits across our
top 150 production lines, enabling more efficient use of
capital. We have seen significant results in manufacturing
and are expanding to bring our BD Excellence system to
our commercial, R&D and other areas of the company.
Our innovations are enabling care to be delivered in new
settings, helping patients manage conditions at home    
such as our BD   PureWick    Urinary Incontinence Franchise
    and enabling delivery of life-changing biologic drugs
through our prefillable syringes like the BD   Neopak    and
BD Vystra    self-injection devices. As the global leader in
biologics drug delivery, with unmatched innovations and
capacity, BD is ideally positioned to be the partner of
choice for pharmaceutical innovators and capitalize on this
significant growth potential. We continue to make great
strides improving outcomes for those living with chronic
disease. Innovations like BD FACSDiscover    S8 Cell Sorters are
enabling new insights into the human immune system and
contributing to breakthroughs in cell and immune oncology
therapies. The BD COR    System and BD Onclarity    HPV
assay are helping to transform and expand cancer screening
around the world by enabling women to self-sample at
home for the virus strains that cause cervical cancer. Our
impact continues through enabling advanced tissue repair
and reconstruction with our resorbable mesh portfolio,
comprised of BD   Phasix    Mesh and GalaFLEX    Scaffold.
Excellence advances not only our company performance,
but our impact as a trusted corporate citizen. We are thinking
big and doing more to empower our associates, serve our
communities and protect our planet as we committed to in
our corporate sustainability strategy: Together We Advance.
We are exceeding the sustainability goals we set in 2021 and
are on track to meet our 2030+ emission reduction goals.
Notably, we reduced Scope 1 and 2 GHG emissions 18%
versus our FY19 baseline, surpassing our goal. We doubled
the number of sites using Green Electric Power and solar
power, while reducing water usage by 21% and waste
leaving the sites by 18%. In 2023, we achieved gender
base pay equity globally and continue to hold ourselves
accountable for equitable pay across our associate base.
Our sustainability and ID&E efforts have been recognized
by world-leading organizations including Fortune Magazine   s
Most Innovative Companies; Business Group on Health   s Best
Employer for Excellence in Employee Well-being; Disability
Equality Index   s Best Places to Work for Disability Inclusion;
and 3BL   s 100 Best Corporate Citizens, to name a few.

l
BD Medical
Medication Delivery Systems
Medication Management Solutions
BD
In
te
ve
a
ion
t
n
Pharmaceutical Systems
Advanced Patient Monitoring
S
n
cie
ces
Total BD revenue
B D Medical
$20.2
BD Life Sciences
Integrated Diagnostics Solutions
Biosciences
BD Interventional
Peripheral Intervention
Surgery
Urology and Critical Care
$10.1

r
FY24 revenue by segment and business unit
$4.4
$3.3
$2.3
$0.1
$5.2
$3.7
$1.5
$5.0
$1.9
$1.5
$1.6
Values in this exhibit reflect rounded numbers in billions of dollars.
B
D
Lif
e
Our priorities for fiscal 2025
Looking ahead, we recognize the complex landscape
that our customers face, and we are working with
agility to help them meet these changes and thrive
in the healthcare of tomorrow. Throughout our more
than 125 years as a company, we have been known
for stepping up as healthcare evolves, and today is
no different. We will continue to invest in our talent,
strengthen our culture and provide opportunities at
the forefront of the MedTech industry.
We start FY25 with momentum. We have a leading
portfolio in attractive growth markets, strong
innovation pipeline, winning commercial plans to
support growth and our BD Excellence system that is
simplifying the company. As we accelerate this system
across the company, we will continue to drive healthy
margin improvement and transform our quality
systems and the way we work. This, in turn, will enable
more investment in R&D, fuel go-to-market
investment and make BD an even better place to
work and an exciting destination to build a career.
We know that our industry is changing fast, and our stakeholders
expect more. We are answering that call with bold thinking and
innovations designed to deliver value for our customers and
shareholders. Our commitment to strong execution is advancing
industry-leading solutions for billions of patients worldwide.
And, our excellence and simplification focus is designed to drive
meaningful and durable growth while simultaneously creating
value through purposeful capital allocation, and margin and
cash flow increases. Most importantly, we will continue to
attract, retain and empower the best talent who will continue
to lead BD into this next chapter of growth and value creation.
I want to thank our associates for their dedication, ingenuity
and commitment to excellence. I   m inspired by the work they
are doing for billions of people around the world     together, they
are delivering on our Purpose of advancing the world of health   .
Thank you for your support.
Tom Polen
Chairman of the Board,
Chief Executive Officer and President



shareholder letter icon 12/19/2024 Letter Continued (Full PDF)
 

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