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Becton, Dickinson and Company BDX, popularly known as BD, delivered adjusted earnings per share (EPS) of $3.96 in the fourth quarter of fiscal 2025, up 3.9% year over year. The figure topped the Zacks Consensus Estimate by 1%.
The adjustments include expenses related to purchase accounting adjustments and restructuring costs, among others.
GAAP EPS for the quarter was $1.72, reflecting an uptick of 24.6% from the year-ago figure.
Full-year adjusted EPS was $14.40, reflecting a 9.6% increase from the year-ago period.
BD registered revenues of $5.89 billion in the fiscal fourth quarter, up 8.3% year over year on a reported basis. The figure surpassed the Zacks Consensus Estimate by 0.04%.
At constant exchange rate (CER), revenues climbed 7% year over year, while organic
revenues were up 3.9% year over year.
Robust performances by all segments drove the top-line improvement.
Full-year revenues were $21.84 billion, reflecting an 8.2% improvement from the year-ago period on a reported basis (up 7.7% at CER and 2.9% on an organic basis). The metric lagged the Zacks Consensus Estimate by a marginal 0.04%.
Shares of this company lost nearly 6.7% in today’s pre-market trading.
BD’s operations consist of three worldwide business segments — BD Medical, BD Life Sciences and BD Interventional.
In the quarter under review, BD Medical reported worldwide revenues of $3.16 billion, up 11.2% from the year-ago quarter on a reported basis, 9.9% at CER and 4% on an organic basis. Per management, the segment’s organic revenue growth reflected strong performance in Advanced Patient Monitoring, and low single-digit growth in Medication Delivery Solutions, Medication Management Solutions (MMS) and Pharmaceutical Systems (PS) business units. This figure compares to our fiscal fourth-quarter revenue projection of $3.28 billion.
Worldwide revenues in the BD Life Sciences segment totaled $1.37 billion, up 2.1% year over year on a reported basis and 0.3% both at CER and on an organic basis. The segment’s performance reflected low single-digit growth in Specimen Management and Diagnostic Solutions (DS) business units. This was partially offset by a decrease in the Biosciences business unit. This figure compares to our fiscal fourth-quarter revenue projection of $1.27 billion.
BD Interventional segment generated worldwide revenues of $1.37 billion, up 8.5% from the year-ago quarter on a reported basis and 7.5% both at CER and on an organic basis. The segment’s performance reflected double-digit growth in Urology & Critical Care, high single-digit growth in Surgery and mid single-digit growth in Peripheral Intervention (PI) business units. This figure compares to our fiscal fourth-quarter revenue projection of $1.35 billion.
In the fourth quarter of fiscal 2025, revenues in the United States improved 9.8% year over year to $3.42 billion. This figure compares to our fiscal fourth-quarter revenue projection of $3.37 billion.
International revenues grossed $2.47 billion, up 6.4% from the year-ago quarter on a reported basis and up 3.2% at CER. This figure compares to our fiscal fourth-quarter revenue projection of $2.53 billion.
Becton, Dickinson and Company price-consensus-eps-surprise-chart | Becton, Dickinson and Company Quote
In the quarter under review, BD’s gross profit increased 12.5% year over year to $2.79 billion. The gross margin expanded 176 basis points (bps) to 47.5%. We had projected a gross margin of 45.3% in the fourth quarter of fiscal 2025.
Selling and administrative expenses increased 8.8% year over year to $1.37 billion. Research and development expenses increased 6.6% year over year to $322 million. Adjusted operating expenses of $1.69 billion rose 8.3% year over year.
Adjusted operating profit totaled $1.11 billion, reflecting a 19.5% increase from the year-ago quarter. The adjusted operating margin in the fiscal fourth quarter expanded 176 bps to 18.8%.
BD exited fourth-quarter fiscal 2025 with cash and cash equivalents and short-term investments of $649 million compared with $757 million at the fiscal third-quarter end. Total debt (including current debt obligations) at the end of the fiscal fourth quarter was $19.18 billion compared with $19.34 billion at the fiscal third-quarter end.
Cumulative net cash provided by continuing operating activities at the end of fourth-quarter fiscal 2025 was $ 3.43 billion compared with $3.84 billion a year ago.
Meanwhile, BD has a consistent dividend-paying history, with its five-year annualized dividend growth being 5.32%.
BD has initiated its financial outlook for fiscal 2026.
BD projects its full fiscal year revenues to grow above low single-digit on a reported basis, while it expects them to grow at low single-digit at CER.
For the full fiscal year, adjusted EPS is anticipated to be in the range of $14.75-$15.05. The Zacks Consensus Estimate is pegged at $14.79.
BD exited the fourth quarter of fiscal 2025 with better-than-expected results and solid top and bottom-line results. Robust performances by all segments and both geographic regions were encouraging. Strength in BD’s segments' business units during the reported quarter was also promising. The expansion of both margins bodes well.
Apart from these, there were a few other developments during the recent period, like the launch of BD Incada Connected Care Platform and a pharmacy automation partnership with Henry Ford Health within the BD Medical segment’s MMS business unit, the BD Interventional segment’s PI business unit’s milestone for the Rotarex Catheter System with the first patient enrolled in the XTRACT Registry and the BD Life Sciences segment’s DS business unit’s announcement of a new self-collection solution for HPV testing in markets outside the United States.
However, lower market demand for vaccine products within the BD Medical segment’s PS business unit and continued market dynamics in China were disappointing.
BDX currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation BSX, West Pharmaceutical Services, Inc. WST and Exact Sciences Corporation EXAS.
Boston Scientific, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 5.6%. Revenues of $5.07 billion outpaced the consensus mark by 1.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific has a long-term estimated growth rate of 16.4%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.4%.
West Pharmaceutical reported third-quarter 2025 adjusted EPS of $1.96, beating the Zacks Consensus Estimate by 17.4%. Revenues of $804.6 million surpassed the Zacks Consensus Estimate by 2.4%. It currently carries a Zacks Rank #2.
West Pharmaceutical has a long-term estimated growth rate of 9.8%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 15.5%.
Exact Sciences reported third-quarter 2025 adjusted EPS of 24 cents, beating the Zacks Consensus Estimate by 84.6%. Revenues of $850.7 million surpassed the Zacks Consensus Estimate by 4.9%. It currently sports a Zacks Rank #1.
Exact Sciences has a long-term estimated growth rate of 30.3%. EXAS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 352.3%.
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This article originally published on Zacks Investment Research (zacks.com).
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