[BDX] BD: Q4 Fiscal 2026 Earnings Test for GLP-1 Devices and the Alaris Roll-Off

BD (BDX) is a medical technology company built on high-volume hospital consumables and devices such as syringes, needles, vascular access catheters, blood collection tubes and infusion pumps, and after spinning off its Biosciences and Diagnostic Solutions business into Waters in February 2026 it kept four segments: Medical Essentials, Connected Care, BioPharma Systems and Interventional[1][2]. According to the earnings calendar, BD is scheduled to report its BD Q4 fiscal 2026 earnings, covering the fiscal fourth quarter ended September 30, 2026 and the full fiscal year (2026 财年第四季度(截至 2026 年 9 月 30 日的三个月)及 2026 财年全年), on 2026-11-05[3]. In the latest disclosed quarter, the fiscal third quarter ended June 30, 2026, revenue from continuing operations was $4.983 billion, up 5.4% as reported and 4.4% on a foreign-currency-neutral basis, with the four segments growing between 3.2% and 5.5% FX-neutral[4]; adjusted EPS was $3.23, up 4.9%[4], and nine-month adjusted EPS was $8.59, 0.7% below the prior year's $8.65[5]. On August 6 management raised full-year adjusted EPS guidance to $12.62 to $12.72, up 6.1% to 6.9% from $11.90 a year earlier[6], and guided full-year FX-neutral revenue growth toward the high end of a low-single-digit range with an adjusted operating margin of about 25% including tariffs[7]; subtracting the first nine months from the full-year range implies fourth-quarter adjusted EPS of roughly $4.03 to $4.13. The Drillr-compiled analyst consensus puts fourth-quarter revenue at $5.1134 billion (9 analysts, range $5.0635 billion to $5.1933 billion) and adjusted EPS at $4.07 (10 analysts, range $4.04 to $4.11), with fiscal 2027 revenue of $19.6905 billion and adjusted EPS of $13.25[8].

Three things matter most in this report. First, can BioPharma Systems keep growing against last year's high fourth-quarter base of $702 million? The segment grew 5.2% FX-neutral in the third quarter, with U.S. revenue up 14.2%[9]; the 10-Q credits GLP-1 delivery devices[10], and management said the vaccine drag is stabilizing[7], so the fourth quarter tests whether this growth line is truly breaking free of vaccines. Second, can Connected Care hold up as Alaris pump replacement revenue rolls off? Management said that revenue reduces total growth by about 100 basis points in fiscal 2026 and about 200 basis points in fiscal 2027, and it will give formal fiscal 2027 guidance on the November call[7]; with MMS growing only 2.3% in the third quarter[9], whether the new guidance keeps that framework sets the floor for next year's revenue growth. Third, how much of the fourth-quarter EPS jump comes from operations? BD used spin-off proceeds in the second quarter to run a $2.0 billion accelerated share repurchase and retire $2.1 billion of debt[11], while tariffs cut the third-quarter adjusted operating margin by about 110 basis points[7]; only an operating margin at or above last year's fourth-quarter 25.8%[12] would show that operations had absorbed the cost pressure.

Company Background and Business Structure

BD is a medical technology company headquartered in Franklin Lakes, New Jersey, and traded on the NYSE as BDX, and in 2026 it completed a spin-off that redrew the company's boundaries[13]. Effective October 1, 2025, the company reorganized into five separately managed segments, Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences, with Life Sciences remaining part of BD until the Waters transaction closed[1]. In February 2026 BD separated its Biosciences and Diagnostic Solutions business and combined it with Waters; BD shareholders received 39.2% of the combined Waters on a fully diluted basis, BD received $4 billion in cash, and at Waters' February 6, 2026 closing price the transaction put a price of $18.8 billion on the business[2]. BD planned to use $2 billion of the proceeds for an accelerated share repurchase and the other $2 billion for debt repayment, leaving the company with four segments[2].

Of the four segments, Medical Essentials and Connected Care are the largest and the most representative of how BD does business. Medical Essentials includes Medication Delivery Solutions (vascular access catheters, syringes and needles) and Specimen Management (Vacutainer blood collection tubes), which generated $1.164 billion and $511 million of third-quarter revenue, or $1.675 billion combined; Connected Care includes Medication Management Solutions (MMS, covering Alaris infusion pumps, Pyxis dispensing cabinets, pharmacy automation and infusion sets) and Advanced Patient Monitoring (APM, hemodynamic monitoring), which generated $915 million and $309 million[9]. The Alaris infusion pump business is run by the CareFusion 303 subsidiary and operates in the United States under an amended consent decree[14].

The other two segments serve different customers but are also driven by consumables. BioPharma Systems sells drug-delivery devices such as prefillable syringes and injection pens to pharmaceutical companies, which fill them and sell them with their drugs, and it generated $670 million of third-quarter revenue; Interventional covers peripheral intervention, urology and critical care (including PureWick) and surgery, and generated $1.414 billion[9]. By geography, third-quarter U.S. revenue was $3.081 billion, about 62% of continuing-operations revenue, and international revenue was $1.902 billion[9]; management said China is only about 4% of new BD's revenue and that manufacturing efficiency keeps improving through plant consolidations and the BD Excellence system[7].

Financial History and Current Position

On a continuing-operations basis restated for the spin-off, BD already earned an adjusted operating margin of about 25% in fiscal 2025, the year ended September 30, 2025. Revenue was $18.544 billion, adjusted operating income was $4.666 billion and the adjusted operating margin was 25.2%[12], with adjusted diluted EPS of $11.90[6]. Fourth-quarter fiscal 2025 revenue was $5.005 billion, made up of $1.686 billion from Medical Essentials, $1.250 billion from Connected Care, $702 million from BioPharma Systems and $1.367 billion from Interventional[15]; adjusted operating income was $1.292 billion, a 25.8% margin, and adjusted EPS was $3.26[12]. Because of acquisition-related amortization and other items, GAAP profit sits far below the adjusted figures: purchase accounting adjustments alone reduced fiscal 2025 pre-tax income by $1.865 billion, or $6.46 per share[6].

Revenue growth accelerated through fiscal 2026, but profit growth had not caught up by the end of nine months. In the first quarter, ended December 31, 2025, total company revenue was $5.3 billion, up 0.4% FX-neutral, new BD grew 2.5% FX-neutral and adjusted EPS was $2.91[13]; in the second quarter, ended March 31, 2026, continuing-operations revenue was $4.7 billion, up 5.2% as reported and 2.6% FX-neutral, with GAAP EPS of $(0.13) and adjusted EPS of $2.90[11]; in the third quarter revenue was $4.983 billion, up 4.4% FX-neutral[4]. Nine-month adjusted EPS was $8.59, down 0.7% from a year earlier[5].

Cash flow improved more than profit, and the spin-off cash reshaped the balance sheet. Nine-month cash from continuing operating activities was $2.104 billion, up 33.3%, capital expenditures were $376 million and free cash flow was $1.728 billion, up 44.6%[16]; management attributed the improvement to working capital and lower non-operating outlays[7]. In the second quarter BD used spin-off proceeds to run a $2.0 billion accelerated share repurchase and retire $2.1 billion of debt[11]; over nine months it returned $3.1 billion to shareholders, including $2.3 billion of buybacks and $0.9 billion of dividends, and net leverage stood at about 2.9 times, above the long-term target of 2.5 times[7].

Operating Model

BD's revenue is the sum of its four segments, and each segment runs on two rhythms: consumables and equipment. Catheters, syringes, blood collection tubes, infusion sets, monitoring consumables, PureWick and prefillable devices are replenished according to hospital usage or drugmakers' fill schedules, so their revenue moves with volume, share and price and shows up in the same quarter; Alaris infusion pumps, Pyxis cabinets and pharmacy automation are recognized at installation, and Alaris remediation and replacement is one-time revenue now rolling off, which management said reduces total revenue growth by about 100 basis points in fiscal 2026 and about 200 basis points in fiscal 2027 before ending[7]. Of the $4.983 billion of third-quarter revenue, Medical Essentials contributed $1.675 billion, Connected Care $1.224 billion, BioPharma Systems $670 million and Interventional $1.414 billion[4].

Adjusted operating income equals revenue times the adjusted gross margin, minus selling and administrative expense and research and development, and gross margin is where cost shocks land first. BD makes its high-volume consumables in its own plants, so gross margin depends on volume, productivity, raw materials and tariffs: management cited about 8% plant productivity, but tariffs cut the third-quarter adjusted operating margin by about 110 basis points; resins and plastics are about 5% of cost of goods sold, and oil holding above $100 a barrel would add $60 million to $70 million to cost of goods sold[7]. In its discussion of the Interventional segment, the 10-Q attributes the lower third-quarter gross margin to costs of responding to the El Paso warning letter and to tariffs, partly offset by pricing[17], which shows these costs already reached the quarter's margin.

Cash comes mainly from steady collections on consumables, and the spin-off cash is a one-time supplement. In the first nine months of fiscal 2026, $2.104 billion of continuing operating cash flow minus $376 million of capital expenditures produced $1.728 billion of free cash flow[16], and management's long-term goal is 90% free cash flow conversion[7]. The $4 billion from the spin-off went to the $2 billion accelerated repurchase and about $2.1 billion of debt repayment[2][11]; it lifts EPS directly through fewer shares and lower interest without changing operating income, which is the key to judging the quality of fourth-quarter profit.

Industry and Competitive Position

BD's strength in syringes, catheters, blood collection tubes and hospital infusion pumps currently shows up mainly in supply reliability and share. Management said BD Excellence has pushed backorders to record lows and service levels to record highs, with service levels above 90% in the third quarter; in the same quarter part of the U.S. growth in blood collection came from extra demand created by competitor backorders, and Alaris gained more than 200 basis points of share year to date[7]. Some of these share gains depend on competitors' temporary problems, so their durability needs confirmation in later quarters.

Competitive pressure comes from several directions, and China is currently the clearest drag. The 10-K says established companies have diversified into medical technology, some medical-product distributors have become device manufacturers, and the entry of low-cost manufacturers has increased pricing pressure, with BD competing on price, quality, innovation, service, reputation, distribution and promotion[18]. In China, volume-based procurement held down Medication Delivery Solutions revenue and was the main reason international revenue declined in the third quarter[19]. The disclosures cited here cover only BD, so they cannot quantify any share or margin gap between BD and its peers.

Core Debates

Once the vaccine drag laps, can GLP-1 injection devices re-accelerate BioPharma Systems?

BioPharma Systems is about one-eighth of new BD's revenue but one of its fastest-growing platforms, because biologic devices such as GLP-1 pens keep growing at double digits while lower vaccine demand has kept offsetting that growth[20]. Last year's fourth-quarter segment revenue was $702 million, including $228 million in the U.S., up 21.5%, and $475 million internationally, down 6.3% FX-neutral[15], the highest single quarter of that year. Whether the segment can grow against that high base in the fourth quarter will shape how the market views this growth line.

Third-quarter data show growth recovering, but the drivers are concentrated in the U.S. Segment revenue was $670 million, up 5.2% FX-neutral, with the U.S. up 14.2% and international up only 1.6%[9]; the 10-Q attributes the growth to prefillable solutions for biologic drugs, led by GLP-1 delivery products, partly offset by lower vaccine demand[10]. Management said the segment grew in the mid-teens excluding vaccines, that BD has signed about 100 GLP-1 customer agreements, and that fiscal 2027 vaccine headwinds are not expected to repeat at 2026 levels[7]. An alternative reading is that part of the third-quarter rebound came from drugmaker restocking or order timing rather than sustained ramp-up, and the high base would expose that in the fourth quarter.

The financial transmission in this debate is direct, and the watch points and falsifiers are clear. Launches and production ramps of GLP-1 and other biologics lead drugmakers to buy BD's prefillable syringes and injection pens, which shows up first in U.S. revenue and then improves mix through high-margin devices; lower vaccination demand reduces international vaccine device orders and offsets part of that growth. In the fourth quarter, watch whether segment FX-neutral growth is at least 5.2%, whether U.S. revenue keeps growing at double digits, whether international revenue stops declining, and how the fiscal 2027 outlook describes vaccines and GLP-1 devices. If U.S. growth falls to single digits while the segment declines, or if international revenue still falls by more than 3% against a low base, the view that the vaccine drag has bottomed and GLP-1 is taking over would weaken.

As Alaris replacement revenue rolls off, can infusion and monitoring hold up?

Management has already quantified the Alaris replacement roll-off, so the question is whether other businesses can fill the gap. The 10-K says Alaris infusion systems in the U.S. market are being remediated or replaced with the updated 510(k)-cleared version, work it expected to be substantially complete over the next calendar year[14]. Management said that revenue reduces total growth by about 100 basis points in fiscal 2026 and about 200 basis points in fiscal 2027[7]; measured against fiscal 2025 continuing-operations revenue of $18.544 billion[12], that is roughly $370 million. The November earnings call will provide formal fiscal 2027 guidance[7], the first hard checkpoint for this framework.

Third-quarter replacement growth came mainly from monitoring and pharmacy automation, while MMS itself grew slowly. MMS revenue was $915 million, up 2.3% FX-neutral, APM revenue was $309 million, up 11.2%, and Connected Care totaled $1.224 billion, up 4.4%[9]; management cited double-digit growth in dispensing, sustained strength in pharmacy automation, infusion sets helped by higher utilization and Alaris share gains, and more than 200 basis points of Alaris share gains year to date[7]. An alternative reading is that part of MMS growth came from utilization recovery after last year's fluid shortages and from infusion set restocking, neither of which is durable. Last year's fourth-quarter MMS revenue was $974 million, up 3.1% FX-neutral, APM was $276 million and Connected Care was $1.250 billion[15]; if MMS turns negative against that high base, the equipment roll-off is outrunning consumables growth.

This debate determines total company revenue growth, not just one product line. Remediation or replacement of older Alaris pumps in U.S. hospitals creates one-time equipment revenue that falls away once remediation ends; at the same time, new share drives ongoing infusion set consumption, and Pyxis cabinets, pharmacy automation installations and APM monitoring consumables keep growing, and together these determine MMS and Connected Care revenue and, through them, total company growth. In the fourth quarter, watch whether MMS FX-neutral growth is at least 2.3%, whether APM keeps growing at double digits, and whether formal fiscal 2027 guidance keeps the roughly 200-basis-point Alaris drag and low-single-digit revenue growth. If the fiscal 2027 drag exceeds 200 basis points, or MMS declines FX-neutral in the fourth quarter, the concern that replacement growth cannot offset the roll-off would be confirmed.

Can U.S. share gains in BD's largest consumables segment keep outrunning China's volume-based procurement?

Medical Essentials is the base of BD's growth, and its pace directly shapes how much the market trusts new BD's growth foundation. The segment sells high-volume consumables such as catheters, syringes and blood collection tubes; third-quarter revenue was $1.675 billion, about one-third of continuing-operations revenue, and FX-neutral growth accelerated to 3.2%[9], while in the first quarter Medication Delivery Solutions was still held back by order timing and volume-based procurement in China[20]. It is also the business where BD's plant volume is most concentrated, so whether the third-quarter acceleration carries into the fourth quarter affects the read on the whole company.

The third-quarter acceleration came from the U.S., while international revenue kept falling. Segment U.S. revenue was $994 million, up 8.0%, and international revenue was $681 million, down 3.2% FX-neutral; Specimen Management revenue was $511 million, up 7.0% FX-neutral with the U.S. up 14.0%, and Medication Delivery Solutions revenue was $1.164 billion, up 1.6% FX-neutral[9]. Management attributed the U.S. acceleration to vascular access share gains, utilization recovery after the 2025 fluid shortages, and Vacutainer share gains, better supply chains and extra demand from competitor backorders[7], while the 10-Q attributes the international decline to market dynamics in China, including volume-based procurement[19]. An alternative reading is that much of the U.S. acceleration came from utilization recovery and competitor backorders that will fade over time; last year's fourth-quarter segment revenue was $1.686 billion, up 3.6% FX-neutral, international revenue grew 0.4% FX-neutral, Specimen Management was $483 million, up 3.3%, and Medication Delivery Solutions was $1.202 billion, up 3.8%[15], and these are the fourth-quarter comparison bases.

Revenue changes in this segment are amplified into gross margin through plant utilization. U.S. hospital usage and share determine U.S. revenue for catheters, syringes and blood collection tubes, while price cuts and share reallocation under China's volume-based procurement push down international revenue, and the two together make up Medical Essentials revenue; because these are high-volume consumables, revenue changes also move gross margin through plant utilization. In the fourth quarter, watch whether segment FX-neutral growth is at least 3%, whether blood collection growth stays above 5%, and whether the international decline narrows. If blood collection growth falls below 3%, temporary orders are fading; if the international decline exceeds 5%, procurement pressure is widening, and either outcome would weaken the view that U.S. share gains are enough to offset China.

Is the jump in EPS coming from operations or from buybacks?

The fourth-quarter EPS increase is clearly larger than operating improvement alone can explain, so the sources of profit need to be separated. Subtracting the nine-month $8.59 from full-year guidance implies fourth-quarter adjusted EPS of roughly $4.03 to $4.13[6][5], about a quarter above last year's $3.26[12]. But this year BD used spin-off cash to buy back $2 billion of stock and repay about $2.1 billion of debt[11], while tariffs and the El Paso warning letter pushed costs higher. Only the operating margin can show how much of the growth comes from operations.

Current evidence shows that the cost pressure on margins is real. Third-quarter adjusted EPS was $3.23, up 4.9%[4], and nine-month adjusted EPS was $8.59, down 0.7%[5]; management said tariffs cut the third-quarter adjusted operating margin by about 110 basis points and cited plant productivity of about 8%[7], and the 10-Q attributes the lower Interventional gross margin to El Paso remediation costs and tariffs[17]. The El Paso plant received an FDA warning letter on April 30, 2026[21], BD placed ChloraPrep and PurPrep on ship hold in the U.S. on May 6, and it resumed ChloraPrep shipments on May 29[22]. Full-year adjusted operating margin guidance is about 25%[7], below last year's fourth-quarter 25.8%, and last year's fourth-quarter adjusted gross margin was 55.0%[12]. An alternative reading is that the fourth-quarter EPS jump comes mainly from fewer shares, lower interest and seasonally high revenue while the operating margin actually falls year over year; if the margin is below 25%, hitting the EPS number would not prove the cost pressure has been absorbed.

The transmission chain in this debate starts with costs and ends with EPS. Tariffs, El Paso remediation costs and labor costs raise cost of goods sold, while roughly 8% productivity from BD Excellence, pricing and mix offset part of it, and the result shows up in adjusted gross and operating margins; buybacks (fewer shares) and debt repayment (lower interest) funded by spin-off cash then carry that through to adjusted EPS. In the fourth quarter, watch whether adjusted EPS is at least $4.08, whether the adjusted operating margin is at least 25.8%, what management discloses about the tariff drag and fiscal 2027 tariff assumptions, and whether the El Paso warning letter brings new FDA action or charges. If the operating margin falls below 25%, cost pressure has exceeded what productivity can offset; if the El Paso warning letter escalates into a consent decree or recall, regulatory costs would shift from a one-time charge to a lasting drag.

Risks and Falsifiers

The first risk is stacked FDA oversight, which reaches beyond any single segment. Alaris operates under an amended consent decree, the Dispensing and Specimen Management businesses each operate under an FDA warning letter[14], and the El Paso plant received another warning letter in April 2026[21]. The larger financial risk lies in delayed product clearances and supply interruptions across Connected Care, Medical Essentials and Interventional, as the May ChloraPrep ship hold showed[22]. If the fiscal fourth-quarter annual report discloses no new warning letter, consent decree expansion or large remediation charge, this risk has not escalated further.

The second risk is capital allocation, where buybacks and deleveraging may compete. Management prioritizes buybacks and tuck-in acquisitions, and net leverage is about 2.9 times, above the 2.5-times long-term target; over nine months BD returned $3.1 billion to shareholders, including $2.3 billion of buybacks[7], against free cash flow of $1.728 billion[16]. If operating cash flow slows, BD would have to choose between the two; if fourth-quarter free cash flow keeps growing year over year and net leverage moves toward 2.5 times, the concern eases.

The third risk is that GLP-1 drugmakers adjust production or switch device suppliers, slowing the order cadence. BioPharma Systems is about one-eighth of new BD's revenue, with $670 million of third-quarter revenue[9], and each 5-percentage-point shortfall in segment growth equals roughly $35 million of quarterly revenue. If fourth-quarter segment U.S. revenue grows at least 14% year over year and management does not cut the number of GLP-1 programs, the risk has not materialized.

The fourth risk is that after Alaris remediation ends, U.S. hospitals shift new infusion pump purchases to competitors and the share gains stop. Based on fiscal 2025 continuing-operations revenue of $18.544 billion[12], each additional 100 basis points of Alaris drag equals about $185 million of annual revenue. If fiscal 2027 guidance keeps the drag at about 200 basis points[7] and management keeps reporting Alaris share gains, the risk has not materialized.

The fifth risk is that China's volume-based procurement expands to more product categories and pushes international revenue lower. Management said China is about 4% of new BD's revenue[7], or roughly $740 million on fiscal 2025 continuing-operations revenue, so a 10% price cut would remove about $70 million of annual revenue; Medical Essentials international revenue already fell 3.2% FX-neutral in the third quarter[9]. If that decline is no worse than 2% in the fourth quarter, the concern about wider procurement eases.

The sixth risk is new U.S. tariffs on imported medical devices or higher oil prices raising resin costs. Management said oil holding above $100 a barrel would add $60 million to $70 million to cost of goods sold, and tariffs already cut the third-quarter adjusted operating margin by about 110 basis points[7]. If the fourth-quarter adjusted gross margin is at least last year's 55.0%[12] and fiscal 2027 guidance explicitly includes tariffs while still pointing to EPS leverage, the risk has been absorbed.

What to Watch Next

• BioPharma Systems and GLP-1: last year's fourth-quarter base is $702 million, with $228 million in the U.S.; the third quarter grew 5.2% FX-neutral with the U.S. up 14.2%. Double-digit U.S. growth and segment growth of at least 5.2% would confirm the GLP-1 thesis, while single-digit U.S. growth with a segment decline would falsify it.
• Alaris roll-off and Connected Care: MMS had a $974 million fourth-quarter base and grew 2.3% in the third quarter, APM grew 11.2%, and the fiscal 2027 Alaris drag is framed at about 200 basis points. MMS growth of at least 2.3% plus guidance that keeps the roughly 200-basis-point drag would confirm resilience, while a larger drag or an MMS decline would falsify it.
• Medical Essentials versus China: the fourth-quarter base is $1.686 billion; the third quarter grew 3.2%, with blood collection up 7.0% and international down 3.2%. Segment growth of at least 3% with blood collection above 5% would confirm durable share gains, while blood collection below 3% or an international decline beyond 5% would falsify them.
• Source of EPS growth: last year's fourth quarter delivered adjusted EPS of $3.26, a 25.8% adjusted operating margin and a 55.0% adjusted gross margin. EPS of at least $4.08 with an operating margin of at least 25.8% would confirm operating improvement, while a margin below 25% would falsify it, alongside any new El Paso action.

Conclusion

BD's business is driven by usage and share in high-volume consumables, supplemented by installations of infusion pumps, dispensing cabinets and other equipment, and the latest data show revenue and cash improving while profit has not fully caught up. Third-quarter continuing-operations revenue was $4.983 billion, up 4.4% FX-neutral[4], and nine-month free cash flow was $1.728 billion, up 44.6%[16], yet nine-month adjusted EPS was still 0.7% below the prior year[5]. The central unresolved relationship is whether growth from GLP-1 devices, APM and U.S. consumables share can lift operating profit, not just EPS, while the Alaris replacement roll-off, China's procurement program and tariff costs press at the same time.

Outside interpretation is currently a coverage gap. Since the third-quarter results on August 6, 2026, the available public material contains no independent institutional or named-analyst commentary that has a verifiable source and directly addresses these debates; the search turned up only a company announcement about U.S. manufacturing investment and technical-analysis commentary, neither of which bears on operating judgment, so neither is used here as an outside view. As a result, there is no basis yet for comparing outside views on GLP-1, Alaris or margins, and that perspective will come only from interpretations published after the fourth-quarter results and fiscal 2027 guidance.

The observations that would change the current understanding fall into two combinations. If fourth-quarter BioPharma Systems U.S. revenue keeps growing at double digits, MMS grows at least 2.3% FX-neutral and Medical Essentials grows at least 3%, while the adjusted operating margin is at least 25.8% and formal fiscal 2027 guidance keeps the roughly 200-basis-point Alaris drag and low-single-digit revenue growth, the view that the growth platforms are taking over and profit is coming from operations would strengthen materially. Conversely, if BioPharma Systems U.S. growth drops to single digits, MMS turns negative, the international consumables decline exceeds 5%, or the operating margin falls below 25% while EPS reaches its range mainly through a lower share count, that view would weaken.

Sources

[1] BDX 10-K filed 2025-11-25 · 2025-11-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[2] BDX 8-K filed 2026-02-09 Waters completion · 2026-02-09 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[3] BDX earnings calendar updated 2026-11-02 · 2026-11-02 · Drillr earnings calendar

[4] BDX Q3 FY2026 8-K filed 2026-08-06 · 2026-08-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[5] BDX Q3 FY2026 8-K EPS reconciliation · 2026-08-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[6] BDX Q3 FY2026 8-K guidance · 2026-08-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[7] BDX Q3 FY2026 earnings call 2026-08-06 · 2026-08-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] Drillr analyst estimates BDX Q4 FY2026 retrieved 2026-11-02 · 2026-11-02 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[9] BDX Q3 FY2026 8-K unit revenue · 2026-08-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[10] BDX Q3 FY2026 10-Q BioPharma Systems · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[11] BDX Q2 FY2026 8-K filed 2026-05-07 · 2026-05-07 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[12] BDX 8-K filed 2026-04-02 continuing-operations recast · 2026-04-02 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[13] BDX Q1 FY2026 8-K filed 2026-02-09 · 2026-02-09 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[14] BDX FY2025 10-K Alaris consent decree · 2025-11-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[15] BDX 8-K filed 2026-02-05 recast unit revenue · 2026-02-05 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[16] BDX Q3 FY2026 8-K cash flow · 2026-08-06 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[17] BDX Q3 FY2026 10-Q gross margin · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[18] BDX FY2025 10-K competition · 2025-11-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[19] BDX Q3 FY2026 10-Q geographic revenues · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[20] BDX Q1 FY2026 earnings call 2026-02-09 · 2026-02-09 · earnings-call · https://gateway.drillr.ai/mcp/private

[21] BDX Q2 FY2026 10-Q filed 2026-05-07 El Paso · 2026-05-07 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795

[22] BDX 8-K filed 2026-05-29 ChloraPrep · 2026-05-29 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795