Becton, Dickinson and Company

Becton, Dickinson and Company (NYSE:BDX) is a leading global medical technology company founded in 1897 and headquartered in Franklin Lakes, New Jersey. The company has evolved from its origins as a thermometer manufacturer into one of the world's largest medical device and diagnostics companies, serving healthcare institutions, life science researchers, clinical laboratories, and pharmaceutical companies worldwide. BD went public in 1973 and has maintained a strong dividend track record, with 53 consecutive years of dividend increases as of 2024. The company is currently undergoing a strategic transformation, having announced plans to separate its Biosciences and Diagnostic Solutions business to create a more focused pure-play medical technology company.

Over the past several years, BD has undergone significant strategic transformation focused on becoming a more focused medical technology company. The most significant recent development is the announced separation of the Biosciences and Diagnostic Solutions business, which will create two independent public companies. The new BD will become a pure-play medical technology company with $17.8 billion in revenue and over 90% recurring revenue, while the separated entity will focus on life sciences research and diagnostics with $22 billion in addressable market opportunity. BD has made substantial investments in manufacturing capabilities, announcing a $2.5 billion investment in U.S. manufacturing over the next five years to enhance supply chain resilience and prepare for potential tariff impacts. The company has also been actively pursuing operational excellence through its BD Excellence program, completing over 500 Kaizen improvement events and reducing its manufacturing network by over 20%. Innovation has been a key focus, with BD launching over 25 new products annually in recent years. Notable developments include the return of the BD Alaris infusion system to the market after FDA approval, the launch of next-generation PureWick products for urinary incontinence, and advancement in flow cytometry with new FACSDiscover platforms. The company has also expanded significantly in biologic drug delivery systems, crossing $1 billion in annual revenue in this high-growth segment, particularly benefiting from the GLP-1 diabetes and obesity medication market. BD has been integrating artificial intelligence and connected care capabilities across its product portfolio, with over 3 million smart devices deployed that generate valuable data for improving patient outcomes and operational efficiency. The company completed the acquisition of Advanced Patient Monitoring (APM) capabilities and expanded its pharmacy automation platform through the Parata acquisition, positioning itself in the growing alternate care site market.