Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Becton, Dickinson & Co (BDX): Strong Finish, But Weak China and Still Soft Biopharma Demand Headwinds Loom—What’s the Impact, Outlook & Key Catalysts Behind Our Bullish View?
Becton Dickinson (BDX) delivered a robust FY2024 performance, with Q4 revenue of $5.44 billion (+7.4% YoY) and adjusted EPS of $3.81, beating expectations. Full-year organic revenue grew 5%, driven by strong execution across key franchises such as PureWick, pharmacy robotics, and biologic drug delivery, which crossed $1 billion in annual revenue. Adjusted operating margins expanded to 24.2%, reflecting disciplined cost management under the BD Excellence initiative, which contributed 120 bps to margin gains. Free cash flow of $3.1 billion (+47% YoY) and strong capital allocation supported $4 billion in acquisitions, dividend growth, and share buybacks. Innovation remains central to BD’s growth, highlighted by launches like PureWick Flex and AI-driven Pyxis platform upgrades. The Advanced Patient Monitoring (APM) acquisition positions BD in high-growth markets, enhancing its margin profile and tapping into long-term opportunities in healthcare automation and connected care. FY2025 guidance projects 4–4.5% organic growth and 10% adjusted EPS growth, with Alaris infusion systems and GLP-1 biologics delivery driving momentum. However, near-term headwinds, including mid-single-digit declines in China due to VBP pressures and biosciences market softness, present challenges. Can Becton Dickinson’s innovation pipeline and operational efficiencies overcome China’s pricing pressures and biosciences weakness to sustain durable growth and market leadership?
