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: PureWick’s Franchise Powers Growth, But China’s Drag Break BD’s Momentum?- What’s the Impact, Outlook & its Key Catalysts?
Becton, Dickinson (BD) closed FY24 with resilient 5% organic growth and a 120 bps operating margin expansion, underscoring robust execution despite macro challenges. Q4 revenues of $5.44B beat estimates by $57.08M, led by a strong performance in core MedTech and Diagnostics businesses (+5.9% YoY). Key drivers included the Alaris infusion system relaunch surpassing $350M FY24 revenue, Prefillable Devices crossing $1B amid GLP-1 demand, and double-digit growth in PureWick, with untapped DTC opportunities in home-based care. Challenges in Biosciences, linked to research funding softness and inventory destocking, weighed on results, alongside China headwinds (-125bps impact projected for FY25). Positively, BD’s FY25 guidance reflects 4%-4.5% organic growth and a ~100 bps operating margin expansion to surpass the 25% milestone, supported by BD Excellence-driven productivity, R&D investments, and pipeline momentum across AI-enabled platforms like Pyxis and Advanced Patient Monitoring. Adjusted EPS guidance of $14.25-$14.60 reflects durable franchise strength despite higher interest and tax headwinds. While challenges persist in Biosciences funding and China normalization, robust cash conversion (82%) and a $1B share repurchase plan signal confidence. The strategic question remains: Can BD sustain margin expansion and capitalize on PureWick, biologics momentum, and AI integration to offset near-term headwinds and drive long-term differentiation?
