Becton Dickinson and Co

F:BOX

Beat and raise: BD said third-quarter revenue, adjusted operating margin, and adjusted EPS all came in ahead of expectations, and it raised full-year guidance on both revenue and EPS.

Broad-based growth: Revenue was $5 billion, up 4.4%, with more than 90% of the portfolio growing at a high-single-digit rate or better.

Growth platforms: Management said the quarter was driven by double-digit growth in several key platforms, especially biologics, advanced patient monitoring, PureWick, and tissue regeneration, while Alaris and China vaccines remained headwinds.

Margin pressure: Adjusted operating margin was 24.9%, with productivity and mix helping offset about 110 basis points of tariff impact.

FY26 outlook: BD now expects revenue growth toward the high end of its low-single-digit range and increased the midpoint of adjusted EPS guidance to a range of $12.62 to $12.72.

FY27 setup: Management reiterated a low-single-digit revenue framework for fiscal 2027, citing a 200 basis point Alaris headwind, but said pricing, productivity, and mix should provide modest earnings leverage.