BD exceeded expectations for Q1 FY2026 and is closing its life sciences transaction with Waters. The company maintains a prudent full-year guidance for the 'New BD', with low single-digit growth expected despite strong momentum in key growth platforms like GLP-1 drug delivery. New BD delivered 2.5% growth, with double-digit growth in biologics drug delivery, PureWIC, and advanced tissue regeneration.
BD exceeded expectations for Q1 FY2026 and is closing its life sciences transaction with Waters. The company maintains a prudent full-year guidance for the 'New BD', with low single-digit growth expected despite strong momentum in key growth platforms like GLP-1 drug delivery. New BD delivered 2.5% growth, with double-digit growth in biologics drug delivery, PureWIC, and advanced tissue regeneration.
BD exceeded expectations for Q1 FY2026 and is closing its life sciences transaction with Waters. The company maintains a prudent full-year guidance for the 'New BD', with low single-digit growth expected despite strong momentum in key growth platforms like GLP-1 drug delivery.
New BD delivered 2.5% growth, with double-digit growth in biologics drug delivery, PureWIC, and advanced tissue regeneration.
Alaris had its strongest quarter of competitive wins, gaining ~100bps of share, despite revenue decline.
The Waters RMT is closing, providing $4B cash, allocated for buybacks and debt paydown.
BD delivered better-than-expected Q1 results, but management maintained a cautious full-year outlook. While growth areas like GLP-1s and Alaris share gains are strong, headwinds from vaccines, China VBP, and Alaris replacement cycle continue, offsetting a bullish tone on the long-term portfolio.
Management communicates strong execution and momentum, highlighting share gains, ahead-of-schedule deal closure, and confidence in the growth trajectory.
“Alaris delivered our strongest quarter of competitive wins since the relaunch, increasing our category share by approximately 100 basis points.”
“we're seeing continued momentum in injectable GLP-1s... people really view that orals as complementary rather than displacing injectables at scale.”
“reducing our network by nearly half to under 50 global sites”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $12.35–$12.65 | $12.50 | MAINTAINED |
| EPS | FY2026 Q2 | $2.72–$2.82 | $2.77 | GUIDED |
| Op margin | FY2026 | 25% | 25% | MAINTAINED |
| Revenue | FY2026 Q2 | 2% | 2% | MAINTAINED |
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BD is closing the spin-merger of its life sciences business with Waters, which will create a new combined entity and provide BD with a $4B cash distribution.
“Later this morning, we expect to close the combination of our life sciences business with Waters via reverse Morris Trust transaction.”
… and high single-digit growth in APM. We delivered mid-single-digit growth across 90% of NewBD's portfolio, partially offset by 10% of our portfolio, Alaris, vaccines, and China, undergoing challenging market dynamics that were in line with our expectations. We delivered adjusted gross margin of 53.4%, and adjusted EPS of $2.91, both of which were also ahead of our expectations on the strength of revenue performance and operational execution. Later this morning, we expect to close the combination of our life sciences business with Waters via reverse Morris Trust transaction. This is a significant milestone as we fully pivot to new BD and the next chapter of the company's growth. I want to thank both the BD and Waters team whose exceptional hard work and transaction experience are enabling us to close nearly two months ahead of schedule. We believe this transaction unlocks significant value for our shareholders through both participation in the new Waters entity and value creation in the new BD. As part of the transaction, we will receive a $4 billion cash distribution. I'm pleased to announce $2 billion will be deployed towards share repurchases through an ASR, and $2 billion will …
GLP-1 drug delivery is a growing business for BD ($2B run-rate), with over 80 novel and biosimilar molecules contracted for BD devices. Management remains bullish that injectables will continue to dominate orals.