Raising full-year adjusted EPS guidance to $12.52-$12.72
BD reported a solid Q2 FY2026, beating expectations on both top and bottom lines, raising full-year EPS guidance while maintaining revenue guidance. The company emphasized broad-based growth across 90% of its portfolio, highlighted by strong performance in GLP-1 and APM, while offsetting known headwinds in China, vaccines, and Alaris. Management provided confidence in its Alaris trajectory and GLP-1 biosimilar opportunity. Q2 revenue grew 2.6% to $4.7 billion, with adjusted EPS of $2.90 up 3.9%, both ahead of expectations.
Buzzberg 분석Raising full-year adjusted EPS guidance to $12.52-$12.72BD reported a solid Q2 FY2026, beating expectations on both top and bottom lines, raising full-year EPS guidance while maintaining revenue guidance. The company emphasized broad-based growth across 90% of its portfolio, highlighted by strong performance in GLP-1 and APM, while offsetting known headwinds in China, vaccines, and Alaris. Management provided confidence in its Alaris trajectory and GLP-1 biosimilar opportunity. Q2 revenue grew 2.6% to $4.7 billion, with adjusted EPS of $2.90 up 3.9%, both ahead of expectations.전체 분석 보기분석 접기
BD reported a solid Q2 FY2026, beating expectations on both top and bottom lines, raising full-year EPS guidance while maintaining revenue guidance. The company emphasized broad-based growth across 90% of its portfolio, highlighted by strong performance in GLP-1 and APM, while offsetting known headwinds in China, vaccines, and Alaris. Management provided confidence in its Alaris trajectory and GLP-1 biosimilar opportunity. Q2 revenue grew 2.6% to $4.7 billion, with adjusted EPS of $2.90 up 3.9%, both ahead of expectations.
Full-year EPS guidance raised to $12.52-$12.72 (from $12.35-$12.55), but revenue guidance maintained at low-single-digit growth.
Alaris is seeing accelerating share gains (150bps YTD) despite being a revenue headwind; management expects this to be a 200bps drag next year but return growth by 2027.
GLP-1 biosimilar strategy highlighted: 80+ deals signed, with higher-priced pen/auto-injector formats to significantly boost per-dose value.
Revenue$4.714B
-10% QoQ
EPS$2.90
-0% QoQ
Gross margin45.69%
reported
Op margin1.99%
reported
이번 분기에 달라진 점
01
Guidance
Raising full-year adjusted EPS guidance to $12.52-$12.72
Guidance · revenue to 3%
02
Share Gains
Strong share gains in Alaris with momentum continuing
Q2 revenue grew 2.6% to $4.7 billion, with adjusted EPS of $2.90 up 3.9%, both ahead of expectations.
03
Innovation
BD Excellence reduced launch timelines by over 10 months
Full-year EPS guidance raised to $12.52-$12.72 (from $12.35-$12.55), but revenue guidance maintained at low-single-digit growth.
04
Capital Allocation
Capital allocation prioritizes share repurchases at current valuation
Alaris is seeing accelerating share gains (150bps YTD) despite being a revenue headwind; management expects this to be a 200bps drag next year but return growth by 2027.
수요
수요
수주 및 전환
Management raised full-year EPS guidance while reaffirming revenue, citing broad-based growth across 90% of the portfolio and strong BD Excellence-driven productivity, offsetting known headwinds.
톤 · Confident
Management expressed confidence in execution, raised full-year EPS guidance, and highlighted strong momentum across key growth platforms.
공급망 알파
A1
Alaris share gains are accelerating, with a 150bps gain year-to-date and record competitive funnel, yet the business is a 200bps headwind to total revenue next year due to the comparison against the remediation-driven upgrade cycle.
“we'll have that headwind in 27, and then in 28, Alaris will no longer be a headwind, and we're very, very confident that that's exactly how that will play out.”
BD has signed over 80 GLP-1 biosimilar deals that will use its devices, with auto-injectors/pens carrying several times the ASP of syringes, making biosimilars a higher-value opportunity than the current novel GLP-1 market.
“we now have, you know, over 80 GLP-1 biosimilar deals signed to be in our devices, and those are not just in our syringes. but they also could be deals that we've signed with our auto injectors or with our pens, which come at higher ASPs,…”
The completed combination with Waters' life sciences business is a structural change for BD, but this mention focuses on the execution being ahead of schedule, not on Waters' own outlook.
“closed our transaction with Waters ahead of schedule, enabling us to fully initiate our new BD strategy”
Tom PolandChairman, Chief Executive Officer and President
Thank you, Sean, and good morning, everyone. Before turning to Q2 results, I wanted to take a moment to highlight this morning our announcement of Vitor Roque as CFO. As you know, Vitor has been interim CFO since last fall and has done a fantastic job serving as a partner to me and the leadership team. Since he stepped into the role, we've delivered two solid quarters of performance and closed our transaction with Waters ahead of schedule, enabling us to fully initiate our new BD strategy while also enhancing our capital allocation strategy. In partnership with a leading executive search firm, management and the board ran a comprehensive process that evaluated a broad range of external candidates, in addition to Vitor. Our goal is to identify the best candidates to lead BD's finance function. We were focused on identifying a CFO with a demonstrated ability to lead sophisticated finance organizations in complex operating environments, deep understanding of our markets and value creation model, and a strong track record of driving strategic, operational, and financial performance. As we work through the process, it became clear that our best talent was already within the …
BD has signed over 80 GLP-1 biosimilar deals that will use its devices, with auto-injectors/pens carrying several times the ASP of syringes, making biosimilars a higher-value opportunity than the current novel GLP-1 market. — As GLP-1 biosimilars enter the market, BD's per-dose economics will improve substantially, making it a key supplier to the coming biosimilar wave and a hedge against oral GLP-1 disruption.
“we now have, you know, over 80 GLP-1 biosimilar deals signed to be in our devices, and those are not just in our syringes. but they also could be deals that we've signed with our auto injectors or with our pens, which come at higher ASPs,”