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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robbie Marcus | JPMorgan | 11 (36%) |
| Travis Steed | Bank of America | 11 (27%) |
| Larry Biegelsen | Wells Fargo | 10 (30%) |
| Patrick Wood | UBS | 7 (0%) |
| Rick Wise | Stifel | 7 (0%) |
| Matt Taylor | Jefferies | 5 (20%) |
| Matt Miksic | Barclays | 5 (0%) |
| David Roman | Goldman Sachs | 4 (50%) |
| Joanne Wuensch | Citigroup | 4 (0%) |
| Josh Jennings | TD Cowen | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 11 (27%) |
| JPMorgan | 1 | 11 (36%) |
| Wells Fargo | 1 | 10 (30%) |
| UBS | 1 |
EVP and President of the Medical Essentials and BioPharma Systems segments announced his retirement at fiscal year end; BioPharma Systems will report directly to the CEO and a search is underway for a Medical Essentials president.
| 7 (0%) |
| Stifel | 1 | 7 (0%) |
| Barclays | 1 | 5 (0%) |
| Jefferies | 1 | 5 (20%) |
| Citigroup | 1 | 4 (0%) |
New BD's Q2 FY2026 showed broad-based growth with 90%+ of the portfolio at mid-single digits, though GAAP revenue declined 10.6% reflecting the post-separation entity structure rather than underlying demand. Adjusted EPS guidance was raised from $12.35-$12.65 to $12.52-$12.72. A $450 million noncash impairment was taken as BD exited non-core activities, a ChloraPrep FDA warning letter triggered a voluntary ship hold, and GLP-1 momentum continued with biologics reaching 55% of BioPharma Systems.
Revenue Growth | Guidance Reliability | M&A | Margin | Competitive Dynamics | Capital Allocation | Cost Pressure | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| 2025Q1 | 1 | 5 | 1 | 4 | ||||
| 2025Q2 | 3 | 4 | 1 | 1 | 1 | 2 | ||
| 2025Q3 | 3 | 2 | 1 | 2 | 1 | 1 | 2 | 1 |
| 2025Q4 | 3 | 2 | 1 | 3 | 1 | 2 | 3 | 1 |
| 2026Q1 | 6 | 4 | 1 | 2 | 3 | 1 | 1 | 3 |
| 2026Q2 | 5 | 2 | 1 | 4 | 4 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Revenue Growth | 3 | 3 | 3 | 3 | 6 | 5 | |
| Guidance Reliability | 2 | 1 | 4 | 2 | 2 | 4 | 2 |
| M&A | 2 | 5 | 1 | 1 | 1 | 1 | 1 |
| Margin | 1 | 2 | 3 | 2 | 4 | ||
| Competitive Dynamics | 1 | 1 | 1 | 1 | 1 | 3 | 4 |
| Capital Allocation | 1 | 4 | 1 | 1 | 2 | 1 | 1 |
| Cost Pressure | 1 | 2 | 2 | 3 | 1 | 1 | |
| Product Launch | 1 | 1 | 1 | 3 | 2 |
What BDX and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The Biosciences division, which represents the former BD Biosciences business delivered as reported revenue of $232 million”
Waters' newly acquired former BD Biosciences business generated $232 million in the quarter; Waters carved out BD's Biosciences and Diagnostic Solutions units and reports early performance improvement under its ownership.
“the spin-off of our Life Sciences business in combination with Waters, which is now accounted for as discontinued operations.”
BD spun off its Life Sciences business to combine with Waters (closed ahead of schedule), adding those assets to Waters — a completed M&A read-through for Waters.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.44B | +6.9% | $1.45 | +291.9% | 45.7% | 11.4% | 7.4% | $882M |
| FY2025 Q1 | $5.17B | +9.8% | $1.04 | +8.3% | 43.2% | 8.8% | 5.9% | $588M |
| FY2025 Q2 | $5.27B | +4.5% | $1.07 | -42.2% | 42.8% | 10.4% | 5.8% | $35M |
| FY2025 Q3 | $5.51B | +10.4% | $2.00 | +19.0% | 47.8% | 16.0% | 10.4% | $1.04B |
| FY2025 Q4 | $5.89B | +8.3% | $1.72 | +18.6% | 47.5% | 11.8% | 8.4% | $1.00B |
| FY2026 Q1 | $5.25B | +1.6% | $1.34 | +28.8% | 44.6% | 11.3% | 7.3% | $549M |
| FY2026 Q2 | $4.71B | -10.6% | $-1.11 | -203.7% | 45.7% | 2.0% | -6.6% | $546M |
| FY2026 Q3 | $4.98B | -9.5% | $1.37 | -31.5% | 46.5% | 13.3% | 7.6% | $633M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BDX Becton Dickinson | 6 | -10.6% | |
| BAX Baxter International | 3 | +2.9% | |
| COO Cooper Companies (The) | 8 | +6.2% | |
| HOLX Hologic | · | n/a | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| RMD ResMed | 8 | +10.8% | |
| WST West Pharmaceutical Services | 9 | +21.0% |