Becton Dickinson — Apr 2, 2026 release
Fiscal 2026 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001628280-26-023185
No extracted guidance in this release.
All guidance in this release · 0
Exhibit 99.1 · full document
Exhibit 99.1 Non-GAAP Financial Measures Included in the Financial Tables The unaudited financial information included herein contains certain financial measures that differ from those presented in accordance with generally accepted accounting principles in the United States ("non-GAAP measures"). These non-GAAP measures include adjustments to certain line items in the attached recast historical financial information to adjust for purchase accounting adjustments; integration, restructuring, and transaction costs; financing impacts; separation-related items; certain regulatory costs; certain product, litigation, and other items; and the income tax benefit of these items, which affect the comparability of period-over-period calculations of diluted earnings per share. In particular, adjustments for fiscal year 2024 exclude the impact of European regulatory initiative-related costs, which represent costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation (collectively, the “New EU Medical Devices Regulations”), which represent a significant, unusual change to the existing regulatory framework. We consider the excluded European regulatory initiative-related costs to be duplicative of previously incurred costs and/or one-off costs related to establishing initial compliance with such regulatory regimes, and in each case are limited to a specific period of time. These expenses relate to establishing initial compliance with the New EU Medical Devices Regulations and include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. These costs were primarily recorded in Cost of products sold and Research and development expense . These adjustments are consistent with the adjustments made by BD when it reported its operating results for the periods presented. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD’s underlying operational results or that affect period-to-period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the Company’s performance, especially when comparing such results to prior periods or forecasts. We believe presenting such measures provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD’s management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD’s net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Earnings per share amounts presented are calculated from the underlying amounts. Page 1 BECTON DICKINSON AND COMPANY CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in millions, except share and per share data) Fiscal Year 2026 Fiscal Year 2025 Fiscal Year 2024 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2025 Twelve Months Ended September 30, 2025 Twelve Months Ended September 30, 2024 REVENUES $ 4,486 $ 4,333 $ 4,480 $ 4,726 $ 5,005 $ 18,544 $ 16,820 Cost of products sold 2,434 2,536 2,619 2,490 2,639 10,285 9,372 Selling and administrative expense 1,229 1,155 1,117 1,163 1,208 4,643 4,250 Research and development expense 235 243 232 230 264 970 896 Integration, restructuring and transaction expense 108 89 93 96 125 403 365 Other operating expense, net 13 28 35 7 232 302 223 TOTAL OPERATING COSTS AND EXPENSES 4,018 4,051 4,097 3,986 4,469 16,603 15,106 OPERATING INCOME 468 282 383 740 536 1,941 1,713 Interest expense (153) (155) (150) (152) (155) (613) (528) Interest income 4 22 5 4 4 35 162 Other expense, net (7) (13) (36) (23) (33) (105) (20) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 311 136 201 568 352 1,258 1,327 Income tax provision (benefit) 1 (10) 43 118 7 158 273 NET INCOME FROM CONTINUING OPERATIONS 311 147 158 450 346 1,100 1,054 Income from discontinued operations, net of tax 71 157 150 123 148 577 651 NET INCOME $ 382 $ 303 $ 308 $ 574 $ 493 $ 1,678 $ 1,705 BASIC EARNINGS PER SHARE Income from Continuing Operations $ 1.09 $ 0.51 $ 0.55 $ 1.57 $ 1.21 $ 3.83 $ 3.64 Income from Discontinued Operations 0.25 0.54 0.52 0.43 0.51 2.01 2.25 Basic Earnings per Share $ 1.34 $ 1.05 $ 1.07 $ 2.00 $ 1.72 $ 5.83 $ 5.88 DILUTED EARNINGS PER SHARE Income from Continuing Operations $ 1.09 $ 0.50 $ 0.55 $ 1.57 $ 1.20 $ 3.81 $ 3.62 Income from Discontinued Operations 0.25 0.54 0.52 0.43 0.51 2.00 2.24 Diluted Earnings per Share $ 1.34 $ 1.04 $ 1.07 $ 2.00 $ 1.72 $ 5.82 $ 5.86 AVERAGE SHARES OUTSTANDING (in thousands) Basic 285,582 289,505 287,293 287,170 286,612 287,648 289,763 Diluted 285,845 290,389 287,737 287,223 287,118 288,509 291,009 Page 2 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Three Months Ended December 31, 2025 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Separation-related items (D) Product, litigation, and other items (E) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 4,486 $ — $ — $ — $ — $ — $ — $ — $ 4,486 Gross margin 2,052 384 — — — — — — 2,436 Selling and administrative expense 1,229 — — — — (6) — — 1,223 Research and development expense 235 — — — — (3) — — 232 OPERATING INCOME 468 384 36 71 1 19 (2) — 978 Net interest expense (149) (1) — — — — — — (150) Other (expense) income, net (7) — — — — (11) 2 — (17) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 311 383 36 71 1 8 — — 811 Income tax provision 1 — — — — — — 95 95 NET INCOME FROM CONTINUING OPERATIONS $ 311 $ 383 $ 36 $ 71 $ 1 $ 8 $ — $ (95) $ 716 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 1.09 $ 1.34 $ 0.13 $ 0.25 $ 0.01 $ 0.03 $ — $ (0.33) $ 2.50 Page 3 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Three Months Ended December 31, 2024 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Transaction costs (C) Product, litigation, and other items (E) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 4,333 $ — $ — $ — $ — $ — $ — $ — $ 4,333 Gross margin 1,797 562 — — — 28 — — 2,387 Selling and administrative expense 1,155 (1) — — — (9) — — 1,145 Research and development expense 243 — — — — (8) — — 235 OPERATING INCOME 282 563 24 62 3 75 (3) — 1,005 Net interest expense (133) (1) — — — — — — (134) Other (expense) income, net (13) — — — — (3) 3 — (14) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 136 562 24 62 3 72 — — 858 Income tax (benefit) provision (10) — — — — — — 61 51 NET INCOME FROM CONTINUING OPERATIONS $ 147 $ 562 $ 24 $ 62 $ 3 $ 72 $ — $ (61) $ 808 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 0.50 $ 1.93 $ 0.08 $ 0.21 $ 0.01 $ 0.25 $ — $ (0.21) $ 2.78 Page 4 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Three Months Ended March 31, 2025 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Product, litigation, and other items (E) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 4,480 $ — $ — $ — $ — $ — $ — $ 4,480 Gross margin 1,861 544 — — 87 — — 2,492 Selling and administrative expense 1,117 — — — 9 — — 1,126 Research and development expense 232 — — — (2) — — 230 OPERATING INCOME 383 544 26 66 115 (3) — 1,133 Net interest expense (146) (1) — — — — — (147) Other (expense) income, net (36) — — — 24 3 — (9) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 201 543 26 66 139 — — 977 Income tax provision 43 — — — — — 129 173 NET INCOME FROM CONTINUING OPERATIONS $ 158 $ 543 $ 26 $ 66 $ 139 $ — $ (129) $ 804 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 0.55 $ 1.89 $ 0.09 $ 0.23 $ 0.48 $ — $ (0.45) $ 2.79 Page 5 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Three Months Ended June 30, 2025 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Transaction costs (C) Product, litigation, and other items (E) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 4,726 $ — $ — $ — $ — $ — $ — $ — $ 4,726 Gross margin 2,235 377 — — — (1) — — 2,612 Selling and administrative expense 1,163 — — — — (20) — — 1,143 Research and development expense 230 — — — — (2) — — 228 OPERATING INCOME 740 378 37 57 1 26 (3) — 1,237 Net interest expense (148) (1) — — — — — — (149) Other (expense) income, net (23) — — — — 18 3 — (2) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 568 376 37 57 1 44 — — 1,085 Income tax provision 118 — — — — — — 83 201 NET INCOME FROM CONTINUING OPERATIONS $ 450 $ 376 $ 37 $ 57 $ 1 $ 44 $ — $ (83) $ 884 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 1.57 $ 1.31 $ 0.13 $ 0.20 $ 0.01 $ 0.15 $ — $ (0.29) $ 3.08 Page 6 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Three Months Ended September 30, 2025 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Separation-related items (D) Product, litigation, and other items (E) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 5,005 $ — $ — $ — $ — $ — $ — $ — $ 5,005 Gross margin 2,366 384 — — — 1 — — 2,751 Selling and administrative expense 1,208 — — — — (13) — — 1,195 Research and development expense 264 — — — — (3) — — 261 OPERATING INCOME 536 384 41 84 3 247 (4) — 1,292 Net interest expense (151) (1) — — — — — — (152) Other (expense) income, net (33) — — — — 3 4 — (26) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 352 383 41 84 3 250 — — 1,114 Income tax provision 7 — — — — — — 170 177 NET INCOME FROM CONTINUING OPERATIONS $ 346 $ 383 $ 41 $ 84 $ 3 $ 250 $ — $ (170) $ 937 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 1.20 $ 1.33 $ 0.14 $ 0.29 $ 0.01 $ 0.87 $ — $ (0.59) $ 3.26 Page 7 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Twelve Months Ended September 30, 2025 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Transaction costs (C) Separation-related items (D) Product, litigation, and other items (E) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 18,544 $ — $ — $ — $ — $ — $ — $ — $ — $ 18,544 Gross margin 8,258 1,867 — — — — 115 — — 10,241 Selling and administrative expense 4,643 (2) — — — — (33) — — 4,609 Research and development expense 970 — — — — — (15) — — 955 OPERATING INCOME 1,941 1,869 127 270 6 3 463 (12) — 4,666 Net interest expense (577) (4) — — — — — — — (582) Other (expense) income, net (105) — — — — — 43 12 — (50) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,258 1,865 127 270 6 3 506 — — 4,034 Income tax provision 158 — — — — — — — 443 601 NET INCOME FROM CONTINUING OPERATIONS $ 1,100 $ 1,865 $ 127 $ 270 $ 6 $ 3 $ 506 $ — $ (443) $ 3,433 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 3.81 $ 6.46 $ 0.44 $ 0.93 $ 0.02 $ 0.01 $ 1.75 $ — $ (1.54) $ 11.90 Page 8 BECTON DICKINSON AND COMPANY SUPPLEMENTAL INFORMATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited; Amounts in millions, except per share data) Twelve Months Ended September 30, 2024 Reported (GAAP) Purchase accounting adjustments (A) Integration costs (B) Restructuring costs (B) Transaction costs (C) Financing impacts (C) Separation-related items (D) Product, litigation, and other items (E) European regulatory initiative-related costs (F) TSA/LSA total Income tax benefit of special items Adjusted (Non-GAAP) See Footnotes on Page 10 REVENUES $ 16,820 $ — $ — $ — $ — $ — $ — $ 67 $ — $ — $ — $ 16,887 Gross margin 7,448 1,482 — — — — — 115 43 — — 9,088 Selling and administrative expense 4,250 1 — — — — — (56) (1) — — 4,194 Research and development expense 896 — — — — — — (4) (54) — — 838 OPERATING INCOME 1,713 1,481 23 294 48 — 13 393 98 27 — 4,091 Net interest expense (366) (5) — — — (8) — — — — — (379) Other expense, net (20) — — — — — — (51) — (27) — (98) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,327 1,477 23 294 48 (8) 13 342 98 — — 3,614 Income tax provision 273 — — — — — — — — — 267 540 NET INCOME FROM CONTINUING OPERATIONS $ 1,054 $ 1,477 $ 23 $ 294 $ 48 $ (8) $ 13 $ 342 $ 98 $ — $ (267) $ 3,074 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 3.62 $ 5.07 $ 0.08 $ 1.01 $ 0.17 $ (0.03) $ 0.05 $ 1.17 $ 0.34 $ — $ (0.92) $ 10.56 Page 9 The reconciliations of reported results to adjusted results on the previous pages reflect the following adjustments that are considered by management to be outside of BD’s underlying operational results or that affect period-to-period comparability: (A) Includes amortization and other adjustments related to the purchase accounting for acquisitions. BD’s amortization expense is primarily recorded in Cost of products sold . (B) Represents costs associated with integration and restructuring activities. These costs are recorded to Integration, restructuring and transaction expense . (C) Represents transaction costs and financing impacts incurred in connection with the Advanced Patient Monitoring acquisition. The transaction costs are recorded to Integration, restructuring and transaction expense , and the financing impacts are recorded to Interest expense and Interest income. (D) Amounts in fiscal years 2026 and 2025 represent costs incurred in connection with the separation of BD's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters Corporation. The amount in fiscal year 2024 represents costs incurred in connection with the separation of BD's former Diabetes Care business. These costs are recorded to Other operating expense, net . (E) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amounts presented include the following: • Charges of $297 million in fiscal year 2025 related to product liability and certain other legal matters, recorded to Other operating expense, net . The amount in fiscal year 2024 reflects charges related to product liability and certain other legal matters, recorded to Other operating expense, net , including a $175 million charge to accrue an estimated liability for the SEC investigation with respect to, among other things, certain reporting issues involving BD Alaris TM infusion pumps included in SEC disclosures prior to 2021. • Charges to adjust the estimate of future product remediation costs, recorded to Cost of products sold, of $98 million and $38 million in fiscal years 2025 and 2024, respectively. • Charges related to pension settlement costs, recorded to Other expense , net , of $38 million in fiscal year 2025. • The recognition of $67 million in accruals in fiscal year 2024 as an impact to Revenues relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to fiscal year 2024. (F) Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are primarily recorded in Cost of products sold and Research and development expense , include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. Page 10
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.