BDX

MKT CAP $52.9BP/E 58.5DIV YIELD 2.16%FCF YIELD 6.05%REV TTM $23.3B +17.4%NET INCOME $941M −40.6%NET DEBT $16.1B52W 138.67 – 194.34SEC XBRL · TTM TO Invalid Date

How BDX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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Summary of Financial Results Worldwide revenues in 2025 of $21.840 billion increased 8.2% from the prior-year period.
This increase reflected the following impacts: Increase (decrease) in current-year revenues Volume/other (a) 3.2 % Pricing (0.3) % Foreign currency impact 0.1 % Acquisition of Advanced Patient Monitoring 4.8 % Other (b) 0.4 % Increase in revenues from the prior-year period 8.2 % (a) Volume/other includes revenues attributable to products, services and licensing.
(b) Represents the impact of accruals recognized in fiscal year 2024 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.
Additional disclosures regarding these legislative and legal matters are provided in Note 6 to the consolidated financial statements contained in Item 8.
Cash flows from continuing operating activities were $3.430 billion in 2025.
At September 30, 2025, we had $859 million in cash and equivalents and short-term investments, including restricted cash.
We continued to return value to our shareholders in the form of dividends and during fiscal year 2025, we paid cash dividends to common shareholders of $1.196 billion.We also repurchased approximately $1 billion of our common stock during fiscal year 2025.
Each reporting period and given our worldwide operations, we face exposure to our results of operations from changes in foreign currencies.
We calculate translational foreign currency impacts by converting our current-period local currency financial results using the prior-period foreign currency exchange rates and comparing these adjusted amounts to our current-period results, which allows us to compare results between periods as if exchange rates had remained constant period-over-period.
The fiscal year 2025 impact of foreign currency on our revenues, which is primarily translational, is provided above.
The translational impact on our earnings is provided further below.
We evaluate our results of operations on both a reported and a foreign currency-neutral basis.
As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis, excluding translational foreign currency impacts, in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods.
Results of Operations Medical Segment The following summarizes Medical revenues by organizational unit: 2025 vs. 2024 2024 vs. 2023 (Millions of dollars) 2025 2024 2023 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Medication Delivery Solutions $ 4,575 $ 4,429 $ 4,293 3.3 % (0.2) % 3.5 % 3.2 % (0.1) % 3.3 % Medication Management Solutions 3,474 3,297 2,980 5.4 % 0.2 % 5.2 % 10.7 % 0.2 % 10.5 % Pharmaceutical Systems 2,324 2,273 2,229 2.2 % 0.6 % 1.6 % 2.0 % 0.2 % 1.8 % Advanced Patient Monitoring 1,082 74 — NM NM NM NM NM NM Total Medical revenues $ 11,456 $ 10,074 $ 9,502 13.7 % 0.1 % 13.6 % 6.0 % — % 6.0 % "NM" denotes that the percentage change is not meaningful.
The Medical segment’s revenue growth in 2025 primarily reflected the following. • Volume growth attributable to the Medication Delivery Solutions unit’s Vascular Access Management portfolio and hypodermic products, partially offset by an expected VoBP impact in China. • Growth in the Medication Management Solutions unit driven by continued strength in sales of infusion systems, partially offset by the timing of dispensing and pharmacy automation installations, based upon customer readiness, in the current year. • Growth in the Pharmaceutical Systems unit due to high single-digit growth of prefillable solutions in the biologic drug category, partially offset by lower market demand for other product categories. • Overall Medical segment revenue growth also reflected sales in the Advanced Patient Monitoring unit, which we acquired during the fourth quarter of fiscal year 2024.
Medical segment operating income was as follows: (Millions of dollars) 2025 2024 (a) 2023 (a) Medical segment operating income $ 4,140 $ 3,583 $ 3,352 Segment operating income as % of Medical revenues 36.1 % 35.6 % 35.3 % (a) Prior-period segment income amounts have been recast to conform to the current year presentation, as further discussed in Note 8 to the consolidated financial statements contained in Item 8.
The Medical segment's operating income as a percentage of revenues in 2025 and 2024, compared with the prior-year periods, reflected the following: • Higher gross profit margin in 2025 compared with 2024 primarily reflected lower manufacturing costs, which resulted from continuous improvement projects, supply chain optimization and other productivity initiatives, as well as favorable product mix which was attributable to the Advanced Patient Monitoring unit’s products, partially offset by tariffs and higher labor costs. • The Medical segment’s gross profit margin in 2024 was flat compared with 2023 and primarily reflected lower manufacturing costs, which resulted from the productivity initiatives noted above, offset by higher raw material and labor costs, as well as unfavorable foreign currency translation. • Higher selling and administrative expense as a percentage of revenues in 2025 compared with 2024 primarily reflected costs attributable to the Advanced Patient Monitoring unit.
Lower selling and administrative expense as a percentage of revenues in 2024 compared with 2023 primarily reflected revenue growth that outpaced spending and lower shipping costs. • Higher research and development expense as a percentage of revenues in 2025 compared with 2024 which primarily reflected costs attributable to the Advanced Patient Monitoring unit, offset by the timing of project spending.
Research and development expense as a percentage of revenues in 2024 was lower compared with 2023, which reflected revenue growth that outpaced project spending.
Life Sciences Segment The following summarizes Life Sciences revenues by organizational unit: 2025 vs. 2024 2024 vs. 2023 (Millions of dollars) 2025 2024 2023 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Specimen Management (a) $ 1,871 $ 1,833 $ 1,737 2.0 % (0.1) % 2.1 % 5.6 % 0.1 % 5.5 % Diagnostic Solutions (a) 1,838 1,846 1,888 (0.4) % 0.3 % (0.7) % (2.2) % (0.1) % (2.1) % Biosciences 1,458 1,512 1,509 (3.6) % 0.4 % (4.0) % 0.2 % — % 0.2 % Total Life Sciences revenues $ 5,167 $ 5,191 $ 5,133 (0.5) % 0.1 % (0.6) % 1.1 % — % 1.1 % (a) During the first quarter of fiscal year 2025, Life Sciences split its former Integrated Diagnostic Solutions organizational unit into two units to better align BD resources with the distinct needs of each business.
The Life Sciences segment’s revenue growth in 2025 primarily reflected the following: • Growth in the Specimen Management unit’s BD Vacutainer TM portfolio, partially offset by a decline in China. • A decline in the Diagnostic Solutions unit driven by lower sales of BD BACTEC TM blood culture products as customer utilization continues to improve following the resolution of a supply disruption, as well as by lower sales of point-of-care products, partially offset by continued double-digit growth in sales of BD MAX TM IVD. • A decline in the Biosciences unit due to continued market dynamics impacting sales of instruments, partially offset by strong sales of the recently launched BD FACSDiscover TM A8 Cell Analyzer.
The Life Sciences segment's revenues in 2024 primarily reflected the following: • Sales driven by broad volume growth attributable to the Specimen Management unit’s portfolio. • A decline in the Diagnostic Solutions unit driven by an unfavorable comparison to higher respiratory testing revenues in 2023, including COVID-19-only diagnostic testing revenues. • Strong demand for the Biosciences unit’s clinical reagents, offset by a decline in sales of the unit’s instrumentation due to a decline in life science research funding, primarily in the United States and China.
Life Sciences segment operating income was as follows: (Millions of dollars) 2025 2024 (a) 2023 (a) Life Sciences segment operating income $ 1,641 $ 1,616 $ 1,599 Segment operating income as % of Life Sciences revenues 31.8 % 31.1 % 31.2 % (a) Prior-period segment income amounts have been recast to conform to the current year presentation, as further discussed in Note 8 to the consolidated financial statements contained in Item 8.
The Life Sciences segment's operating income as a percentage of revenues in 2025 and 2024, compared with the prior-year periods, reflected the following: • The Life Sciences segment’s gross profit margin in 2025 was higher compared with 2024, which primarily reflected lower manufacturing costs resulting from continuous improvement projects, supply chain optimization and other productivity initiatives, partially offset by unfavorable impacts from higher labor costs, tariffs and foreign currency translation. • The Life Sciences segment’s lower gross profit margin in 2024 compared with 2023 primarily reflected higher raw material and labor costs, as well as declines in respiratory illness-related revenues and unfavorable foreign currency translation, partially offset by lower manufacturing costs resulting from the productivity initiatives noted above. • Selling and administrative expense as a percentage of revenues in 2025 was higher compared with 2024, which primarily reflected the current-period decline in revenues and higher shipping, selling, general and administrative costs.
Selling and administrative expense as a percentage of revenues in 2024 was higher compared with 2023, which primarily reflected consistent spending on slower revenue growth. • Lower research and development expense as a percentage of revenues in 2025 compared with 2024, and in 2024 compared with 2023, primarily reflected the timing of project spending and product launches.
Interventional Segment The following summarizes Interventional revenues by organizational unit: 2025 vs. 2024 2024 vs. 2023 (Millions of dollars) 2025 2024 2023 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Surgery $ 1,572 $ 1,492 $ 1,497 5.3 % 0.1 % 5.2 % (0.3) % (0.1) % (0.2) % Peripheral Intervention 1,996 1,933 1,865 3.3 % 0.1 % 3.2 % 3.7 % (0.4) % 4.1 % Urology and Critical Care 1,649 1,554 1,374 6.1 % 0.2 % 5.9 % 13.1 % (0.5) % 13.6 % Total Interventional revenues $ 5,217 $ 4,980 $ 4,736 4.8 % 0.2 % 4.6 % 5.1 % (0.4) % 5.5 % The Interventional segment’s revenue growth in 2025 primarily reflected the following: • Strong growth in sales of the Surgery unit’s advanced tissue regeneration portfolio, as well as the unit’s biosurgery and infection prevention products, partially offset by lower U.S. revenues attributable to legacy hernia products. • Strong growth in the Peripheral Intervention unit’s peripheral vascular disease portfolio that was particularly driven by sales of the unit’s Rotarex TM Atherectomy System, partially offset by an expected VoBP impact in China. • Continued double-digit growth in sales of the Urology and Critical Care unit’s PureWick TM offerings.
The Interventional segment’s revenue growth in 2024 primarily reflected the following: • Strong growth in sales across the Surgery unit’s advanced repair and reconstruction platforms, as well as its infection prevention products; the prior-year period’s revenues included $140 million attributable to the unit’s former Surgical Instrumentation platform, which was sold in the fourth quarter of fiscal year 2023. • Double-digit growth attributable to the Peripheral Intervention unit’s peripheral vascular disease platform, partially offset by a decline in sales of our oncology products due to customer ordering patterns and market dynamics in China. • Double-digit growth in sales of the Urology and Critical Care unit’s PureWick TM offerings and current-year licensing revenue.
Interventional segment operating income was as follows: (Millions of dollars) 2025 2024 (a) 2023 (a) Interventional segment operating income $ 2,253 $ 2,115 $ 1,939 Segment operating income as % of Interventional revenues 43.2 % 42.5 % 40.9 % (a) Prior-period segment income amounts have been recast to conform to the current year presentation, as further discussed in Note 8 to the consolidated financial statements contained in Item 8.
The Interventional segment's operating income as a percentage of revenues in 2025 and 2024, compared with the prior-year periods, reflected the following: • The Interventional segment’s higher gross profit margin in 2025 compared with 2024 primarily reflected lower manufacturing costs resulting from continuous improvement projects, supply chain optimization and other productivity initiatives, partially offset by unfavorable impacts from tariffs, as well as higher labor and raw material costs. • The Interventional segment’s higher gross profit margin in 2024 compared with 2023 primarily reflected favorable impacts from product mix and pricing. • Selling and administrative expense as percentages of revenues in 2025 was flat compared with 2024.
Higher research and development expense as a percentage of revenues in 2025 compared with 2024 primarily reflected the timing of project spending. • Lower selling and administrative expense, as well as research and development expense, as percentages of revenues in 2024 compared with 2023, primarily reflected revenue growth that outpaced spending.
Geographic Revenues BD’s worldwide revenues by geography were as follows: 2025 vs. 2024 2024 vs. 2023 (Millions of dollars) 2025 2024 2023 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change United States $ 12,790 $ 11,663 $ 11,113 9.7 % — 9.7 % 4.9 % — 4.9 % International 9,049 8,515 8,258 6.3 % 0.4 % 5.9 % 3.1 % (0.2) % 3.3 % Total revenues $ 21,840 $ 20,178 $ 19,372 8.2 % 0.1 % 8.1 % 4.2 % (0.1) % 4.2 % U.S. revenue growth in 2025 was largely driven by the acquired Advanced Patient Monitoring unit’s sales.
U.S. revenue growth also reflected strong sales in the Medical segment’s Medication Delivery Solutions and Medication Management Solutions units, as well as the Interventional segment’s Urology and Critical Care unit.
U.S. revenue growth in 2025 was partially offset by a decline in the Life Sciences segment’s Diagnostic Solutions unit, as further discussed above.
U.S. revenue growth in 2024 reflected strong sales in the Medical segment’s Medication Delivery Solutions and Medication Management Solutions units, as well as in the Interventional segment’s Urology and Critical Care unit.
International revenue growth in 2025 was largely driven by the acquired Advanced Patient Monitoring unit’s sales.
International revenue growth was also driven by sales in the Medical segment’s Medication Delivery Solutions unit, as well as by sales in all of the Interventional segment’s units.
International revenue growth also reflected a favorable comparison to the prior-period, which was unfavorably impacted by $62 million of accruals related to the Italian government medical device pay back legislation, as further discussed above.
International revenue growth in 2025 was partially offset by a decline in the Life Sciences segment’s Biosciences unit, as further discussed above.
International revenue growth in 2024 was driven by the Medical segment’s Pharmaceutical Systems unit, the Life Sciences segment’s Specimen Management and Diagnostic Solutions units and the Interventional segment’s Peripheral Intervention unit.
International revenue growth in 2024 also reflected the unfavorable impact of a $62 million accrual related to the Italian government medical device pay back legislation, as noted above.

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Gone since FY2024

Summary of Financial Results Worldwide revenues in 2024 of $20.178 billion increased 4.2% from the prior-year period.
This increase reflected the following impacts: Increase (decrease) in current-year revenues Volume/other (a) 4.2 % Pricing 0.7 % Foreign currency impact (0.1) % Impact due to sale of Surgical Instrumentation platform (0.7) % Acquisition of Advanced Patient Monitoring 0.4 % Other (b) (0.3) % Increase in revenues from the prior-year period 4.2 % (a) Volume/other includes revenues attributable to products, services and licensing.
(b) Represents the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to the current fiscal year.
Additional disclosures regarding these legislative and legal matters are provided in Notes 6 and 8 to the consolidated financial statements contained in Item 8.
Our financial position remains strong, with cash flows from continuing operating activities totaling $3.844 billion in 2024.
At September 30, 2024, we had $2.301 billion in cash and equivalents and short-term investments, including restricted cash.
We continued to return value to our shareholders in the form of dividends and during fiscal year 2024, we paid cash dividends to common shareholders of $1.100 billion.
Each reporting period, we face currency exposure that arises from translating the results of our worldwide operations to the U.S. dollar at exchange rates that fluctuate from the beginning of such period.
The fiscal year 2024 impact of foreign currency translation on our revenues is provided above and the impact on our earnings is provided further below.
We evaluate our results of operations on both a reported and a foreign currency-neutral basis, which excludes the impact of fluctuations in foreign currency exchange rates.
As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods.
Foreign currency-neutral ("FXN") information compares results between periods as if exchange rates had remained constant period-over-period.
We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior-period foreign currency exchange rates and comparing these adjusted amounts to our current-period results.
Results of Operations Updates to Financial Results Reported in Earnings Release On November 7, 2024, we furnished a Current Report on Form 8-K that included as an exhibit a press release announcing our financial results for the fourth fiscal quarter and the fiscal year ended September 30, 2024 (the “Earnings Release”).
On November 22, 2024 and subsequent to furnishing the Earnings Release, we received the Dispensing Warning Letter, as more fully discussed under Item 1.
Business— Regulation—FDA Warning Letters.
A charge of $28 million to recognize our currently estimated liability for future costs expected to be incurred to address the non-conformities identified in the Dispensing Warning Letter was recorded to Cost of products sold for the three-month period and fiscal year ended September 30, 2024.
The charge, which is included in the “Specified Items” section below, impacted our financial results for the fiscal year ended September 30, 2024, included in this Annual Report on Form 10-K, as follows: • Cost of product sold (from $11.025 billion reported in the Earnings Release to $11.053 billion); • Operating Income (from $2.425 billion reported in the Earnings Release to $2.397 billion); • Net Income from Continuing Operations (from $1.726 billion reported in the Earnings Release to $1.705 billion); and • Diluted Earnings per Share from Continuing Operations (from $5.93 reported in the Earnings Release to $5.86).
Medical Segment The following summarizes Medical revenues by organizational unit: 2024 vs. 2023 2023 vs. 2022 (Millions of dollars) 2024 2023 2022 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Medication Delivery Solutions $ 4,429 $ 4,293 $ 4,308 3.2 % (0.1) % 3.3 % (0.3) % (1.9) % 1.6 % Medication Management Solutions 3,297 2,980 2,533 10.7 % 0.2 % 10.5 % 17.6 % (1.0) % 18.6 % Pharmaceutical Systems 2,273 2,229 2,001 2.0 % 0.2 % 1.8 % 11.4 % (1.7) % 13.1 % Advanced Patient Monitoring 74 — — NM NM NM NM NM NM Total Medical revenues $ 10,074 $ 9,502 $ 8,841 6.0 % — % 6.0 % 7.5 % (1.6) % 9.1 % "NM" denotes that the percentage change is not meaningful.
The Medical segment’s revenue growth in 2023 primarily reflected the following. • Strong global sales of catheters and other vascular care products in the Medication Delivery Solutions unit were partially offset by the impact of VoBP in China and lower COVID vaccination-related revenues in 2023 compared with these revenues in 2022. • Strong performance of the Medication Management Solutions unit’s pharmacy automation portfolio, including Parata Systems, which we acquired in fiscal year 2022, and our BD Rowa™ technologies, as well as strong growth in sales of dispensing systems.
Revenue growth attributable to the unit’s recent acquisitions was approximately 9.3% in 2023. • Continued strong demand for the Pharmaceutical Systems unit’s prefillable solutions in high-growth markets such as the biologic drug category.
Medical segment operating income was as follows: (Millions of dollars) 2024 2023 2022 Medical segment operating income $ 2,742 $ 1,967 $ 2,215 Segment operating income as % of Medical revenues 27.2 % 20.7 % 25.1 % The Medical segment's operating income as a percentage of revenues in 2024 and 2023, compared with the prior-year periods, reflected the following: • The Medical segment’s higher gross profit margin in 2024 compared with 2023 primarily reflected the following: ◦ A favorable comparison to gross margin in 2023, which was impacted by $653 million of charges related to estimated future costs associated with the Medication Management Solutions unit’s remediation efforts related to Alaris TM infusion pumps, as well as lower manufacturing costs, which resulted from continuous improvement projects and other productivity initiatives that enhanced the efficiency of our operations; partially offset by ◦ An unfavorable impact of $59 million due to a fair value step-up adjustment relating to Advanced Patient Monitoring's inventory on the acquisition date, higher raw material and labor costs, as well as unfavorable foreign currency translation. • The Medical segment’s lower gross profit margin in 2023 compared with 2022 primarily reflected the following: ◦ The $653 million of charges noted above related to product remediation efforts compared with charges in 2022 related to the same efforts of $72 million.
The fiscal year 2023 charge impacted gross margin by approximately 6.9%. ◦ Higher raw material, labor and freight costs, as well as unfavorable foreign currency translation; partially offset by ◦ Lower manufacturing costs resulting from continuous improvement projects and pricing. • Lower selling and administrative expense as a percentage of revenues in 2024 compared with 2023 primarily reflected revenue growth that outpaced spending and lower shipping costs.
Selling and administrative expense as a percentage of revenues in 2023 was lower compared with 2022 due to lower selling and shipping costs. • Research and development expense as a percentage of revenues in 2024 was lower compared with 2023, and in 2023 compared with 2022, which reflected revenue growth that outpaced project spending.
Life Sciences Segment The following summarizes Life Sciences revenues by organizational unit: 2024 vs. 2023 2023 vs. 2022 (Millions of dollars) 2024 2023 2022 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Integrated Diagnostic Solutions $ 3,679 $ 3,624 $ 4,185 1.5 % (0.1) % 1.6 % (13.4) % (2.0) % (11.4) % Biosciences 1,512 1,509 1,379 0.2 % — % 0.2 % 9.4 % (2.2) % 11.6 % Total Life Sciences revenues $ 5,191 $ 5,133 $ 5,564 1.1 % — % 1.1 % (7.8) % (2.1) % (5.7) % The Life Sciences segment’s revenue growth in 2024 primarily reflected the following: • Strong growth in sales of the Integrated Diagnostic Solutions unit’s specimen management portfolio, partially offset by an unfavorable comparison to higher respiratory testing revenues in 2023, including COVID-19-only diagnostic testing revenues. • Strong demand for the Biosciences unit’s clinical reagents, offset by a decline in sales of the unit’s instrumentation due to a decline in life science research funding, primarily in the United States and China.
The Life Sciences segment's revenues in 2023 primarily reflected the following: • Revenues related to COVID-19-only diagnostic testing on the BD Veritor TM Plus and BD Max TM Systems in the Integrated Diagnostic Solutions unit of $73 million compared with revenues in 2022 of $511 million and an unfavorable comparison to stronger sales in 2022 of the Integrated Diagnostic Solutions unit’s combination influenza/COVID-19 testing assays, as well as destocking of specimen management products by U.S. distributors in 2023; partially offset by • Growth in the Integrated Diagnostic Solutions unit’s microbiology platform and growth attributable to molecular diagnostic platforms which leveraged our larger installed base of BD MAX TM instruments. • Strong growth in sales of the Biosciences unit’s reagents and instruments, including recently launched research instruments.
Life Sciences segment operating income was as follows: (Millions of dollars) 2024 2023 2022 Life Sciences segment operating income $ 1,595 $ 1,585 $ 1,710 Segment operating income as % of Life Sciences revenues 30.7 % 30.9 % 30.7 % The Life Sciences segment's operating income as a percentage of revenues in 2024 and 2023, compared with the prior-year periods, reflected the following: • The Life Sciences segment’s lower gross profit margin in 2024 compared with 2023 primarily reflected higher raw material and labor costs, as well as declines in respiratory illness-related revenues and unfavorable foreign currency translation, partially offset by lower manufacturing costs resulting from continuous improvement projects and other productivity initiatives. • The Life Sciences segment’s higher gross profit margin in fiscal year 2023 compared with 2022 primarily reflected the following: ◦ Favorable impacts in 2023 from price and continuous improvement projects in our manufacturing facilities; partially offset by ◦ The decline in COVID-19-only testing revenues and a decline in licensing income compared with 2022, as well as higher raw material and labor costs in 2023. • Selling and administrative expense as a percentage of revenues in 2024 was higher compared with 2023, which primarily reflected lower costs in 2023.
Lower selling and administrative expense as a percentage of revenues in 2023 compared with 2022 primarily reflected lower selling costs and efforts to contain certain administrative costs. • Lower research and development expense as a percentage of revenues in 2024 compared with 2023 primarily reflected the progression of current projects.
Higher research and development expense as a percentage of revenues in 2023 compared with 2022, primarily reflected the decline in segment revenues in 2023 compared with the prior-year period.
Interventional Segment The following summarizes Interventional revenues by organizational unit: 2024 vs. 2023 2023 vs. 2022 (Millions of dollars) 2024 2023 2022 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Surgery $ 1,492 $ 1,497 $ 1,400 (0.3) % (0.1) % (0.2) % 6.9 % (1.3) % 8.2 % Peripheral Intervention 1,933 1,865 1,759 3.7 % (0.4) % 4.1 % 6.0 % (2.9) % 8.9 % Urology and Critical Care 1,554 1,374 1,305 13.1 % (0.5) % 13.6 % 5.3 % (1.8) % 7.1 % Total Interventional revenues $ 4,980 $ 4,736 $ 4,464 5.1 % (0.4) % 5.5 % 6.1 % (2.0) % 8.1 % The Interventional segment’s revenue growth in 2024 primarily reflected the following: • Strong growth in sales across the Surgery unit’s advanced repair and reconstruction platforms, as well as its infection prevention products; the prior-year period’s revenues included $140 million attributable to the unit’s former Surgical Instrumentation platform, which was sold in the fourth quarter of fiscal year 2023. • Double-digit growth attributable to the Peripheral Intervention unit’s peripheral vascular disease platform, partially offset by a decline in sales of our oncology products due to customer ordering patterns and market dynamics in China. • Double-digit growth in sales of the Urology and Critical Care unit’s PureWick TM offerings and current-year licensing revenue.
The Interventional segment’s revenue growth in 2023 primarily reflected the following: • Double-digit growth in global sales of the Surgery unit’s advanced repair and reconstruction platforms, as well as strong growth in sales of biosurgery products, was partially offset by a decline in revenues attributable to the sale of the Surgical Instrumentation platform in the fourth quarter. • Growth driven by global market penetration of the Peripheral Intervention unit’s peripheral vascular disease platform was partially offset by the impact of planned strategic portfolio exits. • Continued strong demand for the Urology and Critical Care unit’s PureWick TM offerings in the acute and alternative care settings.
Interventional segment operating income was as follows: (Millions of dollars) 2024 2023 2022 Interventional segment operating income $ 1,420 $ 1,217 $ 1,081 Segment operating income as % of Interventional revenues 28.5 % 25.7 % 24.2 % The Interventional segment's operating income as a percentage of revenues in 2024 and 2023, compared with the prior-year periods, reflected the following: • The Interventional segment’s higher gross profit margin in 2024 compared with 2023 primarily reflected favorable impacts from product mix and pricing. • The Interventional segment’s gross profit margin was flat in 2023 compared with 2022, which primarily reflected: ◦ Favorable impacts from price, continuous improvement projects, and a favorable comparison to the prior-year period, which was unfavorably impacted by certain purchase accounting adjustments; offset by ◦ Unfavorable impacts of higher raw material, labor and freight costs. • Lower selling and administrative expense, as well as research and development expense, as percentages of revenues in 2024 compared with 2023, and in 2023 compared with 2022, primarily reflected revenue growth that outpaced spending.
Geographic Revenues BD’s worldwide revenues by geography were as follows: 2024 vs. 2023 2023 vs. 2022 (Millions of dollars) 2024 2023 2022 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change United States $ 11,663 $ 11,113 $ 10,722 4.9 % — 4.9 % 3.7 % — 3.7 % International 8,515 8,258 8,148 3.1 % (0.2) % 3.3 % 1.4 % (4.2) % 5.6 % Total revenues $ 20,178 $ 19,372 $ 18,870 4.2 % (0.1) % 4.2 % 2.7 % (1.8) % 4.5 % U.S. revenue growth in 2024 reflected strong sales in the Medical segment’s Medication Delivery Solutions and Medication Management Solutions units, as well as in the Interventional segment’s Urology and Critical Care unit.
U.S. revenue growth in 2023 was particularly driven by strong sales in the Medical segment’s Medication Management Solutions and Pharmaceutical Systems units and in the Life Sciences segment’s Biosciences unit, as well as by strong sales in the Interventional segment’s Surgery and Urology and Critical Care units.
U.S. revenues in 2023 were unfavorably impacted by a decline in COVID-19-only diagnostic testing sales compared with 2022, as discussed further above.
International revenue growth in 2024 was driven by the Medical segment’s Pharmaceutical Systems unit, the Life Sciences segment’s Integrated Diagnostic Solutions unit and the Interventional segment’s Peripheral Intervention unit.
International revenue growth in 2024 also reflected the unfavorable impact of a $62 million accrual which resulted from recent developments relating to the Italian government medical device pay back legislation and substantially relates to years prior to the current fiscal year.
International revenue growth in 2023 was particularly driven by strong sales in the Medical segment’s Medication Management Solutions and Pharmaceutical Systems units, and in the Life Sciences segment’s Biosciences unit, as well as by strong sales in the Interventional segment’s Surgery and Peripheral Intervention units.
International revenues in 2023 were unfavorably impacted by a decline in COVID-19-only diagnostic testing sales compared with 2022, as discussed further above.
Emerging market revenues were as follows: 2024 vs. 2023 2023 vs. 2022 (Millions of dollars) 2024 2023 2022 Total Change Estimated FX Impact FXN Change Total Change Estimated FX Impact FXN Change Emerging markets $ 3,054 $ 2,966 $ 2,904 3.0 % (0.6) % 3.6 % 2.1 % (3.6) % 5.7 % Emerging market revenue growth in 2024 primarily reflected strong sales in Latin America and in countries other than China within Greater Asia, partially offset by a decline in China driven by unfavorable market dynamics, as further discussed above.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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