Becton, Dickinson and Company

Becton, Dickinson and Company is an American medical technology firm that designs, manufactures, and sells a broad portfolio of medical supplies, devices, laboratory equipment, and diagnostic products to healthcare institutions, life-science researchers, pharmaceutical companies, and the general public, generating $21.8 billion in revenue in fiscal 2025. Founded in 1897 and incorporated in New Jersey in 1906, BD is one of the oldest continuously operating companies in the sector and one of the largest pure-play medical-technology firms in the S&P 500.

This is a story about a company in the middle of a deliberate, multi-year transformation. BD spun its diabetes-care business into Embecta in 2022, sold its surgical-instrumentation platform in 2023, acquired Edwards Lifesciences' critical-care unit for $3.9 billion in 2024, and in February 2026 completed a Reverse Morris Trust transaction that combined its Biosciences and Diagnostic Solutions business with Waters Corporation — yielding $4 billion in cash and leaving BD shareholders with 39.2% of the combined company. What remains is a tighter organization: five segments built around durable consumables, connected-care infrastructure, biologic drug delivery, and interventional devices. The file turns on whether the New BD strategy can deliver durable mid-single-digit organic growth once the Alaris remediation headwind, China volume-based procurement, and the vaccine-demand reset have fully played through — and whether the firm's persistent quality-system issues stay contained or metastasize into something larger.