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Mar 31
BD Q2 2025 Earnings Report
BD reported solid second quarter results with margin-driven earnings outperformance despite muted organic revenue growth.
Key Takeaways
BD (Becton, Dickinson and Company) delivered $5.27B in revenue and exceeded earnings expectations through margin expansion, even as organic growth remained soft in a challenging macro environment.
Reported revenue reached $5.27B, a 4.5% increase YoY.
Adjusted EPS rose to $3.35, outperforming expectations.
Net income declined to $308M from $537M a year ago.
BD Medical led growth, with 14.3% FX-neutral increase driven by Advanced Patient Monitoring.
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BD Revenue by Segment
BD Revenue by Geographic Location
Forward Guidance
BD reaffirmed FY25 revenue guidance with slight adjustment to organic growth outlook due to macro pressures, while maintaining EPS guidance with tariff impacts absorbed.
Positive Outlook
- Full-year revenue guidance increased slightly to $21.8B–$21.9B.
- Adjusted EPS expected between $14.06 and $14.34.
- Strong operational performance enables offsetting macro headwinds.
- Margin improvements continue to drive profitability.
- Tariff impacts (~$0.25 EPS) absorbed without adjusting core guidance.
Challenges Ahead
- Organic revenue growth outlook trimmed to 3.0%–3.5%.
- Macroeconomic conditions are weighing on short-term demand.
- Foreign currency remains a modest headwind.
- Tariffs introduce incremental cost pressures.
- Diagnostic and biosciences demand softness persists in key regions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income