Why did BD reorganize its segments, and how does this change reported results?

Effective October 1, 2025, BD reorganized its organizational units into five worldwide segments. The principal product lines did not change. Prior-period amounts were recast, so FY2024 and quarterly comparisons now reflect the new structure. The Pharmaceutical Systems unit was renamed BioPharma Systems. The change is presentational, but it improves comparability for modeling the post-separation portfolio.

What is the difference between reported, adjusted, and organic revenue growth in this filing?

Reported growth uses GAAP revenue. Adjusted growth excludes the prior-year reduction for Italian medical device payback and another legal matter, which was $67M in FY2024. Organic growth further removes inorganic revenue from acquisitions and divestitures during their first 12 months, which here is mainly Advanced Patient Monitoring. Currency-neutral (FXN) growth strips out FX translation. For FY2025 total company, reported growth was 8.2%, adjusted 7.9%, and organic 3.1%.

How much of BD's growth is coming from the Waters combination of Life Sciences, and what happens to the reported numbers afterward?

Life Sciences (Diagnostic Solutions and Biosciences) generated $3.30B of FY2025 revenue, about 15% of total. It was declining at -1.8%. Once the Waters combination closes, Life Sciences will be removed from segment reporting, leaving four reportable segments. Post-separation, the company's revenue base will be the New BD figures, which were $18.54B in FY2025, and headline growth rates will likely reflect that smaller, faster-growing base. Investors should note that the 8-K itself does not give the deal's closing timing or financial terms.

Is Connected Care's growth sustainable once the acquisition is lapped?

Connected Care's 35.2% reported growth is mostly acquisition-driven. Its organic growth was 6.2% in FY2025, and quarterly organic growth ran from roughly 5% to 7% in the most recent quarters. Medication Management Solutions grew 5.4%, and Advanced Patient Monitoring's contribution will shift to organic once the acquisition anniversaries. The filing does not provide forward guidance, so sustainability depends on management's future commentary and on continued organic growth in medication management.

BDX 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

BD's February 5, 2026 8-K recasts its historical revenue into five new reportable segments, effective October 1, 2025: Medical Essentials, Connected Care, BioPharma Systems, Interventional, and Life Sciences.

The filing contains no new guidance or earnings results. Its purpose is to let investors model the post-reorganization business. Total FY2025 revenue (twelve months ended September 30) was $21.84 billion^a, up 8.2% reported and 8.1% on a currency-neutral basis.

Excluding prior-year Italian medical device payback and other legal accrual reductions, growth was 7.9% reported. The headline growth is heavily inflated by the Advanced Patient Monitoring acquisition, which contributed $977 million^b of inorganic revenue. On an organic basis, total revenue grew 3.1% (2.9% FXN).

The more informative view is "New BD", which excludes Life Sciences (Diagnostic Solutions and Biosciences), the business slated for combination with Waters Corporation. New BD adjusted revenue was $18.54 billion^c, up 9.8%. New BD organic revenue was $17.57 billion, up 4.0% reported and 3.9% FXN.

Connected Care was the main growth driver at $4.56 billion^d, up 35.2%, with organic growth of 6.2%. Within the legacy portfolio, Interventional grew 4.8% to $5.22 billion, led by Urology and Critical Care (+6.1%) and Surgery (+5.3%). Medical Essentials grew 2.9% to $6.45 billion, and BioPharma Systems grew 2.2% to $2.32 billion.

Life Sciences declined 1.8% to $3.30 billion. Quarterly trends show the organic growth profile is uneven. New BD organic growth was 5.1% in the December 2024 quarter, 0.6% in the March 2025 quarter, 4.3% in the June 2025 quarter, and 6.1% in the September 2025 quarter.

The March quarter was the weakest, with Urology and Critical Care and BioPharma Systems soft and FX a headwind. Investors should treat the 8-K as a baseline for the new segment structure. Forward assessment will depend on Life Sciences separation timing, the durability of Advanced Patient Monitoring growth as it laps the acquisition, and organic growth in the core segments.

02—Key points

Key Highlights

FY2025 total revenue was $21.84B, up 8.2% reported and 8.1% FXN. Organic growth was only 3.1%, because the Advanced Patient Monitoring acquisition added $977M of inorganic revenue.
New BD (excluding Life Sciences) adjusted revenue was $18.54B, up 9.8%. New BD organic revenue was $17.57B, up 4.0%, a more representative measure of the go-forward business.
Connected Care revenue rose 35.2% to $4.56B, with organic growth of 6.2%. Advanced Patient Monitoring contributed $1.08B in FY2025 versus $74M in FY2024.
Interventional grew 4.8% to $5.22B, led by Urology and Critical Care (+6.1%) and Surgery (+5.3%). Peripheral Intervention grew 3.3%.
Medical Essentials grew 2.9% to $6.45B, and BioPharma Systems grew 2.2% to $2.32B. Both were modest growers relative to the Connected Care and Interventional segments.
Life Sciences revenue fell 1.8% to $3.30B. It is slated to be combined with Waters Corporation and removed from segment reporting, which will leave four reportable segments.
Quarterly New BD organic growth was volatile: 5.1% (Dec-24 quarter), 0.6% (Mar-25 quarter), 4.3% (Jun-25 quarter), and 6.1% (Sep-25 quarter). The March quarter was the weakest.

03—Questions

Frequently Asked Questions

Why did BD reorganize its segments, and how does this change reported results?
Effective October 1, 2025, BD reorganized its organizational units into five worldwide segments. The principal product lines did not change. Prior-period amounts were recast, so FY2024 and quarterly comparisons now reflect the new structure. The Pharmaceutical Systems unit was renamed BioPharma Systems. The change is presentational, but it improves comparability for modeling the post-separation portfolio.
What is the difference between reported, adjusted, and organic revenue growth in this filing?
Reported growth uses GAAP revenue. Adjusted growth excludes the prior-year reduction for Italian medical device payback and another legal matter, which was $67M in FY2024. Organic growth further removes inorganic revenue from acquisitions and divestitures during their first 12 months, which here is mainly Advanced Patient Monitoring. Currency-neutral (FXN) growth strips out FX translation. For FY2025 total company, reported growth was 8.2%, adjusted 7.9%, and organic 3.1%.
How much of BD's growth is coming from the Waters combination of Life Sciences, and what happens to the reported numbers afterward?
Life Sciences (Diagnostic Solutions and Biosciences) generated $3.30B of FY2025 revenue, about 15% of total. It was declining at -1.8%. Once the Waters combination closes, Life Sciences will be removed from segment reporting, leaving four reportable segments. Post-separation, the company's revenue base will be the New BD figures, which were $18.54B in FY2025, and headline growth rates will likely reflect that smaller, faster-growing base. Investors should note that the 8-K itself does not give the deal's closing timing or financial terms.
Is Connected Care's growth sustainable once the acquisition is lapped?
Connected Care's 35.2% reported growth is mostly acquisition-driven. Its organic growth was 6.2% in FY2025, and quarterly organic growth ran from roughly 5% to 7% in the most recent quarters. Medication Management Solutions grew 5.4%, and Advanced Patient Monitoring's contribution will shift to organic once the acquisition anniversaries. The filing does not provide forward guidance, so sustainability depends on management's future commentary and on continued organic growth in medication management.

04—Continue

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