Becton, Dickinson and Company

BD has finished shrinking into a focused medtech: Life Sciences is now Waters, and the rest runs on four fast platforms inside a 90% core that keeps growing the same steady amount. EPS guidance was raised twice and the drag on the headline clears after FY2027.How much did tariffs subtract from profit over the last four quarters?

• The growth now sits in four platforms, not the whole company.

  Biologic drug delivery, patient monitoring, PureWick and tissue regeneration all grew double digits, while the other 90% of the portfolio holds mid-single digits. Alaris, vaccines and China — under a tenth of revenue — are the whole drag.

• Alaris is a drag BD created for itself, and it gets worse next year.

  BD upgraded most of the U.S. installed base early, so it now replaces pumps it already owns and the comparison, not demand, holds growth down. Management sees that becoming a 200 basis point headwind in FY2027 and then ending.When did the company last post mid-single-digit organic growth, and what drove it?

• Costs are landing while revenue is still growing slowly.

  Adjusted operating margin held near 25% but trailed last year every quarter of FY2026, as tariffs and a bigger sales force ate the gain and plant productivity near 8% was what offset them. Profit now depends on that productivity continuing.How has gross margin moved since the BD Excellence program began?