BECTON DICKINSON & COBDX
BECTON DICKINSON & CO Segments Disclosure
Segment Data
The Company's organizational structure is based upon three worldwide business segments: BD Medical (“Medical”), BD Life Sciences (“Life Sciences”) and BD Interventional (“Interventional”). The Company’s segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. The Company’s Chairman, Chief Executive Officer and President is its chief operating decision maker (“CODM”).
Medical
Medical produces a broad array of medical technologies and devices that are used to help improve healthcare delivery in a wide range of settings. The primary customers served by Medical are hospitals and clinics, physicians’ office practices, consumers and retail pharmacies, governmental and nonprofit public health agencies, pharmaceutical companies, and healthcare workers. Medical consists of the following organizational units: Medication Delivery Solutions, Medication Management Solutions, Pharmaceutical Systems, and Advanced Patient Monitoring.
Life Sciences
Life Sciences provides products for the safe collection and transport of diagnostics specimens, and instruments and reagent systems to detect a broad range of infectious diseases, healthcare-associated infections and cancers. In addition, Life Sciences produces research and clinical tools that facilitate the study of cells, and the components of cells, to gain a better understanding of normal and disease processes. That information is used to aid the discovery and development of new drugs and vaccines, and to improve the diagnosis and management of diseases. The primary customers served by Life Sciences are hospitals, laboratories and clinics; blood banks; healthcare workers; physicians’ office practices; academic and government institutions; and pharmaceutical and biotechnology companies. Life Sciences consists of the following organizational units: Specimen Management, Diagnostic Solutions, and Biosciences.
Interventional
Interventional provides vascular, urology, oncology and surgical specialty products that are intended to be used once and then discarded or are either temporarily or permanently implanted. The primary customers served by Interventional are hospitals, ambulatory surgery centers, individual healthcare professionals, extended care facilities, alternate site facilities, and patients via the segment's Homecare business. Interventional consists of the following organizational units: Surgery, Peripheral Intervention, and Urology and Critical Care.
Additional Segment Information
Distribution of products is primarily through independent distribution channels, and directly to end-users by BD and independent sales representatives. No customer accounted for 10% or more of revenues in any of the three years presented.
The Company presents segment results on a consistent basis with internal reporting regularly reviewed by the CODM, on both a reported and a foreign currency-neutral basis, to evaluate business segment performance, as compared to budget, and allocate resources such as capital and headcount. Business segment performance is evaluated based on operating income before taxes excluding certain corporate expenses and other adjustments that are not considered part of ordinary operations. Such adjustments primarily include: amortization and other adjustments related to the purchase accounting for acquisitions; certain product remediation costs; amounts related to certain legal matters; costs associated with restructuring and integration activities; acquisition-related transaction costs and separation-related items; and costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation. These amounts are included in the reconciliation of segment operating income to the Company’s Income from Continuing Operations Before Income Taxes, below. Prior period segment amounts have been recast to conform to the current year presentation.
The Company’s CODM does not receive any asset information by business segment and, as such, the Company does not report asset information by business segment.
Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which are based on the nature of the Company’s product and service offerings. The Company’s new organizational structure consists of the following reportable segments and their respective organizational units:
| Reportable Segment: | Organizational Units: | ||||
Medical Essentials | Medication Delivery Solutions, Specimen Management | ||||
Connected Care | Medication Management Solutions, Advanced Patient Monitoring | ||||
BioPharma Systems | Pharmaceutical Systems | ||||
Interventional | Urology and Critical Care, Peripheral Intervention, Surgery | ||||
Life Sciences (a) | Diagnostic Solutions and Biosciences | ||||
(a)The proposed combination of the Company’s Biosciences and Diagnostic Solutions business with Waters is expected to close around the end of the first quarter of calendar year 2026, as further discussed in Note 1. Post-closing, the Life Sciences segment will be eliminated, and the Company will consist of the remaining four reportable segments.
The Company’s segment revenues are detailed below. The Company has no material intersegment revenues.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| United States | International | Total | United States | International | Total | United States | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Medical | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Medication Delivery Solutions | $ | 2,789 | $ | 1,787 | $ | 4,575 | $ | 2,661 | $ | 1,768 | $ | 4,429 | $ | 2,519 | $ | 1,774 | $ | 4,293 | |||||||||||||||||||||||||||||||||||
| Medication Management Solutions | 2,810 | 664 | 3,474 | 2,627 | 670 | 3,297 | 2,303 | 677 | 2,980 | ||||||||||||||||||||||||||||||||||||||||||||
| Pharmaceutical Systems | 659 | 1,666 | 2,324 | 629 | 1,644 | 2,273 | 666 | 1,563 | 2,229 | ||||||||||||||||||||||||||||||||||||||||||||
| Advanced Patient Monitoring | 658 | 424 | 1,082 | 47 | 27 | 74 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total segment revenues | $ | 6,916 | $ | 4,540 | $ | 11,456 | $ | 5,964 | $ | 4,110 | $ | 10,074 | $ | 5,488 | $ | 4,014 | $ | 9,502 | |||||||||||||||||||||||||||||||||||
| Life Sciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Specimen Management (a) | $ | 981 | $ | 890 | $ | 1,871 | $ | 952 | $ | 882 | $ | 1,833 | $ | 906 | $ | 831 | $ | 1,737 | |||||||||||||||||||||||||||||||||||
| Diagnostic Solutions (a) | 755 | 1,083 | 1,838 | 782 | 1,064 | 1,846 | 869 | 1,019 | 1,888 | ||||||||||||||||||||||||||||||||||||||||||||
| Biosciences | 593 | 865 | 1,458 | 577 | 935 | 1,512 | 603 | 906 | 1,509 | ||||||||||||||||||||||||||||||||||||||||||||
| Total segment revenues | $ | 2,328 | $ | 2,838 | $ | 5,167 | $ | 2,310 | $ | 2,881 | $ | 5,191 | $ | 2,377 | $ | 2,756 | $ | 5,133 | |||||||||||||||||||||||||||||||||||
| Interventional | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Surgery | $ | 1,175 | $ | 397 | $ | 1,572 | $ | 1,130 | $ | 363 | $ | 1,492 | $ | 1,159 | $ | 338 | $ | 1,497 | |||||||||||||||||||||||||||||||||||
| Peripheral Intervention | 1,067 | 929 | 1,996 | 1,029 | 904 | 1,933 | 1,016 | 849 | 1,865 | ||||||||||||||||||||||||||||||||||||||||||||
| Urology and Critical Care | 1,303 | 345 | 1,649 | 1,236 | 319 | 1,554 | 1,073 | 301 | 1,374 | ||||||||||||||||||||||||||||||||||||||||||||
| Total segment revenues | $ | 3,545 | $ | 1,671 | $ | 5,217 | $ | 3,394 | $ | 1,586 | $ | 4,980 | $ | 3,247 | $ | 1,489 | $ | 4,736 | |||||||||||||||||||||||||||||||||||
| Other (b) | $ | — | $ | — | $ | — | $ | (6) | $ | (62) | $ | (67) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
| Total Company revenues from continuing operations | $ | 12,790 | $ | 9,049 | $ | 21,840 | $ | 11,663 | $ | 8,515 | $ | 20,178 | $ | 11,113 | $ | 8,258 | $ | 19,372 | |||||||||||||||||||||||||||||||||||
(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.
(b)Represents the recognition of accruals related 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. Such amounts were not allocated to the Company’s reportable segments, and these matters are further discussed in Note 6.
The following tables include the significant expenses by segment that are regularly provided to the CODM and a reconciliation of segment operating income to Income from Continuing Operations before Income Taxes.
Fiscal Year 2025 | |||||||||||||||||||||||
| (Millions of dollars) | Medical | Life Sciences | Interventional | Total | |||||||||||||||||||
| Revenues | $ | 11,456 | $ | 5,167 | $ | 5,217 | $ | 21,840 | |||||||||||||||
| Segment expenses: | |||||||||||||||||||||||
| Cost of products sold | 5,464 | 2,490 | 1,712 | 9,666 | |||||||||||||||||||
| % of revenues | 47.7 | % | 48.2 | % | 32.8 | % | |||||||||||||||||
| Selling and administrative expense | 1,312 | 721 | 997 | 3,030 | |||||||||||||||||||
| % of revenues | 11.5 | % | 14.0 | % | 19.1 | % | |||||||||||||||||
| Research and development expense | 523 | 315 | 255 | 1,092 | |||||||||||||||||||
| % of revenues | 4.6 | % | 6.1 | % | 4.9 | % | |||||||||||||||||
| Other operating expense, net | 17 | — | — | 17 | |||||||||||||||||||
| % of revenues | 0.2 | % | — | % | — | % | |||||||||||||||||
| Segment Operating Income | $ | 4,140 | $ | 1,641 | $ | 2,253 | $ | 8,034 | |||||||||||||||
| % of revenues | 36.1 | % | 31.8 | % | 43.2 | % | |||||||||||||||||
| Unallocated items | |||||||||||||||||||||||
| Net interest expense | (575) | ||||||||||||||||||||||
| Corporate administrative and other unallocated (a) | (2,628) | ||||||||||||||||||||||
| Specified items: | |||||||||||||||||||||||
| Purchase accounting adjustments (b) | (1,898) | ||||||||||||||||||||||
| Integration, restructuring and transaction expense | (408) | ||||||||||||||||||||||
| Product, litigation, and other items (c) | (548) | ||||||||||||||||||||||
| Separation-related items (d) | (97) | ||||||||||||||||||||||
| Income from Continuing Operations Before Income Taxes | $ | 1,881 | |||||||||||||||||||||
Fiscal Year 2024 | |||||||||||||||||||||||
| (Millions of dollars) | Medical | Life Sciences | Interventional | Total | |||||||||||||||||||
| Revenues | $ | 10,074 | $ | 5,191 | $ | 4,980 | $ | 20,245 | |||||||||||||||
| Segment expenses: | |||||||||||||||||||||||
| Cost of products sold | 5,015 | 2,538 | 1,693 | 9,245 | |||||||||||||||||||
| % of revenues | 49.8 | % | 48.9 | % | 34.0 | % | |||||||||||||||||
| Selling and administrative expense | 1,031 | 702 | 945 | 2,679 | |||||||||||||||||||
| % of revenues | 10.2 | % | 13.5 | % | 19.0 | % | |||||||||||||||||
| Research and development expense | 447 | 336 | 226 | 1,009 | |||||||||||||||||||
| % of revenues | 4.4 | % | 6.5 | % | 4.5 | % | |||||||||||||||||
| Other operating income, net | (2) | — | — | (2) | |||||||||||||||||||
| % of revenues | — | % | — | % | — | % | |||||||||||||||||
| Segment Operating Income | $ | 3,583 | $ | 1,616 | $ | 2,115 | $ | 7,314 | |||||||||||||||
| % of revenues | 35.6 | % | 31.1 | % | 42.5 | % | |||||||||||||||||
| Unallocated items | |||||||||||||||||||||||
| Net interest expense | (364) | ||||||||||||||||||||||
| Corporate administrative and other unallocated (a) | (2,529) | ||||||||||||||||||||||
| Specified items: | |||||||||||||||||||||||
| Purchase accounting adjustments (b) | (1,503) | ||||||||||||||||||||||
| Integration, restructuring and transaction expense | (458) | ||||||||||||||||||||||
| Product, litigation, and other items (c) | (346) | ||||||||||||||||||||||
| Financing impacts | 8 | ||||||||||||||||||||||
| Separation-related items (d) | (13) | ||||||||||||||||||||||
| European regulatory initiative-related costs | (104) | ||||||||||||||||||||||
| Income from Continuing Operations Before Income Taxes | $ | 2,005 | |||||||||||||||||||||
Fiscal Year 2023 | |||||||||||||||||||||||
| (Millions of dollars) | Medical | Life Sciences | Interventional | Total | |||||||||||||||||||
| Revenues | $ | 9,502 | $ | 5,133 | $ | 4,736 | $ | 19,372 | |||||||||||||||
| Segment expenses: | |||||||||||||||||||||||
| Cost of products sold | 4,719 | 2,489 | 1,650 | 8,858 | |||||||||||||||||||
| % of revenues | 49.7 | % | 48.5 | % | 34.8 | % | |||||||||||||||||
| Selling and administrative expense | 993 | 680 | 926 | 2,599 | |||||||||||||||||||
| % of revenues | 10.4 | % | 13.3 | % | 19.6 | % | |||||||||||||||||
| Research and development expense | 445 | 371 | 225 | 1,041 | |||||||||||||||||||
| % of revenues | 4.7 | % | 7.2 | % | 4.7 | % | |||||||||||||||||
| Other operating income, net | (6) | (6) | (4) | (16) | |||||||||||||||||||
| % of revenues | (0.1) | % | (0.1) | % | (0.1) | % | |||||||||||||||||
| Segment Operating Income | $ | 3,352 | $ | 1,599 | $ | 1,939 | $ | 6,891 | |||||||||||||||
| % of revenues | 35.3 | % | 31.2 | % | 40.9 | % | |||||||||||||||||
| Unallocated items | |||||||||||||||||||||||
| Net interest expense | (403) | ||||||||||||||||||||||
| Corporate administrative and other unallocated (a) | (2,378) | ||||||||||||||||||||||
| Specified items: | |||||||||||||||||||||||
| Purchase accounting adjustments (b) | (1,434) | ||||||||||||||||||||||
| Integration, restructuring and transaction expense | (306) | ||||||||||||||||||||||
| Product, litigation, and other items (c) | (554) | ||||||||||||||||||||||
| Separation-related items (d) | (14) | ||||||||||||||||||||||
| European regulatory initiative-related costs | (139) | ||||||||||||||||||||||
| Income from Continuing Operations Before Income Taxes | $ | 1,662 | |||||||||||||||||||||
(a)Primarily comprised of corporate general and administrative expenses, share-based compensation expense, and foreign exchange.
(b)Includes amortization and other adjustments related to the purchase accounting for acquisitions. The Company’s amortization expense is recorded in Cost of products sold. The amount in 2025 includes $336 million recorded due to a fair value step-up adjustment relating to Advanced Patient Monitoring's inventory on the acquisition date.
(c)Includes certain items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, amounts related to certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2025 included charges of $98 million to Cost of products sold to adjust the estimate of future product remediation costs and charges of $297 million to Other operating expense (income), net, related to product liability and certain other legal matters. The amount in 2024 included $67 million of accruals recorded to Revenues 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 and a charge of $175 million to accrue an estimated liability for the SEC investigation. These matters are further discussed in Note 6. The amount in 2023 included charges within Cost of products sold of $653 million to record or adjust future costs estimated for product remediation efforts, which is further discussed in Note 6, and a pre-tax gain recognized on the Company's sale of its Surgical Instrumentation platform of approximately $268 million, which is further discussed in Note 2.
(d)Represents costs recorded to Other operating expense (income), net incurred in connection with the proposed combination of BD’s Biosciences and Diagnostic Solutions business with Waters, as further discussed in Note 1, for fiscal year 2025, and the separation of BD's former Diabetes Care business in fiscal years 2024 and 2023.
Segment information for both capital expenditures and depreciation and amortization is provided below.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Capital Expenditures | |||||||||||||||||
| Medical | $ | 469 | $ | 438 | $ | 563 | |||||||||||
| Life Sciences | 121 | 114 | 139 | ||||||||||||||
| Interventional | 142 | 127 | 138 | ||||||||||||||
| Corporate and All Other | 28 | 46 | 35 | ||||||||||||||
| Total Capital Expenditures | $ | 760 | $ | 725 | $ | 874 | |||||||||||
| Depreciation and Amortization | |||||||||||||||||
| Medical | $ | 1,393 | $ | 1,216 | $ | 1,199 | |||||||||||
| Life Sciences | 261 | 272 | 277 | ||||||||||||||
| Interventional | 795 | 786 | 799 | ||||||||||||||
| Corporate and All Other | 14 | 13 | 13 | ||||||||||||||
| Total Depreciation and Amortization | $ | 2,462 | $ | 2,286 | $ | 2,288 | |||||||||||
Geographic Information
The countries in which the Company has local revenue-generating operations have been combined into the following geographic areas: the United States (including Puerto Rico); EMEA (which includes Europe, the Middle East and Africa); Greater Asia (which includes countries in Greater China, Japan, South Asia, Southeast Asia, Korea, and Australia and New Zealand); and Other, which is comprised of Latin America (which includes Mexico, Central America, the Caribbean and South America) and Canada.
Revenues to unaffiliated customers are generally based upon the source of the product shipment. Long-lived assets, which include net property, plant and equipment, are based upon physical location.
The table below shows revenues from continuing operations and long-lived assets of continuing operations by geographic area:
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenues | |||||||||||||||||
| United States | $ | 12,790 | $ | 11,663 | $ | 11,113 | |||||||||||
| EMEA | 4,729 | 4,402 | 4,244 | ||||||||||||||
| Greater Asia | 3,093 | 2,906 | 2,913 | ||||||||||||||
| Other | 1,227 | 1,207 | 1,102 | ||||||||||||||
| $ | 21,840 | $ | 20,178 | $ | 19,372 | ||||||||||||
| Long-Lived Assets | |||||||||||||||||
| United States | $ | 34,778 | $ | 35,526 | $ | 35,732 | |||||||||||
| EMEA | 6,759 | 6,706 | 5,317 | ||||||||||||||
| Greater Asia | 1,586 | 1,580 | 1,521 | ||||||||||||||
| Other | 2,447 | 2,548 | 1,116 | ||||||||||||||
| Corporate | 500 | 459 | 418 | ||||||||||||||
| $ | 46,070 | $ | 46,818 | $ | 44,104 | ||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 25, 2025 | Showing above |
| 2024 | Nov 27, 2024 | |
| 2023 | Nov 21, 2023 | |
| 2022 | Nov 22, 2022 | |
| 2021 | Nov 24, 2021 | |
| 2020 | Nov 25, 2020 | |
| 2019 | Nov 27, 2019 | |
| 2018 | Nov 21, 2018 | |
| 2017 | Nov 22, 2017 | |
| 2016 | Nov 23, 2016 | |
| 2015 | Nov 25, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.