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Becton, Dickinson’s $3.1 Billion Capital Return — What Comes Next For Shareholders?

Becton, Dickinson and Company reported a third-quarter fiscal 2026 revenue of $5 billion, reflecting a 4.4% increase on a foreign exchange-neutral basis and driven by broad-based growth across over 90% of its portfolio. Key growth was observed in biologic drug delivery, advanced patient monitoring, PureWick, advanced tissue regeneration, peripheral vascular disease, and pharmacy automation through the Rowa platform. U.S. Medical Diagnostic Systems (MDS) and Specimen Management showed strong performance fueled by utilization recovery and share gains, partially offset by expected headwinds in Alaris and vaccine sales in China. Adjusted operating margin contracted slightly by 130 basis points to 24.9%, with adjusted gross margin at 54.3%, impacted by tariff costs but supported by productivity gains under the BD Excellence operational program. Adjusted earnings per share (EPS) were $3.23, up 4.9%, surpassing company expectations.