NEW YORK – Following rampant speculation this week of changes to the organizational structure of the company, Becton Dickinson announced after the close of the market on Wednesday that it plans to separate its Biosciences and Diagnostics Solutions business by the end of 2026.

纽约——在本周关于公司组织结构变化的猜测猖獗之后，Becton Dickinson在周三市场关闭后宣布，计划在2026年底之前将其生物科学和诊断解决方案业务分离。

Specifically, the firm said in a statement that its board of directors has authorized BD to pursue a plan to separate the business to maximize shareholder value. The separation may take the form of a sale, spinoff, or other transaction, including a strategy dubbed a Reverse Morris Trust in which a company sells its assets tax-free to another company..

具体来说，该公司在一份声明中表示，其董事会已授权BD执行一项计划，将业务分开，以最大程度地提高股东价值。分拆可能采取出售、分拆或其他交易的形式，包括一种被称为反向莫里斯信托的策略，即一家公司将其资产免税出售给另一家公司。。

Separately, BD also announced its fiscal first quarter 2025 revenues rose 10 percent year over year due mainly to growth in its medical and interventional businesses.

另外，BD还宣布2025年第一财季收入同比增长10%，主要是由于其医疗和介入业务的增长。

The separation of Biosciences and Diagnostics Solutions — which, along with Specimen Management, currently make up BD Life Sciences — is the result of a business portfolio review that began in early 2024. The move is expected to create a separate company with approximately $3.4 billion in annual revenue and an addressable market of more than $22 billion growing at mid- to high single digits and more than 80 percent recurring revenue, BD said.

生物科学和诊断解决方案的分离-以及标本管理，目前构成BD生命科学-是2024年初开始的业务组合审查的结果。BD表示，此举预计将创建一家独立的公司，年收入约34亿美元，目标市场超过220亿美元，以中高个位数增长，经常性收入超过80%。

By comparison, the market cap for BD's total business is $71.07 billion..

相比之下，BD总业务的市值为710.7亿美元。。

If the separation occurs, a 'New BD' will emerge as a pure play medical technology firm with four new operating segments, including Medical Essentials, which incorporates BD's Medication Delivery Solutions and its Specimen Management businesses that manufacture tens of billions of devices each year.

如果分离发生，一家“新BD”将成为一家纯粹的医疗技术公司，拥有四个新的运营部门，包括medical Essentials，它整合了BD的药物输送解决方案及其每年制造数百亿台设备的标本管理业务。

It also will include Connected Care, a segment that will house BD's Medication Management Solutions and Advanced Patient Monitoring businesses, and the BioPharma Systems segment. .

它还将包括连接护理，该部门将容纳BD的药物管理解决方案和先进的患者监测业务，以及生物制药系统部门。

Lastly, the New BD will include the Interventional segment consisting of BD's Urology and Critical Care, Peripheral Intervention, and Surgery businesses.

最后，新的BD将包括介入部分，包括BD的泌尿外科和重症监护，外围干预和外科业务。

The New BD is expected to have revenue of about $17.8 billion and an addressable market of more than $70 billion growing at about 5 percent. It would have a recurring revenue model of greater than 90 percent, BD said.

新BD预计收入约178亿美元，目标市场超过700亿美元，增长率约为5%。BD表示，它的经常性收入模式将超过90%。

The announcement of the potential separation follows a similar move in 2022 when BD

在2022年BD宣布可能分居之前，也有类似的举动

spun off

分拆

its diabetes care business into a standalone company called Embecta, in line with the firm's BD 2025 growth strategy initiated by Tom Polen when he took the reins as CEO in January 2020. Polen had previously served as BD's chief operating officer and in 2017 led the $24 billion

根据汤姆·波伦（TomPolen）在2020年1月担任首席执行官时提出的BD 2025增长战略，该公司的糖尿病护理业务成为一家名为Embecta的独立公司。Polen曾担任BD的首席运营官，2017年领导了240亿美元

acquisition

收购

of medical technology firm CR Bard.

医疗技术公司CR Bard的。

On a call with investors on Thursday morning, Polen specified that under the BD 2025 plan the firm has deployed approximately $7 billion in capital to complete 20 transactions.

在周四上午与投资者的通话中，Polen指出，根据BD 2025计划，该公司已部署了约70亿美元的资本，以完成20笔交易。

'Our BD 2025 strategy has transformed the company into a faster-growing, more profitable organization positioned at the forefront of long-term growth trends in healthcare, and we believe today's announcement is an exciting next step in unlocking significant potential value for all our stakeholders,' Polen said in a statement..

Polen在一份声明中说：“我们的BD 2025战略已将公司转变为一个增长更快、利润更高的组织，位于医疗保健长期增长趋势的前沿，我们相信今天的宣布是为所有利益相关者释放巨大潜在价值的令人兴奋的下一步。”。。

'BD 2025 has really transformed BD into a faster-growing, more profitable organization positioned at the forefront of multiple long-term growth trends,' he said on the call, adding that the planned separation is 'the next natural step' in BD's evolution.

。

Separation will allow the combined Biosciences and Diagnostic Solutions business to 'realize its full market potential as a pure-play leader in life sciences tools and diagnostics, continuing to accelerate growth through its strong innovation pipeline and industry-leading solutions,' Polen said.

Polen说，分离将使联合生物科学和诊断解决方案业务“作为生命科学工具和诊断领域的纯粹领导者，充分发挥其市场潜力，通过其强大的创新渠道和行业领先的解决方案，继续加速增长。”。

Including the Bard and CareFusion transactions, more than $43 billion of BD's capital went to M&A in the past 10 years, Polen also said but more than 99 percent of that investment supported building the medtech side of the business while the life sciences business has mainly been growing organically through R&D.

波伦还表示，包括Bard和CareFusion交易在内，BD在过去10年中有430多亿美元的资金用于并购，但其中99%以上的投资支持了该业务的医疗技术方面的建设，而生命科学业务主要通过研发实现有机增长。

BD bought Carefusion for $12.2 billion in 2015..

2015年，BD以122亿美元收购了Carefusion。。

By separating the Biosciences and Diagnostic Solutions business, 'There's certainly opportunities for that business as a focused entity to accelerate capital deployment in a way to create value in extremely attractive markets, on extremely attractive core businesses,' Polen added.

Polen补充说，通过分离生物科学和诊断解决方案业务，“作为一个专注的实体，该业务肯定有机会加速资本部署，从而在极具吸引力的市场、极具吸引力的核心业务上创造价值。”。

Polen called BD Biosciences 'the undisputed pioneer that created the modern field of flow cytometry,' highlighting the FACSDiscover S8 platform BD

Polen称BD Biosciences是“创造现代流式细胞术领域的无可争议的先驱”，重点介绍了FACSDiscover S8平台BD

launched

已启动

three years ago and the

三年前

Rhapsody

狂想曲

multiomics system.

多组学系统。

Overall, 'Biosciences has a very strong innovation pipeline of future FACSDiscover instruments, new antibodies, dyes, and assays,' Polen said, adding that a significant increase in commercial headcount is also supporting strong double-digit growth.

Polen说，总的来说，“生物科学在未来的FACSDiscover仪器、新抗体、染料和检测方面拥有非常强大的创新渠道”，并补充说，商业人员的大幅增加也支持了强劲的两位数增长。

The Diagnostic Solutions business, meanwhile, is primarily comprised of BD's microbiology and molecular diagnostics platforms, and, 'Both have strong innovation pipelines,' Polen said.

与此同时，诊断解决方案业务主要由BD的微生物学和分子诊断平台组成，“两者都有强大的创新渠道，”Polen说。

In microbiology, BD markets the Phoenix ID/AST and

在微生物学方面，BD销售Phoenix ID/AST和

Kiestra

基斯特拉

total lab automation systems, while BD's molecular portfolio is anchored by the BD MAX medium-throughput systems and BD Cor high-throughput systems. Among its regulated assays, the Onclarity HPV assay on the BD Cor, in particular, 'offers a complete paradigm shift in cervical cancer screening starting with the ease of self-collection,' Polen said.

total lab automation systems，而BD的分子组合由BD MAX medium throughput systems和BD Cor high throughput systems锚定。Polen说，在其受监管的检测中，BD-Cor上的Onclarity HPV检测尤其“为宫颈癌筛查提供了一个完整的范式转变，从易于自我收集开始”。

The firm also has a point-of-care molecular diagnostic system, called .

该公司还拥有一个即时分子诊断系统，名为。

Elience

Elience

in development.

正在开发中。

The company expects to announce details on the separation plans by the end of fiscal 2025 and is targeting completion of the transaction in fiscal 2026.

该公司预计将在2025财年末公布离职计划的细节，并计划在2026财年完成交易。

BD said that Citi is acting as lead financial adviser, with Evercore also serving as a financial adviser. Additional advisers include Wachtell, Lipton, Rosen & Katz, PricewaterhouseCoopers, Skadden, Arps, Slate Meagher & Flom, and FGS Global.

BD表示，花旗担任首席财务顾问，Evercore也担任财务顾问。其他顾问包括Wachtell、Lipton、Rosen&Katz、PricewaterhouseCoopers、Skadden、Arps、Slate Meagher&Flom和FGS Global。

In a note to investors on Wednesday, Dan Brennan at TD Cowen said that a divestiture of the Biosciences and Diagnostic Solutions business 'would create an earnings hole' for BD, but proceeds from a sale 'could be used to fill the EPS void through debt pay down, share repurchases, and accretive M&A.' If BD were to sell that business, which had been speculated upon during the week, Brennan noted Danaher and Thermo Fisher Scientific as two tools firms with the capacity for such an acquisition. .

TD Cowen的丹·布伦南（DanBrennan）周三在给投资者的一份报告中表示，剥离生物科学和诊断解决方案业务“将为BD创造一个收益漏洞”，但出售所得“可以通过债务偿还、股票回购和增值并购来填补每股收益的空白”。布伦南指出，如果BD要出售本周猜测的业务，Danaher和Thermo Fisher Scientific是两家有能力进行此类收购的工具公司。。

Vijay Kumar at Evercore ISI, meanwhile, wrote in a note to investors on Monday that BD's life sciences segment accounted for about a quarter of the firm's fiscal 2025 revenues, including $3.7 billion from diagnostics and $1.5 billion from biosciences. The diagnostics business includes microbiology, specimen management, molecular and women's health, and professional point-of-care testing, Kumar wrote, while biosciences includes flow cytometry and single-cell multiomics.

与此同时，Evercore ISI的维贾伊·库马尔（VijayKumar）周一在给投资者的一份报告中写道，BD的生命科学部门约占该公司2025财年收入的四分之一，其中37亿美元来自诊断，15亿美元来自生物科学。库马尔写道，诊断业务包括微生物学、标本管理、分子和女性健康以及专业的即时检测，而生物科学包括流式细胞术和单细胞多组学。

.

.

For the foreseeable future, BD said it will continue to operate the Biosciences and Diagnostics Solutions business in alignment with its BD 2025 strategy but will postpone its previously announced investor day scheduled for Feb. 26, 2025, to focus on the transaction.

在可预见的未来，BD表示将继续按照其BD 2025战略运营生物科学和诊断解决方案业务，但将推迟原定于2025年2月26日的投资者日，以专注于该交易。

BD also said it expects to announce specifics on its separation plans by the end of fiscal 2025, targeting completion of the transaction in fiscal 2026.

BD还表示，预计将在2025财年末公布分拆计划的细节，目标是在2026财年完成交易。

Q1 results

第一季度结果

On Wednesday, the company also said that in the three months ended Dec. 31, 2024, it recorded revenues of $5.17 billion, a 10 percent increase over $4.71 billion in the year-ago quarter and exceeding Wall Street analysts' average estimate of $5.11 billion.

周三，该公司还表示，在截至2024年12月31日的三个月内，其收入达到51.7亿美元，比去年同期的47.1亿美元增长了10%，超过了华尔街分析师51.1亿美元的平均估计。

The company's life sciences segment revenues increased a fraction of 1 percent to $1.30 billion from $1.29 billion.

该公司生命科学部门的收入从12.9亿美元增加到13.0亿美元，增幅仅为1%。

Within life sciences, specimen management revenues increased 3 percent year over year to $462 million from $447 million, while diagnostic solutions revenues increased 2 percent to $474 million from $467 million, and biosciences revenues declined approximately 4 percent to $361 million from $375 million.

在生命科学领域，标本管理收入从4.47亿美元同比增长3%，达到4.62亿美元，诊断解决方案收入从4.67亿美元增长2%，达到4.74亿美元，生物科学收入从3.75亿美元下降约4%，达到3.61亿美元。

.

.

Chris DelOrefice, CFO at BD, said on the call that the diagnostic solutions business grew modestly, 'As strength in lab automation and momentum in BD MAX molecular platform IVD assays was partially offset by respiratory season timing.' The performance in life sciences also reflected expected declines in biosciences related to market dynamics and reduced research funding in China and the US, he said..

BD首席财务官克里斯·德洛里菲斯（ChrisDelorefice）在电话会议上表示，诊断解决方案业务增长温和，“因为BD MAX分子平台IVD检测的实验室自动化和动力优势部分被呼吸季节时间所抵消。”他说，生命科学领域的表现也反映了与市场动态相关的生物科学领域的预期下降，以及中国和美国研究经费的减少。。

On the call, Polen said BD remains on track to launch the BD FACSDiscover A8 Analyzer in the second half of the fiscal year.

在电话中，Polen表示BD仍在按计划在本财年下半年推出BD FACSDiscover A8分析仪。

'In our molecular diagnostics portfolio, we're continuing to advance our position in the $2 billion high-volume molecular testing market,' Polen said, highlighting that BD Onclarity HPV is the only test with extended genotyping to be FDA approved for self-collection.

Polen说：“在我们的分子诊断产品组合中，我们正在继续提升我们在20亿美元的高容量分子检测市场中的地位。”他强调说，BD Onclarity HPV是FDA批准用于自我收集的唯一具有扩展基因分型的检测方法。

'We're seeing accelerating sales funnel momentum as a result of recent changes in US cervical cancer screening guidelines and increased US reimbursement,' he added.

他补充说，由于美国宫颈癌筛查指南的最新变化和美国报销的增加，我们看到销售漏斗势头加速。

On the call, Mike Feld, president of life sciences at BD, noted that the FACSDiscover platform was impacted by a US government

BD生命科学总裁迈克·费尔德（MikeFeld）在电话中指出，FACSDiscover平台受到了美国政府的影响

ban

禁止

on certain exports to China, 'As it directly targets spectral analyzers and analyzers with 26-plus colors.'

对中国的某些出口，“因为它直接针对光谱分析仪和26种以上颜色的分析仪。”

The ban does not impact BD's clinical and research reagent portfolio or its clinical instrumentation offering that is anchored by the FACSLyric platform, Feld said, adding that BD is engaging with policymakers as it believes the previous administration may have erred in its risk assessment in this case..

费尔德说，这项禁令不会影响BD的临床和研究试剂组合，也不会影响其由FACSLyric平台支撑的临床仪器产品，并补充说，BD正在与决策者接触，因为它认为上届政府在这种情况下的风险评估可能有误。。

BD medical segment revenues, meanwhile, jumped 17 percent to $2.62 billion in Q1 2025 from $2.23 billion a year ago, while BD interventional segment revenues rose 6 percent to $1.26 billion from $1.89 billion.

与此同时，BD医疗部门的收入从一年前的22.3亿美元增至2025年第一季度的26.2亿美元，增长了17%，而BD介入部门的收入从18.9亿美元增至12.6亿美元，增长了6%。

Revenues from the company's US business increased 12 percent to $3.08 billion from $2.75 billion a year ago. Revenues from international markets increased 7 percent to $2.01 billion from $1.96 billion.

该公司美国业务收入从一年前的27.5亿美元增至30.8亿美元，增长12%。来自国际市场的收入从19.6亿美元增加到20.1亿美元，增幅为7%。

BD recorded net income for Q1 2025 of $303 million, or $1.04 per share, compared to a net income of $281 million, or $.96 per share, a year ago. On an adjusted basis, the company reported Q1 EPS of $3.43, beating the consensus Wall Street estimate of $2.99 per share.

BD 2025年第一季度的净收入为3.03亿美元，即每股1.04美元，而一年前的净收入为2.81亿美元，即每股0.96美元。经调整后，该公司第一季度每股收益为3.43美元，优于华尔街普遍预计的每股2.99美元。

BD updated its fiscal 2025 guidance and adjusted its revenue guidance to a new range of about $21.7 billion to $21.9 billion from a previous range of $21.9 billion to $22.1 billion. The new range would reflect year-over-year growth of between 7.9 percent to 8.4 percent, compared to prior guidance for growth of 8.9 percent to 9.4 percent.

BD更新了其2025财年指南，并将其收入指南从之前的219亿美元调整到221亿美元，调整到217亿美元至219亿美元的新范围。新的范围将反映出7.9%至8.4%的同比增长率，而之前的增长率指导值为8.9%至9.4%。

.

.

It also changed its adjusted diluted EPS guidance to a range of $14.30 to $14.60, which it said reflects growth of 10 percent at the midpoint, from a previous guidance of $14.25 to $14.60.

它还将调整后的摊薄每股收益指导值改为14.30美元至14.60美元的区间，表示这反映了中期增长率为10%，而之前的指导值为14.25美元至14.60美元。

After the completion of the quarter, BD's board

本季度结束后，BD董事会

authorized

授权

repurchase of up to 10 million shares of BD common stock, over and above the shares that remain under a 2021 share repurchase authorization. The firm said it has completed $750 million in share repurchases to date in fiscal 2025.

回购至多1000万股BD普通股，超过2021年股份回购授权下的剩余股份。该公司表示，截至2025财年，已完成7.5亿美元的股份回购。