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Becton, Dickinson and Co BDX

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Veritor Demand Drives Becton, Dickinson's First Quarter; Raising Fair Value Estimate

Alex Morozov, CFA Regional Director

Analyst Note

| Alex Morozov, CFA |

We're raising our fair value estimate for Becton, Dickinson to $296 per share following the release of its first-quarter results. While the company delivered a robust quarter, factors behind the outperformance will gradually fade through the year. Significant demand for BD's Veritor handheld analyzer accounted for nearly all the gains in the quarter, but with the frontloaded demand and anticipations of pricing pressure, the rest of the year should be more normal, especially as the base business still experiences headwinds from the epidemic. We maintain our narrow moat rating. Shares are modestly undervalued at current levels.

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Company Profile

Business Description

Becton, Dickinson is the world's largest manufacturer and distributor of medical surgical products, such as needles, syringes, and sharps-disposal units. The company also manufactures diagnostic instruments and reagents, as well as flow cytometry and cell-imaging systems. BD Interventional (largely the former Bard business) accounts for 23% of revenue. International revenue accounts for 44% of the company's business.

1 Becton Drive
Franklin Lakes, NJ, 07417-1880
T +1 201 847-6800
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Dec 31, 2020
Fiscal Year End Sep 30, 2020
Stock Type Slow Growth
Employees 72,000