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Becton, Dickinson and Co BDX

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Morningstar’s Analysis

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BD's Q2 Shows Limited COVID-19 Impact; Will Be More Pronounced but Still Manageable in Second Half

Alex Morozov, CFA Regional Director

Analyst Note

| Alex Morozov, CFA |

Becton, Dickinson’s second-quarter results were modestly affected by the pandemic, but the main pressure on the revenue will come in the third quarter, which, based on the April data released, could be down by midteens from normal levels. BD provided very detailed segment-by-segment analysis, which gives us a bit more visibility in the 2020 modeling. However, a modest reduction to our second-half forecast won't affect our fair value estimate or narrow moat rating. Shares are slightly undervalued.

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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 Mar 31, 2020
Fiscal Year End Sep 30, 2020
Stock Type Classic Growth
Employees 70,093