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Becton, Dickinson and Co BDX

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Morningstar’s Analysis

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Veritor Demand Strong for Becton, Dickinson in the Second Quarter, Diabetes Spin-Off in 2022

Alex Morozov, CFA Regional Director

Analyst Note

| Alex Morozov, CFA |

We're maintaining our fair value estimate and our narrow moat rating for Becton, Dickinson following the release of its second-quarter results. The second quarter saw similar underlying trends as the previous one; BD continues to benefit from COVID-19-related Veritor sales (albeit at lower levels) and is seeing some modest recovery in procedure volume in the developed world. BD also announced the spin-off of its diabetes franchise in 2022; we have not yet incorporated this in our model, but we don't anticipate the effect of this will be significant on our overall valuation of the company. Additionally, as we incorporate our new capital allocation framework, we are setting the company's rating at Standard.

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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, 2021
Stock Type Slow Growth
Employees 72,000