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Becton, Dickinson and Co BDX

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

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Capital Allocation

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COVID-Related Revenue Continues to Boost Becton, Dickinson Growth in the Third Quarter

Alex Morozov, CFA Regional Director

Analyst Note

| Alex Morozov, CFA |

We anticipate a moderate increase to our fair value estimate for narrow-moat Becton, Dickinson following the release of third quarter results and updated guidance for fiscal 2021. The third quarter of 2020 provided easy comparables for BD, having declined over 11% between 2019 and 2020, but the nearly 27% growth year over year for the quarter from 2020 to 2021 returned total revenue to levels in line with historical growth at $4.9 billion. We currently view BD as 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.

Contact
1 Becton Drive
Franklin Lakes, NJ, 07417-1880
T +1 201 847-6800
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type Slow Growth
Employees 72,000

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