Becton Dickinson (BD) is a large global medical technology company that makes and sells medical devices, consumables, laboratory equipment, and diagnostic products used across hospitals and healthcare settings worldwide. BD's core business is high-volume, recurring hospital consumables — peripheral IV catheters, syringes, blood collection tubes, and vascular access products — which are replenished continuously and give BD a highly predictable revenue stream. BD also sells capital equipment, including Alaris infusion pumps and Pyxis automated dispensing cabinets, which lock in recurring revenue from dedicated disposables, software subscriptions, and service contracts over multi-year equipment lifecycles. A third pillar is BioPharma Systems, where BD sells prefillable syringes and drug delivery devices to pharmaceutical companies; biologics and GLP-1 drugs now represent over half of this unit's revenue. BD is in the process of separating its Life Sciences business — Biosciences and Diagnostic Solutions — via a Reverse Morris Trust transaction with Waters, expected to close around Q1 calendar 2026. Post-close, BD will reorganize into five segments: Medical Essentials, Connected Care, BioPharma Systems, Interventional, and a transitional Life Sciences unit. BD's growth strategy centers on commercial reorganization, R&D reinvestment in areas like urinary incontinence, tissue regeneration, and connected hospital devices, and post-separation capital returns including at least $2B in buybacks.