Revenue Growth and Performance: In Q3 FY25, BD reported revenue of $5.5 billion, an 8.5% increase year-over-year, with organic growth of 3%. Notably, Pharm Systems showed nearly 5% growth backed by double-digit expansion in biologics. New BD organic growth was at 4%, with significant contributions from the Medical segment, particularly Urology, which delivered double-digit growth.

Earnings and Margins: Adjusted diluted EPS increased to $3.68, up 5.1% year-over-year, exceeding expectations. The adjusted gross margin improved to 54.8%, while the adjusted operating margin reached 25.8%, both showing positive year-over-year trends. However, the expectation of a slight sequential step down in operating margin was highlighted, largely due to increased investments to sustain growth.

Strategic Separation Announcement: BD confirmed the decision to separate its Biosciences and Diagnostic Solutions business through a Reverse Morris Trust transaction with Waters, expected to close around Q1 2026. This move aims to unlock shareholder value and position "New BD" as a pure-play medical technology company focused on strong consumable revenue and innovation.