Bull case
Becton Dickinson is attractive because its post-separation portfolio is diversified across four business units, with more than 60% of revenue in the United States and over 90% of the business growing high single digits last quarter, reducing reliance on any single product or market. The company’s durable consumables base, 35% of sales in Medical Essentials and a +90% consumables revenue profile, supports recurring demand in a $70B TAM growing at about 5%, while growth platforms like Advanced Patient Monitoring and Pharmacy Automation are benefiting from commercial investments and expanding end markets. In addition, BD Excellence is driving roughly 8% plant productivity and margin expansion through tariff headwinds, supporting management’s framework for LSD revenue growth and modest EPS leverage in FY27, with a path to HSD EPS growth through FY2030.