New York, February 9, 2026, 17:10 EST — Trading in the after-hours session.
- BD shares slipped in after-hours trade, with the company cutting its 2026 profit target following the Waters deal.
- BD trims down to a tighter medtech operation, while its shareholders pick up a fresh stake in Waters.
- Tariff expenses, China-driven pricing headwinds, and the schedule for an anticipated accelerated buyback are all on investors’ radar.
Becton, Dickinson and Company dropped 1.2% to $207.39 after hours on Monday. The medical-device company trimmed its 2026 profit forecast after closing a significant portfolio deal with Waters. Earlier, shares had slid as much as 4.7% before recovering some ground.
BD has wrapped up the spin-off of its Biosciences & Diagnostic Solutions unit, merging those operations into Waters. BD shareholders got roughly 0.135 Waters shares for each BD share they owned, based on a Feb. 5 record date. The transaction sent $4 billion in cash BD’s way; the company plans to allocate $2 billion to a rapid share repurchase—an accelerated buyback via a bank—and the other $2 billion to pay down debt. CEO Tom Polen described the move as the “final milestone” in BD’s strategy, saying it leaves the company a “focused, pure-play MedTech company.” 1
It’s an odd spot for investors—timing-wise, it’s both straightforward and tricky. The deal reshapes BD, forcing guidance to play catch-up. Shares now trade like it’s a leaner, narrower firm touting new capital-return pledges, yet the path ahead looks less forgiving if things go sideways.
BD turned in quarterly revenue of roughly $5.3 billion, with adjusted earnings per share coming in at $2.91. Looking ahead, the company stuck to its forecast for fiscal 2026 adjusted EPS of $12.35 to $12.65 for what’s now called “New BD.” The revenue outlook? Low single-digit growth, excluding the impact of currency, still stands. 2
BD now sees full-year adjusted EPS below its previous $14.75 to $15.05 target and under Wall Street’s $14.72 consensus, per LSEG. Second-quarter profit guidance missed, too. J.P. Morgan’s Robbie Marcus said management’s sticking to “overly conservative” forecasts as it navigates the ongoing separation, citing vaccine-related headwinds, China, and Alaris infusion-pump uncertainty. The company projects roughly 80% of its China business will fall under the nation’s volume-based procurement program—forcing price reductions—by fiscal 2026, and tariffs are squeezing margins. 3
Shares of Waters tumbled nearly 14%, landing at $328.14. That’s a sharp mark-to-market adjustment for BD investors, who now find themselves holding Waters stock after the deal. The company also disappointed with a soft first-quarter profit outlook, blaming weaker results from the newly acquired BD unit. Morningstar’s Julie Utterback called the turnaround “a heavier lift” than anticipated. 4
Risks aren’t hard to spot here. China’s price tenders might widen quicker than anyone expects. Tariffs could reset. If the Alaris recovery drags, growth stays uneven, even with BD pushing for a simpler narrative.
Investors want details. Timing on the accelerated buyback, the pace of deleveraging, and how management plans to contain margin pressure from tariffs and Chinese pricing—all of it’s under the microscope. Updates from Waters on the acquired business are back in focus too, thanks to the new cross-ownership.
Looking past individual company news, U.S. traders face a packed macro schedule. The January Employment Situation report lands Wednesday, Feb. 11, followed by the Consumer Price Index for January on Friday, Feb. 13—both numbers have the power to sway rate bets and shake up valuations in defensive names like healthcare. 5
