New York, Feb 11, 2026, 17:09 ET — Trading after hours.
- BDX bounced higher in late U.S. trading Wednesday, ending a two-session losing streak.
- The company’s valuation remains in flux as investors digest the Waters deal and adjust to the new profit forecast.
- Margins remain front and center. Tariffs, price moves in China, and the Alaris pump cycle all figure into the mix.
Becton, Dickinson and Company shares jumped roughly 5% in post-market action Wednesday. At last check, the stock was trading 5.2% higher at $180.62, having moved between $171.02 and $182.00 earlier.
Shares rebounded after BD slashed its fiscal 2026 adjusted earnings outlook, news that had dragged the stock down earlier in the week following the company’s biosciences-and-diagnostics sale to Waters. The new projection: $12.35 to $12.65 per share, well below both its previous $14.75 to $15.05 range and the $14.72 LSEG consensus. Second-quarter guidance came in at $2.72 to $2.82. J.P. Morgan’s Robbie Marcus described the tone from management as “overly conservative,” pointing to ongoing tariff issues, China pricing headwinds, and the Alaris pump upgrade. BD also said it anticipates about 80% of its China business will be subject to the country’s volume-based procurement system by fiscal 2026’s end. 1
BD reported first-quarter revenue of $5.252 billion, with adjusted diluted EPS hitting $2.91 for the period ended Dec. 31. Chief Executive Tom Polen called the quarter’s results “stronger‑than‑expected” and said BD would “fully pivot to New BD” following the Waters deal. 2
Waters, now the parent of the spun-out business, signaled there’s more work to do. Morningstar’s Julie Utterback noted the turnaround might be tougher than anticipated, following an 8.3% revenue drop in BD’s life sciences arm. CEO Udit Batra cited soft demand out of China and U.S. government shutdown delays, but maintained that cost and revenue synergies remain “firmly on track.” 3
BDX topped its large-cap medtech peers on Wednesday, with the stock posting gains as the S&P 500 hovered near unchanged and the Dow slipped 0.13%. Danaher edged up 0.10%. Medtronic and DexCom both lost ground. Trading in BDX spiked—about 5.7 million shares changed hands, nearly three times its 50-day average, according to MarketWatch data. 4
These days, margins are getting more attention than demand. China’s bulk-buying program for public hospitals—known as volume-based procurement—pushes down prices for standard products. Add tariffs to the mix, and profitability took a hit last quarter.
The recovery remains shaky. More aggressive pricing rounds in China—or tariffs sticking around longer than BD expects—could see investors pulling their estimates lower once more. Alaris? Still a wild card, especially if hospitals clamp down on budgets while the upgrade cycle drags out.
Now comes the debt clean-up. BD on Tuesday announced cash tender offers targeting up to $1.6 billion of certain notes, with an early tender deadline falling on Feb. 24. Pricing lands the next day, Feb. 25, and the offers wrap up March 11. Early tenders are expected to settle around Feb. 27; anything after goes to March 13. 5
