The acquisition of Edwards Lifesciences' Critical Care product group (now Advanced Patient Monitoring) contributed 5.7% to revenue growth. This strategic move expands BD's portfolio of smart connected care solutions.

BD announced its intention to separate its Biosciences and Diagnostic Solutions businesses. This strategic shift aims to maximize shareholder value, with potential options including a spin-off, sale, or Reverse Morris Trust.

The company continues to pursue growth opportunities in emerging markets, including Eastern Europe, the Middle East, Africa, Latin America, and certain countries within Greater Asia. However, current-period revenues in emerging markets primarily reflected strong sales in certain countries within Greater Asia, as well as in EMA, partially offset by a decline in China.

The company's strategic initiatives are anchored in three pillars: grow, simplify, and empower. This indicates a structured approach to achieving long-term objectives.

The company acknowledges experiencing temporary shortages in supply of certain materials and components. Tariffs, sanctions, and trade barriers could adversely impact supply chain costs and results of operations.

The company is in the process of finalizing the purchase price allocation for the Advanced Patient Monitoring acquisition. The company excluded Advanced Patient Monitoring from its evaluation of internal control over financial reporting.

The announcement of the planned separation of Biosciences and Diagnostic Solutions introduces new risk factors, including potential difficulties in separation, disruption to operations, and loss of key employees.

The company's U.S. infusion pump organizational unit operates under an amended consent decree with the FDA. The company received a Warning Letter following an inspection of its Dispensing quality management system.

There is increased focus on the use and emission of ethylene oxide by the EPA and state environmental regulatory agencies. This could lead to additional regulatory requirements and operational costs.

The Medical segment's revenue growth was driven by volume growth and share gains attributable to the Medication Delivery Solutions unit's Vascular Access Management portfolio, as well as strong sales of the unit's hypodermic products.

Current-period revenues in emerging markets primarily reflected strong sales in certain countries within Greater Asia, as well as in EMA, partially offset by a decline in China driven by unfavorable market dynamics.

Competitive factors that could adversely affect our operations, including new product introductions and technologies, including the use of artificial intelligence, by our current or future competitors, consolidation or strategic alliances among healthcare companies, distributors and/or payers of healthcare to improve their competitive position or develop new models for the delivery of healthcare, increased pricing pressure due to the impact of low-cost manufacturers, patents attained by competitors (particularly as patents on our products expire), new entrants into our markets and changes in the practice of medicine.

Lower manufacturing costs resulted from continuous improvement projects and other productivity initiatives and favorable product mix which was attributable to the Advanced Patient Monitoring unit's products.

The company incurred restructuring costs primarily in connection with simplification and other cost-saving initiatives. These initiatives are focused on reducing complexity, optimizing supply chain efficiency, streamlining the global manufacturing footprint, enhancing product quality, refining customer experience, and improving cost efficiency across all of the Company's segments.

Temporary shortages in supply of certain materials or components used in products are experienced. Major disruptions in sourcing, manufacturing and distribution could adversely impact results. Tariffs, sanctions or other trade barriers could adversely impact supply chain costs and results of operations.

Higher research and development expense as a percentage of revenues in the three-month period of 2025 primarily reflected a $30 million write-down of certain assets in the Life Sciences segment and the timing of project spending.

Competitive factors that could adversely affect our operations, including new product introductions and technologies, including the use of artificial intelligence, by our current or future competitors, consolidation or strategic alliances among healthcare companies, distributors and/or payers of healthcare to improve their competitive position or develop new models for the delivery of healthcare, increased pricing pressure due to the impact of low-cost manufacturers, patents attained by competitors (particularly as patents on our products expire), new entrants into our markets and changes in the practice of medicine.

IT system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, which could impair our ability or that of our customers, suppliers and other business partners to conduct business, result in the loss of BD trade secrets or otherwise compromise sensitive information of BD or its customers, suppliers and other business partners, or of patients, including sensitive personal data, or result in efficacy or safety concerns for certain of our products, and result in investigations, legal proceedings, liability, expense or reputational damage or actions by regulatory bodies or civil litigation.

The company executed an accelerated share repurchase (ASR) agreement in December 2024. On January 28, 2025, the Board of Directors authorized BD to repurchase up to an additional 10 million shares of BD common stock.

During the first three months of fiscal year 2025, we paid cash dividends to common shareholders of $302 million.

Our investments in capital expenditures are focused on projects that enhance our cost structure and manufacturing capabilities, as well as support our BD 2025 strategy for growth and simplification.

There is increased focus on the use and emission of ethylene oxide by the U.S. Environmental Protection Agency ("EPA") and state environmental regulatory agencies. Additional regulatory requirements associated with the use and emission of ethylene oxide may be imposed in the future, either domestically or outside the U.S.

We are in the process of implementing certain changes to our facilities in accordance with NESHAP's requirements, and such measures will require additional implementation and ongoing operational costs, including investments in certain new technologies.

The impact of climate change, or legal, regulatory or market measures to address climate change, such as regulation of greenhouse gas emissions, zero-carbon energy and sustainability mandates and related disclosure requirements, and additional taxes on fuel and energy, and changing customer and other stakeholder preferences and requirements, such as those regarding the use of materials of concern, increased demand for products with lower environmental footprints, and for companies to set and demonstrate progress against sustainability goals and greenhouse gas reduction targets.

General global, regional or national economic downturns and macroeconomic trends, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations, and economic slowdown or recession, that may result in unfavorable conditions that could negatively affect demand for our products and services, impact the prices we can charge for our products and services, disrupt our transportation networks or other aspects of our supply chain, impair our ability to produce our products, or increase borrowing costs.

Cost-containment efforts in the U.S. or in other countries in which we do business, such as alternative payment reform, government-imposed pay back provisions, increased use of competitive bidding and tenders, including, without limitation, any expansion of the volume-based procurement process in China or the implementation of similar cost-containment efforts.

Conditions in international markets, including social and political conditions, geopolitical developments such as the continuation and/or escalation of the evolving situations in Ukraine, the Middle East and Asia, civil unrest, political conflict, terrorist activity, governmental changes, restrictions on the ability to transfer capital across borders, economic sanctions, export controls, tariffs and other protectionist measures, barriers to market participation (such as local company and products preferences), difficulties in protecting and enforcing our intellectual property rights, and governmental expropriation of assets.