Becton Dickinson Charts a New Course with Waters Corporation Spin-Off

Becton Dickinson US0758871091

The medical technology giant Becton Dickinson (BD) is on the cusp of a significant strategic transformation. The final confirmation of the timeline for its planned spin-off marks the beginning of a new chapter, setting the stage for a pivotal week for investors in February 2026.

BD has officially locked in the dates for separating its Biosciences and Diagnostic Solutions unit. This division will be spun off and subsequently merged with Waters Corporation through a "Reverse Morris Trust" transaction. This process creates two critical dates for BD shareholders:

• February 5, 2026 (Record Date): Shareholders of record on this date will be entitled to receive shares in the new, combined Waters Corporation.
• February 9, 2026 (Closing): This is the scheduled date for the formal completion of the transaction.

Upon closing, existing BD shareholders will own approximately 39.2% of the merged Waters Corporation. For Becton Dickinson itself, the move will generate a substantial cash infusion of about $4 billion.

Capital Allocation: Debt Reduction and Shareholder Returns

Management has outlined clear priorities for the multi-billion dollar proceeds. The focus will be on strengthening the balance sheet through debt reduction and supporting the share price via repurchases. In line with this strategy, the Board of Directors has authorized a new buyback program for up to an additional 10 million shares.

Concurrently, the company is signaling a commitment to dividend continuity. A quarterly dividend of $1.05 per share has been declared for the current quarter, payable on March 31, 2026. A key question for the market remains how it will value BD's leaner, more focused profile post-spin-off.

A Convergence of Catalysts on February 9

February 9 is shaping up to be the most consequential day of BD's fiscal year. Beyond the spin-off closure, the company is scheduled to release its first-quarter earnings for fiscal year 2026 before the market opens. Investors will scrutinize these results for deeper insights into operational efficiency and the progress of the overarching "BD 2025" strategy.

Ahead of these developments, BD's stock has demonstrated stability. Since the start of the year, shares have gained 3.19%, with a current price of 171.40 euros. The company recently reported record annual revenue of $21.8 billion for the past fiscal year.

The events of Monday, February 9, will reveal whether Becton Dickinson can maintain its growth trajectory within its new corporate structure. The publication of quarterly figures at 14:00 CET (8:00 a.m. ET) will provide investors with the essential data to assess the company's current business performance.

@ boerse-global.de | US0758871091 BECTON