碧迪医疗（BDX）：更新我们的估计，将目标价格从261美元下调至241美元，并重申增持评级

Restricted - External Company UpdateBDXOVERWEIGHTU.S. Medical Supplies &DevicesPrice Targetlowered -8% from USD 261.00Price (02-Jun-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchMarket Cap (USD mn)Shares Outstanding (mn)Free Float (%)52 Wk Avg Daily Volume (mn)Dividend Yield (%)Return on Equity TTM (%)Current BVPS (USD)Source: BloombergPrice PerformanceExchange-NYSE52 Week rangeUSD 251.99-163.33Source: IDCLink to Barclays Live for interactive chartingU.S. Medical Supplies & DevicesMatt Miksic+1 212 526 9189matt.miksic@barclays.comBCI, USWilliam McMahon+1 212 526 3816william.mcmahon@barclays.comBCI, USCaroline Council+1 212 526 9046caroline.council@barclays.comBCI, US UnchangedPOSITIVEUnchangedUSD 241.00USD 169.40+42.3%48551286.6199.841.92.465.8988.07 bil in reported sales (up on low end from $21.70 – 21.90 bil previously), a touch above ourestimate of $21.78 bil and cons of $21.8 bil. Management also reduced EPS guidance from$14.30 - $14.60 to $14.06 – 14.34 (up 7.0% to 9.1%), below our estimate of $14.42 and consensusof $14.43 and inclusive of expectedtariffheadwinds of 25c and expected FX headwind of ~40bps (vs. ~100 bps previously).BDX: Quarterly and Annual EPS (USD)202420252026Change y/yFY SepActualOldNewConsOldNewCons20252026Q12.68A3.43A3.43A3.43AN/AN/A3.24E28%N/AQ23.17A3.28E3.35A3.35AN/AN/A3.50E6%N/AQ33.50A3.49E3.38E3.43EN/AN/A3.65E-3%N/AQ43.81A4.23E3.99E4.00EN/AN/A4.25E5%N/AYear13.14A14.42E14.13E14.21E15.69E14.56E14.72E8%3%P/E12.912.011.6Consensus numbers are from Bloomberg received on 02-Jun-2025; 12:50 GMTSource: Barclays Research2 Upside/Downside scenarios Changes to Our ModelFIGURE 1. Changes to Our Sales EstimatesSource: Barclays Research, Bloomberg, Company DataFIGURE 2. Changes to Our P&L ProjectionsSource: Barclays Research, Bloomberg, Company Data FIGURE 4. BDX EV/EBITDA Relative MultipleSource: Barclays Research, Bloomberg, Company DataSource: Barclays Research, Bloomberg, Company DataHistorical Valuation Analysis FIGURE 3. BDX EV/EBITDA 5Y Historical3 June 2025 Analyst(s) Certification(s):I, Matt Miksic, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Becton Dickinson(BDX, 02-Jun-2025, USD 169.40), Overweight/Positive, A/CD/CE/D/E/J/K/L/M/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 month