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RESULTS ROUND-UP: BD could go shopping; SNN, HTWR, PKI

This article was originally published in Clinica

Executive Summary

Becton Dickinson had a “solid [third] quarter despite softer gross margins,” according to Morgan Stanley analyst David Lewis. Its Q3 sales of $2.16bn grew 5% year-on-year and beat analyst consensus by 1%, “driven by strength in medical and biosciences.” The good performance in these divisions offset slower growth in its diagnostics unit, Mr Lewis added. However, within the medical franchise, diabetes care was “weaker than expected,” up 3.5% versus his prediction of 7% growth. BD could bolster this area with acquisitions, the analyst believes. “We continue to see diabetes as an area for tuck-in M&A given BD’s core competency in pens and needles.” In general, “larger M&A is increasingly likely,” Mr Lewis added. The company reiterated its full-year guidance, predicting sales growth of 4-4.5% (4.5-5% at constant currency) and earnings of $6.12-6.15 on a reported basis.

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