BD Completes Spin-Off, Combining Biosciences and Diagnostics Unit With Waters

Overview

• BD shareholders received approximately 0.135 Waters shares per BD share as of the Feb. 5 record date, resulting in about 39.2% ownership of Waters.
• BD received $4 billion in cash and plans to allocate roughly $2 billion to share repurchases and $2 billion to repay debt.
• BD cut its fiscal 2026 adjusted EPS outlook to $12.35–$12.65 to reflect the separation of the life-sciences business.
• Waters guided first-quarter adjusted EPS to $2.25–$2.35, below Wall Street estimates, but lifted its full-year profit outlook to include contributions from the acquired unit as its shares fell nearly 12% premarket.
• BD’s life-sciences segment revenue declined 8.3% to $766 million in the December quarter, and BD director Claire M. Fraser joined Waters’ board at closing.