Company:Becton Dickinson

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Becton, Dickinson and Company
TypePublic
NYSE: BDX
S&P 500 Component
IndustryMedical equipment, Consulting
FoundedEast Rutherford, New Jersey (1897 (1897))
FounderMaxwell Becton and Fairleigh S. Dickinson
Headquarters
BD Headquarters
Franklin Lakes, New Jersey
,
U.S.
Area served
Worldwide
Key people
RevenueIncreaseUnited States dollar 17.290 billion (FY 2019)[1]
IncreaseUnited States dollar 1.760 billion (FY 2019)[1]
IncreaseUnited States dollar 1.233 billion (FY 2019)[1]
Total assetsDecreaseUnited States dollar 51.765 billion (FY 2019)[1]
Total equityIncreaseUnited States dollar 21.081 billion (FY 2019)[1]
Number of employees
70,093 (September 2019)[1]
DivisionsBD Medical; BD Life Sciences; BD Interventional
Websitebd.com

[ ⚑ ] 41°00′57″N 74°12′36″W / 41.015834°N 74.210136°W / 41.015834; -74.210136

Becton, Dickinson and Company (BD) is an American medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD also provides consulting and analytics services in certain geographies. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs nearly 70,000 people in more than 50 countries throughout the world.[2] In the fiscal year ending September 30, 2019, more than 40% of BD sales were generated from non-U.S. markets.

The company's customers include health care institutions, science researchers, clinical laboratories, the pharmaceutical industry, and the general public. BD was one of the first companies to sell U.S.-made glass syringes. It was also a pioneer in the production of hypodermic needles. Today, BD is divided into three segments: BD Medical, BD Life Sciences and BD Interventional.[3] BD is ranked #195 in the 2019 Fortune 500 list.[4]

The firm in October 2014 agreed to acquire CareFusion for a price of $12.2 billion in cash and stock.[5] In April 2017 Becton Dickinson agreed to acquire C. R. Bard for $24 billion.[6]

Historical development

1897–1947

BD was founded in 1897 by Maxwell W. Becton and Fairleigh S. Dickinson, two American businessmen who met on a sales trip. The same year the company made its first sale, a Luer-all-glass syringe that sold for $2.50. In 1898, BD acquired its first patent for a medical product. In 1899 the company introduced its first logo which was meant to symbolize guaranteed superior quality of the products provided by BD. In 1904, BD acquired the Philadelphia Surgical Company. This very first acquisition and other early acquisitions significantly expanded the company's manufacturing ability and product offering. Two years later, BD incorporated in the state of New Jersey and built a manufacturing facility in East Rutherford, the first in the United States created specifically for the production of thermometers, hypodermic needles, and syringes. In 1924, BD manufactured its first syringe designed specifically for insulin injection. One year later, BD introduced the BD Yale Luer-Lok Syringe, designed and patented by Fairleigh S. Dickinson, Sr. It provided a simple and secure method of attaching and removing the needle to and from the syringe. Today, Luer taper connectors are the standard for syringes in the United States In 1947 Joseph Kleiner developed the Evacutainer—a device used to draw blood by vacuum through a needle into a test tube. This product eventually evolved to become the BD Vacutainer Blood Collection system.[7]

1948–1970

In 1948, BD faced new leadership as Fairleigh S. Dickinson, Jr. and Henry P. Becton, sons of the founders, took over the company. Their 24-year tenure was a time of rapid development for BD. The company grew within the U.S. as well as internationally. In 1949, it opened its first manufacturing site outside of New Jersey in Columbus, Nebraska. In 1961, it established a manufacturing facility in Canaan, Connecticut. BD also soon expanded to Canada (1951), Mexico (1952), France (1955), and Brazil (1956). The tenure of Fairleigh S. Dickinson, Jr. and Henry P. Becton was also a time of significant product innovation. In 1950, BD's first sterile disposable product, a blood collection set, was developed and sold to the American Red Cross. In 1954, BD introduced the first completely disposable syringe made of glass: BD Hypak. This innovative product was used in a large-scale field test of the polio vaccine developed by Dr. Jonas Salk. One year later, BD entered the microbiology field through the acquisition of the Baltimore Biological Laboratory. In 1961, the company introduced its disposable BD Plastipak syringe. Under the new leadership the company also went public (1962) and appeared for the first time in the Fortune 500 list (1970).[7]

1973–1995

In 1973, BD added another U.S. facility — a research center in Durham, North Carolina in Research Triangle Park. The center was established to help the company meet United States Environmental Protection Agency (EPA) requirements, research improved manufacturing and process methods, and develop future innovative technologies. In 1975, BD Pharmaceutical Systems Europe acquired an important patent for a prefilled syringe injecting heparin. In 1980, BD developed its first automated system for mycobacteria testing—the BD BACTEC 460TB System. The next year brought significant signs of the company's development as sales surpassed the $1 billion milestone and a new plant in Plymouth, England was constructed to serve the European markets. Five years later BD moved its corporate headquarters to Franklin Lakes, New Jersey (current HQ location.) Also in 1986, BD acquired Fabersanitas Industrial, a major Spanish syringe manufacturer as well as Deseret Medical, a vascular access devices manufacturer. The last three years of the 1980s also showed growth in Asia (manufacturing facilities in Singapore and Japan .) Furthermore, BD became the first company to introduce a safety-engineered syringe, the BD Safety-Lok (1988), and acquired the Beaver Blade Company, a manufacturer of high-quality surgical blades. The first half of the next decade was very important to BD's development. The company opened a central distribution center in Temse, Belgium (1992) and entered India and China (1995). BD also introduced a device that offered needle stick protection following blood-drawing procedures, the BD Vacutainer Safety-Lok Blood Collection Set.[7]

1999–2006

In 1999, as BD passed more than 100 years of presence in the medical devices industry, BD announced its new corporate identity. Numerous independent brand names were replaced by a single name: BD. In addition, the company symbol that is used today was introduced. BD also named Edward J. Ludwig as the company's president. Ludwig was also named Chief Executive Officer (2000) and Chairman of the Board of Directors (2002). On February 9, 1999, BD announced the acquisition of Biometric Imaging, Inc. (BMI), a privately held company serving the transfusion medicine, infectious diseases, and oncology markets.[8] On December 20, 2000, BD signed an agreement to acquire Gentest Corporation, a privately held company serving the life sciences market in the areas of drug metabolism and toxicology testing of pharmaceutical candidates.[9] During that time, BD also got heavily involved in global health issues announcing a five-year maternal and neonatal tetanus worldwide elimination partnership with UNICEF (1999), launching the BD Safety Compliance Initiative (2000), and pledging $1 million contribution to the International AIDS Vaccine Initiative (2002.) In 2003 and 2004, BD introduced several innovative products: BD FACSAria Cell Sorter—the first entirely new instrument in the next-generation portfolio of flow cytometers (2003), BD Accuspray—a nasal drug delivery system for administering vaccines (2003), BD.id—a patient identification system designed to limit the potential for medical errors in specimen collection (2003), and the world's first "intelligent" insulin pump and glucose monitoring system, a wireless system consisting of a Medtronic MiniMed Paradigm 512 Insulin Pump and Paradigm Link Blood Glucose Monitor, co-developed with BD. In the beginning of the 21st century BD also invested in growing its business by acquiring several strategically important companies. In 2001, it acquired the Gentest Corporation, a leading in drug metabolism and toxicology testing company. In 2004, BD completed the acquisition of Atto Bioscience Acquired, a company specializing in optical instrumentation, software, and reagents for real-time analysis of interactions taking place in living cells. In 2005 BD entered the field of proteomics through its acquisition of FFE Weber GmbH, which specialized in the separation and fractionation of complex proteins. 2006 was also an important year to document BD's growth as the company acquired GeneOhm Sciences—a leader in the development of molecular diagnostic testing for the rapid detection of bacterial organisms and TriPath Imaging, a cancer diagnostics company.[7]

Finances

For the fiscal year 2017, Becton Dickinson reported earnings of US$1.030 billion, with an annual revenue of US$12.093 billion, an increase of 10.5% over the previous fiscal cycle. Becton Dickinson's shares traded at over $192 per share, and its market capitalization was valued at over US$63 billion in November 2018.[10]

Year Revenue
in mil. USD$ 		Net income
in mil. USD$ 		Total Assets
in mil. USD$ 		Price per Share
in USD$ 		Employees
2005 5,341 722 6,133 44.554
2006 5,738 752 6,825 52.89
2007 6,283 890 7,329 63.810
2008 6,898 1,127 7,913 67.23
2009 6,987 1,232 9,305 58.34
2010 7,124 1,318 9,651 64.62
2011 7,584 1,271 10,430 70.38
2012 7,708 1,170 11,361 68.57
2013 8,054 1,293 12,149 90.12 29,979
2014 8,446 1,185 12,447 111.84 30,619
2015 10,282 695 26,478 137.28 49,517
2016 12,483 976 25,586 158.98 50,928
2017 12,093 1,030 37,734 192.11 41,933

Business segments

Becton Dickinson is divided into two business segments, namely BD Medical (52% of FY 09 revenues) and BD Life Sciences (44% of FY 09 revenues)[11]

BD Medical

The BD Medical segment consists of three divisions or units, namely Medical & Procedural Solutions, Pharmaceutical Systems, and Diabetes Care. The products of this segment include: needles and syringes, intravenous catheters, safety-engineered and auto-disable devices, prefillable drug delivery systems, prefilled IV flush syringes, insulin syringes and pen needles, regional anesthesia needles, and trays. This segment primarily sells to: hospitals and clinics, physicians' office practices, consumers and retail pharmacies, governmental and nonprofit public health agencies, pharmaceutical companies, and health care workers.[11].

In certain places, BD Medical also offers consulting and analytics related services. BD Medical's Consulting services services are primarily targeted at hospitals, healthcare systems and networks of healthcare providers.

BD Life Sciences

BD Life Sciences consist of three divisions or units, namely Preanalytical Systems, Diagnostic Systems, and Biosciences. BD Life Sciences specializes in the design, production, and sales of the following products: integrated systems for specimen collection, safety-engineered blood collection products and systems, automated blood culturing systems, molecular testing systems for sexually transmitted diseases and HAIs, microorganism identification and drug susceptibility systems, liquid-based cytology systems for cervical cancer screening, rapid diagnostic assays, and plated media. Customers of this division include: hospitals, laboratories and clinics, reference laboratories, blood banks, health care workers, public health agencies, physicians' office practices, and industrial and food microbiology laboratories.[11]

BD Biosciences Unit (BD Life Sciences Segment)

BD Biosciences designs, manufactures, and sells fluorescence-activated cell sorters and analyzers, monoclonal antibodies, and kits for cell analysis, reagent systems for life science research, cell imaging systems, laboratory products for tissue culture and fluid handling, and cell culture media supplements for biopharmaceutical manufacturing. BD Biosciences serves the following customers: research and clinical laboratories, academic and government institutions, pharmaceutical and biotechnology companies, hospitals, and blood banks.[11] The company's line of plastic conical screwtop test tubes, known as 'Falcon tubes', is popular and the term is sometimes used as a generic term for such tubes.[12][13][14]

Social responsibility

As a large global company in the health care industry, BD has the potential to affect the health and life of many people around the world.

Anti-competitive practices

In 2004, BD agreed to pay out $100 million to settle allegations from competitor Retractable Technologies that it had engaged in anti-competitive behavior to prevent the distribution of Retractable's syringes, which are designed to prevent needlestick injury.[15] The lawsuit touched off a series of legal conflicts between the companies. Retractable would accuse BD of patent infringement after BD released a retractable needle of its own. Later Retractable would claim BD was falsely advertising its own version retractable needs as being the “world’s sharpest needle”.[16] The debate between the two companies was partially the basis for the 2011 movie Puncture.

Philanthropic and charitable efforts

BD has actively donated cash, product, and expertise to non-profit and educational organizations worldwide. In recent years, it formed philanthropic and charitable partnerships with the following organizations: UNICEF,[17] American Red Cross,[18] U.S. President's Emergency Plan for AIDS Relief,[19] Stop TB Partnership,[20] Global Business Coalition on Health (GBCHealth),[21] AmeriCares,[22] International AIDS Vaccine Initiative,[23] Foundation for Innovative New Diagnostics,[24] Juvenile Diabetes Research Foundation,[25] Project HOPE,[26] Direct Relief International,[27] Accordia Global Health Foundation,[28] Columbia University,[29] and University of Virginia.[30] BD has also donated millions to Fairleigh Dickinson University (of which BD co-founder Dickinson was a benefactor and namesake), in support of the Henry P. Becton School of Nursing and Allied Health (named for the son of BD's co-founder, also a BD executive), along with other FDU programs.[31]

Environmental track record

As of February 2010, BD was ranked 18th in the EPA Fortune 500 List of Green Power Purchasers.[32] BD was also listed among the top 100 companies in Newsweek's 2009 Green Rankings[33] ranking of the 500 largest American corporations based on environmental performance, policies, and reputation. BD placed third in the health care sector and 83rd overall.[34] In addition, BD has been a component of the Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index for the four and five consecutive years, respectively.[35][36]

2007 Discardit II incident in Poland

In mid-2007, the firm's Discardit II series of syringes numbered 0607186 was withdrawn from hospitals and other medical services around Poland , about half a year after the discovery of remains of dark dust in some syringes, which were alleged to have been from this series.[37] The newspaper Dziennik Online claimed that other series such as 06022444, 0603266, and 0607297 were also suspected of being contaminated. BD recalled and tested the syringes in question, and revealed sterile particulates in 0.013 percent of the products.[38] Legal proceedings related to the incident started in December 2006.[37] According to an article published in Dziennik on Monday, 21 April 2008, the prosecutor's office in Lublin discontinued the inquiry, because the disposable syringes were not dangerous.

2010 Q-Syte Luer and IV Catheter partial recall

In February 2010 BD announced a voluntary product recall of certain lots of BD Q-Syte Luer Access Devices and BD Nexiva Closed IV Catheter Systems. BD stated that the use of the affected devices may cause an air embolism or leakage of blood and/or therapy, which may result in serious injury or death. The approximately 2.8 million BD Q-Syte and 2.9 million BD Nexiva units containing 5 million BD Q-Syte devices that were recalled were distributed in the United States, Asia, Canada, Europe, Mexico, the Middle East, South Africa, and South America. The recall was initiated on Oct. 28, 2009 after BD received complaints of problems due to air entry through a part of the device. BD stated that the cause of the problem was manufacturing deviation and claimed that it corrected the problem. BD announced that it notified customers about the recall by letter and has been working with the U.S. Food and Drug Administration and worldwide health agencies to coordinate recall activities.[39][40]

Health and safety issues

In April 2016, the Occupational Safety and Health and Administration fined BD $112,700 for safety violations. They found repeat and serious violations of health and safety law that had resulted in two employees having partial finger amputations.[41][42]

See also

  • Becton, Dickinson and Company headquarters
  • List of biotech and pharmaceutical companies in the New York metropolitan area

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Becton Dickinson, Form 10-K, Annual Report, Filing Date Nov 27, 2019". sec.gov. https://www.sec.gov/ix?doc=/Archives/edgar/data/10795/000001079519000044/bdx2019-09x3010xk.htm. Retrieved Dec 1, 2019. 
  2. ↑ "Google Finance:BDX". https://www.google.com/finance?q=NYSE:BDX. 
  3. ↑ "Becton, Dickinson and Co Annual Report 2018". https://investors.bd.com/static-files/759c8ae1-c56b-4346-9365-1a56c06873ee. 
  4. ↑ "Fortune 500 Companies: Becton Dickinson" (in en-US). https://fortune.com/fortune500/2019/becton-dickinson/. 
  5. ↑ "Becton Dickinson to buy CareFusion for $12 billion in cash, stock" (Press release). Reuters. 5 October 2014.
  6. ↑ [1]
  7. ↑ 7.0 7.1 7.2 7.3 "BD Milestones". http://www.bd.com/aboutbd/history/. 
  8. ↑ "Becton Dickinson and Company Announces the Acquisition of Biometric Imaging". http://www.bd.com/contentmanager/b_article.asp?Item_ID=21195&ContentType_ID=1&BusinessCode=20001&d=&s=press&dTitle=Press&dc=&dcTitle=. 
  9. ↑ "BD Signs Agreement to Acquire Gentest Corporation". http://www.bd.com/contentmanager/b_article.asp?Item_ID=21347&ContentType_ID=1&BusinessCode=20001&d=&s=press&dTitle=Press&dc=&dcTitle=. 
  10. ↑ "Becton Dickinson Revenue 2006–2018 | BDX". https://www.macrotrends.net/stocks/charts/BDX/becton-dickinson/revenue. 
  11. ↑ 11.0 11.1 11.2 11.3 "BD 2009 Annual Report". http://media.corporate-ir.net/media_files/irol/64/64106/reports/AR09/index.html. 
  12. ↑ "BD Falcon Tubes and Pipets". Becton Dickinson. https://www.bdbiosciences.com/documents/tube_pipet_brochure.pdf. 
  13. ↑ Leslie DeLong; Nancy Burkhart (25 February 2013). General and Oral Pathology for the Dental Hygienist. Lippincott Williams & Wilkins. p. 663. ISBN 978-1-4511-3153-6. https://books.google.com/books?id=buYi9XGgU-AC&pg=PA663. 
  14. ↑ Guide to Yeast Genetics and Molecular Biology: Volume 194: Guide to Yeast Genetics and Molecular Biology. Gulf Professional Publishing. 14 May 2004. p. 751. ISBN 978-0-08-057513-1. https://books.google.com/books?id=OxuAkx_pKD8C&pg=PA751. 
  15. ↑ Walsh, Marsh (3 July 2004). "Syringe Manufacturer Settles Claim of Market Manipulation". New York Times. https://www.nytimes.com/2004/07/03/business/syringe-manufacturer-settles-claim-of-market-manipulation.html. 
  16. ↑ Perriello, Brad (5 December 2016). "UPDATE: Retractable Technologies plummets after appeals court tosses $352m win over Becton Dickinson". Mass Device. https://www.massdevice.com/retractable-technologies-plummets-appeals-court-tosses-352m-win-becton-dickinson/. 
  17. ↑ "BD Press Release". http://phx.corporate-ir.net/phoenix.zhtml?c=64106&p=irol-newsArticle&ID=320103&highlight=. 
  18. ↑ "The Free Library, Press Release". http://www.thefreelibrary.com/American+Red+Cross+and+BD+Announce+Expanded+Collaboration+to+Support...-a0138223904. 
  19. ↑ "PEPFAR Press Release". http://www.pepfar.gov/press/releases/2009/126214.htm. 
  20. ↑ "Stop TB Partnership Partner's Profile". http://www.stoptb.org/partners/partner_profile.asp?PID=1881. 
  21. ↑ "GBC Health". gbchealth.org. http://www.gbchealth.org. 
  22. ↑ "Americares Press Release". http://www.americares.org/newsroom/press/2008/americares-pledges-to-improve.html. 
  23. ↑ "International AIDS Vaccine Initiative Press Release". http://www.iavi.org/news-center/Pages/PressRelease.aspx?pubID=2971. 
  24. ↑ "Foundation for Innovative New Diagnostics Press Release". http://www.finddiagnostics.org/media/press/071105.html. 
  25. ↑ "JDRF Press Release". http://www.jdrf.org/index.cfm?fuseaction=home.viewPage&page_id=47980498-1321-C834-030811F5029F3DA2. 
  26. ↑ "Project Hope Partnerships". http://www.projecthope.org/about/partnerships/. 
  27. ↑ "Direct Relief International Partner Profile". http://www.directrelief.org/SupportUs/CorporateGiving/CorporateProfiles/BD.aspx. 
  28. ↑ "Accordia Global Health Foundation Newsletter". http://accordiafoundation.org/aaf/newsletters/2009_winter/index.html. 
  29. ↑ "CU Corporate Partnerships". http://www.earth.columbia.edu/articles/view/2515#bd. 
  30. ↑ "UVA News". http://www.healthsystem.virginia.edu/internet/news/archives09/safety.cfm. 
  31. ↑ "Becton, Dickinson & Co. donates $1 million to Fairleigh Dickinson University". http://www.northjersey.com/news/business/becton-dickinson-co-donates-1-million-to-fairleigh-dickinson-university-1.1034981. 
  32. ↑ "Green Power Purchasers Fortune 500 List". http://www.epa.gov/greenpower/toplists/fortune500.htm. 
  33. ↑ "Newsweek, Greenest Big Companies in America – The 2009 List". http://greenrankings.newsweek.com/top500/page:5. 
  34. ↑ "Newsweek, Green Ranking 2009 - Becton Dickinson". http://greenrankings.newsweek.com/companies/view/becton-dickinson. 
  35. ↑ "Dow Jones Sustainability Indexes". http://www.sustainability-index.com/djsi_protected/djsi_world/components/SAM_DJSIWorld_Components.pdf. 
  36. ↑ "BD Press Release". http://www.bd.com/contentmanager/b_article.asp?Item_ID=24179&ContentType_ID=1&BusinessCode=20001&d=BD+Worldwide&s=&dTitle=&dc=&dcTitle=. 
  37. ↑ 37.0 37.1 Kraskowski, Leszek (2007-08-01). "For over half a year, hospitals used tainted syringes" (in Polish). Dziennik Online. http://www.dziennik.pl/Default.aspx?TabId=96&ShowArticleId=54999. 
  38. ↑ "Reuters: Becton Dickinson expands syringe recall in Poland". 2007-08-06. https://www.reuters.com/article/companyNewsAndPR/idUSN0640879120070806. 
  39. ↑ "Reuters: Becton Dickinson recalls intravenous devices". 2010-02-08. https://www.reuters.com/article/idUSN0815057720100208. 
  40. ↑ "BD Press Release". http://www.bd.com/contentmanager/b_article.asp?Item_ID=24486&ContentType_ID=1&BusinessCode=20001&d=BD+Worldwide&s=&dTitle=&dc=&dcTitle=. 
  41. ↑ "OSHA finds dozen violations at Becton, Dickinson and Co. in Holdrege after two workers suffer finger amputations". OSHA. April 12, 2016. https://www.osha.gov/pls/oshaweb/owadisp.show_document?p_table=NEWS_RELEASES&p_id=31062. 
  42. ↑ "Becton Dickinson dystrybutor - Sprzęt medyczny BD Medical Systems". http://www.skamex.com.pl/becton-dickinson. 

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