BD CFO Chris DelOrefice to Depart Amid Preliminary Q4 Results and Ongoing Restructuring

In a significant leadership change, BD (Becton, Dickinson and Company) announced that Chief Financial Officer Chris DelOrefice will be leaving the company on December 5, 2025, to pursue a new opportunity as CFO at Ulta Beauty. This departure comes as BD releases preliminary fourth-quarter results that fell short of Wall Street expectations and continues its strategic separation of key business units.

Leadership Transition and Interim Appointment

DelOrefice, who joined BD in 2021 after nearly two decades at Johnson & Johnson, informed the company of his intention to resign on October 9. BD has initiated a search for a permanent successor and has appointed Vitor Roque, senior vice president of finance, business units and corporate financial planning and analysis, as interim CFO.

CEO Tom Polen expressed confidence in Roque's capabilities, stating, "His strong finance and leadership capabilities position him well to serve as interim CFO as we continue to deliver on our strategic goals." Roque, a 20-year veteran of BD, has held various finance leadership roles and has been instrumental in supporting key acquisitions.

BD emphasized that DelOrefice's departure is not related to any disagreements regarding financial statements, reporting, operations, policies, or practices.

Preliminary Q4 Results and Fiscal Year 2025 Performance

Alongside the CFO transition announcement, BD released preliminary financial results for its fiscal fourth quarter and full year 2025:

• Q4 revenue: Approximately $5.9 billion, up 8.3% year-over-year
• FY 2025 revenue: About $21.8 billion, an 8.2% increase

Despite the growth, analysts at Stifel characterized the fourth-quarter results as "disappointing" and below consensus expectations. CEO Polen acknowledged that the "dynamic macro environment" had a more significant impact than anticipated, particularly affecting vaccines and academic and government research sectors. However, he noted strong growth in the company's interventional, patient monitoring, and medication delivery businesses.

Strategic Restructuring and Waters Merger

BD continues to progress with its planned separation of the biosciences and diagnostics business from the rest of the company. In a significant move announced in July, this separated business will merge with Waters in a deal valued at approximately $17.5 billion. This strategic restructuring aims to sharpen BD's focus on its core competencies and optimize its business portfolio.

The company plans to provide more detailed information about its fiscal fourth-quarter and full-year earnings during a scheduled call on November 6, 2025, where investors and analysts will likely seek further clarity on the financial results, leadership transition, and ongoing restructuring efforts.