1. Becton, Dickinson & Co. Covering Analyst: Kristina Logvinenkoklogvine@uoregon.edu

2. Becton, Dickinson & Co.  Medical devices  Instrument systems  Reagents

3. Revenue Segments  BD Medical  BD Diagnostics  BD Biosciences

4. Geographic Exposure  United States  Europe  Asia Pacific  Latin America

5. Acquisitions KIESTRA Lab  Lab automation solutions Sirigen Group  Molecular Diagnostics

6. Surgical And Medical Instrument Sector Demand Drivers:  Demographics  Medical discoveries Mature & Emerging markets

7. Downside Catalysts  Reduced research funding  Growth in the U.S. & European markets  Medical device tax

8. Upside Catalysts  Innovative product launches  Increase in earnings per share  Intensive share buyback

9. Comparable Analysis

10. DCF Analysis

11. Recommendation: Hold

12. Questions

13. Recommendation: Hold  Diversified product portfolio  Strategic acquisitions  Growth in emerging markets