Please welcome Nadia Goncalves. Good morning, everybody, and thank you for joining us today for BD's 2021 Investor Day. We wish we could be with you in person, but we hope that you find this virtual event to be just as informative and the conversations with our executives just as engaging. Before we get started, I'd like to cover a few housekeeping items. I would call your attention to the cautionary statements we have at the beginning of the presentation materials. During today's event, we will be making forward-looking statements, and it is possible actual results can differ from our expectations. Please refer to our Investor Day presentation and our latest SEC filings, 10-Ks and 10-Qs, for more information. We will also discuss non-GAAP financial measures regarding our performance. Reconciliations to GAAP measures that include the details of purchase accounting and other adjustments can be found in the appendix of our Investor Day presentation. When we refer to any given period, we are referring to the fiscal period, unless noted otherwise. I would also call your attention to the basis of presentation slide, which just defines terms today that you will hear, such as base revenues, base margins, NewCo, and RemainCo. Finally, you will also hear us speaking about many of our different products today. Not all products in today's presentation are launched. Furthermore, some of products are launched in some regions given regulatory authorizations. Please refer to our cautionary statements concerning products for more information. Now on to today's event. In an effort to make this event as interactive as possible, we've developed a virtual trade show booth. These booths have spotlights of some of the products you'll be hearing about today. A link to the trade show booth can be found in the top navigation menu in the lobby of this webcast. With that, let me turn to today's agenda. We have a half day planned out with the great leaders of our organization. Tom Polen, BD's Chairman, Chief Executive Officer, and President, will start our day with BD's strategy and his vision for the future. We ask that questions for Tom be held until today's final Q&A session. You will also hear from our segment and business unit presidents, as well as our CFO, Chris DelOrefice. We will also show some brief videos from key regional and functional leaders throughout the agenda. There will be a Q&A session after each segment presents. Following Chris's presentation, we will have Tom, the segment leaders, Beth McCombs, and Tony Ezell join Chris for a final Q&A session. Now, let's kick off our day with a short video. When life is turned inside out, you double down on what you do best. When the world is on lockdown, you dig deep into the science to create critical diagnostic tests in the space of weeks, not years. When hospitals struggle to add intensive care units and thousands of beds, you find a way to provide the equipment and devices they need to care for patients. When supply chains are stretched to the breaking point, you go to the well. You call on your people and partnerships to get the essential technologies of diagnosis, treatment, and discovery to the labs, the hospitals, and the workers who are saving lives. When questions exceed answers, you do all that you can to help researchers advance our understanding of the immune response. You do it all because you know the hazards and burdens people face with older parents, younger children, and round-the-clock worries. It's why, long before COVID-19, we helped wage battles against polio, tuberculosis, and HIV. It's why we're in this fight right now, and why long after, we will keep doing our part in support of human health. It's what we do. It's our entire reason for being. Please allow me to introduce Tom Polen. Thank you, Nadia, and thank you all for joining us today. BD is a company that has always had a central role in global healthcare, and that's never been more obvious than it's been over the past 20 months. Today, I'm going to discuss what we've been up to since we first launched our BD 2025 strategy, our meaningful progress, and how we're very well positioned to drive value for all stakeholders now, consistently over the years ahead. From the very beginning, BD has been driven by purpose of advancing the world of health. Today, our solutions are concentrated in three essential areas of the care delivery process, Discovery and Diagnosis, Medication Delivery, and Interventional Treatment. These three areas will continue to be extremely relevant to our customers as they demand new and improved solutions to their greatest challenges. Now, all of you know BD extremely well. We make over 45 billion devices every year. We serve patients in more than 190 countries, touching more patients than any other med tech company on the planet. We're the leader in nearly every major categories we serve across our three segments, and having established those positions through impactful innovation, world-class manufacturing quality, and global scale. These capabilities are leveraged across our businesses to drive efficiency and performance. If there's a takeaway from this, it's that the combination of our diverse geographies and businesses and expansive engine is a unique strength, and it's a source of durable performance. Thanks to a team of more than 70,000 associates around the world who are focused on executing our strategy, we had a strong FY 2021. As you know from our earnings announcement last week, we built momentum through solid execution, and the outcome is visible in our performance and our progress. In FY 2021, we beat our own revenue, EPS, and cash flow expectations, and we raised guidance twice. We did it while strengthening our impact and our strategic position. You've heard me talk about being proud of the central role we played in the diagnosis, treatment, and prevention of COVID-19. As we move past COVID, the experience has left us with stronger relationships with customers, stronger government partnerships, expanded instrument footprints, and new markets, like in-home diagnostics, that can continue to have a positive impact in the years ahead. This past year, we also took a series of actions to create recurring and long-term value for shareholders. For example, we reinvested $200 million of our COVID testing proceeds back into the business, funding our Innovation and Growth Fund and several acquisitions that are gonna drive future growth. We also took specific actions to improve cash flow, which was up $1.1 billion this past year. We strengthened our balance sheet, putting BD in a position of strength to drive shareholder value, and returned a total of $2.8 billion to shareholders. Last fiscal year, we also increased our focus on driving stronger margins, and we established programs across our procurement, manufacturing, supply chain, and internal cost structure, and took strategic pricing actions across our portfolio. Every industry is contending with inflationary pressures, the likes which haven't been seen in decades. For BD, though, this isn't simply a matter of managing through these challenges. We intend to be best in class in how we navigate this unprecedented environment. You're gonna hear more about this from Chris DelOrefice later on. That's why our BD 2025 strategy is so important and why it's so effective. We built it around three pillars, grow, simplify, and empower. We have programs to catalyze each element of our strategy, from our organic and inorganic product pipelines, to how we work with our customers, to how we deliver efficiencies and drive margin expansion, and how we engage with the world around us. Our BD 2025 is our true north for delivering value for all stakeholders. We launched this strategy just weeks before the COVID lockdown began, and so it was pressure tested right out of the box. We're excited to finally have the opportunity to share with you how much progress we've made over the past 20 months. Today, you're gonna hear from a cross-section of BD leaders, and you're gonna hear five key themes which I hope you take away from today. The first is that we've strengthened our long-term targeted growth profile to 5.5%+, and that comes out of a series of bold decisions and actions to accelerate our BD 2025 strategy. We pulled a number of levers to do that, increasing organic innovation, driving geographic expansion, and tuck-in M&A to drive growth. We're gonna go deep into those today. We also took action to optimize our portfolio, and we announced the spin-off of our Diabetes Care business so that we can invest even more in innovations that are gonna have the greatest impact on our strategy. This all fueled our second theme, which is how we've reshaped our innovation pipeline through both organic R&D and tuck-in M&A. We have been, and we continue to be, very consciously allocating our investments into areas with higher growth and higher margins. The third theme is the progress in and expansion of our simplification programs, which supports improving gross operating margins and a double-digit EPS growth profile. Our fourth theme is our disciplined capital deployment strategy, where strong cash flow enables investment in our business and capital return to shareholders. Lastly, you're going to see firsthand today a strong team focused on executing these plans and delivering shareholder value. Let's take a deeper dive into the portfolio approach that we're driving to deliver a new wave of long-term growth. We view our portfolio along two axes, and we consider each in a unique way to optimize performance. On the left side of this slide, you see our durable core. It's about $14 billion of our FY 2021 revenue. These are the products and solutions that form the backbone of healthcare around the world. These are the things that spring to mind when you think of BD, like Vacutainer tubes or ports or catheters, syringes, urinary catheters, acute care pumps, and IV sets, hernia mesh, and blood culture testing, just to name a few. Now, not many companies can say they touch 90% of people in the hospital with 45 billion medical devices each year, as we do with our durable core. That creates a very stable business that weathers storms and uncertainty. The performance of our durable core fuels our investments in transformative solutions, which comprise about $4 billion of our FY 2021 revenue. These are the breakthrough advances in higher growth spaces that are aligned to the irreversible forces that are transforming the future of global healthcare and that we're targeting with our R&D and M&A investments. We're gonna get deeper into the details in just a minute. First, let's talk about how we're delivering growth in our durable core. We're the leader in the large majority of the categories we serve, with about 85% of our revenue being recurring. BD is ubiquitous across healthcare thanks to foundational products like those I mentioned earlier. We're also increasingly impactful to our customers due to core innovations that we're continually bringing to market, which have a meaningful effect on healthcare. They expand our leadership positions, and they often redefine the basis of competition in each of our markets. While we call it our durable core, its scale, its relevance, and continuous innovation make it quite exciting. Now, one of the many such examples you're gonna hear about today is in vascular access, where we've advanced beyond healthcare worker safety, and we're now once again redefining the standard of care with a focus on the patient experience. It's something we call the One-Stick Hospital Stay. We also continue to invest in best-in-class manufacturing and distribution capabilities, which allow us to deliver quality products at low cost in more than 190 countries around the world. It's a source of meaningful competitive advantage. An example here is in our core Hypak prefillable syringe business, where we're 6x larger than our closest competitor, and we're in the process of adding another 50% in capacity. Now, that's the kind of scale combined with commercial excellence. It's a competitive advantage that enables us to capitalize on global market expansion. An example there is in China. We saw an opportunity for revenue synergies with the Bard acquisition, and we invested behind them. In fact, since the acquisition, we've doubled the size of our BD Interventional business there. We're making similar investment choices in other regions to fuel our global expansion, and our regional leaders are gonna be with us today to share more. Also fueling growth in our durable core are our broad and unrivaled digital capabilities. It's reflected by the more than 2 million BD smart devices on the market today and the more than 2,000 software engineers and data scientists on our team. You're going to see multiple examples today of how we're leveraging this expertise in new, faster-growing spaces. Investing in these capabilities and a focused innovation pipeline, we see our total addressable market for our durable core growing from $45 billion in FY 2021 to $60 billion in FY 2025, with our WAMGR also growing over the same period of time, and we expect BD to consistently outperform that market growth. Virtually everything that I described makes up our durable core today was once a breakthrough innovation, where BD identified new forces with the potential to reshape healthcare, and we grabbed a hold of the problem by bringing forward new solutions. Each of these moments catalyzed new waves of growth over the course of our 125-year history. We can look back to the 1950s, for example, when BD made the transformational shift from reusable injection devices made of glass to the first disposable syringes, creating a new category of single-use devices, and it fueled a two-decade wave of growth for the company. Another example is in the 1990s and early 2000s, when we brought an increased focus to the safety of healthcare workers, and we created innovations like safety- engineered syringes and catheters, catalyzing another ten-year run of growth. In the last decade, we reinvented BD with two transformative acquisitions, CareFusion, which enabled us to realize our vision of reinventing medication management to be a connected end-to-end process, and it again accelerated another phase of growth. The acquisition of C. R. Bard. Bard, it helped us complete that with additional medication delivery devices, but it also provided the foundation for our increasing focus on chronic disease management that exists today. Today, we are once again at a similar inflection point. The future of healthcare is changing, and I see three irreversible forces that are going to be shaping healthcare in new ways. The first is smart connected care, in which AI, informatics, and robotics will transform healthcare processes, tools, and treatments in new ways. The second is the shift to new care settings. Care is moving increasingly to surgery centers, ambulatory centers, and retail clinics all the way into the home. That's creating significant opportunities for us to reinvent solutions that will improve patient outcomes in those settings while lowering costs. As we all know, this force has only accelerated during COVID. The third area is chronic disease outcomes. We, as BD, have tackled infectious disease throughout our history, and we continue to do so. Improving outcomes in chronic disease is a leading global health priority, and it's one that has traditionally fallen to the pharma industry and treatment through medication. We believe that we're entering a new era of technology innovation that will allow us to step up in a meaningful way to impact chronic disease treatment more than ever before. These three trends I just went through create tremendous opportunity for innovation. They're gonna be the catalyst for the ability of health systems to achieve better outcomes for the next 10 years. BD is right in the center of these trends, and we're uniquely positioned to make an impact. You're beginning to see it already in our growth rate, and we're poised to continue to deliver transformative solutions as we lean in to shape the future of healthcare and help us grow faster in the years ahead. Transformative solutions in these three areas, they already comprise a meaningful share of our business, representing about $4 billion of revenue, growing at high single digits. In smart connected care, for example, we're focused in categories that are growing nearly twice as fast as our durable core. We're leveraging our technical know-how to make smart devices, increase automation and informatics in laboratories, and we're developing ever more connected medication management solutions. This automation and smart technology, it's particularly well-suited to help address the shortages of healthcare workers that we see today, and it's a reality that is accelerating interest in these types of solutions. In new care settings, we're focused again in fast-growing categories, where we're working to address areas like blood collection and diagnostics at the Point of Care or non-acute medication management, self-administered drug delivery, and the home incontinence market. In chronic disease outcomes, we again focus in categories well accretive to BD's core growth as we're developing new solutions for chronic conditions like peripheral vascular disease, end-stage kidney disease, while innovating in the tissue regeneration and reconstruction space and molecular diagnostics. Now we expect the opportunities we're pursuing here to expand our total addressable market within transformative solutions from $15 billion in FY 2021 to $25 billion in FY 2025. These are markets we have the right to win in. In each category, whether it's leading in blood collection in the Point of Care, leading in self-administered drug delivery, or creating smart connected medical devices, BD's capabilities make us the clear choice to lead in these spaces and transform the future, and we're executing on that opportunity. Now that I've explained our vision for growth and the direction we're taking, I want to talk about how we're executing this shift. R&D is one lever, and you're gonna be hearing a lot more about that today. But we're also driving our tuck-in M&A strategy to a new level, and that's never been more evident than it's been over the past two years, with 13 transactions closed since the beginning of FY 2020, consistently beating our cost of capital. We're building a strong track record in identifying and executing deals and then integrating those new products and businesses into our portfolio. Some of our tuck-in acquisitions, they reinforce our durable core, like Velano Vascular or ZebraSci, and you're gonna hear about both of those more later today. Since FY 2020, about 80% of the capital we've deployed towards M&A has been in transformative solutions and advancing the three innovation themes I discussed earlier. Examples you'll hear more about later today include GSL Solutions, which brings smart connected devices to better manage medications in the retail setting, or NATDx, a diagnostic platform for new care settings that enters BD into the fast-growing molecular Point of Care market. Straub Medical, which helps improve chronic disease outcomes with atherectomy and thrombectomy devices. You can see the FY 2022 revenue that we expect from our recent acquisitions. I'm sure some of you have already calculated that the assets we purchased were at approximately a 5x multiple to 22 revenue. The takeaway there is we're not buying growth. Many of these assets are pre-launch when they're acquired, or they're very early into building a commercial channel. We're growing what we buy. We're leveraging our breadth, our global presence, and our manufacturing scale to create value. Now, this slide illustrates how we're purposely balancing investment to drive durable and increasingly impactful growth. Approximately 75% of our capital expenditure goes towards our durable core, which strengthens a stable source of revenue provided by our manufacturing scale and cost bases. These investments also support our continuous improvements and cost savings. On the other side, we've moved about 60% of our R&D spend and 80% of our M&A investment to transformative solutions. You can expect that this relative weighting will continue. Overall, we expect this strategy to help us increase our WAMGR in both the durable core and in transformative solutions. As we continue to execute our portfolio strategy, we'll continue pulling up BD's overall weighted average market growth. Turning to the diabetes spin. Back in May, as part of our portfolio strategy, we announced the planned spin-off of our Diabetes Care business as a bold step to simplify BD and create value for all stakeholders. We expect this spin-off to strengthen the growth profile of both BD and the new company, which will become one of the largest pure-play diabetes-focused businesses. The future CEO, Devdatt Kurdikar, has brought on a strong new leadership team, and we're excited to unlock the growth potential for both businesses, and Chris is gonna talk more about that later on. BD is a purpose-driven organization with global health impact, and ESG is not new for us. It's central to our identity as a good corporate citizen. We're known as pioneers in the concept of shared value creation, and we're really proud of having been recognized by experts for our impact. We're continuing to advance our commitments, which is the idea behind BD's 2030 sustainability goals and our ESG strategy. What you see here is the framework through which the company addresses the most relevant ESG issues, and we do so across four pillars. Now, given our manufacturing presence, we're particularly proud to highlight our climate initiatives, which are part of our focus on planet health. We intend to be carbon neutral across direct operations by 2040 and reduce Scope 3 greenhouse gas emissions in line with 1.5 degrees Celsius emission scenarios by 2050. We're also committed to the well-being of our global team, fostering an inclusive work environment where people can be themselves, feel comfortable speaking up, grow and develop in their careers, and bring their best and most innovative thinking. One of the things I'm most proud of is that in our Voice of Associates survey this year, we improved in 95% of the metrics we track, and we made the biggest advances in building a speak-up culture, having a growth mindset, and a quality culture. The health of our company, our planet, our communities, and the people we serve are all directly connected. When we successfully address the health of one, we often solve for challenges in another. Now, I've given you a lot to digest, but I want to quickly bring us back to the slide with the five key themes that I expect you to take away from today. With this plan, we're on track for substantial, sustained value creation as we build a company with a future durable core of smart and connected devices, that's a market leader in new care settings, and that is known for the tremendous impact it is having on improving outcomes in chronic disease. This isn't theoretical or overly ambitious. This is happening right now. Now, I'm pleased to turn it over to our leaders from across our businesses, regions, and functions who will give you more insight into where we're headed and even more reasons to believe in our growth strategy. We'll start with Beth McCombs, our Chief Technology Officer, who will talk about the innovation strategy and technology capabilities that are enabling and accelerating our growth and impact. Hello, I'm Beth McCombs, Executive Vice President and Chief Technology Officer at BD. I'm excited to share with you the strong R&D track record we're building and the innovation strategy we've been executing to further accelerate BD's growth and clinical impact. Over the past 18 months, BD has demonstrated great agility and focus in addressing the COVID pandemic, while also delivering a strong cadence of launches across our platforms. We launched six new COVID testing solutions, including the BD Veritor COVID-19 diagnostic test, developed in record time for BD, just 14 weeks from kickoff to launch when the world needed it most. Beyond COVID testing, we continued to deliver a strong cadence of launches with improved on-time delivery that boosted BD's new product revenue from $1.1 billion in fiscal year 2019 to $1.8 billion in fiscal year 2021, a 25% compound annual growth rate. Of the $1.8 billion in fiscal year 2021, 40% was incremental new product revenue, net of cannibalization. We have increased R&D investment back to 6% of revenue while increasing efficiency through our global centers of excellence across India and Ireland. We've invested a portion of our COVID testing profits to accelerate R&D programs with near-term revenue impact. For example, in our Medication Management Solutions business, we've been undertaking cybersecurity enhancements to expand our access in the U.S. federal segment and advancing new European connected solutions to accelerate global expansion. While delivering these strong results, we concurrently rebalanced our innovation pipeline, creating an ambitious portfolio strategy to drive durable financial performance. We are investing in our durable core, categories where BD leads today and where we will double down on high-impact, clinically differentiated core programs to sustain our competitiveness, increase profitability, and expand into nearby adjacencies. We're creating transformative solutions that address three irreversible trends in healthcare where BD can have significant impact. These trends are enabling smart connected care, helping transition patient care to new settings, and improving chronic disease outcomes. 12 months ago, we started the Innovation and Growth Fund to accelerate 15 new major programs with about 80% of the funding directed toward transformative solutions. Looking forward to fiscal year 2022, investments in transformative solutions comprise roughly 60% of our R&D budget. Across our portfolio, we are capitalizing on digital technologies to improve outcomes, enhance patient experience, and streamline care delivery. These cutting-edge solutions leverage technologies including sensors and data, robotics and automation, data analytics and machine learning, and digital workflow tools. BD is well-positioned to lead in the space of smart, connected devices. We already have over 2 million smart devices on the market today, and our products are connected to 70% of U.S. hospital information systems. Our BD HealthSight Analytics and BD Synapsys laboratory informatics platforms are already at scale. We have a highly capable centralized software technology solutions team and more than 2,000 software engineers and data scientists across our nine businesses to architect and deploy a common software technology stack that ensures interoperability and streamlined workflows. One recent example of this collaboration is Sensica Urine Output System, a connected platform that continuously and accurately measures urine output and core bladder temperature, providing clinicians with information to drive better decision-making for critical care patients. We're taking the same approach as we advance exciting programs such as smart IV injection systems, connected prefilled injection devices, and home diagnostics. Over the past year, we've taken a hard look at our technology capabilities, where we're strong, where we have opportunities to develop, and how we will partner more proactively to deliver our innovation roadmap. Today, we have broad and deep capabilities across our R&D global footprint, and we are strengthening our digital capabilities. At the same time, we have a wide range of technology partnerships, with 90% of our digital product development programs using at least one external partner. Examples include Scanwell partnership for the BD Veritor At-Home COVID-19 Test mobile application, as well as Microsoft and Google for software architecture, cloud, and data platforms. Moving forward, we are strengthening our external focus, hiring a chief scientific officer and establishing a BD-wide external scientific advisory board who will focus on partnerships and novel innovation models. In closing, we are building on the momentum of the past year to deliver an ambitious, balanced portfolio for the future. We are accelerating progress on digital technologies to create the integrated, personalized solutions that our global healthcare system needs and that patients deserve. We will continue to strengthen our capabilities while creating powerful customer and technology partnerships. Together, we will deliver on our purpose of advancing the world of health. Hello, and good morning to everyone. I'm Alberto Mas, EVP and President of BD's Medical Segment. I'm joined today by Rick Byrd, Worldwide President of Medication Delivery Solutions, Michael Garrison, Worldwide President of Medication Management Solutions, and Eric Borin, Worldwide President of Pharmaceutical Systems. I'm excited to share with you our ambition for next year performance for BD Medical, built on a robust foundation of strong performance in fiscal year 2021. Today's business unit deep dives exclude our Diabetes Care business. As you heard last week, fiscal year 2021 was a record year of growth for BD Medical. Double-digit growth rates for both MDS and Pharmaceutical Systems confirms the post-COVID bounce back with revenue comfortably above fiscal year 2019 baseline. Beyond COVID, we have seen share gains in significant categories, such as peripheral catheters and prefilled syringes. Clearly, our Alaris clearance is our number one priority for the segment. MMS and MDS have been very focused on appropriately serving the needs of our customers during the pandemic. We really are very proud of their contributions in these difficult times. We enter fiscal year 2022 with a confidence and a sense of positive momentum while assertively navigating headwinds. Looking ahead, the Medical Segment is confident in targeting sustainable long-term growth in the 5% range, inclusive of our Diabetes Care business. Our growth thesis is based on three pillars. First, we will extend our leadership in our durable core for all our businesses. With these medical durable core businesses have a legacy of leadership and above category growth rates. This is a unique foundation on which we have and will anchor our growth in the future. We continue to infuse dynamism into these businesses. You will hear about high-impact innovative solutions that target significant unserved customer needs and advancing clinical processes. We're also determined to drive margin expansion by active price management, value capture, and Project RECODE. Second, we are making purposeful investments in meaningful innovation and transformative solutions that can reinvent healthcare in our categories. Today, you will hear tangible examples of progress we're making in these spaces from all our three business units. These adjacent opportunities will increase our exposure to higher growth spaces and consequently drive expansion of our WAMGR and growth rate. Finally, we are actively managing our product portfolio, including setting up our Diabetes Care business for a successful spin-off. We have restarted our tuck-in M&A engine to enable these strategies, and this past year alone, we have closed four tuck-in M&A transactions. The $8 billion-plus medical segment, if we exclude diabetes care, consists of three strong business units, MDS, MMS, and Pharmaceutical Systems. We operate in large categories, $22 billion overall, with significant headroom available and favorable growth rates. We see these trends enduring into the future. We also consistently exceed our category growth rates, and fiscal year 2021 was no different if we exclude Alaris. We have broad portfolios in each of our businesses that address customer needs across the clinical processes in which we operate and allows us to provide comprehensive solutions to our customers. End-to-end vascular access management and connected medication management are two clear examples of core processes in healthcare systems for which we can uniquely provide comprehensive solutions. The breadth of our portfolio and clinical capabilities is a key strength in driving customer preference for our solutions. We are purposefully driving our business portfolios towards higher value, higher growth spaces. As you can see on the right-hand side of this slide, over this time period, we expect our segment WAMGR to increase by 40 basis points, and we'll have a higher proportion of our revenues from transformative solutions, which are growing twice as fast as our durable core spaces. Moving to the left-hand side of the slide, our growth strategies in each of our business units will enable us to outperform our WAMGR. Our Medication Delivery Solutions business seeks to revolutionize vascular access management with best-in-class products for each step of care, but also collectively in combination with digital-enabled technologies. Rick will share with you a new exciting vision for transforming the business around a one-stick hospital stay that places patient experience and outcomes at the center of what we do. He will also speak to exciting new smart connected solutions that will unlock significant growth opportunities for us. Our Medication Management Solutions business will continue to deliver on three core benefits of medication safety, medication waste, and clinician efficiency. Mike will share with you our connected medication management strategy within acute care delivered by our category leading anchor platforms. He will discuss next generation innovations while also leveraging our scale and expertise to advance medication management in new care settings, which is a greenfield opportunity for us. Our Pharmaceutical Systems business is focused on addressing the evolving needs of the next generation of biologics and vaccines through innovation in container technologies and integrated services. Eric will speak to you about these investments and why we are excited about the impact they can generate. We're also excited to share with you our balanced innovation pipeline that is expected to deliver over $600 million in incremental revenues by FY 2025 and over $1 billion in later years. We are purposefully shaping our innovation portfolio around high impact programs in our durable core businesses, while also investing in bolder programs in transformative solutions. This portfolio includes singles and doubles and occasionally some stronger hits. Approximately half of these programs are expected to generate more than $30 million in incremental revenues by their 5th year post-launch. Within those, a further half are expected to generate $75 million in incremental revenues by year five. The programs with over $75 million in 5th-year incremental revenue potential are bolded on this slide. As you can see, we have several smart connected programs in our pipeline across all three business units, which we've marked by a cloud on the slide. We believe the right data insights, compared with the right clinical processes and world-class products, will deliver the best outcomes. We're also investing in advanced clinical processes across new care settings with first-to-the-world innovations in medication management, as well as drug delivery. In addition, as I mentioned previously, we closed four tuck-in M&A deals in fiscal year 2021 across all our business units. Each of these acquisitions advances a key tenet of our business strategy. You'll hear more about these exciting new innovations from Rick, Mike, and Eric as they present their growth strategy in the coming slides. With that, let me introduce Rick Byrd, who's the president of our four billion MDS business. Rick. Thanks, Alberto. MDS is the global leader in vascular access management. Our portfolio, which brought together elements from BD, Bard, and CareFusion, drives expected sustainable above-market growth. With over 90% of acute care patients needing some form of IV therapy, and with it, the placement of an IV catheter, vascular access management is a foundational end-to-end clinical process. It's also a large and attractive space, over $9 billion in size and growing above 4%, driven in large part by BD's global market development efforts that focus on upgrading clinical practice. We've made profound impact on this space, driving needle stick safety to protect healthcare workers and reducing the risk of bloodstream infections through innovations like prefilled flush syringes and closed IV catheters. Significant needs remain. Frequent medication errors, millions of unnecessary needle sticks, and costly inefficiencies require high-impact category solutions, and no one is in better position to address these needs and win in this space than BD. The addition of Bard has been transformative to MDS, bringing our category coverage to near 100% and moving us up the value chain with a premium, highly differentiated portfolio. Our portfolio breadth is unmatched. We're the only company with a comprehensive offering across the entire continuum, enabling us to innovate more broadly and capitalize commercially on our relevance. We also have both the scale and reach to drive global market growth. Going forward, we'll continue our momentum gaining competitive share and driving global markets to more efficient and improved clinical practice, and with it, higher value products. Keep in mind that categories like flush, PICCs, midlines, and skin antisepsis are still well below 50% penetrated outside the U.S. and offer $ billions of remaining global growth potential. With our portfolio leadership, our clinical expertise, and our commercial strength, we're uniquely positioned to transform care and drive expected strong above-market growth in vascular access management. Now our growth is also being accelerated by an exciting innovation agenda that will enable expansion into higher value segments and is expected to drive our growth to 5%+ by FY 2025. We have three high-impact initiatives that I'd like to highlight today. First, if I start at the bottom of the slide, we'll further extend our vascular access management leadership by entering new categories with disruptive innovations aimed at simplifying and standardizing clinical practice. We're especially excited about our new rapid insertion catheter, where we intend to remove a significant number of clinical steps that take time, money, and create the potential for infections and errors. We believe this will transform central lines in the same way that our PowerGlide catheter reinvented midlines and drove a tiny category to what is today over $150 million in size, growing at 10%+ per year. I'll describe our other two accelerators, one-stick hospital stay and smart connected care, in my next two slides. As you can see, each of these three initiatives creates its own significant opportunity for us. We believe our one-stick hospital stay vision will transform the inpatient experience by eliminating unnecessary needle sticks and opens an expected $500 million long-term growth opportunity. Needle sticks for venipuncture can be one of the most traumatic aspects of a hospital stay. I'd be surprised if you or any of your loved ones have not had a difficult and painful needle stick experience. Almost every hospital inpatient is stuck multiple times per day, potentially amounting to a dozen painful episodes during a typical stay. Let me provide an example to put this into perspective. You're admitted to the hospital and have a peripheral IV placed to receive medication and IV fluids. That's one stick. Every day you're in the hospital, you need on average two blood draws. During a five-day stay, that's another 10 sticks, half of which you usually receive at 4 A.M. when you're trying to sleep. Potentially, because of suboptimal clinical practice, your IV might become infiltrated or occluded and need to be replaced. Now we could be up to 12 sticks. More than 30% of patients have difficult venous access and may require multiple attempts to place a catheter or draw blood, so you could easily reach 20 sticks. On top of this, you're also tired, you're bruised, anxious, and the clinician is also feeling this anxiety because most of the time they're attempting these sticks under the stare of a loved one. All of these needle sticks have been accepted as status quo, but in reality, they're unnecessary and can be eliminated. No one can better deliver on the vision of a one-stick hospital stay than BD. We have the most comprehensive portfolio in vascular access and blood collection, coupled with deep clinical expertise and training capabilities. With our recent acquisition of Velano Vascular and their innovative needle-free blood collection device, which allows blood to be drawn from an already placed IV catheter, we now have the last piece of the puzzle. We'll improve first stick success by bringing Bard's proven ultrasound placement technologies to peripheral IVs, helping to make a clinician's first access attempt the only attempt needed. We'll build upon the Velano technology to create a comprehensive catheter-based blood draw portfolio, making hundreds of millions of blood draws pain-free. At BD, we have a legacy of reinventing patient care. We now envision a world where many patients will need just one stick during their hospital stay. We have the unique portfolio and clinical expertise to help turn this vision into a reality and unlock $500 million of incremental long-term growth. Now as excited as I am around one-stick hospital stay vision, I'm equally excited by our third growth driver, smart connected care. Our smart device strategy opens a significant growth opportunity for MDS, beginning with intelligent IV bolus medication delivery. BD has revolutionized medication through smart connected infusion pumps and smart dispensing cabinets, building what is today a $2.3 billion business. Our connected medication management offerings across Pyxis, Alaris, HealthSight have become standards of care for infusion therapy in the U.S. Solutions are lacking to adequately address medication errors from IV bolus injections, a $1.3 billion market opportunity. This problem is particularly prevalent in the OR, a high-pressure environment where many high-alert medications are given in rapid fashion, resulting in almost half of surgeries having a medication error. These errors can include wrong dose or even wrong drug, missed allergies, and gaps in documentation. The IntelliPort is a smart IV injection port that addresses these challenges and continues BD's leadership ambition to eliminate medication errors wherever they occur. The IntelliPort provides real-time drug identification, dose measurement, and allergy alerts at the point of injection. With its connection to the EMR, will provide accurate and timely automated documentation. This first-in-the-world solution seamlessly integrates into existing clinical workflows and has received very positive feedback from all the clinicians with whom we shared it. The first generation is FDA cleared and has been piloted in over 250 surgeries. We're incorporating learnings from this experience into our full commercial next generation launch that is expected to launch in the second half of 2023. Intelliport is one of the several programs in our MDS smart connected care strategy expected to deliver over $100 million of incremental growth five years post-launch. I'll now turn it over to my friend and colleague, Mike Garrison, the Worldwide President of our MMS business, who'll share more about our connected medication management strategy. Thank you. Thank you, Rick. I'd like to take the next few minutes to share how we are aiming to return to durable 6% growth via our connected medication management strategy, highlighting our next-generation solutions, our commitment to BD Alaris, and our support of new care settings through two of the four new medical segment acquisitions Alberto described. Our MMS business operates in a $5 billion market segment, growing approximately 4%. Historically, we are the creators of the categories of smart pumps and automated dispensing cabinets, and now we're doing the same with connected medication management. We're both a leader and a creator in a dynamic marketplace with significant opportunity to grow and with a strategy which projects to increase overall market position. As mentioned previously, today our customers are facing unprecedented challenges and certainly critical needs for making things simpler, safer, and smarter for understaffed, overworked heroes on the front line of healthcare have been in the news near-daily. BD is the only player in the industry with solutions which span across the entire medication management workflow, from the pharmacy to the ward floors to the patient bedside and into new care settings. Our solutions are anchored in products that are critical to hospital operations, trusted brands like Pyxis and Alaris. Our portfolio is the most deeply connected in the category, made possible by our BD Care Coordination Engine and electronic medical record interoperability. Our unique combination of products and integrating technology allows our new BD HealthSight Analytics to deliver on the promise of inventory optimization, medication safety, and diversion management. Our technology and also our deep clinical expertise have positioned us as the number one provider of infusion and dispensing solutions, and we are fiercely committed to that leadership position, and we continue to invest in meaningful innovations to strengthen our leading product lines. We will deliver next-generation solutions which we target to contribute about $500 million five years post-launch. With BD Pyxis modular hardware and software platforms, cloud enablement, RFID technology, and near real-time analytics, these key technologies, when combined with our uniquely integrated capabilities, will provide powerful improvements for customers, operational efficiencies, enhanced data insights, and advanced management of controlled substances and antimicrobials, to name a few. We look forward to obtaining the 510(k) clearance for an enhanced BD Alaris system. The combination of these exciting programs will drive our overall market penetration and significant customer benefits, and I think most importantly, hopefully provide you and your loved ones with the safety and care you will need in the future. Now, with respect to Alaris, we're focused on the foundation, quality, compliance, ensuring return to market. We have dedicated resources on this project, and I want to thank them for their continued dedication despite COVID. I've personally been a patient of the Alaris system, and I know how important this tool is to clinicians and the patients and the families that they serve. There's continued to be strong demand through our medical necessity process during the pandemic, so we take this responsibility we have very seriously. There is no higher priority for me or for the company. Next, I'd like to share how we will leverage the strength of our acute care position to expand into high-growth new care settings to double our revenue growth from that category. First, we're all aware of the trends towards care delivery to alternate sites of care. The market is adapting and changing in response to significant macroeconomic forces with the connected medication management space, an emerging $700 million category growing 10%+. Second, we also understand that these sites will need help to absorb the volume and acuity of patients that are coming their way, and BD's solutions and expertise have uniquely positioned us to be the partner of choice in places like retail pharmacies and long-term care, two areas of the market poised for rapid evolution, like where the Pyxis category was 30 years ago. As part of our strategy in the past year, we expanded our portfolio through two acquisitions, which enable us to tailor affordable, high-quality care solutions for specific needs in these new care settings. Our MedBank acquisition delivers medication safety and visibility to alternative sites of care, providing cloud-based connected medication management to sites with smaller footprints and fewer clinical and IT resources. Our GSL acquisition delivers medication optimization in outpatient and retail pharmacy, delivering secure inventory management and improved direct patient experience. You'll learn more about this in our virtual trade show about how this technology will both support the goals of expanding integrated delivery networks in the U.S. and advance the act of picking up a prescription into the twenty-first century. Overall in MMS, we are focused and determined to both lead and create, securing our foundational core products, powering next-generation solutions, and expanding into high-growth new care settings. Our connected medication management strategy provides a clear pathway to return to our target of durable 6% growth. I'd now like to introduce my friend and colleague, Eric Borin, Worldwide President for Pharmaceutical Systems. Thank you, Mike, and good morning, everyone. I'd like to quickly start by revisiting an idea my colleagues have touched on previously, that we aim to deliver sustainable growth by focusing on rapidly growing high-value categories. Pharmaceutical Systems' focus is on our expected high single-digit growth over the next four years. As you know, we closed FY 2021 with an impressive 11% increase in revenues, beating overall category growth rate by 400 basis points. Pharmaceutical Systems is the category leader in a $3 billion served market. Our growth going forward is driven by intense focus on two key areas, product and service innovation. Our pipeline of innovation is expected to add $300 million in incremental revenue over the next four years. This reflects a laser focus on fast-growing spaces like biotech, vaccines, and self-injection solutions. A space where the portfolio that we have built in the self-administration will enable the shift of care to new settings. Today, I will go a bit deeper on the transformative solutions that fuel our growth through 2025. Just to remind everyone, more than 70% of the top 100 biopharma companies trust our prefilled syringes to deliver their drugs and molecules to patients around the world. This is enabled by the fact that we are 6 x the scaled capacity of the next player in prefilled syringes. When you understand our manufacturing scale and redundancy, it becomes clear why we are the number one trusted partner of biopharma. We are investing over $1 billion in capacity to take our biotech and vaccine platforms to the next level of performance by delivering high specifications, and we are committed to ensure we increase our standard of quality as we scale our unparalleled global capacity. The prefilled syringe category is a $2.2 billion served space growing at around 7%. In biologics, Pharmaceutical Systems is the leader worldwide. We have an expanding portfolio of innovative products and services targeted to deliver high double-digit growth by leveraging the rapidly growing space. Our investment to advance our global leadership position in prefills is focused on two main vectors, market-leading innovation only BD can deliver for prefills and service capabilities to support development, registration, and approval of our partners' molecules. Let's start with how we are advancing the science of drug containers. We're the largest provider of complete systems for drug delivery, and our experience positions us uniquely to understand customer needs and innovate. This is a key element of our durable competitive advantage in enabling biopharma success in injectable drug delivery. Our focus is on addressing the needs of sensitive biologics and viscous drugs with leading integrated solutions and novel technologies to optimize container design, including container and stopper materials, coating technologies, and applying novel needle technology with plasma-treated Neopak and Neopak XtraFlow, two first of their kind prefillable containers. We believe innovations in container science and more broadly in our core are expected to deliver $225 million in incremental revenue over the next five years. To help pharma accelerate their drug development and commercialization, we are applying our combination products testing, technical, and regulatory capabilities, including those recently acquired through ZebraSci acquisition, to provide unique services and support to biopharma companies to get to market faster. Today, 70% of the biologics under development are by small to mid-size biopharma who don't have combination product capabilities and rely on external expertise to support them through development and registration. We are now ideally positioned to make this happen. As Tom mentioned earlier, we see an irreversible shift to new care settings. As care moves, Pharmaceutical Systems has the opportunity to unlock significant growth in a space that will soon reach $2.5 billion+. That shift to new care settings requires simple yet advanced solutions to enable patients and less skilled caregivers administer injectable drugs. That's where BD's portfolio of subcutaneous drug delivery systems comes in. BD's experience in systems design and bringing robust drug delivery systems to market is evident by the 30 active customer development agreements across the self-administration portfolio, and we have several others that are now under final negotiation. This experience has informed our development of new, more advanced systems such as BD Libertas and BD Evolve. Eliminating clinical visits without compromising care has the potential to significantly improve patient experience. The BD Evolve on-body injector offers such a solution for supportive care and oncology. With the BD Evolve, we are uniquely positioned with the most mature design and installed industrial capacity and poised to support expansion of the solution to other therapeutic areas. We are aiming to be the first broadly available OBI introduced to the market. As the market has been challenged to shift IV to subcutaneous delivery due to volume and viscosity requirements, we have focused on delivering a unique solution that addresses these needs. BD Libertas wearable injector enables simple self-administration of larger dose volumes. With the human clinical trial successfully completed and 100% participants saying they would accept the injector if prescribed, BD is on track for clinical release of BD Libertas in 2022. In our handheld platforms, BD Vystra and BD Physioject are on the market, and we continue to see strong traction of both technologies. In closing, you can see we are extremely proud of what we've accomplished over the past several years, and the business is ideally positioned to deliver sustainable high single-digit growth over the next five years. I'll now turn it back over to Alberto. Thanks, Eric. Thank you, Eric, Mike, and Rick. In closing, BD Medical is very confident in targeting a sustainable long-term 5% growth rate, which includes our Diabetes Care business. We have made important strides over the past several years in advancing our innovation, operations, quality, and more recently, our tuck-in M&A capabilities. We will now roll a short video, and then I'll invite Rick, Mike, and Eric to join me to answer your questions. Blood draws by venipuncture are one of the most common hospital procedures, affecting nearly every patient daily. In the U.S. alone, more than 400 million inpatient blood draws take place every year. One in four adults are needle phobic, and patients may receive multiple sticks per hospital visit, which often occur during the early morning hours, disrupting sleep and healing. At the same time, almost all hospitalized patients require IV therapy, and 95% of these devices are peripheral IV catheters. Despite providing vascular access, the peripheral IV traditionally has been an unreliable source for draws, leading to poor quality samples, redraws, unnecessary care or delays, increased hospital costs, and patient dissatisfaction. Line draws represent a significant opportunity to shift the 400 million inpatient blood draws to a highly differentiated premium product, expanding the market opportunity to 3x-5x the existing size. Thank you, Alberto, Eric, Mike and Rick. We will now begin our Q&A session with the medical segment team. To get in as many questions as possible today, we ask that you limit yourself to one question and a follow-up for each session. To ask a question, please press star one on your telephone keypad. I will now turn it over to Rayne to facilitate the Q&A discussion. Thank you. Our first question comes from Vijay Kumar from Evercore ISI. Your line's open. Hi, Vijay. Hey, guys. Thanks for taking my question. Hi, guys. Tom, maybe one big picture one for you, and I had one for Alberto as well. You know, the revenue's accelerating. I think mid-singles% plus, now we have a number, you know, 5.5%. It looks like both the durable core as well as transformative solutions, those WAMGRs are accelerating. What is this just a base effect, Tom, as in, you know, the pandemic had an impact on the base, so we're starting off lower base and hence these WAMGR are accelerating? Or is there something that BD is doing and that you guys should be proud of those growth rates? Maybe put some perspective around this growth acceleration. Vijay, sorry, it's Nadia. We're actually gonna hold off on questions for Tom until the very end. If you could direct questions to Alberto and the team for right now, that would be great. Understood, Nadia. Thanks for clarifying. Alberto, maybe for you the 5% you know medical growth including diabetes. I see that the Medical segment is also accelerating by 40 basis points. Again, I think the same question for you, is this a base effect, where's the you know lower base and hence we're seeing that acceleration or is there something going on? What happens to growth in a post-diabetes spin? Is that a 100 basis points acceleration to the segment? Thank you for the question, Vijay. Yes, we are anticipating and we are targeting an acceleration over time that is reflected a little bit on what the slides that you saw for each of the business unit, you know, over time, reaching that cruising speed of 6% in MMS, for example, and then accelerating, you know, exiting the period for MDS as the innovations kick in that you heard about, things like that. In terms of the impact on diabetes care, I think we'll be more precise later on, but it definitely will have an increase in our growth rates post-spin, assuming that goes through and is approved. Thank you. Understood. Then one follow-up, please. The slide where you have all the products listed out, fiscal 2021 through 2024, that's a helpful slide. I see the Alaris in a submission in fiscal 2021 and a next gen infusion pump launch in the U.S. in fiscal 2024, but I don't see t he Alaris, you know, relaunch, I just wanna make sure nothing's changed on the approval timelines for Alaris. The next gen system, is that Alaris or is that something different? I'll let Mike answer that question. Sure. Thanks, Vijay. From a Alaris submission perspective, you know, nothing's changed from our earnings, and we're not giving updates at this time. We're just focused on doing the work necessary to provide the agency the information that they need, and we respect their process. These are very complicated and comprehensive 510(k) submissions, and so we're doing that work and focused on that. We're not giving any guidance on when the Alaris would be back on the market. In terms of the next generation systems, we are investing in innovation in the category. Like I said, we're fiercely committed to the category, not just with Alaris, not just outside the U.S., but also with upgrading technologies focused on cybersecurity enhancements, things like that. It would be something in addition to Alaris. Thanks, guys. Our next question comes from Rick Wise from Stifel. Your line's open. Thank you. Good morning, everybody. Maybe I'll start off with a question for Rick Byrd. Clearly, you're talking about a number of exciting, promising initiatives, but I sort of reflect that the portfolio is really the most important thing. Despite that, if we think about the projects that are underway, which would you point us to, Rick, that could be the biggest, the most impactful and the soonest, so that we can really track the progress you're making? Sure. Well, you know, first bringing up the point about the portfolio, I think, you know, as I said, the addition of Bard to the portfolio has really created this strong, unmatched portfolio for us that's certainly turbocharged the business. You know, as far as the portfolio is concerned and vascular access management, it's fantastic. When I think about the growth drivers that you expressed, you know, the One-Stick Hospital Stay, given the recent addition of Velano Vascular, given how our vascular asset portfolio really addresses this issue as well, that I'm, you know, super excited about the One-Stick Hospital Stay aspect of our strategy. Gotcha. A follow-on maybe for Mike. Sorry to ask about Alaris again, but I appreciate you all are working as hard as you can to get it back as soon as you can. Thinking beyond that, Mike, how would you have us think about Alaris' return to market whenever it happens? Can you help us think through do we see a meaningful impact on year one? Is it gonna take a couple of years? Will it require you to launch the Alaris enhanced, you know, version before you see it, that real positive impact? Any help in thinking, helping us think through that'd be great. Thank you. Thinking about it in terms of assuming that we can't really comment on the FDA process. When we look at how the market has responded during COVID and really relying on us to provide the product and relying on the product to provide care, the way I think about it is that that will continue. The customers will continue to rely on Alaris. They've selected it and preferred it over time because of some of the unique benefits it provides, the modularity, the ease of use in terms of how to program and the workflow benefits that it provides, the interoperability with the electronic medical records. I think that when we're able to have it back on the market in an unrestricted way, I think that the customers will continue that type of preference. Those plain benefits will still be there, and I think that the customers will return to appreciating them. Certainly we're very grateful for the opportunity to support the customers. It's been a real challenge over the pandemic, and we're just really grateful for that over the past two years. Thank you very much. Sure. Just a reminder, press star one if you have a question for our medical segment team. Our next question comes from Drew Ranieri from Morgan Stanley. Your line's open. Great. Thanks. Thanks for taking the question. Just for Eric on pharmaceutical systems. Can you talk a bit more about the growth opportunity and maybe split that between international expansion and maybe onboarding new customers in biotech or pharma? And then just as a follow-up question there, you mentioned briefly you're focused on product innovation and service innovation, but can you hit the service innovation part a little bit more, maybe in the context of Tom's earlier comments about programs of how to reengage or engage with customers more definitely going forward? Thank you. Sure. Thanks for the question. I would say, so from a geographic and growth perspective. In 2021, we saw strong growth across all geographic regions. I would say that the fastest-growing for us now is in Greater Asia, followed by North America and then the European region. Broadly, we're seeing strength in our business across all of the regions. As far as products, you know, we're definitely seeing, you know, substantial growth in our higher value products. The BD Neopak, BD Hypak for biotech, that is servicing the next generation of biologics. As I spoke about a little bit during my presentation, you know, 70% or greater of the molecules under development today are from small to mid-sized biopharma. Clearly, these companies do not have the capabilities required in order to bring a combination product to market. That was really the driver behind the strategy for ZebraSci and why we saw the value and they have a very unique model of engaging early on with these companies as part of the commercialization strategy. That, we believe, is something that's critically important going forward for both our current products as well as for our future products, right? As we get into products like Libertas and Evolve. We expect that capability to continue to support our growth thesis and strategy going forward. We're really excited about that. Just lastly, on the combination products expertise, you know, we did a lot of work and we studied this space, you know, very closely, and ZebraSci clearly had some benefits, and was an organization that was really starting to accelerate, in that combination products testing and support for biopharma. That's what led us to make the decision to move forward with the acquisition. It's going extremely well, I would say. It's ahead of what our expectations were when we went into the transaction. Thank you very much for the question. Our next question comes from Matt Taylor, from UBS. Your line's open. Hi, thanks for taking the question. I just wanted to see if you could comment on how big Velano Vascular is today. You know, how core is that to the single needle stick strategy? And how quickly can you get hospitals to adopt it? Could you frame for us how the growth could look over 2022-2025? Maybe just explain how it's not cannibalistic of your other sharps and vascular access products. Okay. Sure. You know, the Velano is really not material right now, but you know, going forward, we see really robust double-digit growth for the platform. The customer adoption, the customers are extremely excited about the technology and the promise that it brings for better patient-centered care. When you think about it, though, you know, Velano PIVO product allows quality blood samples to be drawn from a already placed IV catheter. What that does is does potentially cannibalize the venipuncture needle, but you know, Vacutainer tubes and the adapters necessarily are still critical to that aspect of the blood collection process. As you saw, hopefully in our video, you know, this is definitely additive to our portfolio at about 3x-5 x from that aspect about it. Thanks for the question. Thank you. There's no further questions at this time. You may continue. Thank you again to our medical segment team. Up next, you'll hear from Dave Hickey and the Life Sciences worldwide presidents, Puneet Sarin and Brooke Story. Before I turn it over to Dave and team, here's a short spotlight on North America, our North American region with Tony Ezell, BD's President of North America and Executive Vice President, Chief Marketing Officer. Hi, I'm Tony Ezell, President of North America and Chief Marketing Officer. Over the past three years, the North American region has grown revenue at a 6% CAGR. This growth has been driven by disciplined execution across all business units, delivering strong growth in both the U.S. and Canada. When I joined in 2020 as a corporate CMO, we determined the need to accelerate changes in our go-to-market approach. We quickly added new omni-channel technology, upskilled our talent, and accelerated our inside sales model. As I assumed responsibility for North America late in 2020, we continued to leverage these new capabilities to deliver FY 2021 results that exceeded $11 billion in revenue, led by our Medical and Life Sciences segments. This growth was further supported by our intense focus on top strategic accounts, which grew 20%-30% faster than our non-strategic accounts. We leveraged this strategy to accelerate the launch of new innovations as well as maintain our base, and this will continue to be a key part of our strategy moving forward. As we consider the market dynamics, COVID accelerated several irreversible forces. First, a shift in care settings. Second, in opportunities such as more effective management of acute and chronic diseases. Third, customer engagement preferences accelerated towards digital connections. We have, of course, also seen many new challenges impacting our supply chain, like supply chain disruption, driving increases in costs to serve customers. In North America, we've invested to position ourselves to be able to address these new realities as one BD better than any other major med tech company. In doing so, we expect to see continued strong growth in the mid-single digits for North America throughout fiscal 2025. Specifically, when I think about those conditions, we have positioned ourselves to win by investing in three areas to support the growth of new innovations as well as maintain our profitability. First. We're doubling down on strategic account capabilities with key customers, leveraging the capabilities, and scale across BD to deliver greater value with accelerated focus on new care settings and alternate sites. Second, we're optimizing our go-to-market strategies, such as inside sales and digital omni-channel capabilities. Third, we're maximizing profitability through elevated pricing execution. Let me start with strategic accounts. BD is typically a top supplier to most, if not all, top IDNs in the U.S. We focus on advancing our relationships as we help them advance their strategies through leveraging products, solutions, and capabilities across our company. We've been able to bring significantly more value to these customers, which results in stronger growth across our broad BD portfolio, up to 30% more than what we see in an average account, which I mentioned earlier. We intend to leverage a similar approach in the alternate sites market, where we see significant growth opportunities for BD. In fact, we recently launched a new Alternate Sites organization that's designed to pull together all of the solutions across our BD businesses and to deliver those to our customers to address their needs while optimizing the breadth of our portfolio. This organization will be focused on three alternate site segments: ambulatory surgery centers, cancer care centers, and kidney care centers as we get started. These are places where BD is highly relevant and has significant growth opportunities. We'll leverage and expand this organization to drive adoption of innovations such as MedBank for medication management in non-acute facilities, and to expand products like the use of Rotarex in removal of plaque and thrombus in peripheral arteries fitted with stents, stent grafts, and native or artificial bypasses. On to the second area, shifting of our customers' expectations for engagement. We are optimizing our go-to-market strategy and our approach to reach customers faster where they are. Between the summers of 2020 and 2021, we doubled the size of our inside sales force in the U.S. to support the engagement of customers remotely. We launched three new technology platforms in that same period that allows us to create seamless, personalized, omni-channel engagement of the right customer in the right channel with the right solution at the right time. All powered by digital data and analytics throughout the entire purchase journey, we've been able to generate over 7,000 new leads for our field sales organization. A great example of that great omni-channel advancement we've had is our BD Biosciences e-commerce platform, an Amazon-like digital marketplace where our customers can select the best flow cytometry agents for their work and are able to purchase them online in the U.S. and 27 other countries. Another great example is BD Veritor At-Home, the first home COVID test that uses smartphone technology to interpret and deliver results, which will now be accessible directly via e-commerce and retail outlets near you, and certainly for people who are in need of COVID testing at home. You can literally Veritor and go. Finally, the third area. We all know inflation is at unprecedented levels. It is something that affects all of us. We're aiming here at BD to be the best in class at navigating the margin headwinds created by this environment. In fact, we've already taken actions. We have stopped free shipping waivers. We've increased what we charge for shipping to be comparable with our costs. We've increased price on contract renewals that have already been submitted, and we've improved our contract compliance. In FY 2022, our U.S. region pricing command center is focused on driving more through additional areas, including increasing prices on off-contract products, on upcoming GPO RFPs and renewals, on local contract renewals, and ceasing some of our rebates where appropriate, all aimed to deliver improved pricing and margin. Of course, these things will not happen overnight. We will continue to be steadfast in our executing of these areas throughout FY 2022 and beyond. Across all business units in North America, we are committed to be the best in class at navigating this unprecedented inflationary period while delivering on what's most critical for our customers. In closing, our investments in these three areas, leveraging the strength of the full BD in strategic accounts, digital omni-channel engagement, and maximized profitability through pricing excellence, will enable us to drive more impact and value for customers. The North America region will deliver strong growth with launches and new innovation while leveraging the breadth and depth of BD more effectively to outgrow our competition. We will do so while striving diligently to achieve our goal of being the preferred partner for our customers, advancing the world of health in an evolving dynamic marketplace. Hi, good morning. I'm Dave Hickey, EVP and President of the Life Sciences segment. It's great to be here as part of the BD leadership team. Today, I'll share with you the Life Sciences vision and our exciting growth agenda. You'll see how we are advancing the world of health from discovery to diagnostics and beyond while continuing to drive value for our customers and shareholders. I'm pleased to be joined today by Puneet Sarin, Worldwide President of BD Biosciences, and Brooke Story, Worldwide President of Integrated Diagnostic Solutions. They'll share details of the growth opportunities and relevant innovations for their businesses. Let me start with the key takeaways for Life Sciences. We're coming off a strong fiscal 2021. Our core businesses buoyed our recovery as we grew 36% to over $6.5 billion. Within that, we also had significant COVID testing performance just shy of $2 billion. Now going forward, we have a compelling growth thesis enabling us to grow revenues between 6% and 7%. Firstly, we compete in attractive and growing categories, and we are proud to be a leader in each of the categories we serve. Secondly, by expanding our menu, we will capitalize on the strong foundation of our BD MAX and BD Veritor install base. Thirdly, we're making aggressive investments in transformative solutions to fuel growth. Our innovations are centered around three themes that will transform the life sciences space over the coming years. You heard Tom speak of these earlier, but I'll briefly recap. Smart, connected end-to-end workflows are going to accelerate laboratory insights and efficiency. Our Discovery-to-Diagnostic strategy positions us to provide best-in-class solutions at every point of this continuum. Care is migrating from acute to new care settings. COVID-19 accelerated this course that was already in motion, and we don't think there will be a reversal from this direction. Our innovations in Point of Care diagnostics supports this migration. Finally, in chronic diseases and conditions, better understanding of the biology and the diagnosis of diseases like cancer and antibiotic resistance is becoming critical to healthcare systems around the globe. It's a high-margin space, where we have a differentiated set of solutions, and content will be a key driver of our growth and profitability. We are a leader in all served categories, and our performance demonstrates an above-category growth rate of mid- to high-single-digits. Each of our business units is growing to win in high-value spaces. Biosciences is built around our flow cytometry franchise, which now extends into single-cell genomics. Integrated Diagnostic Solutions is comprised of our Microbiology, Specimen Management, and Molecular Diagnostic businesses. Finally, we have Point of Care, which we created this year to give even a greater focus and visibility to our point-of-care COVID-19 response. It also allows us to grow our new care setting solutions for both traditional and at-home use. This across-the-board growth is testament to the innovation, impact, and leadership we have in the life sciences field. Each of our businesses is making innovation investments to accelerate our expansion into high-growth segments. This strategy allows us to increase our served category size from $16 billion to $25 billion and our WAMGR from 5.2% to 6.3% by 2025. By 2025, 32% of our revenues are expected to be generated by transformative solutions. These needle movers are serving categories that are growing with a WAMGR of 11%. At its core, biosciences is about driving a deeper understanding of the human immune system and helping our customers unlock its power to fight disease. In IDS, we focus on clinical outcomes by providing best-in-class menu and content. We improve clinical laboratory efficiency through our fully automated, integrated, and connected solutions. Point of Care is about making diagnostics simple and available to all. We have a successful platform in Veritor and are extending our POC vision to include molecular and at-home solutions. The life sciences team will launch more than 50 major new products or product families, driving a targeted $600 million of growth by 2025. This will account for more than half of our total growth. Our innovations run across all of our businesses and include menu development on both new and existing platforms. The predominant business model for us is razor, razorblade. Think of it as a guaranteed recurring revenue stream where a significant value driver is menu or content. Our customers are focused on the available menu to them. It drives platform adoption, consolidation, and it simplifies their lives. It drives margins for us. You can see that we are overindexing our investments into transformative solutions. Now, Brooke and Puneet will take a deeper dive into some of the exciting innovations in their respective businesses, but let me highlight just a few examples. Within Biosciences, we're very excited about our FACS Discover program, which is our new-to-world image-based cell sorter and spectral analyzer instrument. In IDS, our molecular platforms, BD MAX and BD COR, are really hitting their stride across multiple disease states such as respiratory, STI, and cervical cancer. Clearly, we are really excited about our new BD Veritor at-home platform, which we launched just last month. Now it's my great pleasure to introduce our Worldwide President of Biosciences, Puneet Sarin, to take you through the strategy and innovation in his exciting business. Thanks, Dave. Dave. Thank you, Dave, and greetings, everyone. I'm here to share with you on how we're leading with science to build a world-class portfolio of single-cell analysis tools and technologies and position BD Biosciences for unprecedented growth. Historically, we've been referred to as flow cytometry company, and we did pioneer that business. But the core of everything we do is to advance a deeper understanding of the human immune system to fight life-threatening diseases like HIV and cancer. We are an immunology company that is unlocking this power of the immune system, and once you put that lens on our business, we have opportunities to expand our portfolio and enter new categories. Over the next few minutes, I'll show you how. Let me begin by sharing with you our overarching goal, to advance our footprint and innovation to deliver $100 million in growth annually by 2025. Allow me to outline how we get there. As you see in the chart on the left, we serve fast-growing categories, especially on the content side, and we equal or outpace the growth in those categories. A critical piece of our growth is our ability to participate in the full spectrum from discovery to therapeutics, which you see on the top right. We also have growth through our translational technologies and our ability to predict or monitor therapeutic outcomes. These capabilities are opening new opportunities for us to pursue. Finally, as you see on the bottom right, we innovate across all categories and segments, bringing first to world solutions to each enabling our continued growth. Let me expand on that. The two main areas we participate in are clinical and research, both anchor around instruments, but the real growth driver is the technology differentiation we drive in the consumables on those instruments, which are the reagents and the dyes that enable recurring revenue along with our informatics platforms. The translational space is one of the fastest-growing segments, especially for our single-cell genomics portfolio. We are benefiting from that growth as we have a platform with FACS Rhapsody and consumables with AbSeq reagents. Moving right across the spectrum to the clinical side, we serve the faster-growing category of leukemia and lymphoma. For both, we have end-to-end standardized workflow solutions supported by our FACSDuet sample prep coupled with a FACSLyric flow cytometer. By applying these technologies for areas like companion diagnostics and potentially MRD, we will be driving our menu expansion strategy. I wanna leave you with two key takeaways on this slide. One, we're expanding BD Biosciences beyond the $3 billion market we play in. Second, we're well-positioned to drive category leadership above market growth rates. Let's dive a bit deeper into research solution side of the business. We're continuing to drive innovation that we expect will enable us to accelerate 8%+ growth overall, facilitated by 6%+ in instruments and 10%+ in reagents. Our footprint in sorters is easily 2 x more than our nearest competitor, which provides us the scale and the opportunity to drive upgrades. When the FACSDiscover launches, BD will be the only company offering a complete spectral solution in flow cytometry with imaging capabilities inclusive of instruments, dyes, and informatics. All of these instruments also require complementary dyes to run the experiments, and we are on track to not only expand our position in reagents, but deliver to our customers an entirely new categories of dyes that are brighter and clearer and optimized for spectral flow. I wanna note that the base of both these categories are two successful tuck-in acquisitions, Omega Biosystems and Sirigen, driving our instrument and dye strategy respectively. Our depth and breadth and experience enable us to recognize external innovations and talent early and enable them to grow and flourish at BD. We have a history of pioneering new solutions in flow cytometry, and our integrated solutions are gonna help shape this $1.5 billion research segment. If you think back to the birth of flow, the industry focused on instruments and antibodies. Most cytometers were able to distinguish just a few dyes per cell, and the progress was limited by both the available instrument and dyes. As the science advanced, the experiments became more and more complex and the need for informatics tools grew. With the acquisition of FlowJo, now with more than 100,000 users, we're able to integrate enhanced informatics into the complete workflow. As the complexity grows, the planning phase of the experiment is becoming even more important. For that, we're developing tools like the new panel designer and have a website full of information detailing the products we offer. We've also made the ordering process easier for our customers. In the five months since we've launched our integrated web-based purchasing platform, we've added more than 900 new e-commerce customers. We've seen up to 40% increase in web traffic in the U.S. and also much less discounting on the web and other orders placed through conventional channels. Finally, with BD Research Cloud, we will have the first tool to manage this complete cycle, creating a nice flywheel in 2022. In conclusion, I hope that you'll take away from this presentation how we are evolving our category leadership in flow cytometry to open new frontiers in translational therapy selection, monitoring, ultimately positioning BD Biosciences from discovery to diagnostics and beyond. Thank you for your time today. I look forward to engaging with you during the Q&A a bit later. It is now my pleasure to introduce Brooke Story, our Worldwide President of Integrated Diagnostic Solutions. Thank you, Puneet. We are incredibly excited about our Integrated Diagnostic Solutions business because of our best-in-class automation and unique menu that is driving high single-digit growth and share capture in infectious disease diagnostics and women's health and cancer. In IDS, we address a combined $11 billion segment with a 5% WAMGR, and we participate in three key categories. We are the category leader in specimen management. We continue to lead in some segments of microbiology, and we're rapidly accelerating our presence in the high-growth molecular segment. As a reminder, this view does not include our Point of Care or at-home platforms. Dave will cover those later. Apart from our category leadership in specimen management, we have a transformative solution supporting the shift of blood collection from venipuncture to capillary. This will enable the transition from traditional settings to meeting patients where care is delivered. In microbiology, we continue to drive our strategy of automating the microbiology lab. This automation is becoming increasingly important to address labor shortages and meet the need for hands-off high throughput diagnostics that provide informatics and artificial intelligence to deliver results and inform treatment. Finally, in molecular, we have a clinically differentiated menu that's available for both acute settings and high throughput labs that will support share capture in this high-growth category. Let's spend a few minutes talking about the high-growth molecular segment where we are driving double-digit growth. Because of BD's expansive installed base and extensive assay menu, we are uniquely positioned to continue increasing share and growing double digits in this $4.3 billion category. We have two best-in-class solutions in this space. On the left, the BD MAX is a benchtop diagnostic instrument for acute settings, offering walkaway automation and a clinically differentiated menu. We were one of the first with complete healthcare acquired infection solutions. We then added GI syndromic panels and have a category-leading vaginal panel. During the pandemic, we rapidly added COVID and COVID flu assays to our solution and saw a 60%+ increase in our BD MAX install base. Moving to the right on your screen, you will see our high volume, high throughput solution. The BD COR is a fully integrated automated solution for high volume labs which launched in Europe in 2019. It offers full shift walkaway automation and will run several MAX assays such as our category-leading microbiome vaginal assay, our CT/GC/TV assay, and it will also have respiratory panels. Our flagship assay on the BD COR is the BD Onclarity HPV assay that was approved by the FDA this year, which I'll talk to you about in the next slide. BD Onclarity, which now runs on the BD COR, will redefine diagnosis in the $1.3 billion cervical cancer screening category. Women are still dying of cervical cancer, 342,000 in 2020, and with screening, it's almost entirely preventable. Our BD Onclarity HPV assay is the only clinically validated FDA-approved assay with extended genotyping claims that enable early risk identification and stratification. With this, healthcare providers and their patients can understand a woman's risk for developing cervical cancer and very quickly determine a course of care. This gives us a unique advantage in this category. Our competitors in this space can detect high-risk HPV in aggregate or differentiate a few of the high-risk genotypes, and some of them have no claims for HPV primary screening. Onclarity can do both. It is cleared for primary screening, and it can identify persistent infection with each of the high-risk genotypes. Furthermore, guidelines across the world are now changing and recommending genotyping more and more. On your right, you will see what this means to us and to the category. In year one after our launch in Germany, Denmark, Norway, and France, where primary screening was implemented, BD Onclarity HPV on BD COR share grew 30%+. As we continue to expand our menu, this will help us win in a $2.5 billion women's health and STI diagnostic category. As a result, BD COR is expected to add more than $150 million in revenue to BD by 2025. Finally, let's talk about a transformative solution we are introducing in specimen management and blood collection. We are the clear category leader in traditional blood collection, which entails collecting venous blood and requires a skilled phlebotomist. No one debates that routine blood collection needs to move to new, lower-cost, and less-skilled healthcare settings like retail pharmacies, urgent care centers, and eventually, the home. While the timing of this shift is not fully clear, BD is innovating to continue to be the standard in blood collection, no matter where or how it is collected. Our researchers and engineers have cracked the code in high-quality capillary blood collection with unique technology that provides venous quality blood samples. Our innovation in the combination finger cuff and mini Vacutainer blood tube enables the right volume of blood to be collected for a high-quality result that is designed to be less invasive and provide a better experience for the patient, and it does not require a skilled technician to perform the blood draw. It simply fills a small tube from the tip of your finger. This innovation keeps BD at the cutting edge of blood collection. We lead in the venipuncture space with Vacutainer, and we are going to lead in this space through innovation and partnerships. We already have partnerships with Babson Diagnostics and other key players, and we're going to continue to expand these relationships with 30+ discussions in progress. We believe this can grow into a billion-dollar-plus category. Thank you for your time today. Now, we'll transition to Dave to take you through point-of-care diagnostics. Dave? Thank you. Brooke and Puneet, thank you so much. Exciting times ahead and a lot going on for sure. Let me wrap up this introduction to the life sciences segment by focusing on some of the incredible opportunities and work that we're doing in the Point of Care space. In Point of Care, we have the potential to access a $2.2 billion opportunity. It is one of the fastest-growing categories in diagnostics today, growing high double digits. That growth rate will accelerate as diagnostic testing migrates to new sites of care, such as retail, pharmacies, and ultimately, self-testing at home. Let me walk you through the three platforms available or in development for Point of Care. Firstly, the BD Veritor. During the pandemic, our install base quadrupled from 25,000 to over 100,000 instruments, and we're building on that install base and driving additional high-margin menu to grow from our initial respiratory focus to other areas such as enteric infections. We also recognize that innovation in molecular technologies are allowing us to bring higher sensitivity and better reimbursed technologies to the Point of Care. With the acquisition of NATDx, we will be launching a full menu on this new platform in the near term. We're excited about this platform, as it combines a fast time to result of 10 minutes or less with molecular sensitivity. Imagine being able to make a critical diagnosis for a respiratory or STI disease right there at the time of consult. Finally, we recently launched our Veritor At-Home COVID-19 Test, the first at-home COVID test that uses a smartphone to interpret results. We developed this test in collaboration with Scanwell. It guides the user through the workflow and applies unique pattern recognition algorithms to automate the interpretation and the reporting of the result. It reads our state-of-the-art Veritor consumable, which now benefits from additional innovations such as improved COVID-19 antibodies and a control mechanism designed to confirm the presence of human sample. As healthcare moves to this home setting, we believe a connected ecosystem will emerge with regular and telehealth providers, pharmacies, and consumers. A digitally connected solution combined with a full menu are the first steps to enable such an ecosystem. Our Point of Care strategy is about investing in and having the availability of multiple platforms with a broad menu to suit all Point of Care testing situations. We have a compelling platform strategy that will allow us to play in all of these spaces and satisfy the specific needs of the traditional and non-traditional Point of Care customer. Ladies and gentlemen, thank you for your time today and for listening to the life sciences growth journey. Whether it's in our durable core or our transformative growth categories, we play in great spaces with highly attractive and sustainable growth rates. We are execution-focused and are confident in our ability to remain the most relevant life sciences company in delivering critical to health, research, and clinical diagnostic solutions, several being first to world. We are excited about the opportunities that lay ahead of us and the impact, growth, and value creation we can drive. Our ambition as a segment is to target revenue growth of 6%-7% while constantly improving margin performance. My specific thanks to Brooke and Puneet for their insights, and we're now gonna go to video, and we look forward to engaging with you in Q&A very shortly. BD Veritor At-Home Test is a digitally connected testing experience that makes it easy to get fast, clear COVID-19 results. With a few simple steps, you can test yourself at home and get back to living. BD Veritor At-Home Test is managed entirely through the free Scanwell app on your smartphone. Just download it to get started. First, swab, then mix. Apply three drops of the liquid to the test stick. Then relax. It only takes 15 minutes. Now scan the test stick with your smartphone app to get instant results. The result is clearly displayed in words, not symbols. It's also securely encrypted and easily retrieved, so you can confidently get back to life sooner. Veritor, test and go. Thank you, Dave. We'll now open up the lines for Q&A with the Life Sciences team. As a reminder, please press star one on your telephone keypad to enter the queue. Rayne, you can put through our first question. Thank you. Our first question comes from Robbie Marcus from JP Morgan. Your line's open. Hi, Robbie. To get our first question comes from Robbie Marcus. Your line's open. Yes. Good morning, Robbie. Hi. Do you wanna see there's a different caller? I think he's on delay. Hi, can you hear me okay? Yes, Robbie, we can hear you. Great. Thanks for taking the question. Thanks for hosting this. Really, two for me. First is, as you think about all the units you've placed, Veritor and BD MAX out there throughout the pandemic, how are you thinking about the utilization rate going forward? Do you think you'll be able to leverage the rest of the panels and be able to build off of those units out there and help take market share over time? Yeah. Robbie, thanks so much for the question. Absolutely. I mean, I'll maybe start and talk about the Veritor install base. I think actually the model is then very similar for BD MAX, and maybe I'll then ask Brooke to sort of make a few words on some of the MAX menu. Some of the additional content was on the innovation roadmap that we presented. I think exactly to your point, you know, if I look at BD Veritor, we quadrupled the install base of Veritor, and actually not only just in the U.S., but we obviously were able to expand the presence of the platform globally. I think that absolutely now is a platform and an anchor for us on which we can just develop more menu for that professional testing setting. You know, if you think about it, the Veritor was already doing, let's say, flu and respiratory virus and you know, respiratory disease. Then we developed COVID. We already developed COVID and a combined COVID and flu test on it, and now we're investing actually some of the incremental funds that Tom talked about. We're using some of that funding to drive incremental menu on both Veritor and MAX. Absolutely, we see that utilization. Brooke, if you wanna maybe say anything on MAX. Yeah. I mean, I think the story for MAX and for Veritor are very similar. As I mentioned, we grew the MAX install base 60+% during the COVID period, and we see great opportunity and utilization with those systems that are out there. We're continuing to invest in the menu expansion there in that molecular space. We're really excited about it. Thank you for the question. Yeah, great. Maybe a follow-up there. You know, the COVID testing has obviously been a big help to the business, both the top and bottom line. As you look out, you know, over the future, how are you thinking about investment into further COVID tests? Do you think you have the right menu at this point? And do you see this as a multi-year opportunity, or do you think it's more limited to the short term? Thanks. Yeah. Good follow-up question, Robbie. I think, you know, as we said on... I think there's two elements, there is... You know, even when we said in the earnings release, the numbers that you saw us put in for fiscal 2022, you know, right now it's just a space that we've got to watch and wait, and to see how it develops. The numbers that we're just anchoring around right now are what we would call those high -probability numbers. That said, there's a lot of dialogue out there in the clinical community about whether COVID-19, et cetera, as a respiratory infection, becomes an endemic, more of an endemic sort of respiratory seasonal sort of virus. That's a space we'll have to watch. I think we are committed to incremental innovation. You know, just a couple of weeks ago, we announced a relationship with and some funding that we got from BARDA and the NIH in excess of $20 million there, to continue to develop new types of respiratory viruses. If you think about not only just COVID, but COVID, you know, COVID plus flu, COVID plus flu plus RSV and a sort of a pan-coronavirus, we're really thinking about an ability to respond if something comes back. In the very short term, we've just got to watch the dynamics of the market. We are investing and ready to accelerate new product development, you know, should it cycle through again, just like the Delta variant did. Thanks a lot. Thanks, Robbie. Thanks for the question. Our next question comes from Vijay Kumar from Evercore ISI. Your line's open. Hi, guys. Thanks for taking my question again. Maybe my first one for Dave and Puneet. The slide that you had on, you know, BD Biosciences segment, that's been helpful. You know, clearly single cell multiomics, proteomics, that market is exciting. What percentage of your revenues are exposed to a single cell platforms right now? I mean, there's a lot of things, you know, innovation going on in that space. I'm curious how we think about M&A when it comes to single cell proteomics and multiomics markets. Vijay, thanks for the question. Maybe I'll just start, and then I'll ask Puneet to give a little bit of detail on the revenue split question. We would absolutely agree. You know, we see the single cell multiomics as a very relevant technology, you know, in research. Actually, if you think about biosciences capabilities in both flow cytometry and single cell, you know, we see them as absolutely complementary. I think having a broad toolset there is extremely important. Of course, we play in both spaces today. I mean, I'll pass to Puneet, who can give us, you know, a little bit more color on the data, and also specifically some of the progress we're seeing with our own platform in Rhapsody. Thanks, Dave, and Vijay, thanks for the question. We typically don't talk about our revenue by products, but I'll give you an indication how we think about the impact of single cell on overall BD Biosciences. Let's just say we started off from a small jump-off point when we started to look at single cell business two years ago. The piece I'll share with you is we've doubled the size of single cell business every year for the last two years since we've put more emphasis on it. The second piece, when we kinda think about the strategy on how we're looking at single space, I mean, if you think there is a two-pronged approach on how to go about this industry. One is through the genomic side, but where BD is playing is more in the immunology research, vaccine development. We're starting from a position of strength because we have a significant install base in the flow core labs and deep customer relationship in those sites. Our approach is to leverage the flow cytometry where the customers can start their experiments with flow, isolate the cells of interest, and then go back and do experiments on single cell. Now, the one piece I will share with you in this space is the cost of single cell, given that you have to do sequencing, is still not as competitive as other mature technologies like flow. What I see BD as really having the competitive edge, given the fact we offer both flow and single cell, we provide these options to the customers. In regards to acquisition, I mean, given the nature of the question, we probably don't talk about this very broadly, but rest assured, we're scouting all technologies. How do we go from proteomics into RNA and other aspects, and that's always a part of our consideration. That's helpful perspective, Puneet. Maybe one on Point of Care. I see the market expansion into new care settings. Dave, is that cannibalizing testing opportunity from central labs, or do you just see the volume of testing increasing, because you see COVID as more perhaps endemic? I'm curious what goes into that $2 billion-plus assumption by 2025 in Point of Care? It's a great question, Vijay. I think at the end of the day, I mean, obviously, if I look at the growth rate of just, let's say, an organic chemistry lab, so to speak, I think there is an underlying growth rate, you know, in that space of around 4%-5%. I think what you will see, though, is as the labs consolidate, as the labs look to automate and get larger, some of the themes that Tom was talking about very early on, their organic volume will go up for, let's say, routine, non-urgent tests. I think if you look at that category, you know, it's typically around a 4%-5% growth rate. I think what you will see are a migration out into the Point of Care and to these new care settings of critical tests. Critical tests are tests that, say, if I had a Point of Care technology that could do a test and give me a result in 15 minutes or less, and as a physician or a healthcare provider or even a retail pharmacist, if I could do that at the time of engagement with the patient, I could make a therapy decision there and then. I think the labs on the routine stuff will continue to grow, but there will be a certain set of menu that will migrate. Depending upon that menu that's gonna migrate, it will demand or require a technology with molecular sensitivity, hence our acquisition of NATDx, or it could be more of a qualitative screening type assay like Veritor or Veritor at Home. That's helpful, guys. Thank you. Thank you. Thank you, Vijay. Good question. Rayne, do we have any more questions? Okay. Thank you, Dave, Puneet, and Brooke. We're now gonna take a 15-minute break. During the break, we will play our next spotlight video with Roland Goette, President of the EMEA region. We'll see you again in 15 minutes. Hello, I'm Roland Goette, and I serve as Executive Vice President and President of the EMEA region for BD. In the next few minutes, I will share why BD is well-positioned to deliver above-market growth in Europe. Over the last several years, our European business has grown around 4% annually, with fiscal 2021 revenue of $4 billion. Looking forward, we expect the region to achieve consistent, profitable growth at around the company average over the next several years. This promising outlook is rooted in three areas. Our portfolio of solutions and our existing innovation pipeline positions us well to meet our customers' needs today, and as the market evolves post-COVID. A post-COVID healthcare environment where we believe technology will be a critical enabler to helping healthcare systems increase efficiency, enhance patient safety, and create a better working environment. That combined with our recent investments in our go-to-market strategy that bring us closer to our customers and are enabling more holistic conversations at the C-suite level. Let me provide you with some context, starting with the external factors we see shaping the European market. As a result of the COVID pandemic, structural challenges of regional healthcare systems throughout Europe have become more visible. An overly high focus on cost reduction in the past years has led to a lack of pandemic preparedness and revealed an almost unsustainable challenge from staff shortages. The E.U. now expects a shortage of 4.2 million healthcare workers by 2030. Lack of personnel will also be the main reason why countries will struggle to reduce the backlog of procedures. Just as one example, currently in the U.K. alone, there are 5.4 million patients waiting for a treatment in a hospital versus 3 million before the pandemic. Now, the E.U. has reacted to these challenges and has launched an unprecedented EUR 2 trillion recovery package, which countries will use parts of for modernizing healthcare systems. One example is Germany, which launched a EUR 4 billion investment through the Hospital Future Act, which significantly focuses on automation and digitalization. There will be additional direct E.U. programs for specific improvement of digitization, oncology diagnosis and treatment, and for combating antimicrobial resistance. BD is well positioned within Europe to help healthcare institutions leverage these programs and to partner through our signature programs to increase efficiency, enhance patient safety, and to make hospitals and laboratories a more attractive and effective workplace. Our product innovation is well connected to the external factors. In fiscal 2021, we launched 31 new products, and our pipeline indicates we should launch more than 90 products throughout 2025. For example, in 2022, we will launch our next generation smart pump, BD neXus, in many markets in Europe. This new infusion pump will offer new connectivity features, and together with innovation in our informatics capabilities, will close gaps in our current offering of connected medications management and informatics solutions. While our medication management informatics solutions are industry leaders in the U.S., less than 20% of European hospitals currently have automated their medication management. BD's new innovative solutions together with the government funding programs will drive double-digit growth in Europe's MMS revenue over the next years. Another example of accelerated growth and category share gains through the innovation is the BD COR high-throughput molecular platform. Since its launch in 2020, we have already installed 60 systems with 20 European customers. We are confident to continue growing share, generating a CAGR of 22%, and doubling our revenue toward 2025. We also focus on go-to-market innovation. In recent years, we have made investments into our direct capabilities, which significantly reduced our dependency on third-party distributors. Today, close to 90% of our business is now direct, up from 60% six years ago. We are seeing accelerated growth wherever we have implemented these changes, and we will continue to strengthen BD's direct presence and capabilities in more markets in the next few years, including selective emerging markets. In the largest direct markets, we have started to diversify our commercial structure, first through the creation of key and strategic account management that is driving growth acceleration above country average and addressing a total incremental potential of $700 million. We have invested some of the profit from COVID testing in setting up an inside sales team in the U.K., which is calling about 1,500 customers at the tail end of our customers, a segment that was underserved before. We plan to continue to roll out these cost-efficient teams over the coming years in other countries. Furthermore, the shift to a direct model has also enabled our omni-channel initiatives. We have invested in a specialized center of excellence that is supporting all business units and countries with high-quality, personalized digital campaigns. In the past 24 months, omni-channel marketing efforts have generated 3,400 new qualified leads, amounting to $38 million of incremental pipeline value. As you can see, Europe is well-positioned to capture the benefits for macroeconomic conditions, innovation initiatives, and our direct-to-customer models. We believe the region will achieve consistent, profitable above market average growth approximately 6% through fiscal 2025. Please welcome back Nadia Goncalves. Welcome back, everyone. In the second half, you'll hear from Simon Campion and the interventional team, as well as Chris DelOrefice on BD's financials and value creation. Before I turn it over to Simon, here's our last regional spotlight with James Deng, Senior Vice President and General Manager of Greater China. Good day, everyone. I'm James Deng, Senior Vice President and General Manager of Greater China, BD. I'm excited to be here today virtually, to give you a brief overview of China's performance and outlook. With $1.3 billion of annual revenue, China is the second-largest country of BD, right behind the U.S. BD China has a track record of strong performance and established leadership position in the market. We are well-positioned to continue delivering double-digit growth in the coming years. Looking back at FY 2021, despite market headwinds, BD China finished strong with sales revenue fully recovered from COVID impact and the return to pre-COVID growth trajectory. Our leading market position is further strengthened by revenue synergies from the Bard acquisition. Leveraging BD's capability in registration and market access, BDI has grown faster than BD average since the acquisition. In fact, revenue has been doubled from $150 million to $300 million, and 22 new products have been launched. Going forward, we expect to continue the strong momentum of double-digit growth in coming years. We are targeting $2 billion of revenue by FY 2025. To achieve this ambition, we will focus on execution of three key strategies. First, we will further enhance the robust portfolio in China with around 20 new launches each year during FY 2021 to FY 2025 from global pipeline, local R&D, licensing, acquisition, and partnership. Our margins and profitability will also be sustained through pricing management and the product mix optimization. Second, we will continue to build industry-leading strategic access capabilities focused on health economics and outcomes research, clinical and safety evidence generated locally. Third, we are committed to localization in China. Expand footprint to four plants to address the local market needs, increase local product innovation, and to drive business model innovation through omni-channel and digitalization. As we are reinforcing strong and profitable growth in China, I'm looking forward to sharing more updates of the progress we make in the future discussions. Thank you for your support to BD. Hello, everyone, and good morning. I'm Simon Campion, and I lead BD's Interventional segment, which I am confident you will conclude is the most exciting segment of BD. There is, suffice to say, some healthy internal competition on that matter. Hey, since I've gone last, for now, I do get to have the last word. I'm pleased to be here today to share our vision with you and to share the opportunities we are pursuing to improve patient lives and enhance the experience our customers have with our products and our organization every day. Over the next 30 minutes, we will share with you why we are well-positioned to continue to lead the way across many of the categories we play in, why we feel we have exceptional opportunities to expand our businesses, and why we will continue to be revenue and margin accretive to BDX. I'm very pleased today to be joined by Paddy O'Brien, President of BD Peripheral Intervention, Kevin Kelly, President of BD Surgery, and Rima Alamuddin, President of BD Urology and Critical Care. To wrap up FY 2021, BD Interventional delivered strong performance. Despite the challenges that elective procedure-based companies faced over the past 18 months or so, our revenues grew 11%, which positions us well for continued growth. Today, we'll talk about how we plan to continue delivering above-market performance in our durable core business by focusing our investments on extending category leadership and geographic expansion. Now, this is not a new strategy for us. We've had a long track record of delivering such performance led by our commercial teams and fueled by a long history of innovation. As part of BD, this core competency has only strengthened. We have tapped into BD's internal expertise to accelerate our innovations and evolve our portfolio from best-in-class products to category-leading solutions. We have leveraged BD's global footprint to bring more of our solutions to patients around the world. Tom provided a great example of this. BD Interventional business in China, as you just heard, has doubled over the past three years, and we will deliver more than 20 new products there over the next number of years as well. We will also highlight how our organic and inorganic investments in transformative solutions facilitates and, where appropriate, increases our presence in high growth spaces and strategic adjacencies. We have expanded and will continue to expand our offering of connected care solutions that will deliver better insights to physicians and improved outcomes for patients. As healthcare continues to shift to non-acute settings, we are enabling our customers and patients to make this shift through product and channel innovation. Our investments have come from very purposeful choices to redirect our innovation spend into higher growth, larger opportunity, and more profitable spaces. We have core expertise in bringing innovation in-house and continuously iterating and refining those innovations, resulting in some of our most successful platforms today. Importantly, we feel being part of BD has enabled us to further expand and evolve our inorganic strategy, which will also be highlighted today. Now finally, Interventional has been a driving force behind the simplification of our businesses. Chris will share a great example of how we are rationalizing our offering in acute urology that is enabling us to drive more operational efficiency while positioning UCC to optimize mix to higher margin solutions. As a result of our unapologetic focus on execution for business today with a keen eye on business tomorrow, the Interventional segment will expect to deliver above company performance on revenue and margin with revenue growth between 6% and 7%. Our $4 billion+ segment consists of three business units, where we have a leadership position in the majority of our platforms. Within Peripheral Intervention, our focus is on chronic diseases, including vascular and venous disease, end-stage kidney disease, and oncology. Our Surgery business offers complete solutions for the OR, from preoperative skin prep to intraoperative biosurgery solutions and extensive class-leading hernia mesh solutions. Through the acquisition of Tepha, we're actively broadening the potential we can unlock with our Phasix resorbable platform that Kevin will share with you today. Urology and Critical Care has seen the greatest transformation over the last three years. We have revamped our innovation agenda, have almost doubled our revenue growth profile, and enhanced our margin profile. UCC also leads the way by incorporating core BD capabilities in developing integrated care solutions across its platforms. Our underlying growth in all three of our businesses exceeds the WAMGRs of the markets in which they participate. Importantly, as I noted in my introductory comments, the deliberate choices we are making, our strong innovation pipeline, and our margin accretive activities gives us confidence in a 6%-7% revenue growth and margin-enhancing profile moving forward. BD Interventional is actively shifting its portfolio into higher growth spaces that build on and complement our durable core and expands our addressable market. We play in highly dynamic spaces, and reinventing ourselves to support our patients and customers has been and will continue to be central to how we drive our business forward. In PI, with our focus to reduce the burden of disease for our clinical stakeholders, we are not only continuing to bring best-in-class solutions across our durable core, but have also expanded into the high growth adjacencies of venous disease and interventional oncology. In surgery, we can now leverage our core technologies and enhance capabilities to further focus our innovations on soft tissue repair, complication prevention, and tissue regeneration. This allows us to go after meaningfully larger markets and enable expansion from hernia to prevention and other future exciting tissue reconstruction opportunities. At UCC, our shift from product leadership to integrated care solutions across both the care and Point of Care continua has not only transformed the business, but also allowed us to enter faster-growing spaces such that UCC is now a key accretive growth driver for BDI and BDX. We hope that you leave here today understanding how we are driving our portfolio towards spaces which are growing faster than our durable core. The result of our work is our WAMGR will increase by 50 basis points over the next four years while expanding our addressable markets by $11 billion and further elevating the BD Interventional growth and margin profile. Our growth ambitions both rely on and are validated by our innovation funnel, which is expected to deliver more than $500 million in incremental revenue by FY 2025. This represents over 40% of our overall growth. I am very pleased with our organic and inorganic investments and how these are supporting each business strategy. As we go through our businesses in a moment, you will hear more about some of the exciting tuck-in M&A we have recently completed. In FY 2021, we completed or launched products from over 10 deals and took investment positions in three others. We plan to continue our legacy of bringing these exciting technologies in-house and investing behind them to maximize their value. We more than doubled the value of new organic projects over the past three years through a highly focused investment approach. We now spend 2/3 of our innovation spend on transformative solutions, with the remaining used to expand our leadership positions across our durable core. The pipeline represented here is a healthy balance of complexity and time to market. About half the programs are expected to deliver greater than $30 million incremental dollars by their 5th year post-launch, and 2/3 of those will deliver greater than $50 million dollars in that timeframe. As you can see, our top programs include innovations to improve chronic disease management, deliver connected care solutions, and enable new care settings. You'll hear more specifics about our plans from Paddy, Kevin, and Rima as they present their strategies in the coming slides. With that, I'm pleased to introduce Paddy O'Brien, President of BD Peripheral Intervention. Thank you, Simon. I think the key takeaway here is that we really do have an excellent story to tell at BDPI. We're expanding our addressable market from $8 billion to about $11 billion, and delivering an estimated 7% growth over the time period. Of course, any additional acquisitions we're exploring would only bolster that. We're really well-positioned to do this because we have a global, balanced, and diverse portfolio across all of our platforms. Now the major drivers for this growth include continued investment in our core markets and entering some compelling new market adjacencies that will increase our total addressable market by over $3 billion and add 80 basis points to our WAMGR by 2025. Key growth accelerators include 30 active organic R&D programs, and we have just about the same number of programs that we're doing some early concept work on right now. We have a nice blend of both PMA and 510(k) programs across our platforms to help manage our risk and support a consistent global launch cadence over time. Worth noting, we're slated to start enrolling in four different IDEs in the coming year alone. Our strategy here has been consistent, to keep developing and acquiring innovative solutions that make us indispensable to our customers. We have excellent teams around the world, which results in a very well-balanced footprint, with about 45% of our revenues coming from outside the U.S. by 2025. We've also been investing in market development activities that will allow for the ongoing expansion of our business around the world. A great example of this is our PI business in China, which has been growing terrifically, at about 40% year-over-year in 2021. Overall, we have a strong, steady pipeline of new product registrations all over the globe to maintain that momentum. In our oncology platform, leveraging our strong leadership positions and large footprint, we're optimizing and expanding our portfolio around the globe in the PPA, core needle, and port markets, while also expanding into attractive spaces with product launches and programs like bone biopsy, lung track sealant, and a novel IO bead technology. We'll also be extending our really strong ESKD leadership positions with next generation products in PTA and chronic dialysis catheters, for example. Along with the ongoing global expansion of our endovascular AV fistula franchise. Now in PVD, we will continue driving broader adoption globally of our atherectomy and our thrombectomy offerings, and expanding our footprint in the non-acute setting while doing so. We have a very robust pipeline here with a variety of exciting PMA projects, like work being done on next generation DCBs and covered stent grafts to name a couple. We'll take a little bit deeper dive into the venous segment of this platform on the next slide. Overall, we are addressing progressive chronic diseases here, and there are many unmet needs out there to solve for. We are well-positioned to continue our exceptional growth trajectory by continuing to deliver new and transformational solutions for caregivers and patients around the world throughout the next decade. At PI, we are leveraging our strong history of innovation and technology expertise in the PAD space to expand into the rapidly evolving venous market. We're building on our established leadership positions with category-leading products in venous stents, angioplasty, and vena cava filters. We believe this is a space ripe for new solutions. Venous disease is a significant problem for people around the world. It is often undetected or misdiagnosed altogether, leading to costly and potentially fatal implications. There are roughly 10 million cases a year, and thromboembolic conditions account for one in four deaths worldwide. In the second half of fiscal year 2022, we will be launching the Aspirex mechanical thrombectomy device into the U.S. market, which is currently the largest global market in this space. From a pipeline perspective, we have great momentum here as well, with six active innovation programs which will further expand our core offering and take us into other attractive segments of the venous market. We're investing in large and compelling programs. For example, our organic TIPS program for liver disease is a product that has tremendous runway in China specifically. Similarly, we've made an early investment in technology in the PE space, and we're actively looking at the chronic venous insufficiency space as well, which is the largest segment of the venous market. Bottom line here is this is another category with significant unmet needs, and we have a clear line of sight to continue driving innovation and the global expansion of our venous business at Peripheral Intervention. Now let me introduce Kevin Kelly, President of our BD Surgery business. Thank you. Thank you, Paddy, and good morning. I look forward to sharing with you the surgery story in our growth plans in our core and new segments. BD Surgery will expand our addressable market from $9 billion-$14 billion and expect to deliver 5%-6% growth. I'll talk to you about how we're gonna do that over the next few minutes. We've had a strong year. We've grown faster than our markets and executed several key strategic transactions that strengthen our portfolio. Our success sets us on a path to enter larger, higher-growth segments. We see even more opportunities ahead. We have a surgery pipeline of nearly 30 organic R&D programs, including seven IDE clinical trials slated to begin enrolling over the next three years. These product development programs will produce over $500 million in fifth year incremental revenue. Surgery success will also be driven by our global expansion, especially in China, Europe, and Japan. Global markets will account for over 40% of our incremental growth between now and 2025. The foundation of surgery is built on three key platforms. First, biosurgery. It is our fastest-growing platform and the largest single segment in which we play with a worldwide market of over $3 billion. It is where we experience some of our strongest international growth. With our external partnerships and continued innovation, we'll deliver sustained growth and round out our portfolio. Second is infection prevention. Our ChloraPrep suite of products is already the worldwide leader in preoperative skin prep, but we still have ample opportunity for international growth. We are also expanding this platform into intraoperative wound management with our recent acquisition and launch of Surgiphor, which is a prepackaged solution that allows surgeons to standardize wound cleansing. Third is our largest platform. We have global category leadership and are recognized as the preeminent partner by our surgeons. We have a long, successful history of acquiring technologies, then proliferating them across our portfolio, and that is exactly what we're gonna do in our hernia platform. We're also optimizing robotic hernia repair by leveraging relationships with robotic technology leaders to expand the use of our materials in these procedures. At the heart of this expansion is our recent acquisition of Tepha and the vertical integration of our Phasix technology. We believe Phasix is going to reshape surgical approaches to hernia. Equally important, we are going to leverage Phasix to evolve a wide variety of soft tissue repair and regeneration. Let me start by explaining why Phasix is such a breakthrough. Phasix, which is composed of P4HB, is our proprietary, naturally derived material that provides a durable scaffold post hernia repair. It is simply a game changer for surgeons and, most importantly, their patients. It is implanted, then is resorbed by the body over 18-24 months, which offers plenty of time for tissue regeneration while the body heals naturally. Phasix has unprecedented 5-year long-term clinical data demonstrating durability in the most complex soft tissue repair patients. The opportunity for growth here is significant. Today, Phasix material is only used in 10% of hernia procedures. Our opportunity is to proliferate the use of Phasix across all hernia procedures. We will start through three sets of activities aimed at expanding its use. First, by educating surgeons on the science and durability of Phasix. Second, by activating patients who want a treatment choice. Third, by optimizing our product portfolio. By 2025, we will offer a Phasix solution for every ventral hernia procedure that we market today. We believe the potential for Phasix goes beyond hernia and could play a significant role in soft tissue surgery generally. Just as procedures have evolved to more minimally invasive approaches, we are seeing a related trend for material selection and preferences to alternatives to foreign body implants. Our research shows that patients want to better understand their treatment options, including the use of implants, and they want to play an active role in their care. BD intends to capitalize on this trend and lead a surgical evolution across broad soft tissue, and I offer two examples. First is hernia prevention. Incisional hernias are a frequent complication of abdominal surgery. One out of four patients will develop a hernia that contributes to significant downstream complications and cost, resulting in a $3.2 billion cost burden to the U.S. healthcare system. An elegant solution is to use Phasix material to reinforce and to provide a scaffold for durable healing at the incision site. We estimate this market opportunity to be worth $500 million. We are currently enrolling patients in a clinical study which we expect to lead to positive hernia prevention indications with Phasix. We expect to first launch in Europe in FY 2022 and then in the U.S. at a later date. A second much larger adjacency in soft tissue repair is breast reconstruction. Today, breast surgery patients and their surgeons have limited tools and suboptimal solutions to repair and regenerate native tissue. Many of the solutions are not on label and require permanent foreign body implants. We plan to build out a suite of products leveraging Phasix to create three-dimensional scaffolds that addresses a wide range of needs, all while avoiding use of permanent foreign body implants. We expect to launch our first product by FY 2023 and estimate the market size for this suite of products to be approximately $3 billion. Our surgery business is growing, and all of us feel proud to provide more options so that surgeons can confidently help their patients heal naturally. With that, I'll pass it over to Rima Alamuddin, President of our Urology and Critical Care business. Thank you. Thanks, Kevin. Hello, everyone. It is my pleasure to share with you a little bit more about our urology and critical care business. For years, UCC was not the most exciting business across BD Interventional, but that has recently changed. Through a combination of meaningful innovation, flawless commercial execution, and successful M&A, UCC has transformed itself into a more strategic, more profitable, and more growth-accretive contributor to BD. Specifically, UCC will expand its addressable market from $5 billion-$7 billion, targeting a sustainable 6%-7% growth. We are going to do this through four main strategies, executing on our rich R&D pipeline, which we have transformed since 2018, migrating customers to higher value solutions, investing in acquisitions and strategic partnerships in adjacent spaces, and simplifying our portfolio with over 2,000 SKUs discontinued and exiting non-strategic segments of our business. It is important to highlight that, as we move forward with confidence in our vision and purpose, we'll actualize our strategy across all three platforms. In acute urology, where we have been the leader in some segments for almost a hundred years, we'll continue to build on our global leadership position in urological drainage and expand our around urology portfolio with differentiated products, like our soon-to-be-launched Aptra, our next-gen single-use ureteroscope. We are expanding our portfolio around integrated care solutions, like vital sign monitoring through our Sensica automated urine output monitor and associated clinical decision support. This strategy will make us even more valuable to customers and clinicians who have relied on us for decades. As with Sensica, in targeted temperature management, with the 2020 launch of Arctic Sun Stat, we'll continue to shape the market, giving physicians fully integrated temperature management for critically ill patients around the world. We actually just recently had our first sale of Arctic Sun in China. Further, we continue to expand indications and use cases of our platform. In home care, after successfully completing a 3-year strategic rebuild of our business, we'll leverage an omni-channel commercial strategy to pair our broad product portfolio with our vertically integrated retail services in key markets. With our revamped strategy and vision, by 2025, we are positioned to grow our addressable market by roughly 50% while expanding our WAMGR by 50 basis points by relentless execution of our invigorated agenda. We also see opportunity to build an exciting new incontinence platform by working across the healthcare continuum. Over the last three years, our PureWick solution has driven the appreciation and adoption of a new category, female external catheters, which by the way, is the fastest-growing product, reaching over $100 million in the Interventional segment. By being non-invasive and working outside of the body, this product eliminates the risk of patient's urinary tract infections caused by indwelling catheters. In the hospital, this type of incontinence is acute and temporary, usually the result of critical injury or surgical procedure. But that is only part of the opportunity, given that chronic urinary incontinence is an incredible burden for both people at home as well as their caregivers. Not only it is a life disruptor with nightmare diaper changes and several trips to the bathroom, but also leads to clinical challenges like skin breakdown. Recognizing this need, we created the PureWick Urine Collection System. It allows people with chronic incontinence to use the PureWick catheter at home. It's a revolution for people affected by urinary incontinence. This is only the start. We are targeting a much larger market of $2.6 billion. As you can see in the middle of the slide, with our current PureWick solutions, we are already playing in a $1.6 billion market and have a robust innovation and commercial plan to maximize the number of people we can help and unlock an additional billion-dollar opportunity. Our vision rests on three strategies. First, improving the user experience. We are developing a consumer-friendly disposable that is easier to self-place, to clean, and disinfect. This will allow patients to use the product for more extended periods of time. Wi-Fi enabled data capture solutions are also in the development roadmap. Based on our research, these innovations will be highly appreciated by patients and caregivers. Second, expanding the addressable market. We are expanding from our current served population, women in bed, to both men and women who are not stationary and want a solution that won't compromise their routines. We have seen a rapid adoption of our PureWick solution in the home, despite it being, for now, an out-of-pocket expense for patients. We are building a strong economic case for PureWick by investing in five clinical studies to generate reimbursement and HEOR data for payers and institutions. We expect to leverage these studies to secure reimbursement in the U.S. and further support utilization across all geographies. Last but not least, leveraging our retail service capabilities. This includes a few different pieces. Our vertically integrated durable medical equipment retail, which allows providers to educate patients about products and insurance claims. Our proprietary digital e-prescribing system, which enables doctors to communicate exactly what they want their patients to receive. As you heard from BD, we also have just launched our new consumer-friendly e-commerce platform, which allow patients to self-educate and purchase directly. Altogether, our innovation pipeline and our keen focus on market access and an optimized customer experience will come together to bring our to life our bold ambitions in the incontinence space. This is not the UCC of a hundred years ago or even five years ago. We are excited about our strategic reorientation and how this will allow us to solve more significant customer problems on a greater scale. Thank you for listening, and I'll turn it now over to Simon. Thank you, Rima. Thank you, Paddy, Kevin, and Rima, and especially your teams for helping us realize these strategies every day. In closing, Interventional is strongly positioned to deliver on our strategy and our commitments. We have and will continue to advance our durable core solutions through continued category leading and enhancing innovations such as Sensica Automatic Urine Output Monitoring. We will continue to focus on solving critical unmet needs for our patients and customers by identifying and investing behind transformative solutions in spaces such as venous disease, incontinence, and tissue regeneration. We have and will continue to enhance and leverage our global reach to bring our portfolios to patients around the world. We'll continue to transform the way we do business by driving margin expansion, which allows us to funnel more investments into category enhancing and transformative solutions. Executing on this strategy will enable us to continue our track record of delivering sustained accretive growth and margins for BDX by serving our patients and their clinicians with class-leading products and services. With that, let's roll the video and then open the floor to questions. Thank you for your time today. Targeted hypothermia in the NICU has been around, you know, for 15-20 years in various stages. My name's Lisa Houston, and I am an advanced nurse clinician here at Mercy, and then I'm also in charge of selecting and trialing new products. The Arctic Sun being here to do a trial is Willa's story, and she got to be our first patient to go onto that blanket. She was born in the middle of the night, and the blanket needed to be set up. It was almost like this silly relief with how easy it was to set up. Previously, the way we cooled babies, they really needed to stay in bed for this whole time they were cooled, so for a full 72 hours. That's what I told Emily and Tyler, and they sort of accepted that. The nurses were like, "No. She can actually be held on this cooling blanket. There is so much research, I could go on for days, about the importance of holding and kangaroo care, and that's what she was able to do. Babies repair, they do better, they breathe better, they breathe easier, their heart rates are more stable, their blood pressures are more stable when they're being held. Even though I couldn't have her, like, skin to skin in my arms, to be able to, like, feel the weight of her in my arms was huge, and it was such an incredible moment to be able to hold her. This piece of equipment is user-friendly. The ability for them to be able to hold the baby was night and day different. You know, I hear this all the time from mothers, you know, "When can I hold my baby? Emily got to hold her baby. I mean, it's overwhelming to think about and the importance that will have in their story moving forward. My personal experience, not as a neonatologist but as a grandpa, it's really a great product. Thank you, Simon. We'll now open up the lines again for the next Q&A session with the Interventional team. As a reminder, please press star one on your telephone keypad to enter the queue. Rayne, can you please put through our first call? Thank you. Our first question comes from Matthew Mishan from KeyBanc. Your line's open. Hey, good morning, everyone, and thank you for taking the question. I was just hoping you could go first, and into a little bit more detail into Aspirex, how that compares to what's currently on the market and kind of launch plans and what you're targeting there. Sure. Thank you for the question. I'll let Paddy take that one. Sure. Thank you. As I mentioned, we're currently slated to launch in the second half of FY 2022 here. I think the important thing to remember here is we've got a long-term history of clinical use and successful clinical use in Europe with this product. It's been on the market over there for over 10 years now, and we've got plenty of human data to leave us feeling very confident in its unique mechanism of action, the strong aspiration power, the efficient aspiration properties of this device. We're seeing that to an extent with our Rotarex commercialization right now, which has a lot of the same functionality. It's a crowded space, and we understand that. We think we've got a nice differentiated offering here, that adds to our venous suite of products that we already offer to our customers. Thank you for the question. Excellent. Just shifting to Phasix. It has been a great product for Bard, and I thought it really helped enable a lot of their growth in hernia before it was acquired. I'm curious, like, it doesn't seem like the penetration is that high. It's like you said it's like 10%. So what's been holding it back and kind of when and how can you drive that moving forward. It seems like a very exciting product. Kevin. Yeah, no, that's a great question. What's interesting is the application of Phasix has really only been used with the most complex patients. What that has allowed us to do is we're going up against a very high bar. The five-year data that I mentioned that we produced has been with those complex patients. The question is, what can you do to release that potential to other procedures? It starts with the data for one, and then we need to offer other configurations of Phasix for various hernia applications, umbilical being a good example. The last part is that we needed to acquire the supply chain to control the entire supply chain from beginning to end. That allows us to scale at the pace and the rate that we need. Then additionally, when we start to enter the breast space, you're gonna be talking about a lot more volume and a lot more material that needs to be produced. Those are the dimensions that we looked at when we were making that acquisition. I think just to supplement that, we've done a lot of research with the perceptions of Phasix by physicians, but also the perceptions of Phasix and resorbables, and the treatment choices that patients want to have offered to them. We think, you know, activating patient awareness is a key part of our strategy moving forward to expand the utilization of Phasix in not just complex abdominal wall procedures. Okay. Excellent. Thank you very much. Thank you, Matt. Our next question comes from Vijay Kumar, Evercore ISI. Hey, guys. Thanks for taking my question. One on the Phasix platform. The breast recon market looks interesting. I'm curious what needs to happen for you guys to realize. I mean, that's a big number, $3 billion. Is that a market development initiative? Do we need some trial data? Some thoughts around penetrating that market will be helpful. Yeah. I think we'll let Kevin handle that one. I'll start there. When you look at the breast recon market and the aesthetic market, you have to combine them. There are certainly implants there. When we think about everything from lumpectomy, you know, tissue-sparing lumpectomy procedures to ADMs, ADM product usage and utilization, we look at the movement from subpec to prepec, which is a trend we're seeing in the space. All of those trends are begging. Actually, we were just at the ASPS meeting two weeks ago, and surgeons are really asking a company like BD to come in and do the clinical work and produce the data, and that's what's been lacking. We're committed to doing that with the programs that we've got in the pipeline. We've got three, four of them going right now. That data is what's gonna be required, and we'll produce that over time, and we'll be able to release those products into the marketplace in Europe and then in the U.S. once we get those approvals. Understood. One on the urology side. PureWick seems to be an exciting product. What is your share position within that $1.6 billion category? How big could these categories grow? My understanding is the catheter is a new area. Could that be much larger in size? We'll let Rima handle that one, Vijay. Yeah. First, thank you for your question. Absolutely. I'll say we are the current single providers of female external catheters with PureWick. The opportunities are unmeasurable now. We are definitely working a lot to develop this market. As I also mentioned, working a lot with the HEOR, with seeking reimbursement. This will allow us to even further extend our access and reach to so many. We know exactly the women who need these catheters. We know exactly what is preventing them now to have solutions like this one. I've mentioned the $1.6 billion, but I also mentioned that in addition to the female catheters, we are also going after another market, which is the men and women, not stationary as well. This will further add $1 billion of market opportunity to address this. Currently, we're talking about $2.6 billion market opportunity, but there might be more. Vijay, j ust to build on that, you know, it's very much the legacy interventional playbook where we acquire a technology and then incrementalize it. If you think back to Lutonix, we incrementalized Lutonix 18 times. We've incrementalized Phasix 12 times through product expansion and label expansion. We've already incrementalized PureWick in the home with the release of DryDoc. Our funnel includes several new products over the next number of years. We will continue to solve unmet clinical needs for different segments of the female and male population and bring those to market in the timeliest manner we can. That's helpful perspective, Simon. I just maybe if I could ask, please, one more. Rima, on the incremental $1 billion on the ambulatory side, is that... Are those products, you know, expected to launch, you know, during this LRP timeframe? Can you talk about any expectations from that segment of the market? You say that in the home market, Vijay? Or what market did you say? Or the acute care market? Sorry, the ambulatory mobile market for the incremental $1 billion in the portable market, I guess. Sure. As I said, we have actually increased significantly our pipeline in innovation. We have a few, not to name many, of launches planned for the next ASR period, for the next three years. We are starting actually at the beginning of calendar year. Next year, we're gonna have a product that is going to be launched on this environment, but we have several others in our pipelines as well, which are planned to take place. I think, Vijay, one of the components of that is obviously not just products, but also, reimbursement. This is an out-of-pocket expense for women today. As Rima mentioned in her prepared remarks, we have five clinical studies that are underway right now that are generating clinical reimbursements and health economic data that will enable us to seek reimbursement from the authorities. We think that if we're successful in that endeavor, it will be a key driver of addressing a greater proportion of the market. That's helpful, guys. Thank you. Thank you for your questions. Thank you. There's no further question at this time. You may continue. Thank you. Thank you to Simon, Paddy, Rima, and Kevin. Thank you to all of our worldwide presidents who joined us today. Before we begin our final session with Chris, we'd like to take a moment to share our last spotlight on our supply chain, featuring Alexandre Conroy, Executive Vice President and Chief Integrated Supply Chain Officer. Hi, everyone. I'm Alex Conroy, and I'm the leader of BD's integrated supply chain, which includes procurement, manufacturing, supply chain, and sustainability. I've been with BD for 30 years, and I've led multiple businesses and regions prior to leading BD's integrated supply chain. Our supply chain vision is to bring billions of life-saving innovative technologies to patients and healthcare systems around the world. We enable BD's profitable and sustainable growth by delivering high-quality products and solutions at affordable cost. We are very proud of our contribution to global health, especially during the pandemic. Over the last 18 months, we've delivered over 1.4 billion vaccination devices globally, in addition to the billions we manufacture. We also ramped up our operations to deliver nearly $2 billion in revenue from COVID diagnostic tests in a matter of months. Across BD, we have a global network of 80 manufacturing sites, 75 distribution centers, and a vast network of supply partners. Our supply chain operations are designed to serve the diverse needs of our customer segments, and we are proud of our operational expertise, which ranges from asset-intensive, high-volume, high-quality, low-cost devices for the medical segment. By the way, we manufacture over 40 billion devices and tests, which positions us as one of the largest global device manufacturers to the high technology instruments and reagents for our life science segments to the innovative and high-precision Class 3 devices for our interventional segment. Through the CareFusion and Bard acquisitions, we delivered over $500 million of synergy savings, a testament to BD's strong continuous improvement capabilities. We also have shown incredible supply responsiveness and resilience in an environment with fluctuating demand and chaotic transportation. We've been able to support revenue growth over plan with highly efficient working capital. We are always striving to do better. As part of the BD 2025 strategy, our Simplify program is designed to reduce complexity and drive excellence across supply chain operations. In doing so, we will improve customer satisfaction while delivering efficiencies to enhance margin and return on assets. To that end, we launched two major simplification programs, RECODE Architecture and RECODE Portfolio, which contribute to around 80% of the $300 million savings. We have 19 discrete architecture programs in flight to simplify and optimize our plant network. This manufacturing strategy centers around making the right products in the right places while ensuring capacity to support growth. These projects will simplify our supply chain network, relocate manufacturing closer to the market, enable plants to focus on what they do best, and outsource more where we don't currently have the best capabilities. Overall, we will improve asset utilization, labor productivity, while also enhancing our supply chain resilience, our overall cost effectiveness, responsiveness, and sustainability. With our RECODE Portfolio simplification program, our focus is on being best in class in making the right products needed to deliver care and eliminate older generations or customization that do not really add value. We are on track to remove 20% of the total portfolio by 2025. We will take a lot of complexity out for our customers, our sales associates, our support functions, and obviously for supply chain operations to further improve quality, delivery, and cost. A great example for this is with our IV sets business, where we plan to cut our SKU portfolio in half while standardizing the components that make these sets. This allows to realize significant cost savings on raw material sourcing, driving scale in molding, and high-level automation. Another important program is the expansion of the BD Production System or BDPS as a lean manufacturing system, which is designed to deliver customer value while minimizing all forms of operational loss. BDPS empowers associates to establish a culture of continuous improvement and drive breakthrough objectives. The ultimate goal of the production system is operational excellence. We expect to see cost- to- win savings go to 6% yearly cost improvement before inflation across the company, and will simultaneously enhance cash, quality and service. Currently, we have deployed the BDPS in 59 plants and expect to achieve full deployment by 2023. This fall, we are launching the BD Lean Academy for our associates to take the BDPS beyond the four walls of the plants and drive it to end-to-end to support our objective to build a more demand-driven and agile supply chain as an enabler of our growth. We also have a clear focus on improving overall equipment efficiency. Good examples in our PosiFlush and Hypak product lines, where we can support strong revenue growth, drive costs down, and improve asset utilization altogether. During times with unprecedented inflationary pressures across raw materials, labor, and the supply chain network, these are very important programs to support our margin. We are also increasing our efforts within procurement to mitigate inflation and supply headwinds. We have deployed a nerve center encompassing commercial and technical levers, such as dual sourcing and alternate material suppliers on resin and packaging, or should-cost approaches on more complex products. Finally, to mitigate shipping cost increases, we are optimizing packaging density, transportation modes, and our distribution network. We are also supporting our largest growth opportunities with capacity expansion. This is the case with our Pharmaceutical Systems business, where our capacity expansion is on track, in line with our announcement. Also with our PureWick franchise, where we plan to open a new manufacturing site to serve the fast-growing demand. In closing, I hope this helps provide a glimpse of the focus areas that we are driving to simplify BD's integrated supply chain and portfolio, and driving excellence in our fundamentals to support the company's profitable and sustainable growth. Thank you. Hello, everyone. I'm pleased to be here today, and I'm excited to share our long-term financial targets. As you heard throughout the day, BD is well-positioned to create long-term value. Each of our segment and business leaders shared compelling examples about our reliable and strengthened growth profile that is supported by a strong core with leadership positions in key categories that will be enhanced by innovative pipeline and tuck-in M&A strategy that is balanced but indexed towards higher growth areas. Additionally, as you heard from Alex, we have clear simplification plans. These are progressing well and will be a key part of delivering our expanded operating margin goal. Tom discussed our continued commitment to generate strong cash flow and maintain a disciplined capital deployment strategy, all of which will support a compelling financial profile. Through 2025, we are confident in delivering base revenue growth of 5.5% or higher, double-digit EPS and cash flow enabled by strong revenue growth, expanded margins, and continued focus on optimizing our cash conversion. These factors support a strong balance sheet and provide us with the flexibility to deploy capital against value-creating opportunities at a level that we have not been able to in recent years. All of this supports a compelling value proposition to our shareholders. Despite headwinds from the pandemic, we still managed to grow operating cash flow by a CAGR of 18% since 2019, an increase of $1.3 billion. We accomplished this by dedicating resources across the company that were focused on executing extensive cash conversion and expense avoidance programs. We also strengthened our free cash flow conversion in the past two years, averaging about 90%. While this can fluctuate some year to year, on average, we expect to maintain strong free cash flow conversion of around 90%. This focus on cash flows has also helped drive an improvement in our balance sheet, with net leverage ending the year at 2.6 x. Our strong cash flow profile and balance sheet will continue to be important enablers to support our growth strategy and long-term value creation. Over the last two years, we've returned value to shareholders via dividends and buybacks while deploying over $5 billion to support growth. We have a solid foundation to build on going forward. Our capital allocation priorities and approach can be categorized in four main buckets. We will continue to invest in organic growth with an emphasis of investing in R&D at competitive levels of about 6% of sales. After investing in R&D, we expect to have about $18 billion of cash to invest through 2025. We will deploy capital expenditures efficiently at about $1 billion annually to acquire key technology and capacity-building assets to support growth. We intend to continue to increase our dividend over this timeframe and maintain a competitive payout ratio. After investing organically and returning value in the form of the dividend, there will be enough capital to support both tuck-in acquisitions and share repurchases, with an average of about $2 billion in cash available annually. We intend to consistently execute smaller tuck-in acquisitions that can be up to $1 billion-$2 billion in size and can enhance our growth profile. Consistent with that, we've shared we don't plan to execute transformational acquisitions. However, given our balance sheet strength and cash flow profile, we would consider and could digest something over $2 billion that is aligned to BD 2025 strategy. We expect share repurchases to also be a consistent part of our value proposition as we resumed the program last year. However, the amount will be influenced by the acquisition pipeline. This capital allocation approach allows for consistent and compelling value creation. As previously shared, we just announced our 50th consecutive year of annual dividend increases. We are a longtime dividend aristocrat with a competitive payout ratio relative to our peer average. As we previously indicated, we expect our dividend to be unaffected by the pending spin of our Diabetes Care business, which would increase the payout ratio on a pro forma basis. We are committed to a consistent dividend growth and competitive payout ratio. Our dividend will remain an important differentiator and core part of the BD value proposition. Let me now walk you through our key enablers to growth. We have been very focused on increasing our R&D productivity, and it's paying off. Not only have we increased our R&D investment to competitive levels, we have rebalanced our portfolio and increased the mix of spend that is driving new product development and have also shifted that to higher growth opportunities. Today, approximately 60% of our new product development is focused on markets growing in excess of 6%. As Beth shared earlier, we're also focused on new product launch execution. We've continued to deliver a strong cadence of launches that boosted BD's new product revenue from $1.1 billion in 2019 to $1.8 billion in fiscal 2021. We have a balanced and robust pipeline of innovation with over 100 launches expected over this period, with compelling high growth opportunities that give us confidence in achieving above-market growth. Of these launches, we expect 20 or more will have incremental sales over $30 million, and another 25 or more will have over $50 million of incremental revenue. Our portfolio is balanced to ensure both continued strong growth in our durable core that also includes many high-growth market opportunities while also increasing the mix towards higher growth transformative solutions. As a result, we expect the incremental revenue net of cannibalization to more than double by fiscal year 2025 to around $1.7 billion. Additionally, we are confident in these expected outcomes, and it's based on work that was put into motion over the last two years, and many of the programs have already accomplished key milestones. This is a compelling shift and will be an impactful contributor to supporting our strong future growth. We're also focused on ensuring we have an efficient and effective approach to capital expenditures. Through fiscal 2025, we expect to invest around $1 billion annually. This can fluctuate year to year, but overall, we see this level as an efficient deployment of capital. Our investment profile will remain balanced, supporting three key pillars. Foundational investments and value-creating programs supporting our growth and simplify initiatives account for about 80% of the investment. We are currently over-indexed towards growth, with about 60% of the investment supporting high growth areas. For example, we are investing nearly $275 million this year as part of our over $1 billion capacity expansion investment for our high-growth Pharmaceutical Systems portfolio, which we expect to contribute over half a billion of incremental sales in 2025. Another 20% of investment is capital deployed against key simplified programs that will support operational efficiencies and margin expansion. Operations architecture as part of Project RECODE is a good example of this, and we have many key programs to optimize our footprint that I will discuss later. We have strengthened our corporate development capabilities, including introducing earlier stage equity investments into our portfolio. With our stronger balance sheet and cash flow, we can now consistently deploy tuck-in acquisitions to drive growth and create value for our shareholders. We have significantly increased the number of deals we have done, with 13 deals closed from 2021 to 2022, compared to three closing in the prior two years. Not only have we increased the number of deals, but we are focused on quality businesses where we can leverage our leadership position to accelerate growth and offer a strong return versus the capital deployed. We expect the revenue contribution to be about $200 million in fiscal year 2022 and expect that to grow double digits through 2025. Our cash flow profile provides us with the capacity to add more to our portfolio over this time horizon, which gives us confidence in our growth profile. Ongoing portfolio management is a core part of our strategy. Consistent with that, let me say a few words about the proposed Diabetes spin, which remains on track, and we anticipate to have an effective date in the second quarter of calendar year 2022. We continue to see this as a value-creating opportunity for our shareholders, and both RemainCo and NewCo are well positioned for success post the spin. The spin allows NewCo to focus on its strategic goals and allocate its capital more efficiently and effectively. It enhances RemainCo's revenue and EPS growth profile as the Diabetes Care revenue growth was slower than the corporate average and its margins were declining. As normal course with spins, we will restate our financials after the spin effective date. Given the higher but declining margin profile, one should expect margins to be lower after they are restated. Additionally, RemainCo is expected to receive a cash distribution equal to multiple years of cash generated by the Diabetes Care unit and provides additional financial flexibility for investment. We remain excited for what's ahead and making this a successful and value-creating opportunity for all. How does this all translate to our expected growth? First, we have a reliable growth profile with a significant% of sales derived from leadership positions in categories with attractive growth rates, including WAMGR expansion in our durable core from about 4%-4.4%. Additionally, we have strengthened our growth profile as we shift our strategy and investment mix towards higher growth opportunities. As you can see, we expect a higher percent of sales coming from transformative solutions that have a very strong WAMGR expanding from about 7%-8%. Based on this, we expect growth of 5.5% or greater, and we see this growth profile as not only accelerating but de-risked, given the strong leadership positions we hold and our focus on portfolio management, including the ability to continue to add more opportunities through tuck-in acquisitions. You've heard how all of our leaders are focused on margin expansion, and it is a core metric in our performance incentive plan this year. We expect to deliver about 400 basis points of adjusted operating margin expansion through fiscal 2025 versus our 2021 base margins. More specifically, we expect to exceed pre-pandemic margin levels in 2024. This margin expansion will be enabled by five key pillars. First, in 2021, we reinvested over $200 million from our COVID testing profits. These investments were one-time in nature and will not impact margin in future periods. Second, as Alex shared earlier, we expect Project RECODE to help drive $300 million in cumulative savings by year-end 2024. Next, we will capitalize on our scale. With our growth profile, we will have the opportunity to leverage our resource base and capabilities in all functional areas and continue to drive our annual cost improvement initiatives. Fourth, we have initiated enhanced programs to offset inflationary pressures and deliver our margin goals. Finally, as you know, our profit profile was impacted by the Alaris ship hold. We realized deleveraging of manufacturing and service and field resources that were strategically important to maintain while also adding investment to support our regulatory submission. This was about an 80 basis point impact to our operating margins. All of these will contribute to delivering a strong margin profile and supporting double-digit EPS growth through 2025. First, on Project RECODE. As Alex shared earlier, we are making good progress executing against our goals. RECODE includes the following three pillars, and the savings are expected to ramp over time. Winning portfolio initiatives, where we are identifying rationalization opportunities, integrating lifecycle management as a sustainable business process, and enhancing our customer service. Improved business processes and procurement optimization, which also help to enhance quality and risk management. Operations architecture optimization. In the winning portfolio, we have over 60,000 SKUs, and we see opportunity to optimize about 40,000 of those SKUs, where we're targeting a 20% reduction and are on track, having achieved about 25% of that goal. By doing so, we remove complexity, reduce inventories, improve back orders, service levels, and sales force effectiveness, all while reducing risk and improving quality. Earlier, we shared an example of the planned 50% reduction in IV sets. On this slide, we show another example in our urological drainage portfolio, which is highly complex and in the process of being reduced by about 65%. Next, I want to share some more details on our RECODE Operations Architecture optimization workstream, which accounts for over half of the $300 million in savings. Today, we have 80 manufacturing plants across the globe. Through Project RECODE, we will ensure that we have the right products made in the right places and that we have the capacity to support our future growth. We are conducting end-to-end supply network analyses, inventory evaluations, and procurement reviews, and executing activities across our integrated supply chain. For example, we recently announced a site consolidation of five key facilities located on the West Coast in the United States and anticipate this not only will drive efficiencies, but it strengthens our capabilities and talent management strategy. Lastly, I want to touch on some of our enhanced programs that have been put into place which are above our annual cost improvement initiatives and are intended to mitigate the impact of the inflationary environment we are operating in today. These actions include strategic sourcing and supply initiatives, value-based shipping tiers, strategic pricing actions, portfolio mix optimization, and more. We are making great progress. Over the last few months, we established core teams with dedicated resources to support these strategic programs and have plans outlined and implementation occurring real-time that will benefit us in the short term. Additionally, this is building an enhanced capability that will become a core part of how we operate going forward. In summary, we are confident in our BD 2025 strategy. We expect to deliver at least 5.5% revenue growth and see this growth profile as de-risked, given our strong durable core, our enhanced pipeline, and ability to execute additional tuck-in acquisitions. We are also confident in our ability to expand our margins above historic highs, which in turn will drive double-digit adjusted EPS and cash flow through 2025. Our increasing dividend will remain a key differentiator, an important part of the BD value proposition. We will continue to be disciplined in our cash management and capital deployment. We have the capacity to consistently deploy capital to create value through tuck-in acquisitions and also plan to return to a more regular repurchase program to at least offset the dilution from stock-based compensation. Collectively, we think this supports a compelling value creation opportunity for all of our stakeholders. Thank you everyone for your interest. Thank you, Chris. Now I'd like to invite Tom, Alberto, Simon, Dave, Beth McCombs, and Tony Ezell to join Chris in our final Q&A session. As a reminder, please press star one on your telephone keypad to enter the queue. Rayne, please go ahead with our first question. Thank you. Rayne? Thank you. We have our first question. Vijay Kumar with Evercore. Hey guys, thanks for all the effort. Great presentation from the team. Tom, maybe starting with you, big picture. The revenue's accelerating here to 5.5%+. What is it assuming for, you know, from a bottom line perspective, right? That 5.5% dropping down to double-digit earnings. What is it assuming for capital deployment and, you know, leverage ratio levels? And just to clarify on the diabetes spin, should your targets of, you know, 5.5% on the top line and double-digit earnings, should that accelerate post spin? Yep. Thanks Vijay for the question, and I'll just make a couple comments on that and then turn it over to Chris to provide some more details around our capital spend and the like. Certainly, diabetes care is just one part of our portfolio strategy. We're bringing things in as part of our tuck-in M&A, and obviously in this case it's a spin as we optimize our portfolio in line with our BD 2025 strategy and our approach to both our durable core and transformative solutions. I would view the diabetes spin as more of just solidifying and strengthening that 5.5%+ outlook that we give. It's just another reason for confidence. Obviously, it does support that. As we've talked about before, it adds about 30 basis points of growth to the company, and that's just again, a contributor, as we move in that 5.5%+ trajectory. Chris. Yeah. I think on the capital allocation part of the question, I think you're exactly right. That strong growth profile, EPS growth profile certainly gives us a lot of flexibility as it relates to capital deployment. I think we feel really good about the progress we've made from cash flow focus, balance sheet focus, and where our leverage ratio currently sits. I think the way we're thinking about this is making sure we're deploying that capital in an effective way. As I talked about, we're gonna continue to prioritize tuck-in M&A. I think that gives us a lot of flexibility. If you look at what we've done here in the recent term, it's really driving strong performance and we're getting great value for the assets that we're looking at. I think you can expect us to kind of maintain a consistent approach there, is what I would say. We feel really good about where our leverage ratio is. It offers us a lot of flexibility on both the M&A front and some consistent share repurchase allocation. Understood, Chris. Just to clarify, Tom, on your earlier comments on diabetes. The double-digit earnings growth, and the 400 basis points of margin expansion, once the base resets post-spin, like those targets are still intact, correct? That there is no change to them? Yeah, I can address that. Yeah, there's a couple things that I think are important to think about. One, remember that we're taking an asset, right? We're essentially bifurcating it, right? You have a pro forma view here. Collectively, nothing gets lost. Shareholders are getting kind of value just through a different allocation. You're absolutely right, this does not change our approach at all. It actually enhances our growth and earnings profile. We're still confident in the 400 basis points of margin improvement over that time period as well. I think importantly, I'd mention the cash distribution that we'll be getting, which gives us a lot of additional flexibility over this time period. That's cash that we would've realized from that business that we can continue to put at work. Again, it kind of goes back to my first comment, gives us a lot of confidence in our capital deployment approach going forward. That's helpful, Chris. Tom, maybe one last one for you on China. What is the LRP assuming for China outlook? I'm curious, you know, when you think about the margin expansion, any more surprises from, you know, VBC's, you know, tendering process in other categories? You know, how do we, you know, handicap any risk related to tendering? Yeah, you know, Vijay, I think you heard from James Deng a strong confidence in our outlook for China, and you saw that sprinkled across the discussions with the segment presidents as well. We have a very strong, robust pipeline. I've been with BD 20 years. We have a stronger pipeline of products launching in China over the next 3-4 years than I've ever seen before. That certainly includes not only the BDI business, which we've doubled the size of since the Bard acquisition, but you see it in Life Sciences, you see it in Medical. It's been a big focus of ours. On the VBP side. I think you heard James allude to, we feel comfortable being back to those high single digit, low double digit numbers for China. When we think about VBP, the catheter piece is it still ongoing? Yes. Is it largely behind us? Yes as well. The business is managing their cost structure in line with how that continues to evolve. More of a steady state with cost structure management being able to be part of the equation as we look going forward. At this point, no one can, you know, say what's gonna happen several years from now with China government policy, but at this point, from a VBP perspective, we've all seen a focus on higher value consumables more in orthopedics and cardiac and the like. Obviously, we don't participate in those markets, and so at least the current focus is in categories that we're not competing in. We're managing through the residual effect of the category that was participated in that we obviously had a role in. Thanks for the question, Vijay. Helpful perspective, Tom. Thank you. Yeah. Okay. Okay. Thank you. Next, we have Rick Wise with Stifel. Hi. Hey, Tom. Could I ask a question? I'm gonna not pick on you today. I'll get Beth McCombs a question, couple of questions actually. First, belated congratulations on your April promotion to CTO. Very exciting. It seems to me you're a critical driver of this BD 2025 outlook vision. Can you help us understand two things? I'm curious to hear your thoughts. What's your main focus as CTO? I'm sure we've heard a lot about it today, but what's gonna be different now under your leadership, just in a general sense, where you focus, but more specifically, when I reflect on the last five years and contemplate the next five, three to five as laid out here today, how can you help BD become more consistently, comprehensively, emphatically successful, and realizing this vision? I'd just be curious to hear your perspective. Thank you. Great. Well, thank you first of all for the warm welcome, and it's amazing it's been already six months in role and two years at BD, and it's just been a phenomenal opportunity, and happy to share with you what will be different moving forward. You know, I think you really heard from our business unit leaders and our segment leaders and Tom and Chris today that we have a very clear strategy from a portfolio standpoint with our durable core and our transformative solutions. This really started to come together in early 2020 as we started to pivot from really focusing on integration of our CareFusion, Bard, and BD together to really be more outwardly focused on the new growth opportunities. As we defined those organic and inorganic investments and spaces, it really started to coalesce over the last year in that durable core focus where we have important products, $45 billion, that provide the backbone of our healthcare system today. How do we empower all of that with digital technology to make our products more of the central nervous system, the intelligence, within our healthcare system? That digital focus is... It's been building momentum, and we're just gonna take that to the next level moving forward. Digital is really powering the smart hospital, the smart connected care that we've been talking about, new care settings, as well as the more integrated and personalized solutions for chronic disease. I'm really excited about that. Going forward, I think you'll see too, we're recognizing that pace of change in healthcare is accelerating, so we need to be even more externally focused. Soon we'll be announcing a Chief Scientific Officer who's joining BD to really drive that external innovation roadmap. We also are building a high-powered scientific advisory board to bring those external trends to us, to challenge us and make sure that we are setting that pace moving forward. That's really where I'm focused moving forward. From a reliability of execution, I have looked at the past, which of course will, you know, inform how we approach this in the future, and I've actually seen some puts and takes, but generally in our core, where we have good capabilities, we are delivering. You saw, as we spoke about today, the improved new product revenue over the last couple years growing at over 20% CAGR. We're gonna continue to drive reliability in execution. A lot of it is about first, we've got to make the right choices. We're cutting programs that are lower value so we can really focus and accelerate the most meaningful. At the same time, from an execution standpoint, we've been improving governance. Really, John DeFord, my predecessor, started to put some strong governance in place, and we're now at the executive leadership team monthly reviewing our pipeline, making sure we're hitting our metrics in terms of milestone and launch attainment, and also proactively getting after risks. Because if we can get those risks on the table early, part of that speak up culture that Tom spoke about, that's when we can really work together to bring these meaningful solutions to life. Thanks again for the welcome, and I really look forward to the path ahead. Thank you very much. Thank you, Rick, for your question. Thank you. Next we have Robbie Marcus with JP Morgan. Oh, great. Thanks for taking the question. Again, thanks for putting this together today. Maybe, Chris, to start off, first question. You know, my focus is really on fiscal 2023 through 2025. It looks like almost all the operating margin expansion is gonna come primarily from gross margin. I was just hoping you could maybe dig into how confident you are on that and where it's coming from, and why there isn't gonna be more SG&A or R&D leverage. Thanks, Robbie, for the question. Yeah, we're very confident. Everyone you heard today is very focused on margin. It starts with the growth profile. Strong growth profile certainly gives us opportunity to leverage both GP and SG&A. If you break it down into kind of the four buckets, one, we had, you know, upwards of 300 basis points in GP improvement and 400 basis points of operating margins, what we talked about. I would view that as very balanced. Certainly the added SG&A you would expect from two areas. One, just natural leverage that would occur with strong growth. Two, the Alaris plays into that equation as well. When you think about the four pieces, one, we have Project RECODE, $300 million. That's worth around 150 basis points. Alaris was about 80 basis points. And then we had the kind of upleveled inflation mitigation and just natural leverage. Natural leverage will happen over time pretty consistently, and it'll happen both in GP, and it'll also happen in SG&A. And then the inflation mitigation is actually gonna have kind of a nearer term impact as well because we've been ahead of that. We started that last year, so we're feeling really good. I think it's a balanced profile. We need to continue to execute. You heard me talk about on the earnings call that the 200 basis points operating margin improvement, there was 150 basis points that was from volume and FX alone, right? We feel really good about how we're starting in the short term and expect that to continue over time. As a matter of fact, I think, you know, Tony's been extremely active and engaged, as you heard, about driving some of this in the region. May be a good opportunity for him to kind of amplify on some of the actions that we're taking there. Yeah, sure. Thanks for that, Chris. Clearly one of the opportunities we have is to continue to focus on profitability from a pricing perspective. Maybe two or three things that I think we've done well and we will continue to do beyond FY 2022 is we've had, you know, targets that across all regions, all business units that we are clearly aligned to. We've got clear action plans that are being executed on down to the customer level. Probably even more importantly, as I mentioned in my earlier video, we've got great governance to ensure that we're executing on those plans. Because of that, we've got a clear line of sight and feel pretty secure about at least 50% of what we're already targeting for FY 2022. This will just be a standard way of disciplined execution across all regions, across all business units as we move through our complete ASR horizon. Great. Maybe as a follow-up, Chris, I was hoping you can maybe talk a little bit about how Becton thinks about currency and mitigating its impact. The company over the past few years has been more impacted on the bottom line by currency than probably anyone else in large cap med tech. Just thinking out, you know, you guys aren't foreign currency traders, but are there any ways you can improve the natural hedges or better use of synthetic hedges to minimize the impact on the bottom line as you think out over the future plan? Thanks. Yeah. Thanks, Robbie. Appreciate it. Yeah, to your point, a lot of this is often really just timing. You saw that happen play out last year and how it's kind of flowing through our P&L this year, and we're picking up the favorability. So, you know, as I've engaged over my first two months, you know, there's a lot of focus on understanding our cost structure. We do have things that we do in place where there's natural hedging, et cetera, no different from many other companies. So, you know, something I'll look at going forward. I don't think that's a core. I think it always starts with really just, call it, core business, driving growth, focus on a healthy margin profile. Everything else kind of tends to manage itself. With that said, it's something that we'll continue to look at, but they do have really strong process here, and you see some of that benefit coming through 2022 that I think was a lag in the fiscal 2021 period. Thank you. Great. Appreciate it. Thanks a lot. Thanks, Robbie. Thank you. Next we have Matthew Mishan with KeyBanc. Thank you for taking the question again and for the day. Just to start with the gross margin, when I look at slide 93, it says up to 300 basis points of gross margin expansion through FY 2025. Is that wording like pointed where you think that's a ceiling for what you guys could do? Yeah. Thanks for the question. Yeah, I mean, look, we're not providing specific guidance. This is a long-term outlook. We're trying to give you a feel for kind of the rhythm of the business through 2025. I think the main thing to think about is we get to healthy margin levels, we reach pre-pandemic levels within 2024. I think as I said earlier, GP is a key part of that. Operating margin, we didn't wanna be so precise, given it's a long-term outlook. We have many things we're doing in our portfolio that can drive strong GP. I think our whole innovation story is not only oriented against growth, but it has a margin lens against it, same with our tuck-in M&A. That's gonna be a core part of that. Certainly, we don't put a ceiling on ourselves, but we wanted to just give you an indication of how we're getting there over time. We thought that was just a prudent frame to give you to kind of think about the total margin expansion and how it may allocate. Okay, excellent. One of the more exciting things I picked up today was from Pharma Systems. It seems like the opportunity kind of with Libertas and Evolve to moving from like in-clinic injections and infusions to at home and subcutaneous injections. Like, that's a pretty big deal. Like, how confident are you guys that you can realize that kind of opportunity, you know, if that would broadly help the healthcare system? Yeah, Matt, that's a great question, and we're confident in that. As you heard Eric mention, it's launching in this year. We'll start going into the pharma companies. We've already signed a number of contracts. Maybe, Alberto, if you could share some further thoughts on that. I think we are very confident about it. It will take a partnership between the drug companies and ourselves, and that's what a little bit of the pacing is gonna be looking like. Overall, this is definitely, like you suggest, a trend in the market. And if we can, it enhances the patient experience. It you know there's a lot of aspects. You know, takes it out of the clinical realm. I think it will take a little bit of time because we have to develop it with the drug companies, but I think this is gonna be really a definite growth driver for us going forward. We're early on in terms of the way we're one of the first to market. We have an opportunity to shape that market, as we go along as well. You heard Eric mention ZebraSci also helps as you think about tuck-in. That tuck-in M&A transaction helps small biopharma who wanna move in that direction. We're now perfectly positioned to not just have the device, but have the service that helps them, maybe move that formulation from an IV into a SubQ, be able to figure out how do you do drug container compatibility in our type of device, offer that as a service. That's a great Engaging them much earlier in the process, which I think will speed up the adoption process too. Yep. All right. Excellent. Look forward to seeing how that progresses. Thank you. Next question. Rayne, we can take the next question. Other questions? Rayne, any other questions? Yeah, we have more in the queue. Maybe as we're waiting, if there are any other questions on the margin question, Robbie, that you had, maybe just ask Dave to speak to each of. I think it's just a good representation. It's true in every one of the segments. As you look at the innovation pipelines that everyone outlined here today, as Chris described, they're not only moving us into higher growth spaces, but they're moving us into higher margin spaces as well. It's part of what we're looking at in each of our investment decisions. I think life sciences is a great example of that, across the higher margin molecular bioscience spaces Point of Care. Maybe any thoughts on that Dave. Yeah, for sure. Yeah, for sure. It's great, Tom. Actually, Robbie, I'll pick up on your, you know, the question you actually asked when we presented the Life Sciences Segment strategy right at. I think there's two thoughts to me is, you know, one is the spaces that we're gonna be playing in holistically. You know, if you look at sort of whether it's Point of Care, Integrated Diagnostic Solutions, molecular, so many spaces now that are high single-digit, low double-digit growth rates. I think just overall the categories are becoming very relevant and attractive. Then, you know, you'd sort of made the observation about the install base growth. You know, whether that's BD Veritor or BD MAX. We absolutely see an opportunity here to leverage and utilize that install base with new menu. You know, again, it's a higher margin flip in terms of that razor blade model that we talked about in the segment presentation. Knowing that we're already investing in sort of menu, incremental menu for both BD Veritor, the Veritor At-Home product and BD MAX, there are three levers there from a menu content perspective, high margin menu content perspective, that will absolutely be contributing to the initial gross margin question that you asked. Other questions, operator, we may have. Excuse me. Sorry for the technical difficulties. We have now Josh Jennings from Cowen. Hey, Josh. Hey, this is actually Neil on for Josh. Thanks for taking our question. Just curious, going back to you touched on China growth strategy. Was curious if you had any other color you could add around the localized strategy. You know, I think previously there was a plan to launch 10 in China for China products, you know, over three years. Just curious where you're at with that target supporting growth? Yep. No, that's very much on track. Those products, some have launched, more are launching this coming year, and there's a strong cadence going forward. I think you heard that from James Deng. No, we're very pleased with the China R&D team. Actually, we're seeing the first products start to come out from the China R&D team, and maybe I'll ask Simon to comment on this, where we see not just for China, but opportunities to take some of those innovations more globally. Maybe Simon. Yes. You're quite active there. Certainly. Yeah. We've, you know, just last year, we launched a new hernia mesh that was designed by China for China. You know, we continue to engage with that R&D team. They're providing really robust design inputs. As you heard from James Deng and myself earlier on, the growth rate in China i s really very, very good for us. We're gonna continue to do that. The interactivity between our design centers in the U.S. and the China design center is, I would say, at an all-time high right now. Thank you for the question. Okay. That completes our Q&A. Thank you everybody for asking questions. With that, let me turn it over to Tom to share some final thoughts. Okay. Well, thank you, Nadia. Thank you for your insightful questions, and thanks to all of you for joining us today for our Investor Day. Today, we shared a clear, sustainable strategy for creating value for our shareholders, but it doesn't happen without the right team. As I'm sure you gathered from today's presenters, we are all inspired by the long-term growth prospects for BD. We have a strong and passionate team eager to continue what we started, committed to executing our plans and broadening our legacy of impactful, transformative innovation as we reinvent the future of healthcare. We're advancing the world of health because it creates value across the board, for you, for our communities, for the planet, and for our people. BD's future is bright, and our opportunities to make an impact has never been greater. Thank you, Tom, and thank you to all of our presenters. Thank you, thanks to you for joining us today. We hope you found today's presentation informative. As a reminder, a replay of our Investor Day will be available on our website, investors.bd.com. Also, please take a moment to visit our virtual trade show booth. We hope you enjoy it. Should you have any questions, please feel free to contact the investor relations team. With that, enjoy the rest of your day.