Slides
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Q4 FY26 Earnings Presentation NOVEMBER 5, 2026
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Caution Concerning Forward-looking Statements This presentation and accompanying webcast contain certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s future prospects and performance, including, but not limited to, future revenues, margins, growth, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions of BD and involve a number of business risks, uncertainties and other important factors. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. For a further discussion of certain factors that could cause our actual results to differ from our expectations in any forward-looking statements, see our November 5, 2026 earnings press release and our latest Annual Report on Form 10-K and other filings with the SEC. BD expressly disclaims any undertaking to update or revise any forward-looking statements set forth herein to reflect events or circumstances after the date hereof, except as required by applicable laws or regulations. The guidance in this presentation is only effective as of the date given, November 5, 2026 and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following November 5, 2026, does not constitute BD re-affirming guidance. Caution Concerning Non-GAAP Financial Measures To supplement financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), we use financial measures not prepared in accordance with GAAP, including revenue growth rates on a currency-neutral basis, adjusted diluted earnings per share, adjusted gross margin, adjusted operating margin, net leverage, free cash flow, and free cash flow conversion. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD’s underlying operational results or that affect period to period comparability helps investors to gain a better understanding of our performance compared to prior periods, to analyze underlying trends in our businesses, to analyze our operating results or liquidity, and to understand future prospects. Management uses these non- GAAP financial measures to measure and forecast the company’s performance or liquidity, especially when comparing such results to prior periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison for other companies within the medical technology industry. Although BD’s management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD’s net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the financial tables at the end of this presentation and in our November 5, 2026 earnings press release. Within these financial tables, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts. Current and prior- period adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, separation-related costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, certain pension settlement costs, and the impact of the extinguishment of debt. We also provide these measures, as well as revenue growth rates, on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. Reconciliations of these amounts to the most directly comparable GAAP measures are included in the financial tables at the end of this presentation and in our November 5, 2026 earnings press release. Q4 FY26 EARNINGS PRESENTATION 2
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Basis of Presentation All dollar amounts presented are USD ($) in millions, unless otherwise indicated, except per share figures. FXN denotes currency-neutral basis. Revenue year-over-year change comparisons are on an FXN basis unless otherwise noted. References to adjusted EPS refer to adjusted diluted EPS. References to “FY” refer to BD’s fiscal year, which ends September 30. Beginning October 1, 2025, the company began operating under our previously disclosed New BD segment structure that includes Medical Essentials, Connected Care, BioPharma Systems and Interventional, and a 5th Life Sciences segment comprised of Biosciences and Diagnostic Solutions. Subsequent to the spin-off of the company's former Biosciences and Diagnostic Solutions business, which was previously the Life Sciences segment, and the combination of the business with Waters Corporation on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. The financials discussed here and included in the earnings release have been recast to reflect this reorganization, and the historical results of the Life Sciences segment are reflected as discontinued operations for all periods presented. Financial information presented in this presentation reflects BD's results on a continuing operations basis. The BioPharma Systems segment is comprised of the Company’s former Pharmaceutical Systems organizational unit. New BD refers to BD post the separation of the Biosciences and Diagnostic Solutions business from BD. Guidance Considerations The company is providing guidance for fiscal year 2027 for BD, which reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Tariff commentary is based on tariff policies in effect as of November 4, 2026. International trade policies, trade restrictions and tariffs are rapidly evolving and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will be. Guidance does not contemplate a more significant escalation of macro complexity. Effective tax rate guidance assumes no major legislative or regulatory changes; it is not unusual for the rate to fluctuate quarterly given timing of discrete items. Estimated full year foreign currency impact reflects actual rates to date and current spot rates for the remainder of the year. The company's expected adjusted diluted earnings per share and adjusted operating margin for fiscal 2027 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted earnings per share and adjusted operating margin guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD’s financial performance. We also present our estimated revenue growth for our 2027 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD’s anticipated underlying revenue performance for our 2027 fiscal year in relation to our underlying 2026 fiscal year performance. Market and Industry Data This presentation includes estimates regarding market and industry data that BD prepared based on management’s knowledge and experience in the industry in which BD operates, together with information obtained from various sources, including publicly available information, industry reports and publications. In presenting this information, BD has made certain assumptions that BD believes to be reasonable based on such data and other similar sources and on BD’s knowledge of, and BD’s experience to date in, the industry in which BD operates. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and BD takes no responsibility for such information. Q4 FY26 EARNINGS PRESENTATION 3
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Strong Q4 Caps a Milestone Year Revenue $5.3B Adjusted Operating Margin 28.6% +5.6% FXN +280 bps YoY Adjusted EPS $4.15 Operating Cash Flow $3.6B +27.3% YoY FY26 Q4 FY26 EARNINGS PRESENTATION FY26 Completes BD’s Transformation to a More Focused MedTech Company Delivered strong Q4 performance reflecting broad- based growth and momentum Commercial excellence and investments drove double-digit growth in Q4 and FY26 across key platforms, including Advanced Patient Monitoring, PureWick , Advanced Tissue Regeneration, Biologic Drug Delivery and BD Rowa Adjusted EPS exceeded expectations, driven by increasing revenue contribution from growth platforms and expanding impact of BD Excellence FY26 free cash flow of $2.9B increased +42%, reflecting improved working capital and lower non- operational cash items Returned $3.6B to shareholders in FY26; $2.4B in share repurchases and $1.2B in dividends Initiating FY27 guidance: Low single-digit revenue growth, including ~200 bps Alaris capital headwind; adjusted EPS of $13.10 to $13.30 Please see Basis of Presentation on slide 3 and Appendix for non- GAAP reconciliations. 4
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Q4 FY26 EARNINGS PRESENTATION BD Excellence: Driving Competitive Wins, Innovation Speed and Productivity Please see Basis of Presentation and Market and Industry Data on slide 3. APM: sales force investments drove strong uptake of HemoSphere Alta and one of APM’s highest annual growth rates in 20 years MMS: BD Alaris gained additional share in Q4 and 250+ bps for the full-year MMS: Dispensing share gains with BD Pyxis Pro order momentum; 95% BD Incada attach rate MMS: RxAuto momentum on incremental investment, commercial execution, and U.S. launch of BD Vmax central-fill robot 2,000+ Kaizen events and network optimization projects drove higher manufacturing efficiencies and raw materials savings ~8% gross productivity improvements in our plants Customer service levels >90% Generating value from $200M cost out program initiated at beginning of FY26; 100% of savings identified Compete Innovate Deliver BPS: expanded position in next- generation biologic drug delivery, including continued momentum in delivering GLP-1 therapies PI: incremental commercial investments translating to stronger growth; growth accelerated each quarter of FY26 UCC: continued adoption, competitive wins and momentum in VA channel driving double-digit PureWick growth 5 Concentrating investment in attractive markets where healthcare needs BD most and where we believe BD can create a sustainable competitive advantage Deployed BD Excellence into R&D driving compressed launch timelines by ~10 months on average PI: launched BD® Liverty TIPS Stent Graft in the U.S. in Q1 FY27 SURG: received 510(k) clearance for Phasix ST Parastomal
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High-Impact Launches Expanding Addressable Markets BD® Liverty TIPS Stent Graft • Launched in the U.S. in Q1 FY27; launched in the EU in Q3 FY26 • Expands presence in $2B global venous market growing HSD • Targeted for liver cirrhosis patients to relieve portal hypertension symptoms through placement of a specialized stent graft Revolutionizing parastomal hernia repair Phasix ST Parastomal Hernia Mesh • Received 510(k) clearance in Q4 FY26; U.S. launch expected 1H FY27 • Expands Advanced Tissue Regeneration portfolio in $1.8B global market • First-of-its-kind bioabsorbable mesh with anatomical channel that naturally aligns to patient anatomy Q4 FY26 EARNINGS PRESENTATION Expansion into a new venous segment with novel stent graft system Please see Market and Industry Data on slide 3. 6
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Q4 FY26 EARNINGS PRESENTATION Q4 FY26 Segment Revenue and Key Highlights Connected Care BioPharma Systems InterventionalMedical Essentials $1,686 $1,786 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 $1,250 $1,269 Q4 FY25 Q4 FY26 $702 $748 Q4 FY25 Q4 FY26 $1,367 $1,472 +2.1% FXN +7.0% FXN +7.6% FXN+5.9% FXN PI: $577M; +8.3% FXN: Strong growth in Peripheral Vascular Disease driven by Rotarex Atherectomy System, recent launches of BD Liverty TIPS and Revello , and a favorable prior-year comparison, along with solid growth in Oncology UCC: $473M; +8.7% FXN: Double-digit growth in PureWick with continued adoption of the Male and Female portfolios and continued expansion in home care settings SURG: $422M; +5.5% FXN: Double-digit U.S. growth in Advanced Tissue Regeneration and strong OUS growth across all platforms MMS: $952M; (2.2%) FXN : Mid-single digit growth ex-Alaris driven by strong infusion set growth from strong Alaris share gains pull-through and continued strength in BD Rowa APM: $317M; +17.3% FXN: Strong growth led by HemoSphere Alta , Smart Recovery, including continued adoption of Acumen IQ Cuff and Acumen IQ Sensor, and demand for legacy consumables Double-digit growth in Biologics led by continued GLP-1 strength, partially offset by a moderating headwind in Vaccine products MDS: $1,256M; +4.5% FXN: Growth led by share gains and healthy utilization across the Vascular Access Management portfolio SM: $529M; +9.4% FXN: Strong growth led by share gains in the BD Vacutainer® portfolio, new supply capacity and continued competitor disruptions Please see Basis of Presentation and Market and Industry Data on slide 3 and Appendix for non-GAAP reconciliations. 7
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Q4 FY26 EARNINGS PRESENTATION Q4 FY26 and FY26 Financial Summary: Revenues, Adjusted Margins and Adjusted EPS (As adjusted) $ in millions, except per share data Q4 FY26 Q4 FY25 Y/Y ∆ FY26 FY25 Y/Y ∆ Revenues $5,274 $5,005 5.4%* $19,457 $18,544 4.9%* FXN revenue growth 5.6% 3.9% Gross Profit $2,994 $2,751 8.8% $10,714 $10,241 4.6% Gross margin 56.8% 55.0% 180 bps 55.1% 55.2% (10 bps) SSG&A $1,262 $1,195 5.6% $4,945 $4,609 7.3% % of revenues 23.9% 23.9% 0 bps 25.4% 24.9% 50 bps R&D $243 $261 (6.9%) $976 $955 2.3% % of revenues 4.6% 5.2% (60 bps) 5.0% 5.1% (10 bps) Other Operating (Income) expense, net ($20) $3 NM ($75) $11 NM Operating Income $1,509 $1,292 16.8% $4,867 $4,666 4.3% Operating margin 28.6% 25.8% 280 bps 25.0% 25.2% (20 bps) Interest / Other, net ($141) ($178) (20.9%) ($610) ($632) (3.5%) Tax Rate 16.9% 15.9% 16.5% 14.9% Net Income $1,136 $937 21.3% $3,555 $3,433 3.6% Average diluted common shares 274 287 280 289 Earnings per Share $4.15 $3.26 27.3% $12.70 $11.90 6.7% Please see Basis of Presentation on slide 3 and Appendix for non-GAAP reconciliations. *Growth includes foreign exchange impact. NM denotes that the percentage change is not meaningful. 8
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FY26 free cash flow improved YoY; reflects improved working capital and lower non-operational cash items Including separation costs, free cash flow conversion increased from 57% in FY25 to 74% in FY26 and is expected to meaningfully improve in FY27 BD Excellence productivity gains are improving FCF; more firepower to execute disciplined capital allocation strategy Returned $3.6B to shareholders in FY26, including $2.4B in share repurchases and $1.2B in dividends Ended FY26 with net leverage of 2.7x Q4 FY26 EARNINGS PRESENTATION Strong Cash Generation and Capital Allocation Strategy Supporting $3.6B in Shareholder Returns $2,058 M FY25 FCF $2,933 M FY26 FCF +42% Please see Basis of Presentation on slide 3 and Appendix for non-GAAP reconciliations. 9
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Revenue Growth (FXN) Adjusted Diluted EPS Q4 FY26 EARNINGS PRESENTATION Initiating FY27 Guidance Guidance as of November 5, 2026 Guidance Considerations (1) FX estimates based on current spot rates and currency mix. Note: Please see Basis of Presentation on slide 3 and Appendix for non-GAAP reconciliations. This guidance is only effective as of the date given, November 5, 2026, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following November 5, 2026, does not constitute BD re-affirming guidance. Low single-digit growth $13.10 to $13.30 +3.1% to 4.7% • Alaris impact: ~200 bps YoY headwind • FX: expect ~70 bps headwind on revenue(1) • Q1 revenue growth expected to be at the low end of full-year guidance range • 1H revenue growth expected to be in-line with the midpoint of full-year guidance range • Adjusted operating margin: ~flat YoY • Adjusted tax rate: 16% to 17% • Weighted average shares outstanding: ~273M • Q1 adjusted EPS expected to be between $2.32 and $2.37 driven by: • Q1 revenue seasonality • Annualization of prior year commercial investments • Inflationary impacts 10
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Summary Delivered strong Q4 performance reflecting broad- based growth and momentum Commercial excellence and investments drove double -digit growth in Q4 and FY26 across key platforms , including Advanced Patient Monitoring, PureWick , Advanced Tissue Regeneration, Biologic Drug Delivery and BD Rowa Adjusted EPS exceeded expectations , driven by increasing revenue contribution from growth platforms and expanding impact of BD Excellence Q4 FY26 EARNINGS PRESENTATION FY26 free cash flow of $2.9B increased +42% , reflecting improved working capital and lower non- operational cash items Returned $3.6B to shareholders in FY26 ; $2.4B in share repurchases and $1.2B in dividends Initiating FY27 guidance: Low single -digit revenue growth, including ~200 bps Alaris capital headwind; adjusted EPS of $13.10 to $13.30 11Please see Basis of Presentation on slide 3 and Appendix for non-GAAP reconciliations.
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Appendix 12Q4 FY26 EARNINGS PRESENTATION
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Advancing a Stronger, More Focused Pipeline of High-Impact Solutions Key: Recent innovation driving growth / Near and mid-term catalysts / Select pipeline products Q4 FY26 EARNINGS PRESENTATION BioPharma SystemsConnected CareMedical Essentials Interventional SiteRite 9 Ultrasound PIVO Pro + BD Nexiva with NearPort IV Access BD® Intraosseous Vascular Access System CentroVena One Insertion System BD Vacutainer® AccuSTAT Parata Max 2 Central Fill U.S. NextGen Infusion Pump BD Alaris Infusion System BD Pyxis Pro Dispensing Solution HemoSphere Alta Monitor Smart Sensors BD Pyxis MedBank 2.0 BD Incada Connected Care Platform HemoSphere Stream Module with VitaWave Plus Cuff PureWick Male and Flex Female External Catheter Surgiphor Pulse PureWick Portable Revello Vascular Covered Stent BD EnCor EnCompass Liverty TIPS Stent Graft Avitene Flowable Phasix ST Parastomal Hernia Mesh GalaFLEX Breast Neonatal PICC and Umbilical Catheter BD Elyra Thulium Fiber Laser SystemBD Libertas 5mL BD Neopak XtraFlow Glass Prefillable Syringe BD Neopak XtraFlow 5.5mL Glass Prefillable Syringe BD Dual Injection Prefillable Syringe System BD Evolve BD Vystra Disposable Pen BD Libertas 10mL PFS Large Container System BD Physioject Disposable Autoinjector Key: Recent innovation driving growth / Near and mid-term catalysts / Select pipeline products BD Scionix Sirolimus DCB 13
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Corporate Sustainability: Together We Advance Q4 FY26 EARNINGS PRESENTATION Named among America’s Best Companies by Time in 2026 Named among 100 Best Corporate Citizens by 3BL Media in 2026 Named among World’s Most Trustworthy Companies by Newsweek in 2026 Named among America’s Most Innovative Businesses by Business Insider in 2026 Named among America’s Greenest Companies by Newsweek in 2026 Named among America’s Greatest Companies by Newsweek in 2026 Named among World’s Best Employers by Forbes in 2026 Named among World’s Best Companies by Time in 2026 14
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1H First Half FY Fiscal Year R&D Research and Development APM Advanced Patient Monitoring GLP-1 Glucagon-Like Peptide-1 SEC Securities and Exchange Commission B Billion HSD High-Single-Digit SM Specimen Management BPS BioPharma Systems IV Intravenous SSG&A Shipping, Selling, General and Administrative bps Basis Points M Million SURG Surgery DCB Drug Coated Balloon MDS Medication Delivery Solutions TIPS Transjugular Intrahepatic Portosystemic Shunt EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization mL Milliliter UCC Urology & Critical Care EPS Earnings Per Share MMS Medication Management Solutions U.S. United States ERP Enterprise Resource Planning OUS Outside the United States USD United States Dollar EU European Union PFS Prefillable Syringe VA Veterans Affairs FCF Free Cash Flow PI Peripheral Intervention YoY or Y/Y Year over Year FX Foreign Exchange PICC Peripherally Inserted Central Catheter YTD Year To Date FXN Foreign Exchange Neutral Q Quarter Glossary Q4 FY26 EARNINGS PRESENTATION 15
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Supplemental Reconciliation – Revenues by Business Segments and Units For the Three Months Ended September 30, (Unaudited; $ in millions) (1) Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the Company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis. (2) The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit. Q4 FY26 EARNINGS PRESENTATION 16
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Supplemental Reconciliation – Revenues by Business Segments and Units For the Twelve Months Ended September 30, (Unaudited; $ in millions) (1) Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the Company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis. (2) The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit. Q4 FY26 EARNINGS PRESENTATION 17
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Supplemental Revenue Information – Revenues by Geographic Regions For the Three Months Ended September 30, (Unaudited; $ in millions) For the Twelve Months Ended September 30, (Unaudited; $ in millions) Q4 FY26 EARNINGS PRESENTATION D=(A-B)/B E=(A-B-C)/B A B C % Change 2026 2025 FX Impact Reported FXN DEVELOPED MARKETS REVENUES $ 17,003 $ 16,207 $ 125 4.9 4.1 EMERGING MARKETS REVENUES 2,455 2,336 72 5.1 2.0 TOTAL REVENUES FROM CONTINUING OPERATIONS $ 19,457 $ 18,544 $ 197 4.9 3.9 China $ 862 $ 922 $ 28 (6.5) (9.5) D=(A-B)/B E=(A-B-C)/B A B C % Change 2026 2025 FX Impact Reported FXN DEVELOPED MARKETS REVENUES $ 4,575 $ 4,366 $ (25) 4.8 5.4 EMERGING MARKETS REVENUES 699 639 14 9.4 7.2 TOTAL REVENUES FROM CONTINUING OPERATIONS $ 5,274 $ 5,005 $ (11) 5.4 5.6 China $ 228 $ 242 $ 9 (5.8) (9.5) 18 Amounts may not add due to rounding.
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Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Three Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. (3) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters. (4) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the three months ended September 30, 2026 reflects a benefit of $66 million primarily to Cost of products sold, related to refunds received of tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), and net charges of $45 million to Other operating expense, net, related to product liability and certain other legal matters. The amount for the three months ended September 30, 2025 reflects net charges of $232 million to Other operating expense, net, related to product liability and certain other legal matters. Q4 FY26 EARNINGS PRESENTATION 19
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Reported (GAAP) Purchase accounting adjustments Integration costs Restructuring costs Separation- related items Product, litigation, and other items TSA / LSA total Income tax benefit of special items Adjusted (Non-GAAP) Notes for Non- GAAP Adjustment (1) Revenues 5,274$ — — — — — — 5,274$ Gross Profit 2,693$ 347$ — — — (46)$ — 2,994$ 1, 4 % Revenues 51.1% 56.8% SSG&A 1,262$ — — — — — — 1,262$ % Revenues 23.9% 23.9% R&D 246$ — — — — (3)$ — 243$ 4 % Revenues 4.7% 4.6% Integration, restructuring and transaction expense 77$ — (42)$ (35)$ — — — — 2 % Revenues 1.5% — Other Operating Expense (Income), net 76$ — — — (32)$ (45)$ (19)$ (20)$ 3, 4 % Revenues 1.5% (0.4%) Operating Income 1,032$ 347$ 42$ 35$ 32$ 2$ 19$ 1,509$ 1, 2, 3, 4 Operating Margin 19.6% 28.6% Net interest expense (120)$ (1)$ — — — — — (121)$ 1 Other Income (Expense), Net (11)$ — — — — 10$ (19)$ (20)$ 4 Income Tax Provision 209$ 22$ 231$ Effective Tax Rate 23.2% 16.9% Net Income 692$ 346$ 42$ 35$ 32$ 12$ — (22)$ 1,136$ 1, 2, 3,4 % Revenues 13.1% 21.5% Diluted Earnings per Share from Continuing Operations 2.52$ 1.26$ 0.15$ 0.13$ 0.12$ 0.04$ — (0.08)$ 4.15$ 1, 2, 3, 4 Supplemental Non-GAAP Reconciliation For the Three Months Ended September 30, 2026 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 19. Q4 FY26 EARNINGS PRESENTATION 20
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Reported (GAAP) Purchase accounting adjustments Integration costs Restructuring costs Separation- related items Product, litigation, and other items TSA / LSA total Income tax benefit of special items Adjusted (Non-GAAP) Notes for Non- GAAP Adjustment (1) Revenues 5,005$ — — — — — — 5,005$ Gross Profit 2,366$ 384$ — — — 1$ — 2,751$ 1, 4 % Revenues 47.3% 55.0% SSG&A 1,208$ — — — — (13)$ — 1,195$ 4 % Revenues 24.1% 23.9% R&D 264$ — — — — (3)$ — 261$ 4 % Revenues 5.3% 5.2% Integration, restructuring and transaction expense 125$ — (41)$ (84)$ — — — — 2 % Revenues 2.5% — Other Operating Expense (Income), net 232$ — — — (3)$ (230)$ 4$ 3$ 3, 4 % Revenues 4.6% 0.1% Operating Income 536$ 384$ 41$ 84$ 3$ 247$ (4)$ 1,292$ 1, 2, 3, 4 Operating Margin 10.7% 25.8% Net interest expense (151)$ (1)$ — — — — — (152)$ 1 Other Income (Expense), Net (33)$ — — — — 3$ 4$ (26)$ 4 Income Tax Provision 7$ 170$ 177$ Effective Tax Rate 1.9% 15.9% Net Income 345$ 383$ 41$ 84$ 3$ 250$ — (170)$ 937$ 1, 2, 3, 4 % Revenues 6.9% 18.7% Diluted Earnings per Share from Continuing Operations 1.20$ 1.33$ 0.14$ 0.29$ 0.01$ 0.87$ — (0.59)$ 3.26$ 1, 2, 3, 4 Supplemental Non-GAAP Reconciliation (1) Refers to footnotes on slide 19. For the Three Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) Q4 FY26 EARNINGS PRESENTATION 21
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(A) (B) (C) = (A) - (B) (D) = (C) / (B) Adjusted (Non-GAAP) Q4 FY26 Adjusted (Non-GAAP) Q4 FY25 Adjusted (Non-GAAP) $ Change Adjusted (Non-GAAP) % Change Revenues 5,274$ 5,005$ 269$ 5.4% Gross Profit 2,994$ 2,751$ 243$ 8.8% % Revenues 56.8% 55.0% SSG&A 1,262$ 1,195$ 67$ 5.6% % Revenues 23.9% 23.9% R&D 243$ 261$ (18)$ (6.9%) % Revenues 4.6% 5.2% Other Operating Expense (Income), net (20)$ 3$ (22)$ (884.8%) % Revenues (0.4%) 0.1% Operating Income 1,509$ 1,292$ 217$ 16.8% Operating Margin 28.6% 25.8% Net interest expense (121)$ (152)$ 31$ (20.7%) Other Income (Expense), Net (20)$ (26)$ 6$ 22.1% Income Tax Provision 231$ 177$ 54$ 30.7% Effective Tax Rate 16.9% 15.9% Net Income 1,136$ 937$ 200$ 21.3% % Revenues 21.5% 18.7% Diluted Earnings per Share from Continuing Operations 4.15$ 3.26$ 0.89$ 27.3% Supplemental Non-GAAP Reconciliation Change in Three Months Ended September 30, 2026, Compared With Three Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) Q4 FY26 EARNINGS PRESENTATION 22
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Supplemental Reconciliation – Reported Diluted EPS to Adjusted Diluted EPS For the Twelve Months Ended September 30, (Unaudited) (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. Restructuring costs for the twelve months ended September 30, 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company’s operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and other intangibles, net, on the Company’s September 30, 2026 condensed consolidated balance sheet. (3) Represents transaction costs recorded to Integration, restructuring and transaction expense incurred in connection with the Advanced Patient Monitoring acquisition. (4) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters. (5) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the twelve months ended September 30, 2026 reflects charges of $68 million to Cost of products sold to adjust the estimate of future product remediation costs, a benefit of $66 million primarily to Cost of products sold, related to refunds received of tariffs imposed under IEEPA, net charges of $120 million to Other operating expense, net, related to product liability and certain other legal matters, and charges of $54 million to Other income (expense), net, related to pension settlement costs. The amount for the twelve months ended September 30, 2025 reflects charges of $98 million to Cost of products sold to adjust the estimate of future product remediation costs, net charges of $297 million to Other operating expense, net, related to product liability and certain other legal matters, and charges of $38 million to Other income (expense), net, related to pension settlement costs. Q4 FY26 EARNINGS PRESENTATION 23
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Supplemental Non-GAAP Reconciliation For the Twelve Months Ended September 30, 2026 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 23. Amounts may not add due to rounding. Q4 FY26 EARNINGS PRESENTATION 24 Reported (GAAP) Purchase accounting adjustments Integration costs Restructuring costs Separation- related items Product, litigation, and other items Impacts of debt extinguishment TSA / LSA total Income tax benefit of special items Adjusted (Non-GAAP) Notes for Non- GAAP Adjustment (1) Revenues 19,457$ — — — — — — — 19,457$ Gross Profit 9,214$ 1,470$ — — — 29$ — — 10,714$ 1, 5 % Revenues 47.4% 55.1% SSG&A 4,965$ 8$ — — — (28)$ — — 4,945$ 1, 5 % Revenues 25.5% 25.4% R&D 988$ — — — — (12)$ — — 976$ 5 % Revenues 5.1% 5.0% Integration, restructuring and transaction expense 806$ — (165)$ (642)$ — — — — — 2 % Revenues 4.1% — Other Operating (Income)/Expense, net 199$ — — — (105)$ (121)$ — (48)$ (75)$ 4, 5 % Revenues 1.0% (0.4%) Operating Income 2,257$ 1,462$ 165$ 642$ 105$ 190$ — 48$ 4,867$ 1, 2, 4, 5 Operating Margin 11.6% 25.0% Net interest expense (538)$ (3)$ — — — — — — (540)$ 1 Other Income (Expense), Net 86$ — — — — 14$ (122)$ (48)$ (70)$ 5 Income Tax Provision 388$ 314$ 703$ Effective Tax Rate 21.5% 16.5% Net Income 1,417$ 1,460$ 165$ 642$ 105$ 204$ (122)$ — (314)$ 3,555$ 1, 2, 4, 5 % Revenues 7.3% 18.3% Diluted Earnings per Share 5.06$ 5.21$ 0.59$ 2.29$ 0.38$ 0.73$ (0.43)$ — (1.12)$ 12.70$ 1, 2, 4, 5
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Reported (GAAP) Purchase accounting adjustments Integration costs Restructuring costs Transaction costs Separation - related items Product, litigation, and other items TSA / LSA total Income tax benefit of special items Adjusted (Non-GAAP) Notes for Non- GAAP Adjustment (1) Revenues 18,544$ — — — — — — — 18,544$ Gross Profit 8,259$ 1,867$ — — — — 115$ — 10,241$ 1, 5 % Revenues 44.5% 55.2% SSG&A 4,643$ (2)$ — — — — (33)$ — 4,609$ 1, 5 % Revenues 25.0% 24.9% R&D 970$ — — — — — (15)$ — 955$ 5 % Revenues 5.2% 5.1% Integration, restructuring and transaction expense 403$ — (127)$ (270)$ (6)$ — — — — 2, 3 % Revenues 2.2% — Other Operating (Income)/Expense, net 302$ — — — — (3)$ (300)$ 12$ 11$ 4, 5 % Revenues 1.6% 0.1% Operating Income 1,941$ 1,869$ 127$ 270$ 6$ 3$ 463$ (12)$ 4,666$ 1, 2, 3, 4, 5 Operating Margin 10.5% 25.2% Net interest expense (577)$ (4)$ — — — — — — (582)$ 1 Other Income (Expense), Net (106)$ — — — — — 43$ 12$ (50)$ 5 Income Tax Provision 158$ 443$ 601$ Effective Tax Rate 12.5% 14.9% Net Income 1,101$ 1,865$ 127$ 270$ 6$ 3$ 506$ — (443)$ 3,433$ 1, 2, 3, 4, 5 % Revenues 5.9% 18.5% Diluted Earnings per Share 3.81$ 6.46$ 0.44$ 0.93$ 0.02$ 0.01$ 1.75$ — (1.54)$ 11.90$ 1, 2, 3, 4, 5 Supplemental Non-GAAP Reconciliation For the Twelve Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) (1) Refers to footnotes on slide 23. Q4 FY26 EARNINGS PRESENTATION 25
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Supplemental Non-GAAP Reconciliation Change in Twelve Months Ended September 30, 2026, Compared With Twelve Months Ended September 30, 2025 (Unaudited; $ in millions, except per share data) Q4 FY26 EARNINGS PRESENTATION 26 (A) (B) (C) = (A) - (B) (D) = (C) / (B) Adjusted (Non-GAAP) FY26 Adjusted (Non-GAAP) FY25 Adjusted (Non-GAAP) $ Change Adjusted (Non-GAAP) % Change Revenues 19,457$ 18,544$ 914$ 4.9% Gross Profit 10,714$ 10,241$ 473$ 4.6% % Revenues 55.1% 55.2% SSG&A 4,945$ 4,609$ 336$ 7.3% % Revenues 25.4% 24.9% R&D 976$ 955$ 22$ 2.3% % Revenues 5.0% 5.1% Other Operating (Income)/Expense, net (75)$ 11$ (86)$ (768.8%) % Revenues (0.4%) 0.1% Operating Income 4,867$ 4,666$ 201$ 4.3% Operating Margin 25.0% 25.2% Net interest expense (540)$ (582)$ 41$ (7.1%) Other Income (Expense), Net (70)$ (50)$ (19)$ (37.8%) Income Tax Provision 703$ 601$ 101$ 16.9% Effective Tax Rate 16.5% 14.9% Net Income 3,555$ 3,433$ 122$ 3.6% % Revenues 18.3% 18.5% Diluted Earnings per Share 12.70$ 11.90$ 0.80$ 6.7%
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Supplemental Reconciliation – Net Leverage Last Twelve Months Ended September 30, 2026 (Unaudited; Amounts in millions) (1) Represents costs associated with integration and restructuring activities. Restructuring costs for the twelve months ended September 30, 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company’s operations and aligning resources behind its most value-creating platforms. (2) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters. (3) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the three months ended September 30, 2026 reflects a benefit of $66 million primarily to Cost of products sold, related to refunds received of tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), and net charges of $45 million to Other operating expense, net, related to product liability and certain other legal matters. The amount for the three months ended June 30, 2026 reflects charges related to the adjustment of the estimate of certain future product remediation costs, various legal matters, and pension settlement costs. The amount for the three months ended March 31, 2026 reflects charges of $42 million recorded to Cost of products sold to adjust the estimate of certain future product remediation costs, charges of $52 million recorded to Other operating expense, net, related to various legal matters, and a charge of $25 million to Other income (expense), net, related to pension settlement costs. (4) Net Leverage is calculated by dividing Net Debt by Adjusted EBITDA. Amounts may not add due to rounding. Q4 FY26 EARNINGS PRESENTATION 27 Reported GAAP Net Income from Continuing Operations $ 1,417 Adjusted for: Depreciation, amortization and other 2,228 Interest expense 564 Income taxes 388 Share-based compensation 252 Integration costs, pre-tax (1) 165 Restructuring costs, pre-tax (1) 642 Separati on-rel ated i tems, pre-tax(2) 105 Debt extinguishment (122) Product, litigation, and other items, pre-tax (3) 204 Adjusted EBITDA $ 5,842 Short-Term Debt $ 2,923 Long-Term Debt 13,422 Less: Cash, Cash Equivalents and Short-Term Investments (734) Net Debt $ 15,611 Net Leverage(4) 2.7x
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Supplemental Reconciliation – Free Cash Flow and Free Cash Flow Conversion For the Twelve Months Ended September 30, 2026 (Unaudited; Amounts in millions) (1) Amount reflects costs recorded within Discontinued Operations incurred to execute the separation of our former BDB and DS business and the combination with Waters, including consulting, legal, tax, other advisory services, foreign taxes, and other incremental costs. (2) Refers to the adjusted figures for the twelve-month periods ended September 30, 2026 and 2025 on slide 26 (3) Free Cash Flow Conversion is calculated by dividing Adjusted Free Cash Flow by Adjusted Net Income. Amounts may not add due to rounding. Q4 FY26 EARNINGS PRESENTATION 28 A B C=A-B D=C/B 2026 2025 Change % Change Net Cash Provided by Continuing Operating Activities 3,605$ 2,773$ 832$ 30% Capital Expenditures (672) (715) 43 (6)% Free Cash Fl ow 2,933$ 2,058$ 875$ 42% Separation Costs recorded within Discontinued Operations (1) (310)$ (94)$ (216)$ 230% Adjusted Free Cash Flow 2,624$ 1,965$ 659$ 34% Adjusted Net Income from Continuing Operations (2) 3,555$ 3,433$ 122$ 4% Free Cash Fl ow Conversi on (3) 74% 57% 17%
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FY2027 Guidance (1) Includes amortization and other adjustments related to the purchase accounting for acquisitions. (2) Represents costs associated with integration and restructuring activities. Restructuring costs in 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company’s operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and other intangibles, net, on the Company’s September 30, 2026 condensed consolidated balance sheet. (3) Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters. (4) Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2026 reflects charges of $68 million to Cost of products sold to adjust the estimate of future product remediation costs, a benefit of $66 million primarily to Cost of products sold, related to refunds received of tariffs imposed under IEEPA, net charges of $120 million to Other operating expense, net, related to product liability and certain other legal matters, and charges of $54 million to Other income (expense), net, related to pension settlement costs. Q4 FY26 EARNINGS PRESENTATION Please see Basis of Presentation on slide 3 and Appendix for non-GAAP reconciliations. 29