BD Strategy for Long-term Impact:

Advancing the World of Health

Vincent A. Forlenza
Chairman, Chief Executive
Officer and President

February 27, 2017

2017 BD. BD, the BD Logo and all other trademarks are property of Becton, Dickinson and Company.
 Forward-Looking Statements
These materials include forward-looking statements and its possible that actual results could
differ from our expectations. Factors that could cause such differences appear in our
quarterly earnings release and in our recent SEC filings.

Non-GAAP Financial Measures

These materials also include Non-GAAP financial measures. A reconciliation to the
comparable GAAP measures can be found herein, or in our earnings release and the financial
schedules attached thereto.
Certain financial information excludes the impact of the following items:
1. Foreign currency translation.
2. All adjustments to current and prior year as noted on the Adjustment Reconciliation
schedules in the appendix of this presentation.
A reconciliation of certain forward-looking non-GAAP financial measures to the most directly
comparable GAAP financial measures are omitted from the financial schedules attached
hereto as we are unable to provide such reconciliations without unreasonable efforts.
Sufficient information is not available to calculate certain forward-looking adjustments
required for such reconciliations, including future restructuring charges and acquisition-
related costs. We expect these forward-looking adjustments could have a potentially
significant impact on our future GAAP financial results.
A copy of the press release, including the financial schedules, is posted on the Investors
section of the BD.com website.

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Who is BD?
Becton, Dickinson & Co. is a global medical technology company

1897 $12B 50+ 40,000

founded revenue countries associates

BD LIFE SCIENCES BD MEDICAL

Discovery Diagnostics Medication management

Informatics: Integrated workflow management and data analytics

Enabling research insights inside Transforming the infectious Medication management across
and outside of the cell disease lab of the future the continuum of care

Integrated diabetes
management Infection
prevention
and safety

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Topics for Discussion

Strategic Investor Initiative Forum February 27, 2017

BD Strategy Building our Measuring Q&A

and Vision Capabilities Results and Opportunity to
Focus on the largest Innovation,
Outcomes discuss our
Successful strategy strategy and long-
unmet healthcare Access to Care,
and execution will term plans
challenges and Operational
generate
accelerating our Efficiency,
differentiated
strategy to address Leadership & Talent
results for all our
them
stakeholders, from
shareholders to
society

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2016 BD Analyst Day

BD IS AT THE VERY BEGINNING OF AN

AMAZING JOURNEY WHERE WE CAN HAVE
A PROFOUND IMPACT ON OUR CUSTOMERS
AND THE MILLIONS OF PATIENTS THEY
SERVE AROUND THE WORLD.

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Drivers of sustainable healthcare
BD will help healthcare systems balance four key priorities

Protecting
Mitigating
patients
Increasing Improving healthcare
and
access outcomes system cost
healthcare
pressures
workers

6
We will be even more relevant to
these massive healthcare challenges

direct U.S. direct global people will be of deaths are direct medical
medical costs medical costs diagnosed with from costs from
incurred due to from diabetes cancer in their infectious AMR and
medication lifetime diseases avoidable
errors sepsis costs

7
Accelerating our strategy
Built on an already strong foundation
BDs vision is focused on accelerating our transformation into a
customer-centric provider of world-class quality, innovative healthcare
products, value-added offers and solutions to strengthen our core
portfolio, while expanding into attractive adjacencies.

Becoming a provider of complete

healthcare solutions

20152016

Automation and informatics

20112016 Marketing and commercial excellence

Growth Innovation
Emerging markets Building new customer capabilities
Expanding addressable market Institutionalize the
20112013 opportunities management of innovation
New product launches Globalize R&D
Seeking new acquisition Increased spend in new
opportunities product development

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 Looking ahead
Clear path forward from FY 2017 to FY 2019

Targeted P&L of the future

FY 2017 FY 2019
Revenue

5 %+ Earnings

10
and
%+

Above represents estimated foreign exchange-neutral currency growth expectations. 9

Cash flow flexibility and opportunity

FY 2016 FY 2019
Capital allocation framework

Capital expenditures ~$3B Invest in the business

~$4B Increasing dividends
Dividends ~$2.6B dividends
~$11B On track for 3x gross
operating
Debt paydown cash flow leverage by March 2017
Evaluate M&A
Remaining cash ~$2.6B opportunities
~$1.4B
~$4B remaining cash Return excess cash to
shareholders

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Primary ESG factors are well aligned
with our key capabilities
1 2 3 4

Re-invent the Prevent Advance the Expand

medication infections and treatment of globally
management improve safety Environmentally
diabetes and
Healthcare Healthcare in Positive workforce
process across for healthcare sound
other and
chronic
outcomes, cost resource-limited and community
the care workers resilient
diseases
and safety populations impacts
continuum operations

Governance and Risk Management

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2020 Sustainability Strategy and Goals

Innovate to improve outcomes, reduce costs and enhance safety

- Key healthcare processes: medication management, lab efficiency and disease
management
- Infection control and antimicrobial resistance (AMR)
- Translational science and health informatics
- Patient and healthcare worker safety

Support health system leapfrogging in emerging and developing economies

- Cost effective products for leading causes of mortality/morbidity

- Public-private-partnerships for health system strengthening
- Capacity expansion in emerging countries

Work across value chain to minimize environmental and social impacts

- Climate change and resilient operations

- Safer chemicals and product life cycle improvements
- Supply chain social and environmental responsibility

Advance BDs purpose-driven culture through workforce and community

initiatives

- Diversity and inclusion

- Associate health/safety
- Social investing and volunteering
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 Innovating with Go-to-market in mind
Deep understanding of the healthcare market and customers

MARKET and
CUSTOMER
CATEGORY
and
PRODUCT

CONTEXTUAL

Customer Segmentation
Care advancement
Accuracy & outcomes
Decision
Patient experience
drivers by
Financial performance segment Fact-based decisions on
Status quo where to play and what
challenges to address
Accuracy and
Clinical
Outcomes
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Leader in Medication Management

Healthcare IT/Electronic Medical Record

BD Smartworks & Knowledge Portal Hosted

device data

Pharmogistics Cato & Phaseal Pyxis ES Alaris MedMined Smartworks

Procure Prepare Track & Dispense Administer & Document

Integrating Products, Informatics and Interoperability

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Innovation requires diligence & partners
Vetting traditional technologies and partnering for bigger impact

BD translational sciences Ideation

Engineering &
manufacturability

Late-stage
evidence generation

Launch

Market
Development

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BD uniquely positioned to deliver
transformative Diabetes Care solutions
Web-based Connected Informatics

BD FlowSmart
Type 2 Patch Pump Smart Pen Needles
Insulin Infusion Sets

Developed in partnership Intuitive design Designed to capture

with JDRF and The Adjustable basal and irrefutable dose data
Helmsley Charitable Trust bolus dosing Wireless
Commercializing in Dose data seamlessly communication
partnership with combined with glucose, of dose data
Medtronic diet and activity data Universal fit with all
Limited launch underway disposable insulin pens

New solutions that are innovative, affordably priced and

drive better insights and outcomes to improve care
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BD positive global health impact
Methods to advance societal and business goals

Corporate Corporate social Advocacy and Shared value

philanthropy responsibility public policy creation

Creating
Creating Shared Value Creating
Social Value Achieving beneficial Business Value
Addressing unmet commercial outcomes Achieving beneficial
societal needs by addressing unmet commercial outcomes
societal needs

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BD positive societal impact
Aligned with United Nations SDGs and Leveraging Partnerships

Global Health and Sustainability Strategy: SDG Alignment

Safely immunizing children Researching new drugs and therapies

Protecting health workers
Improving infection control
Strengthening patient safety
Enhancing treatment of diabetes
Strengthening laboratory systems
Addressing antimicrobial resistance
Reducing maternal and newborn mortality
Conserving natural resources
Improving product life cycle attributes
Deploying renewable energy in operations

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BD positive global health impact
Emerging market growth and market development strategy

Emerging Market Revenue Growth Traditional Market Access

Appoint Distributors
Establish Supply Chain
FY 2011 to FY 2015 FY 2015 to FY 2019 Register Products
Participate in Tenders
>$500 million growth >$500 million growth
Establish Representative Offices
Low double digits High single digits
Hire Sales People
Establish Legal Entity
Staff Organization
Build Manufacturing Plant

Enhanced Market Development

Understand priorities of health systems
Align capabilities
Engage with health agency leaders
Advocate improved policies and regulations
Establish clinical and cost evidence
Achieve approvals and reimbursement
Collaborate with institutions and NGOs
Train clinicians / laboratorians
Enhance clinical and laboratory practices

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Improving infection control in China
Developing Infusion Therapy
BD in China since 1994 practice in the Chinese market
Partnered since 2007 with China
Ministry of Health to improve infusion
therapy and infection prevention
Set the foundation for broad-based
company growth in China
Trained over 700,000 clinicians

Registering CFN
products globally

As of Q117, over 160 approved or

in process product registrations,
including a number in China

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Improving access to care for the most vulnerable
Reducing maternal & newborn mortality

Design, Development Usage Guidelines /

and Manufacturing Regulatory*
BD Odon
Mr. Jorge Device
Odon

Development Funding Access Support

to Countries*

International
Agencies

Clinical Studies and Global Advocacy Last Mile

Effectiveness Data Reach and Training*

Schools and
Universities

* In consultation

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Operational Excellence
120-year-old DNA of world-class operations

Continuous improvement (CI) Sustainability

CI productivity through: Sustainability efforts driving
Process optimization operational efficiencies
Plant automation #1 in green power usage
in healthcare

Network optimization
Customers Supply Chain efficiencies
Manufacturing and
Supply Chain synergy Global network of distribution
initiatives well underway centers
Delivering tens of billions of
70% in process
units annually to ~200 countries
Procurement
Investing in our plants Leveraging scale of ~$6B
Invest close to $700M annually in capacity, supplier spend to generate
new technologies, quality and driving efficiencies savings and enable value

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 Operating margin expansion
Profitability initiatives transforming margins

+200 +200 to
bps 225 bps Operational excellence
through best-in-class quality, centers
+100 of excellence, global scale,
bps
+50 automation and footprint
+30
bps
bps optimization and harmonization

Business process excellence

through centers of excellence,
shared services and business
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 process transformation

Sustaining operational excellence requires a commitment

to build manufacturing skills through technical training programs for
our current and future associates in the local communities we serve

Note: Underlying margin expansion reflects annual basis points of operating margin expansion excluding the impact of foreign exchange and pension costs. 23
Decoupling Growth from
Environmental Footprint
14000 400000

12000 350000

300000 Revenue
10000
Millions of $

Metric tons CO2

250000
8000
200000
GHG
6000
150000
Emissions
(absolute)
4000
100000

2000 50000

0 0

2012 2013 2014 2015 2016

Climate Resilience: Strong focus on energy efficiency coupled

with deployment of cost-effective renewable energy strategies
have led to lower overall footprint while continuing revenue growth

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The BD Leadership Model

Purpose Advancing Our Lifes work

the World
of Health
Why

Fast and Nimble

Leadership aspirations
Culture Innovative
Engaging and What we create and share
Inclusive How

Customer Strategy
Leadership Focus
Individual
Expectations
Standard Execution
Global and
Company Mindset
Development
Focused
How

We anticipate and
We do We take address the We innovate We respect, Our
challenges of collaborate,
Values what is personal
patients and
and improve
challenge and care Foundation
right responsibility continuously
customers globally about each other How

Ethics & Compliance

The Center for BD Leadership is driving our talent priorities:

Building our talent pipeline; Transforming our culture & Ensuring customer focus

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Leadership Development Programs
Leadership Build Leadership
Accelerator Capability & Skills
Programs: via BD UNIVERSITY:

Leadership at the BD Leadership Difference

Peak (CCL) (BDLD)
Higher Ambition Executives
Leadership (HALI) BDLD/BDLD for 1200
SCORE Program
GM and Functional Senior CGM Orientation
Accelerator Leaders VPGM Boot Camp
Programs Shared Value

Regional Mid-Career Middle LDP Leading in the Matrix

Accelerator Level
Programs Leaders Manager Essentials,
Situational Leadership,
Early Crucial Conversations,
Career Experience Early Advance Negotiation,
Career Planning & Leading
Leaders Projects, Skillsoft,
Harvard Manage Mentor

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Diversity & Inclusion at BD

Difference of
BDs Diversity & Inclusion Strategy:
Many campaign:
Communication / outreach / change management

Intensify Build
commitment pipeline

Set goals
and
measure
outcomes

Reshape Create
workplace mindset
ARGs / D&I Coalition

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Corporate Governance at BD

BDs Board of
Independent and diverse Board of Directors Directors
1. Basil L. Anderson
Regular review of near-term operational
2. Catherine M. Burzik

and long-term strategic plans at all levels 3. R. Andrew Eckert

4. Vincent A. Forlenza

Regular Enterprise Risk Management focus 5. Claire M. Fraser

6. Christopher Jones

BOD Committees, including Science, 7. Gary A. Mecklenburg

8. Marshall O. Larsen
Marketing, Innovation & Technology 9. James F. Orr
10. Willard J. Overlock, Jr.
committee focused on innovation 11. Claire Pomeroy
12. Rebecca W. Rimel
13. Bertram L. Scott

Corporate Board Gender

Diversity Award Winner

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 Rights Metrics Drive Right Outcomes
Aligning the Compensation Model Accordingly
Short-Term
STI Incentive Plans
Recognize and enable the achievement
of key short-term financial objectives and
reward individuals for their contributions
against those short-term objectives
LTI Target
Each year, BD establishes an
appropriate LTI target that reflects
the scope of responsibility and long-
term impact on business results.
Long-Term
LTI Incentive Plans
Rewards associates for working towards achieving
long-term company objectives of sustainable
revenue growth, efficiency and profitability
through functional excellence, customer centricity
& innovative and new product development
LTI Performance Metrics
Measured over 3-year period:
50% Total Shareholder Return
50% Return on Invested Capital
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 BDX has outperformed the market and
healthcare by 2x over the last three years
BDX
+64%

S&P 500
+28%
Healthcare
+26%

Note: Reflects stock performance from 2/1/2014 to 1/31/2017 for the S&P 500, S&P Healthcare Index and Becton, Dickinson, & Co. 30
Key Takeaways
BD has a highly
structured and diligent
process for developing Customers
&
long-term strategic plans Suppliers

Critical capabilities are

built in a shared value
model that contemplates Long-term
Share-
Employees Strategic
all stakeholders Impact
holders

Successful execution is
well aligned with key
metrics, from internal Healthcare
& Society
compensation, social
impact goals to external
financial targets

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Capabilities that Build to a 2030 Vision

Industry Leader in overall

leader environmental
innovating to performance;
improve achieve carbon and
healthcare waste neutral
quality and cost status
outcomes

Demonstrable
Employer of
increase in lives
choice for people
saved and
seeking careers
sustainable
that advance global
access to quality
sustainability
health services

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Advancing
the World
of Health