Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

For the quarterly period ended March 31, 2014

OR

For the transition period from                      to                     

Commission file number 001-4802

Becton, Dickinson and Company

(Exact name of registrant as specified in its charter)

1 Becton Drive, Franklin Lakes, New Jersey 07417-1880

(Address of principal executive offices)

(Zip Code)

(201) 847-6800

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Table of Contents

BECTON, DICKINSON AND COMPANY

FORM 10-Q

For the quarterly period ended March 31, 2014

TABLE OF CONTENTS

2

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

BECTON, DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions of dollars

Amounts may not add due to rounding.

See notes to condensed consolidated financial statements

3

Table of Contents

BECTON, DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Millions of dollars, except per share data

(Unaudited)

Amounts may not add due to rounding.

See notes to condensed consolidated financial statements

4

Table of Contents

BECTON, DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions of dollars

(Unaudited)

Amounts may not add due to rounding.

See notes to condensed consolidated financial statements

5

Table of Contents

BECTON, DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions of dollars

(Unaudited)

Amounts may not add due to rounding.

See notes to condensed consolidated financial statements

6

Table of Contents

BECTON, DICKINSON AND COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2014

Note 1 – Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of the management of the Company, include all adjustments which are of a normal recurring nature, necessary for a fair presentation of the financial position and the results of operations and cash flows for the periods presented. However, the financial statements do not include all information and accompanying notes required for a presentation in accordance with U.S. generally accepted accounting principles. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s 2013 Annual Report on Form 10-K. Within the financial statements and tables presented, certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. Percentages and earnings per share amounts presented are calculated from the underlying amounts. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

Note 2 – Accumulated Other Comprehensive Income

The components and changes in accumulated other comprehensive income (loss) for the six-month period ended March 31, 2014 were as follows:

7

Table of Contents

The gain in foreign currency translation adjustments for the six months ended March 31, 2014 was primarily attributable to the strengthening of the Euro against the U.S. dollar, partially offset by the weakening of currencies in Latin America and Asia Pacific, as well as the weakening of the Canadian Dollar, against the U.S. dollar during the period.

The income tax provision associated with the net gain recorded in other comprehensive income as a result of the Company’s remeasurement of its U.S. postretirement healthcare benefit plan in the second quarter of fiscal year 2014 was $16 million. Additional disclosures regarding this remeasurement are provided in Note 7. The income tax benefits associated with the benefit plan-related reclassification adjustments for amortization of prior service credit and amortization of net actuarial losses for the three months ended March 31, 2014 and 2013 were $4 million and $8 million, respectively. The income tax benefits associated with the reclassification adjustments for amortization of prior service credit and amortization of net actuarial losses for the six months ended March 31, 2014 and 2013 were $9 million and $15 million, respectively.

There were no unrealized gains or losses recognized on cash flow hedges in the three and six months ended March 31, 2014. The income tax benefit recorded in the three months ended March 31, 2013 for unrealized losses on cash flow hedges was immaterial and the income tax provision recorded in the six months ended March 31, 2013 for unrealized gains on cash flow hedges was $1 million. The tax benefits associated with the reclassification adjustments for realized hedge losses in the three months ended March 31, 2014 and 2013 were $1 million for both periods. The tax benefits associated with the reclassification adjustments for realized hedge losses in the six months ended March 31, 2014 and 2013 were $1 million and $2 million, respectively.

Note 3 – Earnings per Share

The weighted average common shares used in the computations of basic and diluted earnings per share (shares in thousands) were as follows:

8

Table of Contents

Note 4 – Contingencies

Given the uncertain nature of litigation generally, the Company is not able in all cases to estimate the amount or range of loss that could result from an unfavorable outcome of the litigation to which the Company is a party. In accordance with U.S. generally accepted accounting principles, the Company establishes accruals to the extent probable future losses are estimable (in the case of environmental matters, without considering possible third-party recoveries). In view of the uncertainties discussed below, the Company could incur charges in excess of any currently established accruals and, to the extent available, excess liability insurance. In the opinion of management, any such future charges, individually or in the aggregate, could have a material adverse effect on the Company’s consolidated results of operations and consolidated cash flows.

The Company was named as a defendant in the following purported class action suits brought on behalf of indirect purchasers of the Company’s products, such as hospitals and retailers (the “Hospital Plaintiffs”), alleging that the Company violated federal and state antitrust laws, resulting in the charging of higher prices for the Company’s products to the plaintiffs and other purported class members.

The plaintiffs in each of the above antitrust class action lawsuits sought monetary damages. These antitrust class action lawsuits were consolidated for pre-trial purposes in a Multi-District Litigation in Federal court in New Jersey.

Pursuant to a settlement agreement that the Company entered into with the Hospital Plaintiffs on July 30, 2013 and following approval by the New Jersey District Court (on a preliminarily basis in November 2013 and on a final basis in March 2014), the Company has paid $22 million in exchange for a release by all potential class members of the indirect purchaser claims related to the products and acts enumerated in the complaint, and a dismissal of the case with prejudice.

In June 2007, Retractable Technologies, Inc. (“RTI”) filed a complaint against the Company under the caption Retractable Technologies, Inc. vs. Becton Dickinson and Company (Civil Action No. 2:07-cv-250, U.S. District Court, Eastern District of Texas). RTI alleges that the BD Integra^TM syringes infringe patents licensed exclusively to RTI. In its complaint, RTI also alleges that the Company engaged in false advertising with respect to certain of the Company’s safety-

9

Table of Contents

engineered products in violation of the Lanham Act; acted to exclude RTI from various product markets and to maintain its market share through, among other things, exclusionary contracts in violation of state and federal antitrust laws; and engaged in unfair competition. In January 2008, the court severed the patent and non-patent claims into separate cases, and stayed the non-patent claims during the pendency of the patent claims at the trial court level. RTI seeks money damages and injunctive relief. On April 1, 2008, RTI filed a complaint against BD under the caption Retractable Technologies, Inc. and Thomas J. Shaw v. Becton Dickinson and Company (Civil Action No.2:08-cv-141, U.S. District Court, Eastern District of Texas). RTI alleges that the BD Integra^TM syringes infringe another patent licensed exclusively to RTI. RTI seeks money damages and injunctive relief. On August 29, 2008, the court ordered the consolidation of the patent cases. On November 9, 2009, at a trial of these consolidated cases, the jury rendered a verdict in favor of RTI on all but one of its infringement claims, but did not find any willful infringement, and awarded RTI $5 million in damages. On May 19, 2010, the court granted RTI’s motion for a permanent injunction against the continued sale by the Company of its BD Integra^TM products in their current form, but stayed the injunction for the duration of the Company’s appeal. At the same time, the court lifted a stay of RTI’s non-patent claims. On July 8, 2011, the Court of Appeals for the Federal Circuit reversed the District Court judgment that the Company’s 3ml BD Integra™ products infringed the asserted RTI patents and affirmed the District Court judgment of infringement against the Company’s discontinued 1ml BD Integra™ products. On October 31, 2011, the Federal Circuit Court of Appeals denied RTI’s request for an en banc rehearing. In January 2013, RTI’s petition for review with the U.S. Supreme Court was denied. BD’s motion for further proceedings on damages was denied by the District Court on the grounds that the Court did not have authority to modify the $5 million damage award. BD has appealed this ruling to the Federal Circuit Court of Appeals.

On September 19, 2013, a jury returned a verdict against BD with respect to certain of RTI’s non-patent claims. The verdict was unfavorable to BD with respect to RTI’s Lanham Act claim and claim for attempted monopolization based on deception in the safety syringe market. The jury awarded RTI $113.5 million for its attempted monopolization claim (which will be trebled and attorneys’ fees added to under the antitrust statute). The Court will determine whether to award equitable relief under the Lanham Act including disgorgement. The jury’s verdict rejected RTI’s monopolization claims in the markets for safety syringes, conventional syringes and safety IV catheters; its attempted monopolization claims in the markets for conventional syringes and safety IV catheters; and its claims for contractual restraint of trade and exclusive dealing in the markets for safety syringes, conventional syringes and safety IV catheters. In connection with the verdict, the Company recorded a pre-tax charge of approximately $341 million in the fourth quarter of fiscal year 2013. The Company plans to appeal the jury’s verdict.

On November 4, 2013, the Secretariat of Foreign Trade (“SECEX”) of the Federal Republic of Brazil, initiated an administrative anti-dumping investigation of imports of vacuum plastic tubes for blood collection into Brazil from the United States of America, the United Kingdom of Great Britain and Northern Ireland, the Federal Republic of Germany and the People’s Republic of China during the period from January 2012 through December 2012. BD, through its United States and international subsidiaries, exports vacuum plastic tubes for blood collection into Brazil and is cooperating with the investigation. The investigation is expected to be completed by November 2014, but could extend longer. During the course of the investigation (on a provisional basis) and upon completion of the investigation (on a final basis), the SECEX will issue a decision on whether grounds exist to apply anti-dumping measures (including, without

10

Table of Contents

limitation, the imposition of duties on such vacuum plastic tubes imported into Brazil). Once applied, anti-dumping measures will last for as long as the measures are deemed necessary, which, in most cases, is for five years. The Company does not expect that the outcome of the investigation will materially affect results of operations.

The Company believes that it has meritorious defenses to each of the above-mentioned suits pending against the Company and is engaged in a vigorous defense of each of these matters.

The Company is also involved both as a plaintiff and a defendant in other legal proceedings and claims that arise in the ordinary course of business.

The Company is a party to a number of Federal proceedings in the United States brought under the Comprehensive Environment Response, Compensation and Liability Act, also known as “Superfund,” and similar state laws. The affected sites are in varying stages of development. In some instances, the remedy has been completed, while in others, environmental studies are commencing. For all sites, there are other potentially responsible parties that may be jointly or severally liable to pay all cleanup costs.

11

Table of Contents

Note 5 – Segment Data

The Company’s organizational structure is based upon its three principal business segments: BD Medical (“Medical”), BD Diagnostics (“Diagnostics”) and BD Biosciences (“Biosciences”). These segments are strategic businesses that are managed separately because each one develops, manufactures and markets distinct products and services. The Company evaluates performance of its business segments and allocates resources to them primarily based upon operating income. Segment operating income represents revenues reduced by product costs and operating expenses. Segment Operating Income for the Medical and Biosciences segments for the six months ended March 31, 2014 reflect a correction of a $6 million misallocation of costs between the segments for the three months ended December 31, 2013 which was identified subsequent to the issuance of the Company’s condensed consolidated financial statements for the first quarter of fiscal year 2014. This misallocation, which had no impact on the Company’s consolidated results of operations, financial position, or cash flows, resulted in an understatement of the Medical segment’s selling and administrative expense with an offsetting overstatement of the Biosciences segment’s selling and administrative expense. Financial information for the Company’s segments was as follows:

12

Table of Contents

Revenues by geographic areas were as follows:

Note 6 – Share-Based Compensation

The Company grants share-based awards under the 2004 Employee and Director Equity-Based Compensation Plan (the “2004 Plan”), which provides long-term incentive compensation to employees and directors. The Company believes that such awards align the interests of its employees and directors with those of its shareholders.

The fair value of share-based payments is recognized as compensation expense in net income. For the three months ended March 31, 2014 and 2013, compensation expense charged to income was $25 million and $21 million, respectively. For the six months ended March 31, 2014 and 2013, compensation expense was $67 million and $58 million, respectively.

The amount of unrecognized compensation expense for all non-vested share-based awards as of March 31, 2014 was approximately $156 million, which is expected to be recognized over a weighted-average remaining life of approximately 2.2 years.

13

Table of Contents

The fair values of stock appreciation rights granted during the annual share-based grants in November of 2013 and 2012, respectively, were estimated on the date of grant using a lattice-based binomial valuation model based on the following assumptions:

Note 7 – Benefit Plans

The Company has defined benefit pension plans covering substantially all of its employees in the United States and certain foreign locations. The Company also provides certain postretirement healthcare and life insurance benefits to qualifying domestic retirees. Other postretirement benefit plans in foreign countries are not material. The measurement date used for the Company’s employee benefit plans is September 30.

Effective April 1, 2014, the Company replaced its current post-65 group medical coverage with a new approach for retirees age 65 and older and their eligible dependents to access post-65 retiree medical and prescription drug coverage in the U.S. Such changes were communicated to active employees and retirees in early January 2014 and as such, the Company remeasured its U.S. postretirement healthcare benefit plan as of January 1, 2014. The impact of this plan change and remeasurement is immaterial to the Company’s consolidated financial results. The plan design changes included, among other modifications, a replacement of the Company-sponsored healthcare coverage program for post-65 retirees with contributions to a health reimbursement account that can be used to purchase coverage through a Medicare insurance exchange.

Net pension and postretirement cost included the following components for the three months ended March 31:

14

Table of Contents

Net pension and postretirement cost included the following components for the six months ended March 31:

The amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in Accumulated other comprehensive (loss) income in prior periods.

Postemployment benefit costs were $12 million for the three-month periods ended March 31, 2014 and 2013 and $23 million for the six-month periods ended March 31, 2014 and 2013.

Note 8 – Divestiture

On October 31, 2012, the Company completed the sale of its BD Biosciences—Discovery Labware unit, excluding its Advanced Bioprocessing platform. Gross cash proceeds from the sale were approximately $740 million, subject to post-closing adjustments. Total gross proceeds included a payment of approximately $16 million received in the third quarter of fiscal year 2013 as reimbursement of additional tax costs incurred by the Company as a result of the buyer’s treatment of the acquisition as an asset purchase for federal tax purposes. The Company recognized a pre-tax gain on sale from this divestiture of $577 million. The after-tax gain recognized from this divestiture was $355 million. As a result of this divestiture, the Company derecognized $17 million of goodwill, allocated based upon the relative fair values of the disposed assets.

The Company agreed to perform some contract manufacturing and other transition services for a defined period after the sale; however, the Company will not have the ability to exert significant influence over the Discovery Labware disposal group after the sale, and cash flows associated with these activities are not expected to be material. The net cash flows from these activities are reported in the Condensed Consolidated Statements of Income as Other income (expense).

The results of operations associated with the Discovery Labware disposal group are reported as discontinued operations for all periods presented in the accompanying Condensed Consolidated Statements of Income and Cash Flows and related disclosures.

15

Table of Contents

Results of discontinued operations were as follows:

Note 9 – Intangible Assets

Intangible assets consisted of:

Intangible amortization expense for the three months ended March 31, 2014 and 2013 was $21 million and $22 million, respectively. Intangible amortization expense for the six months ended March 31, 2014 and 2013 was $42 million and $41 million, respectively.

16

Table of Contents

The following is a reconciliation of goodwill by business segment:

Note 10 – Derivative Instruments and Hedging Activities

The Company uses derivative instruments to mitigate certain exposures. The effects these derivative instruments and hedged items have on financial position, financial performance, and cash flows are provided below.

Foreign Currency Risks and Related Strategies

The Company has foreign currency exposures throughout Europe, Asia Pacific, Canada, Japan and Latin America. Transactional currency exposures that arise from entering into transactions, generally on an intercompany basis, in non-hyperinflationary countries that are denominated in currencies other than the functional currency are mitigated primarily through the use of forward contracts and currency options. Hedges of the transactional foreign exchange exposures resulting primarily from intercompany payables and receivables are undesignated hedges. As such, the gains or losses on these instruments are recognized immediately in income. The offset of these gains or losses against the gains and losses on the underlying hedged items, as well as the hedging costs associated with the derivative instruments, is recognized in Other income (expense).

The total notional amounts of the Company’s outstanding foreign exchange contracts as of March 31, 2014 and September 30, 2013 were $1.4 billion and $2.2 billion, respectively.

Interest Rate Risks and Related Strategies

The Company’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Company’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Company periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Company exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps are designated as either fair value or cash flow hedges.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.

17

Table of Contents

Changes in the fair value of the interest rate swaps designated as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk) are offset by amounts recorded in Other comprehensive income (loss). If interest rate derivatives designated as cash flow hedges are terminated, the balance in Accumulated other comprehensive income (loss) attributable to those derivatives is reclassified into earnings over the remaining life of the hedged debt. Losses on interest rate swaps designated as cash flow hedges recognized in the consolidated statements of income for the three and six months ended March 31, 2014 and 2013 were immaterial. The net realized loss, related to terminated interest rate swaps, expected to be reclassified and recorded in Interest expense within the next 12 months is $6 million, net of tax. The Company had no outstanding interest rate swaps designated as cash flow hedges as of March 31, 2014 or as of September 30, 2013.

In March 2014, the Company entered into fixed-to-floating interest rate swap agreements with a consolidated notional amount of $250 million. These agreements were entered into to convert the interest payments on $250 million of the Company’s 3.125% notes, due November 8, 2021, from the fixed rate to a floating interest rate based on LIBOR. These interest rate swaps were designated as fair value hedges. Changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt, and an immaterial loss was recorded on these fair value hedges, as well as an offsetting gain on the underlying debt instrument, during the second quarter of fiscal year 2014.

Other Risk Exposures

The Company purchases resins, which are oil-based components used in the manufacture of certain products. Significant increases in world oil prices that lead to increases in resin purchase costs could impact future operating results. From time to time, the Company has managed price risks associated with these commodity purchases. The Company had no outstanding commodity derivative contracts designated as cash flow hedges as of March 31, 2014 and September 30, 2013. Reclassifications from Accumulated other comprehensive income (loss) relating to commodity derivative contracts are recorded in Cost of products sold. There were no gains or losses on commodity derivative contracts recognized in the consolidated statements of income for the three months ended March 31, 2014. Gains and losses on commodity derivative contracts recognized in the consolidated statements of income for the six months ended March 31, 2014 and the three and six months ended March 31, 2013 were immaterial.

18

Table of Contents

Effects on Consolidated Balance Sheets

The location and amounts of derivative instrument fair values in the consolidated balance sheet are segregated below between designated, qualifying hedging instruments and ones that are not designated for hedge accounting.

Effects on Consolidated Statements of Income

Cash flow hedges

The Company’s designated derivative instruments have been highly effective. As such, there were no gains or losses, related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing, recognized immediately in income for the three and six-month periods ending March 31, 2013 relating to commodity derivative contracts outstanding at March 31, 2013.

Undesignated hedges

The location and amount of gains and losses recognized in income on derivatives not designated for hedge accounting were as follows:

19

Table of Contents

Note 11 – Financial Instruments and Fair Value Measurements

The fair values of financial instruments, including those not recognized on the statement of financial position at fair value, carried at March 31, 2014 and September 30, 2013 are classified in accordance with the fair value hierarchy in the tables below:

The Company’s institutional money market accounts permit daily redemption and the fair values of these investments are based upon the quoted prices in active markets provided by the holding financial institutions. The Company’s remaining cash equivalents were $709 million and $1.009 billion at March 31, 2014 and September 30, 2013, respectively. Short-term investments are held to their maturities and are carried at cost, which approximates fair value. The cash equivalents consist of liquid investments with a maturity of three months or less and the short-term investments consist of instruments with maturities greater than three months and less than one year.

20

Table of Contents

The Company measures the fair value of forward exchange contracts and interest rate swaps based upon the present value of expected future cash flows using market-based observable inputs including credit risk, interest rate yield curves, foreign currency spot prices and forward prices.

Long-term debt is recorded at amortized cost. The fair value of long-term debt is measured based upon quoted prices in active markets for similar instruments, which are considered Level 2 inputs in the fair value hierarchy. The fair value of long-term debt was $4.1 billion and $4.0 billion at March 31, 2014 and September 30, 2013, respectively.

The contingent consideration liabilities were recognized as part of the consideration transferred in the Company’s acquisition of the following: KIESTRA, which occurred in the second quarter of fiscal year 2012; Sirigen, which occurred in the fourth quarter of fiscal year 2012; and Cato, which occurred in the second quarter of fiscal year 2013. The fair values of the contingent consideration liabilities were estimated using probability-weighted discounted cash flow models that were based upon the probabilities assigned to the contingent events. The estimated fair values of the contingent consideration liabilities are remeasured at each reporting period based upon increases or decreases in the probability of the contingent payments. The changes to the total contingent consideration liability in the three and six-month periods ending March 31, 2014 were immaterial.

The Company’s policy is to recognize any transfers into fair value measurement hierarchy levels and transfers out of levels at the beginning of each reporting period. There were no transfers in and out of Level 1, Level 2 or Level 3 measurements for the three and six months ended March 31, 2014 and 2013.

21

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following commentary should be read in conjunction with the condensed consolidated financial statements and accompanying notes. Within the tables presented throughout this discussion, certain columns may not add due to the use of rounded numbers for disclosure purposes. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Company Overview

Becton, Dickinson and Company (“BD”) is a global medical technology company engaged principally in the development, manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. Our business consists of three worldwide business segments – BD Medical (“Medical”), BD Diagnostics (“Diagnostics”) and BD Biosciences (“Biosciences”). Our products are marketed in the United States and internationally through independent distribution channels and directly to end-users by BD and independent sales representatives.

BD’s products are manufactured and sold worldwide. We organize our operations outside the United States as follows: Europe (which includes the Middle East and Africa); Greater Asia (which includes Japan and Asia Pacific); Latin America (which includes Mexico and Brazil) and Canada. We continue to pursue growth opportunities in emerging markets, which include the following geographic regions: Eastern Europe, the Middle East, Africa, Latin America and Asia Pacific (excluding Japan). We are particularly focused on certain countries whose economic and healthcare sectors are growing rapidly, in particular, China, India, Brazil and Turkey.

Overview of Financial Results and Financial Condition

Second quarter revenues of $2.1 billion represented an increase of 3.6% from the prior year’s period and reflected volume increases of approximately 5.1%, partially offset by unfavorable foreign exchange translation of approximately 1.5%. Pricing had an immaterial impact on revenue growth in the quarter, although we contemplate some less favorable pricing in the last half of fiscal year 2014. Revenue growth in the current year’s period was driven by strong growth in our Medical and Biosciences segments. Medical segment growth reflected continued strong sales of pen needles in the Diabetes Care unit as well as favorable timing of orders in the Pharmaceutical Systems unit. Second quarter revenues in our Diagnostics segment benefitted from solid growth in our Preanalytical Systems unit but were unfavorably impacted by lower sales from the Women’s Health and Cancer platform. Biosciences segment revenue growth reflected solid instrument placements and reagent sales, strong growth in emerging markets and some timing benefits. U.S. revenue growth for the quarter was unfavorably impacted by key challenges in the Diagnostics segment, as discussed further below. Second quarter revenues reflected strong international safety and emerging markets sales as these areas continue to be key growth drivers for the Company. Sales in the United States of safety-engineered devices in the second quarter of 2014 of $287 million were flat compared with the prior year’s quarter. International sales of safety-engineered devices of $244 million in the second quarter of fiscal year 2014 grew 7.3% over the prior year’s period, including an estimated 3.9% unfavorable impact due to foreign currency translation. International safety-engineered device revenue growth continues to be driven by strong growth in Western Europe and emerging markets.

22

Table of Contents

We continue to invest in research and development spending, geographic expansion, and new product promotions to drive further revenue and profit growth. Our ability to sustain our long-term growth will depend on a number of factors, including our ability to expand our core business (including geographical expansion), develop innovative new products, and continue to improve operating efficiency and organizational effectiveness. While the economic environment for the healthcare industry has stabilized, pricing pressures continue for some of our products. Healthcare utilization has continued to stabilize in the United States; however, any destabilization could adversely impact our U.S. businesses. Additionally, macroeconomic challenges in Europe continue to constrain healthcare utilization, although we currently view the environment as stable. In emerging markets, the Company’s growth is dependent on government funding for healthcare systems.

In addition to the economic conditions in the United States and elsewhere, numerous other factors can affect our ability to achieve our goals including, without limitation, increased competition and healthcare reform initiatives. For example, the U.S. Patient Protection and Affordable Care Act contains certain tax provisions that affect BD. The most significant impact is the medical device excise tax that imposed a 2.3% tax on certain U.S. sales of medical devices. This tax became effective at the beginning of BD’s second quarter of fiscal year 2013. The incremental first quarter fiscal year 2014 impact of this tax on selling and administrative expense for the first six months of fiscal year 2014 was an increase of $14 million.

Our financial position remains strong, with cash flows from operating activities totaling $768 million in the first six months of 2014. At March 31, 2014, we had $2.6 billion in cash and equivalents and short-term investments. Also, we continued to return value to our shareholders in the form of share repurchases and dividends. During the first six months of 2014, we repurchased $213 million of our common stock and paid cash dividends of $211 million.

We face currency exposure each reporting period that arises from translating the results of our worldwide operations to the U.S. dollar at exchange rates that fluctuate from the beginning of such period. We evaluate our results of operations on both an as reported and a foreign currency-neutral basis, which excludes the impact of fluctuations in foreign currency exchange rates. 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 reported results. From time to time, we may purchase forward contracts and options to partially protect against adverse foreign exchange rate movements. Gains or losses on our derivative instruments are largely offset by the gains or losses on the underlying hedged transactions. We do not enter into derivative instruments for trading or speculative purposes. For further discussion, refer to Note 10 in the Notes to Condensed Consolidated Financial Statements.

Comparisons of income from continuing operations between the second quarter and six-month periods of fiscal year 2014 and the prior-year periods of fiscal year 2013 are affected by the following items that were recorded in our financial results during the second quarter and six-month periods ended March 31, 2014:

23

Table of Contents

Results of Operations

Revenues

Refer to Note 5 in the Notes to Condensed Consolidated Financial Statements for segment financial data.

Medical Segment

Second quarter revenues of $1.1 billion increased 5.1% over the prior year’s quarter, which reflected an estimated unfavorable foreign currency translation impact of 1.2%.

The following is a summary of second quarter Medical revenues by organizational unit:

Medical segment revenue growth was driven by new products, strength of emerging market sales and some timing benefits. Second quarter revenue growth in the Medical Surgical Systems unit reflected both strong emerging market and international safety sales. The Diabetes Care unit’s revenue growth reflected continued strong sales of pen needles, particularly the BD Ultra-Fine™ Nano and AutoShield™ Duo products. Revenue growth in the Pharmaceutical Systems unit reflected favorable timing of orders. Global sales of safety-engineered products were $263 million, as compared with $256 million in the prior year’s quarter, and included an estimated $4 million unfavorable impact due to foreign currency translation. Total Medical revenues for the six-month period ended March 31, 2014 increased by 6.6% from the prior-year six-month period, including an estimated 0.8% unfavorable impact from foreign currency translation. For the six-month period ended March 31, 2014, global sales of safety-engineered products were $548 million, compared with $508 million in the prior year’s period, and included an estimated $7 million unfavorable impact due to foreign currency translation.

24

Table of Contents

Medical operating income for the second quarter was $317 million, or 28.4% of Medical revenues, compared with $291 million, or 27.4% of segment revenues, in the prior year’s quarter. Gross profit margin was higher in the current quarter than the second quarter of 2013 due to lower manufacturing costs resulting from continuous improvement projects, particularly Project ReLoCo, favorable pricing on certain product lines and lower pension costs. Gross profit margin in the current year’s quarter also reflected the impact of a favorable product mix resulting from higher relative growth in sales of products which have higher gross margins. These favorable impacts on gross profit margin were partially offset by unfavorable foreign currency translation, higher start-up costs and higher raw material costs. See further discussion on gross profit margin below. Selling and administrative expense as a percent of Medical revenues in the second quarter of 2014 was lower as compared with the second quarter of 2013 primarily due to the favorable impact of higher sales growth in the current year’s period. Research and development expenses for the quarter increased $3 million, or 6% above the prior year’s period, reflecting ongoing investment in new products and platforms. Segment operating income for the six-month period was $611 million, or 28.0% of Medical revenues, compared with $579 million, or 28.3%, in the prior year’s period.

Diagnostics Segment

Second quarter revenues of $653 million decreased 0.9% compared with the prior year’s quarter, which reflected an estimated unfavorable foreign currency translation impact of 1.9%.

The following is a summary of second quarter Diagnostics revenues by organizational unit:

Diagnostics segment revenues for the quarter reflected solid sales of safety-engineered products in the Preanalytical Systems unit. Global sales of safety-engineered products in the Preanalytical Systems unit totaled $268 million, compared with $258 million in the prior year’s quarter, and included an estimated $5 million unfavorable impact due to foreign currency translation. Diagnostic Systems revenue growth in the quarter was unfavorably impacted by lower sales from the Women’s Health and Cancer platform due to guidelines providing for increased Pap smear testing intervals, as well as share losses in the United States. Total Diagnostics revenues for the six-month period ended March 31, 2014 increased by 1.1% from the prior-year six-month period, including an estimated 1.5% unfavorable impact from foreign currency translation. For the six-month period ended March 31, 2014, global sales of safety-engineered products in the Preanalytical Systems unit were $540 million, compared with $517 million in the prior year’s period, and included an estimated $6 million unfavorable impact due to foreign currency translation.

25

Table of Contents

Diagnostics operating income for the second quarter was $131 million, or 20.1% of Diagnostics revenues, compared with $145 million, or 22.0% of segment revenues, in the prior year’s quarter. Gross profit margin was lower in the second quarter of fiscal year 2014 compared with the second quarter of 2013 primarily due to unfavorable foreign currency translation and higher raw material costs. Gross profit margin in the current year’s quarter also reflected the impact of an unfavorable product mix resulting from lower relative growth in sales of products which have higher gross margins. These unfavorable impacts on gross profit margin were partially offset by lower manufacturing costs from continuous improvement projects, lower pension costs and the favorable comparison to the prior-year period which was impacted by product remediation costs. See further discussion on gross profit margin below. Selling and administrative expense as a percentage of Diagnostics revenues in the second quarter of 2014 was higher compared with the second quarter of 2013. Aggregate expenses in the second quarter of fiscal year 2014 reflected the charge relating to the early termination of a distributor arrangement previously discussed, partially offset by a reversal of bad debt expense further discussed below. Research and development expenses in the second quarter of 2014 decreased by $3 million, or 8% compared with the prior year’s period. Segment operating income for the six-month period was $293 million, or 22.1% of Diagnostics revenues, compared with $315 million, or 24.0%, in the prior year’s period.

Biosciences Segment

Second quarter revenues of $302 million increased 8.2% over the prior year’s quarter, which reflected an estimated unfavorable foreign currency translation impact of 2.0%. Biosciences segment revenue growth was driven by solid instrument placements, solid clinical and research reagent sales and strong sales growth in emerging markets. Revenue growth in the second quarter also benefitted from the timing of a government order in Latin America, a large tender order in Africa and more normalized stimulus spending in Japan. Growth in the second half of this fiscal year is expected to decelerate, due to these timing items. For the six-month period ended March 31, 2014, total Biosciences revenues increased by 6.8% from the prior-year six-month period, including an estimated 1.2% unfavorable impact from foreign currency translation.

Biosciences operating income for the second quarter was $67 million, or 22.1% of Biosciences revenues, compared with $71 million, or 25.6% of segment revenues, in the prior year’s quarter. Gross profit margin as a percent of Biosciences revenues was higher in the current quarter as compared with the prior year’s quarter reflecting the favorable impact of a favorable product mix resulting from higher relative growth in sales of products which have higher gross margins. See further discussion on gross profit margin below. Selling and administrative expense as a percentage of Biosciences revenues in the second quarter of 2014 was lower than in the second quarter of 2013 due to the reversal of bad debt expense further discussed below. Selling and administrative expense as a percent of Biosciences revenues also reflected the favorable impact of higher sales growth in the current year’s period. Research and development expenses in the second quarter of 2014 increased by $20 million, or 77% compared with the prior year’s period, reflecting the asset write-off primarily resulting from the discontinuance of an instrument product development program previously discussed. Segment operating income for the six-month period was $139 million, or 23.9% of Biosciences revenues, compared with $136 million, or 25.1%, in the prior year’s period.

26

Table of Contents

Geographic Revenues

Revenues in the United States for the second quarter of $826 million were flat compared to the prior year’s period with growth of 0.2%. U.S. revenue growth in our Medical segment was attributable to continued strong sales of pen needles in the Diabetes Care unit and the favorable timing of orders in the Pharmaceutical Systems unit. U.S. Diagnostics growth was unfavorably impacted by the continued decline in Women’s Health and Cancer platform sales, as previously discussed, coupled with a mild influenza season. These unfavorable impacts were partially offset by solid growth in the Preanalytical Systems unit and strong growth in sales of the BD Max^TM platform. U.S. Biosciences revenues reflected continued stability in the U.S. market.

International revenues for the second quarter of $1.2 billion represented an increase of 5.9% over the prior year’s quarter, including a 2.6% unfavorable impact due to foreign currency translation. International revenues for the second quarter of fiscal year 2014 reflected strong performance across all segments, including double-digit growth, on a foreign currency-neutral basis, in emerging markets, including China. International Medical and Diagnostics revenue growth also reflected strong sales of safety-engineered products. Biosciences international revenue growth reflected some timing benefits, as previously discussed.

Gross Profit Margin

Gross profit margin was 50.8% for the second quarter, compared with 50.9% for the comparable prior-year period. The decrease in gross profit margin reflected an estimated unfavorable impact of 70 basis points relating to foreign currency translation. Operating performance was favorably impacted by approximately 90 basis points primarily due to lower manufacturing costs from continuous improvement projects, lower pension costs and net favorable product mix resulting from higher relative growth in sales of products which have higher gross margins. These favorable impacts on operating performance were partially offset by approximately 30 basis points primarily due to higher start-up costs and higher raw material costs.

Gross profit margin was 51.1% in the six-month period of 2014, compared with 51.9% for the comparable prior-year period. The decrease in gross profit margin reflected an estimated unfavorable impact of 90 basis points relating to foreign currency translation. Operating performance was favorably impacted by approximately 85 basis points primarily due to lower manufacturing costs from continuous improvement projects and lower pension costs. These favorable impacts on operating performance were partially offset by approximately 75 basis points primarily due to net unfavorable product mix resulting from lower relative growth in sales of products which have higher gross margins, as well as higher start-up costs and raw material costs.

Selling and Administrative Expense

Selling and administrative expense was 25.3% of revenues for the second quarter, compared with 25.7% for the prior year’s period. Aggregate expenses for the second quarter reflected an increase in core spending of $22 million, including spending relating to the expansion of our business in emerging markets. Aggregate expenses for the second quarter of 2014 also reflected the $11 million charge relating to the early termination of a distributor arrangement previously discussed. Selling and administrative expense in the current year’s period was favorably

27

Table of Contents

impacted by lower pension costs of approximately $6 million, favorable foreign currency translation of approximately $8 million and a decrease in the deferred compensation liability of $3 million. This change in the deferred compensation liability is further discussed below. Selling and administrative expense in the current year’s period was also favorably impacted by the reversal of $6 million of bad debt expense relating to the collection of government receivable balances in Spain, as further discussed below.

Selling and administrative expense was 25.8% of revenues for the six-month period of fiscal year 2014, compared with 25.9% for the prior year’s period. Aggregate expenses for the second quarter reflected an increase in core spending of $48 million, including spending relating to the expansion of our business in emerging markets. Aggregate expenses for the second quarter of 2014 also reflected the incremental first quarter fiscal year 2014 impact of $14 million related to the medical device excise tax previously discussed, as well as the $11 million early termination charge. Aggregate expenses in the current year-to-date period also reflected an increase in the deferred compensation liability of $2 million. These increases were partially offset by favorable foreign currency translation of $12 million, lower pension costs of approximately $12 million and the $6 million reversal of bad debt expense.

Research and Development Expense

Research and development expense was $147 million, or 7.1% of revenues, for the second quarter, representing an increase of 20.0% compared with the prior year’s amount of $122 million, or 6.1% of revenues. Research and development expense was $273 million, or 6.7% of revenues, for the six-month period in the current year, representing an increase of 13.4% compared with the prior year’s amount of $241 million, or 6.2% of revenues. These increases in research and development expense compared with the prior year’s periods reflected the $20 million asset write-off primarily resulting from the discontinuance of an instrument product development program previously discussed. The increases also reflected increased investment in new products and platforms within the Medical segment.

Non-Operating Expense and Income

Interest income was $10 million in the second quarter, compared with $12 million in the prior year’s period. The decrease in the current year’s quarter compared with the prior year’s period primarily reflected the impact of lower investment gains on assets related to our deferred compensation plan, partially offset by the impact of higher interest rates on investments outside the United States. Interest income was $24 million in the current year’s six-month period, compared with $20 million in the prior year’s period. The increase in the current year-to-date period compared with the prior year’s period primarily reflected the impact of higher investment gains on assets related to our deferred compensation plan and the impact of higher interest rates on investments outside the United States. The offsetting movements in the deferred compensation plan liability were recorded in selling and administrative expense. Interest expense was $33 million in the second quarter and $67 million in the six-month period of 2014, compared with $35 million and $70 million, respectively, in the prior year’s periods. These decreases were primarily due to lower levels of long-term fixed-rate debt.

Income Taxes

The income tax rate was 20.9% for the second quarter, compared with the prior year’s rate of 23.4%. The decrease in the income tax rate in the second quarter of fiscal year 2014 was primarily attributable to geographic mix and the benefit of some discrete one-time items. The

28

Table of Contents

six-month tax rate was 22.7% compared with the prior year’s rate of 24.8%. In addition to the second quarter events discussed above, the decrease in the income tax rate in the first six months of 2014 reflected a favorable comparison to the prior-year period which was unfavorably impacted by some discrete tax expenses.

Income from Continuing Operations and Diluted Earnings Per Share from Continuing Operations

Income from continuing operations and diluted earnings per share from continuing operations for the second quarter of 2014 were $287 million and $1.45, respectively. Income from continuing operations and diluted earnings per share from continuing operations for the prior year’s second quarter were $276 million and $1.39, respectively. The current quarter’s earnings reflected an estimated $0.08 unfavorable impact due to foreign currency translation. For the six-month periods, income from continuing operations and diluted earnings per share from continuing operations were $558 million and $2.82, respectively, in 2014 and $546 million and $2.74, respectively, in 2013. The incremental first quarter fiscal year 2014 impact of the medical device excise tax decreased income from continuing operations for the six-month period of fiscal year 2014 by $9 million, or $0.05 diluted earnings per share. The current year-to-date period’s earnings reflected an estimated $0.17 unfavorable impact due to foreign currency translation. The after-tax asset write-off and contract termination charges previously discussed decreased income from continuing operations for the second-quarter and six-month periods ended March 31, 2014 by $12 million, or $0.06 per share, and $8 million, or $0.04 per share, respectively. The after-tax gain from the sale of an investment previously discussed increased income from continuing operations for the second-quarter and six-month periods ended March 31, 2014 by $5 million, or $0.03 per share.

Liquidity and Capital Resources

Cash generated from operations, along with available cash and cash equivalents, is expected to be sufficient to fund our normal operating needs in fiscal year 2014. Normal operating needs in fiscal year 2014 include working capital, capital expenditures, cash dividends and common stock repurchases. Net cash provided by continuing operating activities was $768 million during the first six months of 2014, compared with $543 million in the same period in 2013. The current period change in operating assets and liabilities was a net use of cash and primarily reflected higher levels of inventory and prepaid expenses and lower levels of accounts payable and accrued expenses. These net uses of cash were partially offset by lower levels of accounts receivable. The decrease in accrued expenses included the payment of $22 million into a fund under a settlement agreement related to indirect purchaser antitrust class action cases. Refer to Note 4 in the Notes to Condensed Consolidated Financial Statements for further discussion regarding this matter. The decrease in accounts receivable reflects a $36 million payment of government receivables balances in Spain. This payment is further discussed below. Net cash provided by continuing operating activities in the second quarter of 2014 was reduced by changes in the pension obligation resulting primarily from discretionary cash contributions of $40 million. Net cash provided by continuing operating activities in the prior-year period was also reduced by changes in the pension obligation resulting primarily from discretionary cash contributions of approximately $132 million.

Net cash used for continuing investing activities for the first six months of the current year was $498 million, compared with net cash provided by continuing investing activities of $415 million in the prior-year period. Cash outflows relating to acquisitions were $40 million in the first six

29

Table of Contents

months of the current year as a result of the Company’s acquisition of Alverix in the second quarter of fiscal year 2014. Cash outflows relating to acquisitions of $138 million in the prior year’s period related to the Company’s acquisitions of Safety Syringes and Cato in the first and second quarters of fiscal year 2013, respectively. The prior period’s net cash provided by continuing investing activities included approximately $720 million of net proceeds from the sale of the Discovery Labware disposal group. Capital expenditures were $214 million in the first six months of 2014 and $197 million in the same period in 2013.

Net cash used for financing activities for the first six months of the current year was $422 million, compared with $500 million in the prior-year period. For the first six months of the current year, we repurchased approximately 2 million shares of our common stock for $213 million, compared with approximately 4.5 million shares of our common stock for $356 million in the prior-year period. Aggregate common stock repurchases are estimated to be approximately $450 million for the full fiscal year 2014, subject to market conditions. At March 31, 2014, a total of approximately 10.8 million common shares remained available for purchase under the Board of Directors’ July 2011 and September 2013 repurchase authorizations.

At March 31, 2014, total worldwide cash and short-term investments were approximately $2.6 billion, of which $2.2 billion was held in jurisdictions outside of the United States. We regularly review the amount of cash and short-term investments held outside the United States and currently intend to use most of such amounts to fund our international operations and their growth initiatives. However, if these amounts were moved out of these jurisdictions or repatriated to the United States, there could be adverse tax consequences.

As of March 31, 2014, total debt of $4.0 billion represented 41.8% of total capital (shareholders’ equity, net non-current deferred income tax liabilities, and debt), versus 43.1% at September 30, 2013. Short-term debt represented 5.1% and 5.2% of total debt at March 31, 2014 and September 30, 2013, respectively.

We have in place a commercial paper borrowing program that is available to meet our short-term financing needs, including working capital requirements. Borrowings outstanding under this program were $200 million at March 31, 2014. We have available a $1 billion syndicated credit facility. This credit facility, under which there were no borrowings outstanding at March 31, 2014, provides backup support for our commercial paper program and can also be used for other general corporate purposes. It includes a provision that enables BD, subject to additional commitments made by the lenders, to access up to an additional $500 million in financing through the facility, for a maximum aggregate commitment of $1.5 billion. During the third quarter of fiscal year 2014, we extended the expiration date of this credit facility to May 2018 from the original expiration date of May 2017. The credit facility includes a single financial covenant that requires BD to maintain an interest expense coverage ratio (ratio of earnings before income taxes, depreciation and amortization to interest expense) of not less than 5-to-1 for the most recent four consecutive fiscal quarters. On the last eight measurement dates, this ratio has ranged from 11-to-1 to 16-to-1. In addition, we have informal lines of credit outside the United States.

30

Table of Contents

Government Receivables

Accounts receivable balances include sales to government-owned or government-supported healthcare facilities in several countries, which are subject to payment delays. Payment may be dependent upon the financial stability and creditworthiness of those countries’ national economies. In recent years, due to economic conditions in parts of Western Europe, particularly in Italy and Spain, the average length of time it takes us to collect our accounts receivable in certain regions within these countries has increased. Outstanding governmental receivable balances, net of reserves, in Italy at March 31, 2014 and September 30, 2013 were $65 million and $73 million, respectively. Outstanding governmental receivable balances, net of reserves, in Spain were $33 million and $61 million at March 31, 2014 and September 30, 2013, respectively. The March 31, 2014 balance in Spain reflects a $36 million payment received from the Spanish government in the second quarter of fiscal year 2014. As a result of this payment, we reversed $6 million of bad debt expense that was previously recorded to reserve for uncollected outstanding government receivable balances in Spain.

We continually evaluate all governmental receivables for potential collection risks associated with the availability of government funding and reimbursement practices. We believe the current reserves related to all governmental receivables are adequate and that this concentration of credit risk will not have a material adverse impact on our financial position or liquidity.

Cautionary Statement Regarding Forward-Looking Statements

BD and its representatives may from time to time make certain forward-looking statements in publicly released materials, both written and oral, including statements contained in filings with the Securities and Exchange Commission, press releases, and our reports to shareholders. Forward-looking statements may be identified by the use of words such as “plan,” “expect,” “believe,” “intend,” “will,” “anticipate,” “estimate” and other words of similar meaning in conjunction with, among other things, discussions of future operations and financial performance, as well as our strategy for growth, product development, regulatory approvals, market position and expenditures. All statements that address operating performance or events or developments that we expect or anticipate will occur in the future — including statements relating to volume growth, sales and earnings per share growth, cash flows or uses, and statements expressing views about future operating results — are forward-looking statements.

Forward-looking statements are based on current expectations of future events. The forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events and operating performance, and speak only as of their dates. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. Furthermore, we undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events and developments or otherwise, except as required by applicable law or regulations.

The following are some important factors that could cause our actual results to differ from our expectations in any forward-looking statements. For further discussion of certain of these factors, see Item 1A. Risk Factors in our 2013 Annual Report on Form 10-K.

31

Table of Contents

32

Table of Contents

33

Table of Contents

The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should not consider this list to be a complete statement of all potential risks and uncertainties.

34

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in information reported since the end of the fiscal year ended September 30, 2013.

Item 4. Controls and Procedures

An evaluation was carried out by BD’s management, with the participation of BD’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of BD’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2014. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were, as of the end of the period covered by this report, effective and designed to ensure that material information relating to BD and its consolidated subsidiaries would be made known to them by others within these entities. There were no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2014 identified in connection with the above-referenced evaluation that have materially affected, or are reasonably likely to materially affect, BD’s internal control over financial reporting.

35

Table of Contents

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are involved, both as a plaintiff and a defendant, in various legal proceedings which arise in the ordinary course of business, including product liability and environmental matters as set forth in our 2013 Annual Report on Form 10-K and in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report. Since December 31, 2013, the following developments have occurred with respect to the legal proceedings in which we are involved:

Antitrust Class Actions

Under the terms of the settlement agreement related to indirect purchaser antitrust class action cases, we paid $22 million into a fund in the first quarter of fiscal year 2014. The settlement agreement was approved on a final basis in March 2014.

Summary

Given the uncertain nature of litigation generally, BD is not able in all cases to estimate the amount or range of loss that could result from an unfavorable outcome of the litigation to which BD is a party. In accordance with U.S. generally accepted accounting principles, BD establishes accruals to the extent probable future losses are estimable (in the case of environmental matters, without considering possible third-party recoveries). In view of the uncertainties discussed above, BD could incur charges in excess of any currently established accruals and, to the extent available, excess liability insurance. In the opinion of management, any such future charges, individually or in the aggregate, could have a material adverse effect on BD’s consolidated results of operations and consolidated cash flows.

36

Table of Contents

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Part 1, Item 1A, of our 2013 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The table below sets forth certain information regarding our purchases of common stock of BD during the quarter ended March 31, 2014.

Issuer Purchases of Equity Securities

37

Table of Contents

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

38

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

39

Table of Contents

INDEX TO EXHIBITS

40