Sector News

BD finds new global finance chief in 20-year Johnson & Johnson vet

August 13, 2021
Life sciences

Fresh off a third fiscal quarter that brought in $4.9 billion in revenues for BD, representing a 22% surge over the same period in 2020, a new chief financial officer will soon take the helm to continue steering the medical device maker out of the pandemic-induced slowdown.

Christopher DelOrefice, a longtime veteran of Johnson & Johnson, who will take on the titles of both CFO and executive vice president, starting Sept. 6.
In his new role, he’ll oversee not only the company’s entire global finance organization but also its technology and global services business division. He won’t immediately take over leadership there but will work with retiring CFO Christopher Reidy to transition into that position by the end of this year.

“Chris has the right mix of strong operational and corporate finance experience that is highly relevant to his new role as CFO at BD,” said BD CEO Tom Polen in a statement.

“His deep experience in healthcare and medical technology—including supporting multiple large businesses and functions at J&J—will help create a seamless transition as CFO. His investor relations expertise provides additional value to the investment community who know him well,” Polen said.

DelOrefice joins BD after a 22-year-long stint at Johnson & Johnson, beginning in 1999 with a few years spent in the marketing and business development finance divisions of J&J subsidiary Ortho-McNeil Pharmaceutical, now known as Janssen Pharmaceuticals.

In the nearly two decades after, DelOrefice worked his way up through J&J’s corporate finance division, culminating in his two most recent appointments: as chief financial officer of hospital medical devices in North America, and as vice president of investor relations since 2018.

DelOrefice will take the reins of a much healthier organization than his predecessor was grappling with throughout 2020. Not only has BD seen its core businesses unrelated to COVID-19 testing largely bounce back to pre-pandemic levels, but the company has also already dived back into a strategy of widespread expansion.

In an earnings report covering BD’s third fiscal quarter of 2021, which ended June 30, the company registered higher-than-expected revenues of $4.9 billion, topping both 2020’s $3.86 billion and even 2019’s $4.35 billion for the same period. That growth was led by double-digit increases in BD’s pharmaceutical systems and urology and critical care segments, Polen explained in an Aug. 5 earnings call.

The company has also shifted much of its focus to completing tuck-in acquisitions across its many businesses. In its fiscal year 2021, BD has already snapped up six other medtech developers, including surgical scaffolding maker Tepha and needle-free blood draw company Velano Vascular in July alone.

by Andrea Park

Source: fiercebiotech.com

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