BD Announces Results for 2010 Fourth Fiscal Quarter and Full Year
- Reports diluted earnings per share from continuing operations of $1.24 for the fourth quarter and $4.90 for the full fiscal year, in line with the Company’s expectations.
- States that reported earnings reflect the reclassification of the operating results and gain on the sale of the Ophthalmic Systems unit and certain platforms of the Medical Surgical Systems unit as discontinued operations.
- Announces planned stock repurchases of $1.5 billion in 2011 funded by ongoing cash flow and the issuance of debt.
- Expects full fiscal year 2011 diluted earnings per share from continuing operations to be between $5.45 and $5.55, an increase of 11 to 13 percent on an as-reported basis.
FRANKLIN LAKES, N.J., Nov. 3, 2010 /PRNewswire-FirstCall/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $1.873 billion for the fourth fiscal quarter ended September 30, 2010, representing an increase of 1.0 percent from the prior-year period, or 2.9 percent on a foreign currency-neutral basis.
For the full fiscal year ended September 30, 2010, BD reported revenues of $7.372 billion, representing an increase of 5.5 percent over the prior year, or 5.6 percent on a foreign currency-neutral basis.
The Company also plans to repurchase $1.5 billion of its common stock in 2011 and an additional $600 million in 2012. The Company plans to fund the repurchases through ongoing cash flow and the issuance of debt.
“We are proud of our accomplishments during 2010. We met our financial and operational goals despite the challenging macroeconomic climate facing our industry,” said Edward J. Ludwig, Chairman and Chief Executive Officer. “Our solid performance has enabled us to continue to return significant value to shareholders and also to invest in key geographic expansion, new product platforms and businesses and operational excellence programs. We have confidence in our outlook for fiscal year 2011 and remain committed to serving our customers with superior healthcare products.”
Update on the Sale of Certain Assets in the BD Medical Segment
In the fourth quarter of fiscal year 2010, the Company completed the sale of the Ophthalmic Systems unit as well as the surgical blades, critical care and extended dwell catheter product platforms. The results of operations associated with the Ophthalmic Systems unit, surgical blade platform and critical care platform have been reclassified as discontinued operations for all quarters and years referred to in this release.
As illustrated on page 3 of the attached financial tables, diluted earnings per share from discontinued operations for the fourth quarter of $0.44 consisted of $0.06 from operations and $0.39 from the gain on the sale. Diluted earnings per share for the fourth quarter of $1.68 less the $0.44 from discontinued operations resulted in diluted earnings per share from continuing operations of $1.24. Diluted earnings per share from discontinued operations for the year of $0.59 consisted of $0.21 from operations and $0.38 from the gain on the sale. Diluted earnings per share for the year of $5.49 less the $0.59 from discontinued operations resulted in diluted earnings per share from continuing operations of $4.90.
Also included in the attached financial tables are the Company’s Consolidated Income Statements for the first three quarters of fiscal year 2010 and for all periods in fiscal year 2009 for reference, which reflect the reclassification change for the Ophthalmic Systems unit, surgical blade platform and critical care platform. The results of operations associated with the extended dwell catheter product platform are reported within continuing operations, as this asset group did not meet the criteria for discontinued operations.
Fourth Quarter Earnings and Analysis of the Full Fiscal Year 2010 and 2009 Earnings
Reported diluted earnings per share from continuing operations for the fourth quarter were $1.24, compared with $1.20 in the prior-year period, representing a 3.3 percent increase. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the fourth quarter increased by 1.7 percent.
For the full fiscal year ended September 30, 2010, reported diluted earnings per share from continuing operations were $4.90, compared with $4.73 in the prior fiscal year, representing an increase of 3.6 percent. Current full fiscal year results include a previously disclosed non-cash charge of $8.9 million, or $0.04 per share from continuing operations, related to healthcare reform impacting Medicare Part D reimbursements. The prior fiscal year included a $20 million, or $0.08 per share, tax benefit related to various tax settlements in multiple jurisdictions and a litigation charge of $45 million, or $0.11 per share, which were also previously disclosed. Excluding these items, adjusted diluted earnings per share from continuing operations increased by 3.8 percent to $4.94, compared with $4.76 adjusted diluted earnings per share in the prior-year period. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the fiscal year increased 9.2 percent.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $959 million, representing a decrease of 0.3 percent compared with the prior-year period. Revenues increased 2.1 percent on a foreign currency-neutral basis. Segment revenue growth reflected an unfavorable comparison to the prior year of 4.3 percentage points due to the sales related to the H1N1 flu pandemic in fiscal year 2009, partially offset by strong growth in the Diabetes Care business. For the twelve-month period ended September 30, 2010, BD Medical revenues increased 6.7 percent, or 6.2 percent on a foreign currency-neutral basis.
In the BD Diagnostics segment, worldwide revenues for the quarter were $591 million, representing an increase of 2.0 percent compared with the prior-year period, or 3.1 percent on a foreign currency-neutral basis. Segment revenue growth was negatively impacted by 2.4 percentage points due to sales related to the flu pandemic in fiscal year 2009 in addition to lower lab testing and reduced physician office visits. For the twelve-month period ended September 30, 2010, BD Diagnostics revenues increased 4.2 percent, or 4.0 percent on a foreign currency-neutral basis.
In the BD Biosciences segment, worldwide revenues for the quarter were $323 million, representing an increase of 3.5 percent compared with the prior-year period. Revenues increased 5.3 percent on a foreign currency-neutral basis, primarily driven by instrument and reagent sales in the Cell Analysis business unit. For the twelve-month period ended September 30, 2010, BD Biosciences revenues increased 4.4 percent, or 6.8 percent on a foreign currency-neutral basis.
Geographic Results
Fourth quarter revenues in the U.S. were $832 million, representing an increase of 1.4 percent compared with the prior-year period, including a negative impact of 1.8 percentage points related to the flu pandemic. Revenues outside of the U.S. were $1.041 billion, representing an increase of 0.8 percent compared with the prior-year period, or 4.2 percent on a foreign currency-neutral basis. International revenue growth was negatively impacted by 4 percentage points due to the H1N1 flu pandemic-related sales in fiscal year 2009. Revenues reflected continuing strength in emerging markets, which was partially offset by slower growth in Europe. For the twelve-month period ended September 30, 2010, revenues in the U.S. were $3.287 billion, representing an increase of 5.0 percent compared with the prior-year period. Revenues outside of the U.S. were $4.086 billion, representing an increase of 5.9 percent compared with the prior-year period, or 6.0 percent on a foreign currency-neutral basis.
Fiscal 2011 Outlook for Full Year
The Company estimates that reported revenues for the full fiscal year 2011 will increase about 4 percent. The Company also expects reported diluted earnings per share from continuing operations for fiscal year 2011 to be between $5.45 and $5.55, an increase of approximately 11 to 13 percent over fiscal year 2010. Diluted earnings per share from continuing operations for fiscal year 2011 are expected to increase 10 to 12 percent over adjusted diluted earnings per share from continuing operations, excluding specified item, of $4.94 for the fiscal year 2010.
Conference Call Information
A conference call regarding BD’s fourth quarter results and its expectations for the full fiscal year 2011 will be broadcast live on BD’s website, www.bd.com/investors, along with related slides, at 10:00 a.m. (ET) Thursday, November 4, 2010. The conference call will be available for replay on BD’s website, www.bd.com/investors, or at 1-800-642-1687 (domestic) and 1-706-645-9291 (international) through the close of business on Thursday, November 11, 2010, access code 15660232.
Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables and the Form 8-K that BD filed today with the SEC.
About BD
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.
This press release, including the section entitled “Fiscal 2011 Outlook”, contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially from any forward-looking statement. These factors include, but are not limited to: the unknown consequences of the recently-enacted healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic downturn on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers’ ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; competitive factors; pricing and market share pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD’s products; fluctuations in costs and availability of raw materials and in BD’s ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD’s filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; our ability to successfully integrate any businesses we acquire; and issuance of new or revised accounting standards, as well as other factors discussed in BD’s filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
Three Months Ended September 30,
2010 2009 % Change
REVENUES $ 1,873,195 $ 1,854,023 1.0
Cost of products sold 900,933 890,197 1.2
Selling and administrative 438,139 427,008 2.6
Research and development 123,606 112,890 9.5
TOTAL OPERATING COSTS
AND EXPENSES 1,462,678 1,430,095 2.3
OPERATING INCOME 410,517 423,928 (3.2)
Interest income 14,594 14,418 1.2
Interest expense (12,278) (13,782) (10.9)
Other income (expense), net 1,285 (3,312) NM
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES 414,118 421,252 (1.7)
Income tax provision 121,065 126,824 (4.5)
INCOME FROM CONTINUING OPERATIONS 293,053 294,428 (0.5)
INCOME FROM DISCONTINUED OPERATIONS NET OF
INCOME TAX PROVISION OF $27,645 AND $7,684,
RESPECTIVELY 103,642 22,792 NM
NET INCOME $ 396,695 $ 317,220 25.1
EARNINGS PER SHARE
Basic:
Income from continuing operations $ 1.27 $ 1.23 3.3
Income from discontinued operations $ 0.45 $ 0.10 NM
Net income (1) $ 1.71 $ 1.33 28.6
Diluted:
Income from continuing operations $ 1.24 $ 1.20 3.3
Income from discontinued operations $ 0.44 $ 0.09 NM
Net income $ 1.68 $ 1.29 30.2
AVERAGE SHARES OUTSTANDING
Basic 231,396 239,162
Diluted 236,316 245,056
NM - Not Meaningful
(1) Total per share amounts may not add due
to rounding
Page 1
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
Twelve Months Ended September 30,
2010 2009 % Change
REVENUES $ 7,372,333 $ 6,986,722 5.5
Cost of products sold 3,543,183 3,311,676 7.0
Selling and administrative 1,721,356 1,680,797 2.4
Research and development 430,997 404,567 6.5
TOTAL OPERATING COSTS
AND EXPENSES 5,695,536 5,397,040 5.5
OPERATING INCOME 1,676,797 1,589,682 5.5
Interest income 35,129 33,148 6.0
Interest expense (51,263) (40,389) 26.9
Other income (expense), net 497 (3,850) NM
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES 1,661,160 1,578,591 5.2
Income tax provision 484,820 411,246 17.9
INCOME FROM CONTINUING OPERATIONS 1,176,340 1,167,345 0.8
INCOME FROM DISCONTINUED OPERATIONS NET OF
INCOME TAX PROVISION OF $40,703 AND $19,975,
RESPECTIVELY 141,270 64,258 NM
NET INCOME $ 1,317,610 $ 1,231,603 7.0
EARNINGS PER SHARE
Basic:
Income from continuing operations $ 5.02 $ 4.85 3.5
Income from discontinued operations $ 0.60 $ 0.27 NM
Net income $ 5.62 $ 5.12 9.8
Diluted:
Income from continuing operations $ 4.90 $ 4.73 3.6
Income from discontinued operations $ 0.59 $ 0.26 NM
Net income $ 5.49 $ 4.99 10.0
AVERAGE SHARES OUTSTANDING
Basic 234,328 240,479
Diluted 240,136 246,798
NM - Not Meaningful
Page 2
Becton Dickinson and Company
Supplemental Income Statement Information - Fiscal 2010
Revised for discontinued operations of certain Medical segment divestitures
(Unaudited: Amounts in thousands, except per-share data)
Amounts
Reclassified
Previously to Discontinued As
Reported Operations Revised
Quarter 1
Revenues $ 1,916,774 $ 47,956 $ 1,868,818
Income from Continuing Operations $ 315,978 $ 11,885 $ 304,093
Diluted Earnings Per Share from
Continuing Operations $ 1.30 $ 0.05 $ 1.25
Quarter 2
Revenues $ 1,844,854 $ 45,445 $ 1,799,409
Income from Continuing Operations $ 297,725 $ 12,691 $ 285,034
Diluted Earnings Per Share from
Continuing Operations (2) $ 1.24 $ 0.05 $ 1.18
Quarter 3
Revenues $ 1,878,229 $ 47,318 $ 1,830,911
Income from Continuing Operations $ 306,283 $ 12,123 $ 294,160
Diluted Earnings Per Share from
Continuing Operations (2) $ 1.29 $ 0.05 $ 1.23
Amounts Reclassified to
Discontinued Operations From
Operations Gain Continuing
Total Excluding Gain on Sale Total Operations
Quarter 4 (1)
Revenues $ 1,899,548 $ 26,353 $ - $ 26,353 $ 1,873,195
Income $ 397,445 $ 13,258 $ 91,134 $ 104,392 $ 293,053
Diluted Earnings
Per Share (2) $ 1.68 $ 0.06 $ 0.39 $ 0.44 $ 1.24
Year (1)
Revenues $ 7,539,405 $ 167,072 $ - $ 167,072 $ 7,372,333
Income $ 1,317,431 $ 49,957 $ 91,134 $ 141,091 $ 1,176,340
Diluted Earnings
Per Share $ 5.49 $ 0.21 $ 0.38 $ 0.59 $ 4.90
Certain quarterly amounts may not add to the year-to-date totals due to rounding. (1) The sale of Ophthalmic Systems unit and the surgical blades product platforms was completed on July 30, 2010 and the sale of the critical care product platform was completed on September 30, 2010. (2) Diluted Earnings Per Share may not add due to rounding. Page 3
Becton Dickinson and Company
Supplemental Income Statement Information - Fiscal 2009 and 2008
Revised for discontinued operations of certain Medical segment divestitures
(Unaudited: Amounts in thousands, except per-share data)
Amounts
Reclassified
Previously to Discontinued As
Reported Operations Revised
Fiscal 2009
Revenues $ 7,160,874 $ 174,152 $ 6,986,722
Income from Continuing Operations $ 1,213,054 $ 45,709 $ 1,167,345
Diluted Earnings Per Share from
Continuing Operations $ 4.92 $ 0.19 $ 4.73
Fiscal 2008
Revenues $ 7,074,942 $ 177,323 $ 6,897,619
Income from Continuing Operations $ 1,115,867 $ 38,113 $ 1,077,754
Diluted Earnings Per Share from
Continuing Operations $ 4.42 $ 0.15 $ 4.27
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Three Months Ended September 30,
2010 2009 % Change
BD MEDICAL
United States $ 400,231 $ 392,111 2.1
International 558,374 569,677 (2.0)
TOTAL $ 958,605 $ 961,788 (0.3)
BD DIAGNOSTICS
United States $ 307,721 $ 305,488 0.7
International 283,743 274,521 3.4
TOTAL $ 591,464 $ 580,009 2.0
BD BIOSCIENCES
United States $ 124,009 $ 123,225 0.6
International 199,117 189,001 5.4
TOTAL $ 323,126 $ 312,226 3.5
TOTAL REVENUES
United States $ 831,961 $ 820,824 1.4
International 1,041,234 1,033,199 0.8
TOTAL $ 1,873,195 $ 1,854,023 1.0
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Twelve Months Ended September 30,
2010 2009 % Change
BD MEDICAL
United States $ 1,596,336 $ 1,503,471 6.2
International 2,200,096 2,053,223 7.2
TOTAL $ 3,796,432 $ 3,556,694 6.7
BD DIAGNOSTICS
United States $ 1,214,288 $ 1,177,543 3.1
International 1,104,591 1,048,676 5.3
TOTAL $ 2,318,879 $ 2,226,219 4.2
BD BIOSCIENCES
United States $ 475,941 $ 449,151 6.0
International 781,081 754,658 3.5
TOTAL $ 1,257,022 $ 1,203,809 4.4
TOTAL REVENUES
United States $ 3,286,565 $ 3,130,165 5.0
International 4,085,768 3,856,557 5.9
TOTAL $ 7,372,333 $ 6,986,722 5.5
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended September 30,
(Unaudited; Amounts in thousands)
United States
2010 2009 % Change
BD MEDICAL
Medical Surgical Systems $ 256,290 $ 255,168 0.4
Diabetes Care 98,633 88,590 11.3
Pharmaceutical Systems 45,308 48,353 (6.3)
TOTAL $ 400,231 $ 392,111 2.1
BD DIAGNOSTICS
Preanalytical Systems $ 162,024 $ 156,328 3.6
Diagnostic Systems 145,697 149,160 (2.3)
TOTAL $ 307,721 $ 305,488 0.7
BD BIOSCIENCES
Cell Analysis $ 86,765 $ 84,179 3.1
Discovery Labware 37,244 39,046 (4.6)
TOTAL $ 124,009 $ 123,225 0.6
TOTAL UNITED STATES $ 831,961 $ 820,824 1.4
Page 7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
International
% Change
2010 2009 Reported FXN FX Impact
BD MEDICAL
Medical Surgical Systems $ 245,724 $ 253,384 (3.0) (2.2) (0.8)
Diabetes Care 100,468 92,098 9.1 12.0 (2.9)
Pharmaceutical Systems 212,182 224,195 (5.4) 2.8 (8.2)
TOTAL $ 558,374 $ 569,677 (2.0) 2.1 (4.1)
BD DIAGNOSTICS
Preanalytical Systems $ 144,421 $ 138,297 4.4 7.4 (3.0)
Diagnostic Systems 139,322 136,224 2.3 4.1 (1.8)
TOTAL $ 283,743 $ 274,521 3.4 5.7 (2.3)
BD BIOSCIENCES
Cell Analysis $ 160,230 $ 150,055 6.8 10.4 (3.6)
Discovery Labware 38,887 38,946 (0.2) 0.8 (1.0)
TOTAL $ 199,117 $ 189,001 5.4 8.4 (3.0)
TOTAL INTERNATIONAL $ 1,041,234 $ 1,033,199 0.8 4.2 (3.4)
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
Total
% Change
2010 2009 Reported FXN FX Impact
BD MEDICAL
Medical Surgical Systems $ 502,014 $ 508,552 (1.3) (0.9) (0.4)
Diabetes Care 199,101 180,688 10.2 11.7 (1.5)
Pharmaceutical Systems 257,490 272,548 (5.5) 1.2 (6.7)
TOTAL $ 958,605 $ 961,788 (0.3) 2.1 (2.4)
BD DIAGNOSTICS
Preanalytical Systems $ 306,445 $ 294,625 4.0 5.4 (1.4)
Diagnostic Systems 285,019 285,384 (0.1) 0.7 (0.8)
TOTAL $ 591,464 $ 580,009 2.0 3.1 (1.1)
BD BIOSCIENCES
Cell Analysis $ 246,995 $ 234,234 5.4 7.8 (2.4)
Discovery Labware 76,131 77,992 (2.4) (1.9) (0.5)
TOTAL $ 323,126 $ 312,226 3.5 5.3 (1.8)
TOTAL REVENUES $ 1,873,195 $ 1,854,023 1.0 2.9 (1.9)
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30,
(Unaudited; Amounts in thousands)
United States
2010 2009 % Change
BD MEDICAL
Medical Surgical Systems $ 1,007,322 $ 974,324 3.4
Diabetes Care 383,783 351,618 9.1
Pharmaceutical Systems 205,231 177,529 15.6
TOTAL $ 1,596,336 $ 1,503,471 6.2
BD DIAGNOSTICS
Preanalytical Systems $ 627,421 $ 608,754 3.1
Diagnostic Systems 586,867 568,789 3.2
TOTAL $ 1,214,288 $ 1,177,543 3.1
BD BIOSCIENCES
Cell Analysis $ 326,916 $ 303,846 7.6
Discovery Labware 149,025 145,305 2.6
TOTAL $ 475,941 $ 449,151 6.0
TOTAL UNITED STATES $ 3,286,565 $ 3,130,165 5.0
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
International
% Change
2010 2009 Reported FXN FX Impact
BD MEDICAL
Medical Surgical Systems $ 1,002,687 $ 914,990 9.6 6.6 3.0
Diabetes Care 401,976 363,319 10.6 9.1 1.5
Pharmaceutical Systems 795,433 774,914 2.6 4.3 (1.7)
TOTAL $ 2,200,096 $ 2,053,223 7.2 6.2 1.0
BD DIAGNOSTICS
Preanalytical Systems $ 570,386 $ 534,677 6.7 5.8 0.9
Diagnostic Systems 534,205 513,999 3.9 3.9 -
TOTAL $ 1,104,591 $ 1,048,676 5.3 4.9 0.4
BD BIOSCIENCES
Cell Analysis $ 624,322 $ 600,671 3.9 7.9 (4.0)
Discovery Labware 156,759 153,987 1.8 4.5 (2.7)
TOTAL $ 781,081 $ 754,658 3.5 7.2 (3.7)
TOTAL INTERNATIONAL $ 4,085,768 $ 3,856,557 5.9 6.0 (0.1)
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
Total
% Change
2010 2009 Reported FXN FX Impact
BD MEDICAL
Medical Surgical Systems $ 2,010,009 $ 1,889,314 6.4 4.9 1.5
Diabetes Care 785,759 714,937 9.9 9.1 0.8
Pharmaceutical Systems 1,000,664 952,443 5.1 6.4 (1.3)
TOTAL $ 3,796,432 $ 3,556,694 6.7 6.2 0.5
BD DIAGNOSTICS
Preanalytical Systems $ 1,197,807 $ 1,143,431 4.8 4.4 0.4
Diagnostic Systems 1,121,072 1,082,788 3.5 3.5 -
TOTAL $ 2,318,879 $ 2,226,219 4.2 4.0 0.2
BD BIOSCIENCES
Cell Analysis $ 951,238 $ 904,517 5.2 7.8 (2.6)
Discovery Labware 305,784 299,292 2.2 3.6 (1.4)
TOTAL $ 1,257,022 $ 1,203,809 4.4 6.8 (2.4)
TOTAL REVENUES $ 7,372,333 $ 6,986,722 5.5 5.6 (0.1)
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
Three Months Ended September 30,
% Change
2010 2009 Reported FXN FX Impact
TOTAL SAFETY REVENUES
United States $ 282,968 $ 276,409 2.4 2.4 -
International 160,396 150,270 6.7 9.2 (2.5)
TOTAL $ 443,364 $ 426,679 3.9 4.8 (0.9)
BY SEGMENT
BD Medical $ 208,822 $ 204,536 2.1 2.7 (0.6)
BD Diagnostics 234,542 222,143 5.6 6.7 (1.1)
TOTAL $ 443,364 $ 426,679 3.9 4.8 (0.9)
Twelve Months Ended September 30,
% Change
2010 2009 Reported FXN FX Impact
TOTAL SAFETY REVENUES
United States $ 1,108,431 $ 1,056,797 4.9 4.9 -
International 621,913 568,106 9.5 8.1 1.4
TOTAL $ 1,730,344 $ 1,624,903 6.5 6.0 0.5
BY SEGMENT
BD Medical $ 819,084 $ 761,262 7.6 6.9 0.7
BD Diagnostics 911,260 863,641 5.5 5.2 0.3
TOTAL $ 1,730,344 $ 1,624,903 6.5 6.0 0.5
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BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS FISCAL 2010
Revised for discontinued operations of certain Medical segment divestitures
(Unaudited; Amounts in thousands, except per-share data)
Quarter 1 Quarter 2 Quarter 3 Quarter 3 YTD
REVENUES $ 1,868,818 $ 1,799,409 $ 1,830,911 $ 5,499,138
Cost of products sold 894,324 864,492 883,434 2,642,250
Selling and administrative 445,673 421,076 416,468 1,283,217
Research and development 99,151 100,193 108,047 307,391
TOTAL OPERATING COSTS
AND EXPENSES 1,439,148 1,385,761 1,407,949 4,232,858
OPERATING INCOME 429,670 413,648 422,962 1,266,280
Interest income 8,789 9,652 2,094 20,535
Interest expense (12,987) (12,913) (13,085) (38,985)
Other (expense) income, net (2,354) 164 1,402 (788)
INCOME FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES 423,118 410,551 413,373 1,247,042
Income tax provision 119,025 125,517 119,213 363,755
INCOME FROM CONTINUING
OPERATIONS 304,093 285,034 294,160 883,287
Income from Discontinued
Operations
before Income Tax 16,900 16,698 17,088 50,686
Income Tax provision 4,617 4,101 4,340 13,058
INCOME FROM DISCONTINUED
OPERATIONS 12,283 12,597 12,748 37,628
NET INCOME $ 316,376 $ 297,631 $ 306,908 920,915
EARNINGS PER SHARE
Basic:
Income from continuing
operations $ 1.28 $ 1.21 $ 1.26 $ 3.75
Income from discontinued
operations $ 0.05 $ 0.05 $ 0.05 $ 0.16
Net income (1) $ 1.33 $ 1.26 $ 1.32 $ 3.91
Diluted:
Income from continuing
operations $ 1.25 $ 1.18 $ 1.23 $ 3.66
Income from discontinued
operations $ 0.05 $ 0.05 $ 0.05 $ 0.16
Net income (1) $ 1.30 $ 1.24 $ 1.29 $ 3.82
AVERAGE SHARES OUTSTANDING
Basic 237,360 235,325 233,242 235,316
Diluted 242,965 240,863 238,319 241,151
Certain quarterly amounts may not add to the year-to-date totals due to
rounding.
(1) Total per share amounts may not add due to rounding.
Page 14
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS FISCAL 2009
Revised for discontinued operations of certain Medical segment divestitures
(Unaudited; Amounts in thousands, except per-share data)
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year
REVENUES $ 1,673,148 $ 1,683,142 $ 1,776,409 $ 1,854,023 $ 6,986,722
Cost of products
sold 775,542 807,382 838,555 890,197 3,311,676
Selling and
administrative 399,668 430,608 423,513 427,008 1,680,797
Research and
development 96,356 97,700 97,621 112,890 404,567
TOTAL OPERATING
COSTS AND EXPENSES 1,271,566 1,335,690 1,359,689 1,430,095 5,397,040
OPERATING INCOME 401,582 347,452 416,720 423,928 1,589,682
Interest income 1,651 4,312 12,767 14,418 33,148
Interest expense (7,824) (7,495) (11,288) (13,782) (40,389)
Other income
(expense), net 9,411 (5,701) (4,246) (3,312) (3,850)
INCOME FROM
CONTINUING
OPERATIONS BEFORE
INCOME TAXES 404,820 338,568 413,953 421,252 1,578,591
Income tax
provision 108,213 89,702 86,508 126,824 411,246
INCOME FROM
CONTINUING
OPERATIONS 296,607 248,866 327,445 294,428 1,167,345
Income from
Discontinued
Operations before
Income Tax 20,234 15,944 17,579 30,476 84,233
Income Tax
provision 4,773 3,521 3,997 7,684 19,975
INCOME FROM
DISCONTINUED
OPERATIONS 15,461 12,423 13,582 22,792 64,258
NET INCOME $ 312,068 $ 261,289 $ 341,027 $ 317,220 $ 1,231,603
EARNINGS PER SHARE
Basic:
Income from
continuing
operations $ 1.22 $ 1.04 $ 1.36 $ 1.23 $ 4.85
Income from
discontinued
operations $ 0.06 $ 0.05 $ 0.06 $ 0.10 $ 0.27
Net income (1) $ 1.29 $ 1.09 $ 1.42 $ 1.33 $ 5.12
Diluted:
Income from
continuing
operations $ 1.19 $ 1.01 $ 1.33 $ 1.20 $ 4.73
Income from
discontinued
operations $ 0.06 $ 0.05 $ 0.06 $ 0.09 $ 0.26
Net income (1) $ 1.26 $ 1.06 $ 1.39 $ 1.29 $ 4.99
AVERAGE SHARES
OUTSTANDING
Basic 242,397 240,239 240,109 239,162 240,479
Diluted 248,311 245,890 245,696 245,056 246,798
Certain quarterly amounts may not add to the year-to-date totals due to
rounding.
(1) Total per share amounts may not add due to rounding.
Page 15
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES FISCAL 2010
Revised for discontinued operations of certain Medical segment
divestitures
(Unaudited; Amounts in thousands)
Quarter 1 Quarter 2 Quarter 3 Quarter 3 YTD
TOTAL SAFETY REVENUES
United States $ 291,815 $ 263,044 $ 270,604 $ 825,463
International 155,129 148,537 157,851 461,517
TOTAL $ 446,944 $ 411,581 $ 428,455 $ 1,286,980
BY SEGMENT
BD Medical $ 221,174 $ 193,688 $ 195,400 $ 610,262
BD Diagnostics 225,770 217,893 233,055 676,718
TOTAL $ 446,944 $ 411,581 $ 428,455 $ 1,286,980
Page 16
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES FISCAL 2009
Revised for discontinued operations of certain Medical segment
divestitures
(Unaudited; Amounts in thousands)
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year
TOTAL SAFETY
REVENUES
United States $ 263,865 $ 249,820 $ 266,703 $ 276,409 $ 1,056,797
International 133,499 136,054 148,283 150,270 568,106
TOTAL $ 397,364 $ 385,874 $ 414,986 $ 426,679 $ 1,624,903
BY SEGMENT
BD Medical $ 187,066 $ 177,721 $ 191,939 $ 204,536 $ 761,262
BD Diagnostics 210,298 208,153 223,047 222,143 863,641
TOTAL $ 397,364 $ 385,874 $ 414,986 $ 426,679 $ 1,624,903
Page 17
Contact: Zachary A. Nagle, Investor Relations – 201-847-5453 Colleen T. White, Corporate Communications – 201-847-5369
SOURCE BD (Becton, Dickinson and Company)
Released November 3, 2010