BD Announces Results for Second Fiscal Quarter
- Second-quarter earnings per share from continuing operations increase 12% to 92 cents, excluding specified items
- Raises guidance for full fiscal year 2007 earnings per share from continuing operations to $3.76 to $3.80 from $3.71 to $3.77, excluding specified items
FRANKLIN LAKES, N.J., April 25 /PRNewswire-FirstCall/ -- BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.576 billion for the second fiscal quarter ended March 31, 2007, representing an increase of 11 percent over the prior year period. This quarter's growth rate reflects the favorable impact on all segments from foreign currency translation, which overall is estimated to account for 3 percentage points of the increase in quarterly revenues.
"We are pleased with the strength of our second quarter results and outlook for fiscal 2007. BD's strategy of providing innovative solutions to global healthcare needs continues to fuel our growth," said Edward J. Ludwig, Chairman, President and Chief Executive Officer. "Our improving gross margin is providing the necessary resources to invest for the future. The combination of our strong operations, internal investments in research and development and recent acquisitions of GeneOhm and TriPath provides the basis for us to look to the future with confidence."
Analysis of Second Quarter and Six-Month Period of Fiscal Year 2007 and 2006 Earnings
Reported diluted earnings per share from continuing operations were 92 cents for the second quarter of fiscal 2007. The following analysis (Table 1) of diluted earnings per share from continuing operations for the second quarters of fiscal 2007 and 2006 identifies specified items that affect comparability of results between periods. As illustrated, second quarter fiscal 2007 diluted earnings per share from continuing operations increased by 12 percent over comparable second quarter fiscal 2006 diluted earnings per share from continuing operations of 82 cents, which exclude specified items. For the six-month periods, diluted earnings per share from continuing operations of $1.89 for fiscal 2007, which exclude specified item, increased by 13 percent over comparable fiscal 2006 diluted earnings per share from continuing operations of $1.67, which exclude specified items.
Three Months Ended Six Months Ended
(Table 1) March 31, March 31,
FY2007 FY2006 % Change FY2007 FY2006 % Change
Diluted EPS from
ContinuingOperations: $0.92 $0.63 46% $1.44 $1.51 -5%
Specified Items:
In-Process Research and
Development Charge(1) - 0.21 0.45 0.21
Insurance Settlement(2) - (0.02) - (0.04)
Rounding - - - (0.01)
- 0.19 0.45 0.16
Diluted EPS from
Continuing Operations
Excluding Specified
Items: $0.92 $0.82 12% $1.89 $1.67 13%
(1) Represents the effect on diluted earnings per share from continuing
operations of the in-process research and development ("IPR&D")
charges recorded in the second quarter of fiscal 2006 and the first
quarter of fiscal 2007 related to the GeneOhm and TriPath
acquisitions, respectively.
(2) Represents the effect on diluted earnings per share from continuing
operations of 2 cents in each of the first and second quarter of
fiscal 2006 related to proceeds received from insurance settlements
associated with the Company's previously owned latex glove business.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $844 million, representing an increase of 10 percent from the prior year period. For the six-month period ended March 31, 2007, the BD Medical segment reported 10 percent revenue growth. Strong sales in the Pharmaceutical Systems unit continued to significantly contribute to the growth of the segment.
In the BD Diagnostics segment, worldwide revenues for the quarter were $473 million, representing an increase of 11 percent from the prior year's quarter, despite continued slow sales of flu testing products. This growth includes $27 million of revenues from TriPath, which was acquired at the end of the first quarter of fiscal 2007. The Preanalytical Systems unit of the segment reported revenue growth of 8 percent. Second quarter revenues in the Diagnostic Systems unit of the segment increased 15 percent, again including revenues from the TriPath acquisition. For the six-month period ended March 31, 2007, the BD Diagnostics segment reported 7 percent revenue growth.
In the BD Biosciences segment, worldwide revenues for the quarter were $259 million, representing an increase of 13 percent from the prior year's quarter. Flow cytometry instrument and reagent sales, as well as sales of advanced bioprocessing products, contributed to growth. For the six-month period ended March 31, 2007, the BD Biosciences segment reported 12 percent revenue growth, resulting from continued strong sales of those same products.
Geographic Results
Second quarter revenues in the U.S. were $754 million, representing an increase of 11 percent over the prior year period and include $27 million of revenues from TriPath. Revenues outside the U.S. were $822 million, representing an increase of 10 percent over the prior year period. Approximately 5 percentage points of the increase resulted from the favorable impact of foreign currency translation.
For the six-month period ended March 31, 2007, revenues in the U.S. were $1.475 billion, representing an increase of 10 percent over the prior year period. Revenues outside of the U.S. were $1.603 billion, representing an increase of 8 percent over the prior year period. Approximately 4 percentage points of the increase relate to the favorable impact from foreign currency translation.
Fiscal 2007 Outlook for Full Year
The following analysis (Table 2) of estimated diluted earnings per share from continuing operations for the full fiscal year identifies specified items that affect the comparability of results between periods. As illustrated, the Company estimates that diluted earnings per share from continuing operations, excluding specified item, for the full fiscal year 2007 will be in the $3.76 to $3.80 range, representing an increase of approximately 13 to 14 percent over diluted earnings per share from continuing operations, excluding specified items, of $3.34 for the fiscal year 2006.
(Table 2) Twelve Months Ended
September 30,
FY2007 FY2006 % Change
(Estimated)
Diluted EPS from Continuing
Operations: $3.31- $3.35 $3.18 4%-5%
Specified Items:
In-Process Research and
Development Charge(1) 0.45 0.21
Insurance Settlements(2) - (0.04)
Rounding - (0.01)
0.45 0.16
Diluted EPS from Continuing
Operations Excluding
Specified Items: $3.76- $3.80 $3.34 13%-14%
(1) Represents the effect on diluted earnings per share from continuing
operations of the IPR&D charges recorded in the first quarter of
fiscal 2007 and the second quarter of fiscal 2006 related to the
TriPath and GeneOhm acquisitions, respectively.
(2) Represents the effect on estimated diluted earnings per share from
continuing operations of 2 cents in each of the first and second
quarter of fiscal 2006 related to proceeds received from insurance
settlements associated with the Company's previously owned latex glove
business.
Conference Call Information
A conference call regarding BD's second fiscal quarter results and its expectations for the full fiscal year will be broadcast live on BD's website, www.bd.com/investors, at 10:00 a.m. (ET) Wednesday, April 25, 2007. The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-866-373-9238 (domestic) and 1-203-369-0284 (international) through the close of business on Wednesday, May 2, 2007.
This news release contains certain non-GAAP financial measures. A reconciliation of these and other measures to the comparable GAAP measures is included in this release and in the attached financial tables.
About BD
BD, a leading global medical technology company that manufactures and sells medical devices, instrument systems and reagents, is dedicated to improving people's health throughout the world. BD is focused on improving drug therapy, enhancing the quality and speed of diagnosing infectious diseases, and advancing research and discovery of new drugs and vaccines. The Company'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 27,000 people in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, industry and the general public. For more information, please visit http://www.bd.com.
This press release, including the section entitled "Fiscal 2007 Outlook for Full Year," contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues, earnings per share and income, or events or developments that BD expects to occur or anticipates occurring in the future. 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, factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: competitive factors; pricing and market share pressures; changes in interest or foreign currency exchange rates; difficulties inherent in product development and delays in product introductions; changes in regional, national or foreign economic conditions; further 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; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); the effects of potential pandemic diseases; changes in healthcare or other governmental regulation; and issuance of new or revised accounting standards, as well as other factors discussed in this press release and 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 March 31,
2007 2006 % Change
REVENUES $1,575,922 $1,424,209 10.7
Cost of products sold 764,540 698,766 9.4
Selling and administrative 406,631 346,322 17.4
Research and development 86,687 127,715 (32.1)
TOTAL OPERATING COSTS AND EXPENSES 1,257,858 1,172,803 7.3
OPERATING INCOME 318,064 251,406 26.5
Interest expense (11,686) (19,805) (41.0)
Interest income 9,086 16,991 (46.5)
Other expense, net 5,872 (451) NM
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 321,336 248,141 29.5
Income tax provision 85,797 84,683 1.3
INCOME FROM CONTINUING OPERATIONS 235,539 163,458 44.1
INCOME/(LOSS) FROM DISCONTINUED
OPERATIONS NET OF INCOME TAX OF
PROVISION / (BENEFIT) OF 4,222 AND
$(5,713), RESPECTIVELY 6,994 (9,390) NM
NET INCOME $242,533 $154,068 57.4
EARNINGS PER SHARE
Basic:
Income from continuing operations $0.96 $0.66 45.5
Income/(loss) from discontinued
operations $0.03 $(0.04) NM
Net income $0.99 $0.62 59.7
Diluted:
Income from continuing operations $0.92 $0.63 46.0
Income/(loss) from discontinued
operations $0.03 $(0.04) NM
Net income (1) $0.95 $0.60 58.3
AVERAGE SHARES OUTSTANDING
Basic 245,418 248,088
Diluted 254,740 258,299
NM - Not Meaningful
(1) Total per share amounts may not add due to rounding.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Three Months Ended March 31,
(Unaudited; Amounts in thousands, except per-share data)
2006
As Insurance GeneOhm Excluding
Reported Settlement(1) IPR&D(2) Items
Selling and administrative $346,322 $10,000 $- $356,322
as a % of revenues 24.3% 25.0%
Research and development 127,715 - (53,300) 74,415
as a % of revenues 9.0% 5.2%
Operating Income 251,406 (10,000) 53,300 294,706
as a % of revenues 17.7% 20.7%
Income taxes 84,683 (3,800) - 80,883
effective tax rate 34.1% 27.8%
Income from continuing
operations 163,458 (6,200) 53,300 210,558
as a % of revenues 11.5% 14.8%
Diluted earnings per share
Income from continuing
operations $0.63 $(0.02) $0.21 $0.82
(1) Represents the effect in 2006 related to proceeds received from
insurance settlements in connection with the Company's previously
owned latex glove business.
(2) Represents the in-process research and development ("IPR&D") charge
related to the GeneOhm acquisition.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
Six Months Ended March 31,
2007 2006 % Change
REVENUES $3,077,449 $2,818,054 9.2
Cost of products sold 1,473,474 1,364,712 8.0
Selling and administrative 790,715 695,349 13.7
Research and development 281,366 196,074 43.5
TOTAL OPERATING COSTS AND EXPENSES 2,545,555 2,256,135 12.8
OPERATING INCOME 531,894 561,919 (5.3)
Interest expense (24,555) (36,565) (32.8)
Interest income 25,200 31,662 (20.4)
Other expense, net 3,505 (1,614) NM
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 536,044 555,402 (3.5)
Income tax provision 169,454 168,242 0.7
INCOME FROM CONTINUING OPERATIONS 366,590 387,160 (5.3)
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS NET OF INCOME TAX
PROVISION / (BENEFIT) OF
$11,362 AND $(9,262), RESPECTIVELY 18,822 (15,232) NM
NET INCOME $385,412 $371,928 3.6
EARNINGS PER SHARE
Basic:
Income from continuing operations $1.49 $1.56 (4.5)
Income (loss) from discontinued
operations $0.08 $(0.06) NM
Net income $1.57 $1.50 4.7
Diluted:
Income from continuing operations $1.44 $1.51 (4.6)
Income (loss) from discontinued
operations $0.07 $(0.06) NM
Net income $1.51 $1.45 4.1
AVERAGE SHARES OUTSTANDING
Basic 245,484 248,067
Diluted 255,178 257,145
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Six Months Ended March 31,
(Unaudited; Amounts in thousands, except per-share data)
2007
As TriPath Excluding
Reported IPR&D(1) Charges
Research and development $281,366 $(114,739) $166,627
as a % of revenues 9.1% 5.4%
Operating Income 531,894 114,739 646,633
as a % of revenues 17.3% 21.0%
Income from continuing operations 536,044 114,739 650,783
as a % of revenues 17.4% 21.1%
Diluted earnings per share
Income from continuing operations $1.44 $0.45 $1.89
(1) Represents the IPR&D charge related to the TriPath acquisition.
2006
As Insurance GeneOhm Excluding
Reported Settlement(1) IPR&D(2) Items
Selling and administrative $695,349 $17,000 $- $712,349
as a % of revenues 24.7% 25.3%
Research and development 196,074 - (53,300) 142,774
as a % of revenues 7.0% 5.1%
Operating Income 561,919 (17,000) 53,300 598,219
as a % of revenues 19.9% 21.2%
Income taxes 168,242 (6,460) - 161,782
effective tax rate 30.3% 27.3%
Income from continuing
operations 387,160 (10,540) 53,300 429,920
as a % of revenues 13.7% 15.3%
Diluted earnings per share
Income from continuing
operations(3) $1.51 $(0.04) $0.21 $1.67
(1) Represents the effect in 2006 related to proceeds received from
insurance settlements in connection with the Company's previously
owned latex glove business.
(2) Represents the IPR&D charge related to the GeneOhm acquisition.
(3) Total per share amounts may not add due to rounding.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Three Months Ended March 31,
2007 2006 % Change
BD MEDICAL
United States $378,789 $350,061 8.2
International 465,355 420,169 10.8
TOTAL $844,144 $770,230 9.6
BD DIAGNOSTICS
United States $265,800 $228,569 16.3
International 207,430 196,598 5.5
TOTAL $473,230 $425,167 11.3
BD BIOSCIENCES
United States $109,429 $99,659 9.8
International 149,119 129,153 15.5
TOTAL $258,548 $228,812 13.0
TOTAL REVENUES
United States $754,018 $678,289 11.2
International 821,904 745,920 10.2
TOTAL $1,575,922 $1,424,209 10.7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Six Months Ended March 31,
2007 2006 % Change
BD MEDICAL
United States $760,596 $697,731 9.0
International 909,795 822,983 10.5
TOTAL $1,670,391 $1,520,714 9.8
BD DIAGNOSTICS
United States $508,699 $453,300 12.2
International 406,932 405,985 0.2
TOTAL $915,631 $859,285 6.6
BD BIOSCIENCES
United States $205,349 $189,330 8.5
International 286,078 248,725 15.0
TOTAL $491,427 $438,055 12.2
TOTAL REVENUES
United States $1,474,644 $1,340,361 10.0
International 1,602,805 1,477,693 8.5
TOTAL $3,077,449 $2,818,054 9.2
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31,
(Unaudited; Amounts in thousands)
United States
2007 2006 % Change
BD MEDICAL
Medical Surgical Systems $230,881 $220,050 4.9
Diabetes Care 97,647 92,471 5.6
Pharmaceutical Systems 44,370 32,028 38.5
Ophthalmic Systems 5,891 5,512 6.9
TOTAL $378,789 $350,061 8.2
BD DIAGNOSTICS
Preanalytical Systems $131,937 $125,412 5.2
Diagnostic Systems 133,863 103,157 29.8
TOTAL $265,800 $228,569 16.3
BD BIOSCIENCES
Discovery Labware $37,710 $33,106 13.9
Immunocytometry Systems 51,546 46,226 11.5
Pharmingen 20,173 20,327 (0.8)
TOTAL $109,429 $99,659 9.8
TOTAL UNITED STATES $754,018 $678,289 11.2
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
International
% Change
2007 2006 Reported FX Neutral FX Impact
BD MEDICAL
Medical Surgical
Systems $216,459 $204,531 5.8 1.3 4.5
Diabetes Care 73,544 70,715 4.0 (0.8) 4.8
Pharmaceutical Systems 164,442 135,081 21.7 13.3 8.4
Ophthalmic Systems 10,910 9,842 10.9 3.4 7.5
TOTAL $465,355 $420,169 10.8 4.9 5.9
BD DIAGNOSTICS
Preanalytical Systems $112,809 $101,449 11.2 5.4 5.8
Diagnostic Systems 94,621 95,149 (0.6) (4.3) 3.7
TOTAL $207,430 $196,598 5.5 0.7 4.8
BD BIOSCIENCES
Discovery Labware $32,625 $30,535 6.8 2.8 4.0
Immunocytometry
Systems 93,056 77,348 20.3 14.6 5.7
Pharmingen 23,438 21,270 10.2 5.3 4.9
TOTAL $149,119 $129,153 15.5 10.3 5.2
TOTAL INTERNATIONAL $821,904 $745,920 10.2 4.7 5.5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
Total
% Change
2007 2006 Reported FX Neutral FX Impact
BD MEDICAL
Medical Surgical
Systems $447,340 $424,581 5.4 3.2 2.2
Diabetes Care 171,191 163,186 4.9 2.8 2.1
Pharmaceutical
Systems 208,812 167,109 25.0 18.2 6.8
Ophthalmic Systems 16,801 15,354 9.4 4.6 4.8
TOTAL $844,144 $770,230 9.6 6.4 3.2
BD DIAGNOSTICS
Preanalytical Systems $244,746 $226,861 7.9 5.3 2.6
Diagnostic Systems 228,484 198,306 15.2 13.4 1.8
TOTAL $473,230 $425,167 11.3 9.1 2.2
BD BIOSCIENCES
Discovery Labware $70,335 $63,641 10.5 8.6 1.9
Immunocytometry
Systems 144,602 123,574 17.0 13.5 3.5
Pharmingen 43,611 41,597 4.8 2.3 2.5
TOTAL $258,548 $228,812 13.0 10.1 2.9
TOTAL REVENUES $1,575,922 $1,424,209 10.7 7.8 2.9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31,
(Unaudited; Amounts in thousands)
United States
2007 2006 % Change
BD MEDICAL
Medical Surgical Systems $473,183 $442,316 7.0
Diabetes Care 188,139 183,959 2.3
Pharmaceutical Systems 87,269 60,428 44.4
Ophthalmic Systems 12,005 11,028 8.9
TOTAL $760,596 $697,731 9.0
BD DIAGNOSTICS
Preanalytical Systems $263,640 $248,201 6.2
Diagnostic Systems 245,059 205,099 19.5
TOTAL $508,699 $453,300 12.2
BD BIOSCIENCES
Discovery Labware $71,798 $65,163 10.2
Immunocytometry Systems 95,450 86,663 10.1
Pharmingen 38,101 37,504 1.6
TOTAL $205,349 $189,330 8.5
TOTAL UNITED STATES $1,474,644 $1,340,361 10.0
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
International
% Change
2007 2006 Reported FX Neutral FX Impact
BD MEDICAL
Medical Surgical
Systems $441,909 $410,428 7.7 3.8 3.9
Diabetes Care 151,738 142,707 6.3 2.2 4.1
Pharmaceutical
Systems 294,483 250,444 17.6 10.8 6.8
Ophthalmic Systems 21,665 19,404 11.7 5.5 6.2
TOTAL $909,795 $822,983 10.5 5.7 4.8
BD DIAGNOSTICS
Preanalytical
Systems $221,179 $200,823 10.1 5.1 5.0
Diagnostic Systems 185,753 205,162 (9.5) (12.3) 2.8
TOTAL $406,932 $405,985 0.2 (3.7) 3.9
BD BIOSCIENCES
Discovery Labware $62,426 $57,923 7.8 4.2 3.6
Immunocytometry
Systems 178,752 149,763 19.4 14.5 4.9
Pharmingen 44,900 41,039 9.4 5.3 4.1
TOTAL $286,078 $248,725 15.0 10.6 4.4
TOTAL INTERNATIONAL $1,602,805 $1,477,693 8.5 3.9 4.6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
Total
% Change
2007 2006 Reported FX Neutral FX Impact
BD MEDICAL
Medical Surgical
Systems $915,092 $852,744 7.3 5.4 1.9
Diabetes Care 339,877 326,666 4.0 2.2 1.8
Pharmaceutical
Systems 381,752 310,872 22.8 17.4 5.4
Ophthalmic Systems 33,670 30,432 10.6 6.7 3.9
TOTAL $1,670,391 $1,520,714 9.8 7.2 2.6
BD DIAGNOSTICS
Preanalytical Systems $484,819 $449,024 8.0 5.7 2.3
Diagnostic Systems 430,812 410,261 5.0 3.6 1.4
TOTAL $915,631 $859,285 6.6 4.7 1.9
BD BIOSCIENCES
Discovery Labware $134,224 $123,086 9.0 7.3 1.7
Immunocytometry
Systems 274,202 236,426 16.0 12.9 3.1
Pharmingen 83,001 78,543 5.7 3.5 2.2
TOTAL $491,427 $438,055 12.2 9.7 2.5
TOTAL REVENUES $3,077,449 $2,818,054 9.2 6.8 2.4
BECTON DICKINSON AND COMPANY
SUMMARY OF ANNUAL SELECTED FINANCIAL DATA
Revised for Blood Glucose Monitoring Discontinued Operations
(Unaudited; Amounts in thousands, except per share data)
2006 2005 2004
OPERATIONS
Revenues $5,738,017 $5,340,833 $4,893,915
Research and development 355,172 267,664 230,768
Operating income 1,141,414 1,063,845 878,201
Income from continuing operations
before income taxes 1,125,902 1,037,529 843,802
Income tax provision 310,792 325,009 204,852
Diluted earnings per share from
continuing operations $3.18 $2.73 $2.43
FINANCIAL RELATIONSHIPS
Gross profit margin 51.3% 50.9% 50.5%
Return on revenues (4) 14.2% 13.3% 13.1%
Return on total assets (2)(4) 18.4% 18.4% 15.7%
Return on equity (4) 22.9% 22.4% 21.4%
ADDITIONAL DATA
Depreciation and amortization $386,995 $382,669 $351,149
Capital expenditures 457,067 315,840 260,473
(1) Includes cumulative effect of accounting changes of $36.8 million
($.14 per basic and diluted share).
(2) Earnings before interest expense, taxes and cumulative effect of
accounting changes as a percent of average assets.
(3) Excludes the cumulative effect of accounting changes.
(4) Excludes discontinued operations.
BECTON DICKINSON AND COMPANY
SUMMARY OF ANNUAL SELECTED FINANCIAL DATA
Revised for Blood Glucose Monitoring Discontinued Operations
(Unaudited; Amounts in thousands, except per share data)
2003 2002 2001
OPERATIONS
Revenues $4,449,126 $3,960,359 $3,667,575
Research and development 218,524 201,075 193,753
Operating income 800,841 689,085 645,882
Income from continuing operations
before income taxes 761,567 642,076 548,576 (1)
Income tax provision 182,058 153,673 139,278
Diluted earnings per share from
continuing operations $2.20 $1.82 $1.52
FINANCIAL RELATIONSHIPS
Gross profit margin 48.9% 48.3% 48.7%
Return on revenues (4) 13.0% 12.3% 12.2% (3)
Return on total assets (2)(4) 15.2% 13.9% 13.9%
Return on equity (4) 21.6% 20.3% 20.7% (3)
ADDITIONAL DATA
Depreciation and amortization $332,815 $294,652 $291,993
Capital expenditures 253,007 253,491 364,076
(1) Includes cumulative effect of accounting changes of $36.8 million
($.14 per basic and diluted share).
(2) Earnings before interest expense, taxes and cumulative effect of
accounting changes as a percent of average assets.
(3) Excludes the cumulative effect of accounting changes.
(4) Excludes discontinued operations.
SOURCE BD (Becton, Dickinson and Company)
Released April 25, 2007