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    Press Release

    BD Announces Fourth Fiscal Quarter And Full Year 2021 Results; Issues Fiscal Year 2022 Guidance

    Nov 4, 2021
    - Fourth fiscal quarter revenues of $5.1 billion grew 7.3% on a reported basis or 5.9% on a currency-neutral basis.
    - Fiscal 2021 full-year revenues of $20.2 billion grew 18.3% on a reported basis or 15.6% on a currency-neutral basis.
    - Fourth fiscal quarter GAAP diluted earnings per share (EPS) increased 133.3% to $0.84; adjusted diluted EPS decreased 7.2% to $2.59.
    - Fiscal 2021 full-year GAAP diluted EPS increased 152.8% to $6.85; adjusted diluted EPS increased 28.2% to $13.08.
    - BD issues fiscal 2022 guidance of $19.3 to $19.5 billion in revenues and $12.30 to $12.50 adjusted diluted EPS; includes base business revenue growth of 5% to 6% on a currency-neutral basis with improved margin profile.
    - BD announced its 50th consecutive year of dividend increases; dividend raised 4.8%.

    FRANKLIN LAKES, N.J., Nov. 4, 2021 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for the fourth fiscal quarter and full fiscal year ended September 30, 2021.

    "Our strong performance in fiscal 2021 was driven by the extraordinary efforts of our global team and demonstrates the resilience of BD's portfolio in even the most uncertain health care environments," said Tom Polen, chairman, CEO and president of BD.  "We also took a number of critical steps this year to lay the foundation for the next phase of our growth, which included strengthening our balance sheet and cash flows, increasing our investments into higher-growth spaces, and stepping up our pace of tuck-in M&A activity.  With increasing momentum in our base business and a clear path to accelerate margin recovery in fiscal 2022 and beyond, we are well-positioned to deliver on our commitments and drive long-term growth and value for all stakeholders."

    Fourth Fiscal Quarter 2021 Operating Results

       

    Three Months Ended September 30,

     

    Growth

     

    Foreign Currency
    Neutral Growth1

    ( Millions of dollars, except per share amounts)

     

    2021

     

    2020

       

    Revenues

     

    $

    5,135

       

    $

    4,784

       

    7.3

    %

     

    5.9

    %

    Reported Diluted Earnings per Share

     

    $

    0.84

       

    $

    0.36

       

    133.3

    %

     

    138.9

    %

    Adjusted Diluted Earnings per Share1

     

    $

    2.59

       

    $

    2.79

       

    (7.2)

    %

     

    (6.5)

    %

    1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables.

    Geographic Results

    Revenues (Millions of dollars)

     

    Three Months Ended September 30,

     

    Reported
    Change

     

    Foreign Currency
    Neutral Change1

       

    2021

     

    2020

       

    United States

     

    $

    2,803

       

    $

    2,752

       

    1.9

    %

     

    1.9

    %

                     

    International

     

    $

    2,331

       

    $

    2,032

       

    14.7

    %

     

    11.3

    %

    1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables.

    Segment Results
    Fourth fiscal quarter revenue growth across the segments was driven by strong base business performance. 

    Revenues (Millions of dollars)

     

    Three Months Ended September 30,

     

    Reported
    Change

     

    Foreign Currency
    Neutral Change1

       

    2021

     

    2020

       

    BD Medical

     

    $

    2,532

       

    $

    2,318

       

    9.2

    %

     

    7.7

    %

                     

    BD Life Sciences

     

    $

    1,532

       

    $

    1,488

       

    2.9

    %

     

    1.5

    %

                     

    BD Interventional

     

    $

    1,071

       

    $

    978

       

    9.5

    %

     

    8.3

    %

    1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables.

    In BD Medical, Medication Delivery Solutions revenue growth primarily reflects improved utilization and continued strong demand in the U.S. for catheters and vascular care products.  Performance in Medication Management Solutions primarily reflects growth in infusion sets in the U.S. amid the Delta variant surge, offset by an as expected decline in international infusion pump sales due to high demand in the prior year, particularly in Europe.  Diabetes Care revenue growth benefited from the timing of revenues and slightly better market demand. Pharmaceutical Systems revenues reflect continued strong demand for prefillable products enabled by capacity expansion.

    In BD Life Sciences, revenue growth reflects strong performance in the base business in the Integrated Diagnostic Solutions (IDS) and Biosciences units.  Growth in the base business in IDS reflects continued recovery in demand for specimen management products and microbiology solutions.  Performance in the Biosciences unit reflects demand for research solutions as lab activity continued to normalize.  COVID-19 diagnostic testing revenue in IDS declined to $316 million from $452 million in the prior year.

    In BD Interventional, revenue growth in the Surgery and Peripheral Intervention units reflects the recovery in deferrable procedure volumes compared to the prior year, despite pressures from the Delta variant.  Performance in the Surgery unit reflects growth across our biosurgery, infection prevention and hernia platforms.  Growth in the Peripheral Intervention unit reflects continued strong performance in atherectomy and oncology.  Performance in the Urology and Critical Care unit was driven by continued strong demand for acute urology products and the targeted temperature management portfolio.

    Capital Allocation
    BD is committed to a balanced capital allocation strategy that includes competitive investments in Research & Development, a competitive and increasing dividend and additional capacity to create value through tuck-in acquisitions, and potential share repurchases, while maintaining full investment grade credit ratings.

    During the fourth quarter of fiscal year 2021, BD repurchased 3.0 million shares at a total cost of $750 million

    BD announced its 50th year of dividend increases, raising its dividend 4.8%.  Additionally, the Board of Directors authorized the company to repurchase up to 10 million shares of its common stock, which is in addition to the approximately 0.8 million shares that remain on its existing authorization.

    Recent Business Highlights
    BD continues to advance an innovation-driven growth strategy. Recent highlights include:

    • BD FACSymphony™ A1 Cell Analyzer: a new fluorescence-activated cell analyzer that offers advanced research capabilities in a compact design, and helps improve access to instrumentation for complex scientific research for laboratories of all sizes. 
    • BD COR™ System: a new, fully automated high-throughput molecular diagnostic platform that uses robotics and sample management software algorithms to set a new standard in automation for infectious disease molecular testing in core and other centralized laboratories in the U.S.  The launch will make the BD Onclarity™ HPV Assay with extended genotyping for the BD COR™ System available to the high-throughput labs that process the majority of cervical cancer screening specimens in the U.S.
    • BD Veritor™ At-Home COVID-19 Test: BD received Emergency Use Authorization for the first at-home COVID-19 rapid antigen test to use computer vision technology in a smartphone to interpret and provide a digital display of testing results. 
    • Rotarex™ Rotational Excisional Atherectomy System: 510(k) clearance received for expanded indications; The Rotarex™ System is the first and only atherectomy and thrombectomy device indicated to treat in-stent restenosis in the U.S.

    Recent Environmental, Social and Governance (ESG) Highlights
    BD recently announced its enhanced ESG strategy, Together We Advance, which serves as a framework through which the company addresses the most relevant ESG issues for itself and its stakeholders.  The new approach builds on BD's core Purpose – advancing the world of health™ – and focuses on making meaningful impacts across four key pillars: impacting the health of the company, planet, communities and people.

    • Under Together We Advance, BD announced a suite of goals for 2030 and beyond across Climate Change, Product Impacts, Responsible Supply Chain, Healthy Workforce and Communities, and Transparency.
    • BD joined the Race to Zero, the largest alliance dedicated to achieving net zero carbon emissions by 2050.
    • BD, together with the BD Foundation, continued their commitment to help U.S. community health centers expand health equity among the nation's most vulnerable patients through monetary grants awarded to six community health centers that provide quality care to underinsured and uninsured patients.

    Assumptions and Outlook for Full Year Fiscal 2022
    BD's outlook for fiscal 2022 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date, which includes assumptions regarding the continued recovery from the COVID-19 pandemic.  The company's outlook continues to assume no major system-wide hospital restrictions on elective procedures related to the COVID-19 pandemic.  Management will discuss its outlook and several of its assumptions on its fourth fiscal quarter earnings call.

    The company expects fiscal year 2022 revenues to be in the range of $19.3 to $19.5 billion.  Revenue guidance assumes base business currency-neutral revenue growth of 5% to 6%, which reflects continued momentum across our businesses driven by our BD 2025 growth strategy and continued recovery from the COVID-19 pandemic.  In addition, the revenue guidance range assumes approximately $200 million in COVID-19-only diagnostic testing revenues.  Based on current rates, foreign exchange would represent a headwind of approximately 50 basis points to total company revenue growth. 

    The company expects fiscal year 2022 adjusted diluted EPS to be $12.30 to $12.50.

    The company's expected adjusted diluted EPS for fiscal 2022 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, spin-off related charges, and certain tax matters.  BD does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts.  In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors.  Such items could have a substantial impact on GAAP measures of BD's financial performance.

    Conference Call and Presentation Materials
    A conference call regarding BD's fourth quarter results will be broadcast live on BD's website, www.bd.com/investors at 8 a.m. (ET) Thursday, November 4, 2021.  The accompanying slides will be available on BD's website, www.bd.com/investors at 6 a.m. (ET).  The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-839-1246 (domestic) and 1-402-220-0464 (international) through the close of business on Thursday, Nov. 11, 2021.  A confirmation number is not needed to access the replay.

    Non-GAAP Financial Measures/Financial Tables
    This news release contains certain non-GAAP financial measures.  These include revenue growth rates on a currency-neutral basis and adjusted diluted earnings per share.  These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States.  BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period to period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our base operating results, and understand future prospects.  Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts.  We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison for other companies within the medical technology industry.  Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP.  Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations.  BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures.  Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.

    Current, prior-quarter and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments, integration and restructuring costs, spin-off related charges, certain transaction gains, certain legal defense and product remediation costs, certain regulatory costs, certain investment gains and asset impairments and the impact of the extinguishment of debt.

    We also provide these measures, as well as revenues, on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable.  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 results.

    Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.  Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

    About BD
    BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care.  The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics.  BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues.  By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care.  For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.

    ***

    This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, future revenues and earnings per share and capital deployment.  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.  These factors include, but are not limited to, risks relating to any impact of the current disruptions in the global supply chain on our operations, including our ability to source raw materials and components needed to manufacture our products and inflationary pressures, the possible impact of the COVID-19 pandemic on our business (including decreases in the demand for our products, any disruptions to our operations and our supply chain, and factors such as vaccine utilization rates and competitive factors that could impact the demand and pricing for our COVID-19 diagnostics testing); product efficacy or safety concerns resulting in product recalls or actions being taken with respect to our products; new or changing laws and regulations impacting our business (including the imposition of tariffs, changes in tax laws, new environmental laws and regulations, or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials, labor shortages or increased labor costs and BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. or foreign healthcare systems, potential cuts in governmental healthcare spending (including China's volume-based procurement tender process) or governmental or private measures to contain healthcare costs, including changes in pricing and reimbursement policies, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, including inflation, deflation and fluctuations in interest rates, particularly in emerging markets, including any impact 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; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; risks relating to our overall indebtedness; interruptions in our supply chain, manufacturing or sterilization processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; the remediation of our infusion pump business (including risks relating to our ability to obtain regulatory clearance and market acceptance of the BD Alaris™ System); our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation and/or investigations and/or subpoenas (as described in BD's filings with the Securities and Exchange Commission); and the issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission.  In addition, we have made certain assumptions in making these forward-looking statements, particularly regarding the COVID-19 pandemic.  If any of these assumptions are incorrect, BD's actual results could differ materially from those described in these forward-looking statements. 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 millions, except share and per share data)

     
       

    Three Months Ended September 30,

       

    2021

     

    2020

     

    % Change

    REVENUES

     

    $

    5,135

     

    $

    4,784

     

    7.3

                 

    Cost of products sold

     

    2,848

     

    2,578

     

    10.5

    Selling and administrative expense

     

    1,332

     

    1,200

     

    11.0

    Research and development expense

     

    387

     

    299

     

    29.4

    Acquisitions and other restructurings

     

    59

     

    75

     

    (21.4)

    Other operating expense, net

     

    14

     

    378

     

    (96.2)

    TOTAL OPERATING COSTS AND EXPENSES

     

    4,640

     

    4,529

     

    2.4

    OPERATING INCOME

     

    495

     

    254

     

    94.6

                 

    Interest expense

     

    (111)

     

    (123)

     

    (10.3)

    Interest income

     

    2

     

    2

     

    3.3

    Other (expense) income, net

     

    (120)

     

    10

     

    (1,249.7)

    INCOME BEFORE INCOME TAXES

     

    266

     

    143

     

    85.6

    Income tax provision

     

    1

     

    16

     

    (91.7)

    NET INCOME

     

    265

     

    128

     

    107.5

    Preferred stock dividends

     

    (23)

     

    (23)

     

    (1.1)

    NET INCOME APPLICABLE TO COMMON SHAREHOLDERS

     

    $

    242

     

    $

    105

     

    131.1

                 

    EARNINGS PER SHARE

               

    Basic Earnings per Share

     

    $

    0.85

     

    $

    0.36

     

    136.1

    Diluted Earnings per Share

     

    $

    0.84

     

    $

    0.36

     

    133.3

                 

    AVERAGE SHARES OUTSTANDING (in thousands)

               

    Basic

     

    285,985

     

    290,348

       

    Diluted

     

    288,598

     

    293,328

       

     

     

    BECTON DICKINSON AND COMPANY

    CONSOLIDATED INCOME STATEMENTS

    (Unaudited; Amounts in millions, except share and per share data)

                 
       

    Twelve Months Ended September 30,

       

    2021

     

    2020

     

    % Change

    REVENUES

     

    $

    20,248

     

    $

    17,117

     

    18.3

                 

    Cost of products sold

     

    10,821

     

    9,540

     

    13.4

    Selling and administrative expense

     

    4,867

     

    4,325

     

    12.5

    Research and development expense

     

    1,339

     

    1,096

     

    22.2

    Acquisitions and other restructurings

     

    185

     

    309

     

    (40.3)

    Other operating expense, net

     

    238

     

    363

     

    (34.5)

    TOTAL OPERATING COSTS AND EXPENSES

     

    17,449

     

    15,633

     

    11.6

    OPERATING INCOME

     

    2,799

     

    1,484

     

    88.6

                 

    Interest expense

     

    (469)

     

    (528)

     

    (11.3)

    Interest income

     

    9

     

    7

     

    22.0

    Other (expense) income, net

     

    (97)

     

    23

     

    (526.5)

    INCOME BEFORE INCOME TAXES

     

    2,242

     

    985

     

    127.6

    Income tax provision

     

    150

     

    111

     

    35.0

    NET INCOME

     

    2,092

     

    874

     

    139.4

    Preferred stock dividends

     

    (90)

     

    (107)

     

    (15.9)

    NET INCOME APPLICABLE TO COMMON SHAREHOLDERS

     

    $

    2,002

     

    $

    767

     

    161.1

                 

    EARNINGS PER SHARE

               

    Basic Earnings per Share

     

    $

    6.92

     

    $

    2.75

     

    151.6

    Diluted Earnings per Share

     

    $

    6.85

     

    $

    2.71

     

    152.8

                 

    AVERAGE SHARES OUTSTANDING (in thousands)

               

    Basic

     

    289,288

     

    278,971

       

    Diluted

     

    292,089

     

    282,402

       
                 

     

     

    BECTON DICKINSON AND COMPANY

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Amounts in millions)

     
       

    September 30, 2021

     

    September 30, 2020

       

    (Unaudited)
    Preliminary

       

    ASSETS

           

    Cash and equivalents

     

    $

    2,283

     

    $

    2,825

    Restricted cash

     

    109

     

    92

    Short-term investments

     

    12

     

    20

    Trade receivables, net

     

    2,497

     

    2,398

    Inventories

     

    2,866

     

    2,743

    Prepaid expenses and other

     

    1,072

     

    891

    TOTAL CURRENT ASSETS

     

    8,838

     

    8,969

    Property, plant and equipment, net

     

    6,393

     

    5,923

    Goodwill and other intangibles, net

     

    36,684

     

    37,433

    Other Assets

     

    1,952

     

    1,687

    TOTAL ASSETS

     

    $

    53,866

     

    $

    54,012

    LIABILITIES AND SHAREHOLDERS' EQUITY

           

    Short-term debt

     

    $

    500

     

    $

    707

    Other current liabilities

     

    6,126

     

    5,129

    Long-term debt

     

    17,110

     

    17,224

    Long-term employee benefit obligations

     

    1,228

     

    1,435

    Deferred income taxes and other liabilities

     

    5,225

     

    5,753

    Shareholders' equity

     

    23,677

     

    23,765

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

     

    $

    53,866

     

    $

    54,012

     

    The preliminary balance sheet is estimated based on the Company's current information.

     

     

    BECTON DICKINSON AND COMPANY

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Amounts in millions)

     
       

    Twelve Months Ended September 30,

       

    2021

     

    2020

       

    (Unaudited)
    Preliminary

       

    OPERATING ACTIVITIES

           

    Net income

     

    $

    2,092

     

    $

    874

    Depreciation and amortization

     

    2,273

     

    2,154

    Change in operating assets and liabilities and other, net

     

    282

     

    512

    NET CASH PROVIDED BY OPERATING ACTIVITIES

     

    4,647

     

    3,539

    INVESTING ACTIVITIES

           

    Capital expenditures

     

    (1,231)

     

    (810)

    Acquisitions, net of cash acquired

     

    (508)

     

    (164)

    Other, net

     

    (142)

     

    (257)

    NET CASH USED FOR INVESTING ACTIVITIES

     

    (1,880)

     

    (1,232)

    FINANCING ACTIVITIES

           

    Change in credit facility borrowings

     

     

    (485)

    Proceeds from long-term debt and term loans

     

    4,869

     

    3,389

    Payments of debt and term loans

     

    (5,112)

     

    (4,664)

    Proceeds from issuance of equity securities

     

     

    2,917

    Repurchases of common stock

     

    (1,750)

     

    Dividends paid

     

    (1,048)

     

    (1,026)

    Other, net

     

    (265)

     

    (109)

    NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

     

    (3,306)

     

    22

    Effect of exchange rate changes on cash and equivalents and restricted cash

     

    15

     

    (3)

    NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS AND
    RESTRICTED CASH

     

    (525)

     

    2,326

    OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH

     

    2,917

     

    590

    CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH

     

    $

    2,392

     

    $

    2,917

     

    The preliminary cash flow is estimated based on the Company's current information.

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

    Three Months Ended September 30,

    (Unaudited; Amounts in millions)

     
       

    A

     

    B

     

    C=(A-B)/B

       

    2021

     

    2020

     

    % Change

    BD MEDICAL

               

    Medication Delivery Solutions

     

    $

    587

     

    $

    522

     

    12.4

    Medication Management Solutions

     

    487

     

    453

     

    7.4

    Diabetes Care

     

    156

     

    145

     

    7.6

    Pharmaceutical Systems

     

    136

     

    117

     

    17.0

    TOTAL

     

    $

    1,366

     

    $

    1,236

     

    10.5

                 

    BD LIFE SCIENCES

               

    Integrated Diagnostic Solutions

     

    $

    573

     

    $

    729

     

    (21.4)

    Biosciences

     

    138

     

    112

     

    23.1

    TOTAL

     

    $

    711

     

    $

    841

     

    (15.5)

                 

    BD INTERVENTIONAL

               

    Surgery

     

    $

    266

     

    $

    232

     

    14.9

    Peripheral Intervention

     

    238

     

    230

     

    3.6

    Urology and Critical Care

     

    222

     

    212

     

    4.6

    TOTAL

     

    $

    727

     

    $

    674

     

    7.8

                 

    TOTAL UNITED STATES

     

    $

    2,803

     

    $

    2,752

     

    1.9

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

    Three Months Ended September 30, (continued)

    (Unaudited; Amounts in millions)

     
                   

    D=(A-B)/B

     

    E=(A-B-C)/B

       

    A

     

    B

     

    C

     

    % Change

       

    2021

     

    2020

     

    FX Impact

     

    Reported

     

    FXN

    BD MEDICAL

                       

    Medication Delivery Solutions

     

    $

    457

     

    $

    400

     

    $

    18

     

    14.3

     

    9.7

    Medication Management Solutions

     

    153

     

    181

     

    5

     

    (15.5)

     

    (18.5)

    Diabetes Care

     

    140

     

    132

     

    4

     

    6.2

     

    3.1

    Pharmaceutical Systems

     

    416

     

    369

     

    8

     

    12.8

     

    10.8

    TOTAL

     

    $

    1,166

     

    $

    1,081

     

    $

    35

     

    7.8

     

    4.6

                         

    BD LIFE SCIENCES

                       

    Integrated Diagnostic Solutions

     

    $

    607

     

    $

    455

     

    $

    17

     

    33.2

     

    29.4

    Biosciences

     

    214

     

    191

     

    4

     

    12.0

     

    9.6

    TOTAL

     

    $

    821

     

    $

    647

     

    $

    22

     

    26.9

     

    23.6

                         

    BD INTERVENTIONAL

                       

    Surgery

     

    $

    70

     

    $

    54

     

    $

    2

     

    29.3

     

    24.9

    Peripheral Intervention

     

    191

     

    170

     

    7

     

    12.4

     

    8.1

    Urology and Critical Care

     

    84

     

    80

     

    2

     

    4.3

     

    1.7

    TOTAL

     

    $

    345

     

    $

    304

     

    $

    12

     

    13.3

     

    9.4

                         

    TOTAL INTERNATIONAL

     

    $

    2,331

     

    $

    2,032

     

    $

    69

     

    14.7

     

    11.3

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

    Three Months Ended September 30, (continued)

    (Unaudited; Amounts in millions)

     
                   

    D=(A-B)/B

     

    E=(A-B-C)/B

       

    A

     

    B

     

    C

     

    % Change

       

    2021

     

    2020

     

    FX Impact

     

    Reported

     

    FXN

    BD MEDICAL

                       

    Medication Delivery Solutions

     

    $

    1,043

     

    $

    921

     

    $

    18

     

    13.3

     

    11.3

    Medication Management Solutions

     

    639

     

    634

     

    5

     

    0.9

     

    0.1

    Diabetes Care

     

    297

     

    277

     

    4

     

    6.9

     

    5.4

    Pharmaceutical Systems

     

    553

     

    485

     

    8

     

    13.8

     

    12.3

    TOTAL

     

    $

    2,532

     

    $

    2,318

     

    $

    35

     

    9.2

     

    7.7

                         

    BD LIFE SCIENCES

                       

    Integrated Diagnostic Solutions

     

    $

    1,180

     

    $

    1,185

     

    $

    17

     

    (0.4)

     

    (1.9)

    Biosciences

     

    352

     

    303

     

    4

     

    16.1

     

    14.6

    TOTAL

     

    $

    1,532

     

    $

    1,488

     

    $

    22

     

    2.9

     

    1.5

                         

    BD INTERVENTIONAL

                       

    Surgery

     

    $

    336

     

    $

    286

     

    $

    2

     

    17.6

     

    16.8

    Peripheral Intervention

     

    429

     

    399

     

    7

     

    7.4

     

    5.5

    Urology and Critical Care

     

    306

     

    293

     

    2

     

    4.5

     

    3.8

    TOTAL

     

    $

    1,071

     

    $

    978

     

    $

    12

     

    9.5

     

    8.3

                         

    TOTAL REVENUES

     

    $

    5,135

     

    $

    4,784

     

    $

    69

     

    7.3

     

    5.9

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

    Twelve Months Ended September 30,

    (Unaudited; Amounts in millions)

                 
       

    A

     

    B

     

    C=(A-B)/B

       

    2021

     

    2020

     

    % Change

    BD MEDICAL

               

    Medication Delivery Solutions

     

    $

    2,246

     

    $

    1,972

     

    13.9

    Medication Management Solutions

     

    1,863

     

    1,865

     

    (0.1)

    Diabetes Care

     

    606

     

    562

     

    7.8

    Pharmaceutical Systems

     

    428

     

    404

     

    6.1

    TOTAL

     

    $

    5,142

     

    $

    4,802

     

    7.1

                 

    BD LIFE SCIENCES

               

    Integrated Diagnostic Solutions

     

    $

    2,477

     

    $

    1,872

     

    32.3

    Biosciences

     

    503

     

    465

     

    8.2

    TOTAL

     

    $

    2,980

     

    $

    2,337

     

    27.5

                 

    BD INTERVENTIONAL

               

    Surgery

     

    $

    1,023

     

    $

    891

     

    14.8

    Peripheral Intervention

     

    931

     

    871

     

    6.8

    Urology and Critical Care

     

    894

     

    815

     

    9.7

    TOTAL

     

    $

    2,847

     

    $

    2,577

     

    10.5

                 

    TOTAL UNITED STATES

     

    $

    10,969

     

    $

    9,716

     

    12.9

                 

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

    Twelve Months Ended September 30, (continued)

    (Unaudited; Amounts in millions)

                         
                   

    D=(A-B)/B

     

    E=(A-B-C)/B

       

    A

     

    B

     

    C

     

    % Change

       

    2021

     

    2020

     

    FX Impact

     

    Reported

     

    FXN

    BD MEDICAL

                       

    Medication Delivery Solutions

     

    $

    1,812

     

    $

    1,583

     

    $

    86

     

    14.4

     

    9.0

    Medication Management Solutions

     

    570

     

    589

     

    35

     

    (3.3)

     

    (9.3)

    Diabetes Care

     

    554

     

    522

     

    24

     

    6.2

     

    1.6

    Pharmaceutical Systems

     

    1,401

     

    1,184

     

    66

     

    18.3

     

    12.7

    TOTAL

     

    $

    4,336

     

    $

    3,878

     

    $

    211

     

    11.8

     

    6.4

                         

    BD LIFE SCIENCES

                       

    Integrated Diagnostic Solutions

     

    $

    2,748

     

    $

    1,659

     

    $

    134

     

    65.6

     

    57.5

    Biosciences

     

    802

     

    678

     

    35

     

    18.3

     

    13.1

    TOTAL

     

    $

    3,550

     

    $

    2,337

     

    $

    169

     

    51.9

     

    44.6

                         

    BD INTERVENTIONAL

                       

    Surgery

     

    $

    274

     

    $

    230

     

    $

    14

     

    19.0

     

    12.7

    Peripheral Intervention

     

    780

     

    640

     

    45

     

    21.8

     

    14.8

    Urology and Critical Care

     

    338

     

    315

     

    16

     

    7.4

     

    2.2

    TOTAL

     

    $

    1,392

     

    $

    1,186

     

    $

    75

     

    17.4

     

    11.1

                         

    TOTAL INTERNATIONAL

     

    $

    9,279

     

    $

    7,401

     

    $

    456

     

    25.4

     

    19.2

                         

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

    Twelve Months Ended September 30, (continued)

    (Unaudited; Amounts in millions)

                         
                   

    D=(A-B)/B

     

    E=(A-B-C)/B

       

    A

     

    B

     

    C

     

    % Change

       

    2021

     

    2020

     

    FX Impact

     

    Reported

     

    FXN

    BD MEDICAL

                       

    Medication Delivery Solutions

     

    $

    4,057

     

    $

    3,555

     

    $

    86

     

    14.1

     

    11.7

    Medication Management Solutions

     

    2,432

     

    2,454

     

    35

     

    (0.9)

     

    (2.3)

    Diabetes Care

     

    1,160

     

    1,084

     

    24

     

    7.0

     

    4.8

    Pharmaceutical Systems

     

    1,829

     

    1,588

     

    66

     

    15.2

     

    11.1

    TOTAL

     

    $

    9,479

     

    $

    8,680

     

    $

    211

     

    9.2

     

    6.8

                         

    BD LIFE SCIENCES

                       

    Integrated Diagnostic Solutions

     

    $

    5,225

     

    $

    3,532

     

    $

    134

     

    47.9

     

    44.1

    Biosciences

     

    1,305

     

    1,143

     

    35

     

    14.2

     

    11.1

    TOTAL

     

    $

    6,530

     

    $

    4,675

     

    $

    169

     

    39.7

     

    36.1

                         

    BD INTERVENTIONAL

                       

    Surgery

     

    $

    1,296

     

    $

    1,121

     

    $

    14

     

    15.7

     

    14.4

    Peripheral Intervention

     

    1,711

     

    1,511

     

    45

     

    13.2

     

    10.2

    Urology and Critical Care

     

    1,232

     

    1,130

     

    16

     

    9.0

     

    7.6

    TOTAL

     

    $

    4,239

     

    $

    3,762

     

    $

    75

     

    12.7

     

    10.7

                         

    TOTAL REVENUES

     

    $

    20,248

     

    $

    17,117

     

    $

    456

     

    18.3

     

    15.6

                         

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

    (Unaudited)

     
       

    Three Months Ended September 30,

       

    2021

     

    2020

     

    Growth

     

    Foreign
    Currency
    Translation

     

    Foreign
    Currency
    Neutral
    Growth

     

    Growth %

     

    Foreign
    Currency
    Neutral
    Growth %

    Reported Diluted Earnings per Share

     

    $

    0.84

     

    $

    0.36

     

    $

    0.48

     

    $

    (0.02)

     

    $

    0.50

     

    133.3%

     

    138.9%

    Purchase accounting adjustments ($350 million and $343 million pre-tax, respectively) (1)

     

    1.21

     

    1.17

                       

    Integration costs ($41 million and $49 million pre-tax, respectively) (2)

     

    0.14

     

    0.17

                       

    Restructuring costs ($17 million and $26 million pre-tax, respectively) (2)

     

    0.06

     

    0.09

                       

    Separation and related costs ($19 million pre-tax) (3)

     

    0.07

     

                       

    Transaction gain/loss, product and other litigation-related matters ($13 million and $383 million pre-tax, respectively) (4)

     

    0.05

     

    1.31

                       

    European regulatory initiative-related costs ($43 million and $29 million pre-tax, respectively) (5)

     

    0.15

     

    0.10

                       

    Investment gains/losses and asset impairments ($(46) million and $59 million pre-tax, respectively) (6)

     

    (0.16)

     

    0.20

                       

    Impacts of debt extinguishment ($154 million and $1 million pre-tax, respectively)

     

    0.53

     

                       

    Income tax benefit of special items ($(88) million and $(177) million, respectively)

     

    (0.30)

     

    (0.60)

                       

    Adjusted Diluted Earnings per Share

     

    $

    2.59

     

    $

    2.79

     

    $

    (0.20)

     

    $

    (0.02)

     

    $

    (0.18)

     

    (7.2)%

     

    (6.5)%

     
       

    (1)

    Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.

    (2)

    Represents amounts associated with integration and restructuring activities resulting from acquisitions, as well as simplification and other cost saving initiatives.

    (3)

    Represents costs recorded to Other operating expense, net which were incurred for consulting, legal, tax and other advisory services associated with the planned spin-off of BD's Diabetes Care business.

    (4)

    The 2021 amount includes a gain of $70 million on a sale-leaseback transaction which was recorded to Other operating expense, net and charges of $18 million recorded to Cost of products sold related to the estimate of future product remediation costs. The amounts in 2021 and 2020 also include amounts recorded to Other operating expense, net to record product liability reserves, including related legal defense costs, of $65 million and $378 million, respectively.

    (5)

    Represents costs required to develop processes and systems to comply with regulations such as the European Union Medical Device Regulation ("EUMDR") and General Data Protection Regulation ("GDPR").

    (6)

    The amount in 2021 includes unrealized gains recorded within Other (expense) income, net relating to certain investments. The amount in 2020 includes charges recorded in Cost of products sold and Research and development expense to write down the carrying values of certain assets.

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

    (Unaudited)

                                 
       

    Twelve Months Ended September 30,

       

    2021

     

    2020

     

    Growth

     

    Foreign
    Currency
    Translation

     

    Foreign
    Currency
    Neutral
    Growth

     

    Growth %

     

    Foreign
    Currency
    Neutral
    Growth %

    Reported Diluted Earnings per Share

     

    $

    6.85

     

    $

    2.71

     

    $

    4.14

     

    $

    (0.05)

     

    $

    4.19

     

    152.8%

     

    154.6%

    Purchase accounting adjustments ($1.406 billion and $1.356 billion pre-tax, respectively) (1)

     

    4.82

     

    4.80

         

    0.01

               

    Integration costs ($135 million and $214 million pre-tax, respectively) (2)

     

    0.46

     

    0.76

                       

    Restructuring costs ($50 million and $95 million pre-tax, respectively) (2)

     

    0.17

     

    0.33

                       

    Separation and related costs ($35 million pre-tax) (3)

     

    0.12

     

                       

    Transaction gain/loss, product and other litigation-related matters ($272 million and $631 million pre-tax, respectively) (4)

     

    0.93

     

    2.24

                       

    European regulatory initiative-related costs ($135 million and $106 million pre-tax, respectively) (5)

     

    0.46

     

    0.38

                       

    Investment gains/losses and asset impairments ($(46) million and $100 million pre-tax, respectively) (6)

     

    (0.16)

     

    0.35

                       

    Impacts of debt extinguishment ($185 million and $8 million pre-tax, respectively)

     

    0.63

     

    0.03

                       

    Income tax benefit of special items ($(353) million and $(395) million, respectively)

     

    (1.21)

     

    (1.40)

                       

    Adjusted Diluted Earnings per Share

     

    $

    13.08

     

    $

    10.20

     

    $

    2.88

     

    $

    (0.04)

     

    $

    2.92

     

    28.2%

     

    28.6%

     
       

    (1)

    Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.

    (2)

    Represents amounts associated with integration and restructuring activities resulting from acquisitions, as well as simplification and other cost saving initiatives.

    (3)

    Represents costs recorded to Other operating expense, net which were incurred for consulting, legal, tax and other advisory services associated with the planned spin-off of BD's Diabetes Care business.

    (4)

    The 2021 amount includes gains of $158 million on sale-leaseback transactions. The amounts in 2021 and 2020 include charges to record product liability reserves, including related legal defense costs, of $361 million and $378 million, respectively. The sale-leaseback gains and product liability-related charges were recorded to Other operating expense, net. The amounts in 2021 and 2020 also include charges of $56 million and $244 million, respectively, recorded to Cost of products sold related to the estimate of future product remediation costs.

    (5)

    Represents costs required to develop processes and systems to comply with regulations such as the EUMDR and GDPR.

    (6)

    The amount in 2021 includes unrealized gains recorded within Other (expense) income, net relating to certain investments. The prior-period amount includes charges recorded in Cost of products sold and Research and development expense to write down the carrying values of certain assets.

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    FY 2022 OUTLOOK RECONCILIATION

                 
       

    Full Year FY2021

     

    Full Year FY2022 Outlook

       

    ($ in millions)

     

    FX Neutral % Change

     

    Reported Revenues

    BDX Reported Revenues

     

    $

    20,248

           

    Less: COVID-19-only Diagnostic Testing Revenues

     

    1,956

           

    Base Business Revenues

     

    $

    18,292

           
                 

    FY2022 Base Business Revenue Growth

         

    +5% to +6%

       

    FY2022 COVID-19-only Diagnostic Testing Revenues

             

    ~$200 million

    Illustrative Foreign Currency (FX) Impact, based on FX spot rates

             

    (~50) basis points

    Total FY 2022 Revenues

             

    $19.3 - $19.5 billion

     
     
           

    Full Year FY2022 Outlook

       

    Full Year FY2021

     

    Total Company

    Reported Diluted Earnings per Share

     

    $

    6.85

       

    Purchase accounting adjustments ($1.406 billion pre-tax) (1)

     

    4.82

       

    Integration costs ($135 million pre-tax) (2)

     

    0.46

       

    Restructuring costs ($50 million pre-tax) (2)

     

    0.17

       

    Separation and related costs ($35 million pre-tax) (3)

     

    0.12

       

    Transaction gain/loss, product and other litigation-related matters ($272 million pre-tax) (4)

     

    0.93

       

    European regulatory initiative-related costs ($135 million pre-tax) (5)

     

    0.46

       

    Investment gains/losses and asset impairments ($(46) million pre-tax) (6)

     

    (0.16)

       

    Impacts of debt extinguishment ($185 million pre-tax)

     

    0.63

       

    Income tax benefit of special items ($(353) million)

     

    (1.21)

       

    Adjusted Diluted Earnings per Share

     

    $

    13.08

     

    $12.30 to $12.50

     
       
     

    Note - Base Business Revenues denotes total revenues less estimated revenues for COVID-19 only diagnostic testing

       

    (1)

    Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.

    (2)

    Represents amounts associated with integration and restructuring activities resulting from acquisitions, as well as simplification and other cost saving initiatives.

    (3)

    Represents costs recorded to Other operating expense, net which were incurred for consulting, legal, tax and other advisory services associated with the planned spin-off of BD's Diabetes Care business.

    (4)

    Includes gains of $158 million on sale-leaseback transactions and charges of $361 million to record product liability reserves, including related legal defense costs, which were recorded to Other operating expense, net. The amount also includes charges of $56 million recorded to Cost of products sold related to the estimate of future product remediation costs.

    (5)

    Represents costs required to develop processes and systems to comply with regulations such as the EUMDR and GDPR.

    (6)

    Includes unrealized gains recorded within Other (expense) income, net relating to certain investments.

     

     

    Contact:
    Investors: Nadia Goncalves, BD Investor Relations - 201-847-5934
    Media: Troy Kirkpatrick, BD Public Relations - 858-617-2361

     

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/bd-announces-fourth-fiscal-quarter-and-full-year-2021-results--issues-fiscal-year-2022-guidance-301415993.html

    SOURCE BD (Becton, Dickinson and Company)