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    BD Announces Results For 2017 Second Fiscal Quarter

    - As reported, revenues of $2.969 billion decreased 3.2 percent, which reflects the divestiture of the Respiratory Solutions business.
    - On a comparable, currency-neutral basis, revenues grew 5.2 percent.
    - As reported, diluted earnings per share of $1.58 increased 1.3 percent.
    - As adjusted, diluted earnings per share of $2.30 increased 5.5 percent, or 12.8 percent on a currency-neutral basis.
    - As reported, the Company now expects full fiscal year diluted earnings per share to be between $7.73 and $7.83 which represents growth of approximately 72.0 to 74.0 percent.
    - The Company reaffirms fiscal year 2017 adjusted diluted earnings per share guidance of $9.35 to $9.45, which represents growth of approximately 9.0 to 10.0 percent, or 13.0 to 14.0 percent on a currency-neutral basis.

    FRANKLIN LAKES, N.J., May 2, 2017 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.969 billion for the second fiscal quarter ended March 31, 2017.  This represents a decrease of 3.2 percent from the prior-year period due to the divestiture of the Respiratory Solutions business that was completed in October 2016.  On a comparable, currency-neutral basis, second quarter revenues grew 5.2 percent.

    "We are very pleased with our strong second quarter and year-to-date performance, and move forward with strong momentum," said Vincent A. Forlenza, Chairman and CEO.  "Both segments contributed to revenue growth, demonstrating the breadth and diversity of the growth drivers within our portfolio.  We remain confident in our outlook for fiscal 2017 and our ability to create value for our shareholders."

    Second Quarter and Six-Month Fiscal 2017 Operating Results
    As reported, diluted earnings per share for the second quarter were $1.58, compared with $1.56 in the prior-year period.  This represents an increase of 1.3 percent.  Adjusted diluted earnings per share were $2.30, compared with $2.18 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 5.5 percent, or 12.8 percent on a currency-neutral basis.

    For the six-month period ended March 31, 2017, as reported, diluted earnings per share were $4.15, compared with $2.62 in the prior-year period.  This represents an increase of 58.4 percent and is primarily due to a litigation reserve reversal following a favorable appellate antitrust ruling.  Adjusted diluted earnings per share were $4.63, compared with $4.13 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 12.1 percent, or 16.2 percent on a currency-neutral basis.

    Segment Results
    In the BD Medical segment, as reported, worldwide revenues for the quarter of $1.987 billion decreased 6.8 percent from the prior-year period due to the aforementioned divestiture.  On a comparable, currency-neutral basis, revenues increased 4.8 percent.  The segment's results reflect strong performance in the Medication and Procedural Solutions and Medication Management Solutions units.   Performance in the Pharmaceutical Systems and Diabetes Care units was negatively impacted in part by the timing of customer orders which occurred in the first fiscal quarter, earlier than initially anticipated.

    Within the Medication Management Solutions unit, the Company is making some changes to its U.S. dispensing business model as it continues to reinvent the medication management process.  The transformation of the dispensing business from capital placements to a value-based software business model will create a more robust and customer-focused business.

    For the six-month period ended March 31, 2017, BD Medical revenues were $3.951 billion as reported, a decrease of 5.6 percent from the prior-year period due to the aforementioned divestiture.  On a comparable, currency-neutral basis, BD Medical revenues increased 6.2 percent.

    In the BD Life Sciences segment, as reported, worldwide revenues for the quarter were $982 million, an increase of 4.9 percent over the prior-year period, or an increase of 5.8 percent on a currency-neutral basis.  The segment's revenue growth reflects strong performance in the Diagnostic Systems and Preanalytical Systems units, and a slight decline in revenues in the Biosciences unit.  BD Life Sciences' growth was aided by flu-related revenues in the Diagnostic Systems unit as a result of a stronger flu season in comparison to the prior year.

    For the six-month period ended March 31, 2017, BD Life Sciences revenues were $1.940 billion as reported, an increase of 3.8 percent over the prior-year period, and an increase of 4.5 percent on a currency-neutral basis.

    Geographic Results
    As reported, second quarter revenues in the U.S. of $1.627 billion decreased 5.4 percent from the prior-year period due to the aforementioned divestiture.  On a comparable basis, U.S. revenues increased 4.0 percent.  Within the BD Medical segment, growth in the U.S. was driven by strong performance in the Medication Management Solutions and Medication and Procedural Solutions units.  Growth was negatively impacted in part by the aforementioned timing of customer orders in the Diabetes Care unit, and a tough comparison to the prior-year period in the Pharmaceutical Systems unit.  BD Life Sciences segment results in the U.S. reflect strength in the Diagnostics Systems and Preanalytical Systems units, and Biosciences unit revenues that were about flat compared to the prior-year period.  BD Life Sciences growth was aided by flu-related revenues in the Diagnostic Systems unit as a result of a stronger flu season in comparison to the prior year.

    As reported, revenues outside of the U.S. of $1.342 billion were about flat when compared with the prior-year period due to the aforementioned divestiture.  On a comparable, currency-neutral basis, revenues outside of the U.S. increased 6.5 percent.  International revenue growth reflects strong performance in both segments.  Within the BD Medical segment, growth was driven by capital installations in the Medication Management Solutions unit, and strength in the Medication and Procedural Solutions unit.  Growth in the BD Life Sciences segment reflects sales of safety-engineered products in emerging markets, and strength in the Diagnostic Systems unit.

    For the six-month period ended March 31, 2017, U.S. revenues were $3.257 billion as reported, a decrease of 4.5 percent from the prior-year period due to the aforementioned divestiture.  On a comparable basis, U.S. revenues grew 4.8 percent.  As reported, revenues outside of the U.S. of $2.635 billion were about flat compared to the prior-year period.  On a comparable, currency-neutral basis, revenues outside the U.S. grew 6.7 percent.

    Fiscal 2017 Outlook for Full Year
    As a result of the aforementioned transformation in the U.S. dispensing business within Medication Management Solutions, the Company's accounting for revenue recognition will change to reflect the new dispensing business model.  The Company estimates an unfavorable impact to full fiscal year 2017 of approximately $50 to $60 million to revenues and approximately $0.20 to $0.25 to adjusted earnings per share.  With strong performance year-to-date, combined with its current outlook for fiscal year 2017, the Company is maintaining its full fiscal year 2017 revenue and earnings guidance as described below, which includes the impact of the dispensing business model change.

    As reported, the Company continues to expect full fiscal year 2017 revenues to decrease 3.5 to 4.0 percent, primarily due to the aforementioned divestiture of the Respiratory Solutions business.  The Company continues to estimate that revenues for the full fiscal year 2017 will increase 4.5 to 5.0 percent on a comparable, currency-neutral basis that excludes Respiratory Solutions and other divestitures that closed in fiscal year 2016.

    As reported, the Company now expects full fiscal year 2017 diluted earnings per share to be between $7.73 and $7.83, which represents growth of approximately 72.0 to 74.0 percent.  On a currency-neutral basis, the Company continues to expect full fiscal year adjusted diluted earnings per share to be between $9.70 and $9.80, which represents growth of 13.0 to 14.0 percent including an estimated 1.5 percentage points of dilution related to the Respiratory Solutions divestiture. Including the estimated negative impact from foreign currency, the Company continues to expect adjusted diluted earnings per share to be between $9.35 and $9.45, which represents growth of approximately 9.0 to 10.0 percent over fiscal 2016 adjusted diluted earnings per share of $8.59.  Adjusted diluted earnings per share excludes, among other specified items, the non-cash amortization of intangible assets, and the reversal of a litigation reserve.

    Conference Call Information
    A conference call regarding BD's second quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET)Tuesday, May 2, 2017.  The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Tuesday, May 9, 2017, confirmation number 3838563.

    Non-GAAP Financial Measures/Financial Tables
    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.  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.

    All "comparable" basis revenue growth rates relating to fiscal year 2017 presented throughout this release are adjusted for closed divestitures.  Current and prior-year adjusted diluted earnings per share results exclude the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; the reversal of a litigation reserve; and the loss on debt extinguishment. We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.

    About BD
    BD is a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures, and support the management of diabetes. The company partners with organizations around the world to address some of the most challenging global health issues. BD has nearly 50,000 associates across 50 countries who work in close collaboration with customers and partners to help enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health. For more information on BD, please visit bd.com.

    ***

    This press release, including the section entitled "Fiscal 2017 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 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.  These factors include, but are not limited to: potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; new or changing laws and regulations impacting our business (including changes in the U.S. tax code or laws impacting foreign trade) or changes in enforcement practices with respect to such laws; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing 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; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; risks relating to our ability to continue to successfully integrate CareFusion's operations in order to fully obtain the benefits of the transaction; 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; 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.

    Contact:
    Monique N. Dolecki, Investor Relations - 201-847-5378
    Kristen Cardillo, Corporate Communications - 201-847-5657

     

    BECTON DICKINSON AND COMPANY

    CONSOLIDATED INCOME STATEMENTS

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




    Three Months Ended March 31,




    2017


    2016


    % Change


    REVENUES


    $

    2,969



    $

    3,067



    (3.2)











    Cost of products sold


    1,537



    1,584



    (3.0)



    Selling and administrative expense


    724



    732



    (1.2)



    Research and development expense


    187



    182



    2.7



    Acquisitions and other restructurings


    76



    104



    (26.8)



    Other operating (income) expense








    TOTAL OPERATING COSTS AND EXPENSES


    2,523



    2,601



    (3.0)



    OPERATING INCOME


    446



    466



    (4.3)











    Interest expense


    (86)



    (99)



    (12.6)



    Interest income


    7



    3



           NM



    Other (expense) income, net


    (5)



    6



           NM



    INCOME BEFORE INCOME TAXES


    362



    376



    (3.9)



    Income tax provision


    18



    38



    (53.0)



    NET INCOME


    $

    344



    $

    338



    1.6











    EARNINGS PER SHARE








    Basic Earnings per Share


    $

    1.61



    $

    1.59



    1.3



    Diluted Earnings per Share


    $

    1.58



    $

    1.56



    1.3











    AVERAGE SHARES OUTSTANDING (in thousands)








    Basic


    213,583


    212,469




    Diluted


    217,866


    216,538





    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    CONSOLIDATED INCOME STATEMENTS

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




    Six Months Ended March 31,




    2017


    2016


    % Change


    REVENUES


    $

    5,892



    $

    6,054



    (2.7)











    Cost of products sold


    3,007



    3,162



    (4.9)



    Selling and administrative expense


    1,432



    1,480



    (3.2)



    Research and development expense


    368



    369



    (0.2)



    Acquisitions and other restructurings


    163



    225



    (27.6)



    Other operating (income) expense


    (336)





           NM



    TOTAL OPERATING COSTS AND EXPENSES


    4,634



    5,236



    (11.5)



    OPERATING INCOME


    1,257



    818



    53.7











    Interest expense


    (181)



    (196)



    (7.8)



    Interest income


    12



    9



    35.0



    Other (expense) income, net


    (35)



    11



           NM



    INCOME BEFORE INCOME TAXES


    1,054



    642



    64.1



    Income tax provision


    148



    75



    98.0



    NET INCOME


    $

    905



    $

    567



    59.6











    EARNINGS PER SHARE








    Basic Earnings per Share


    $

    4.24



    $

    2.67



    58.8



    Diluted Earnings per Share


    $

    4.15



    $

    2.62



    58.4











    AVERAGE SHARES OUTSTANDING (in thousands)








    Basic


    213,321


    212,077




    Diluted


    217,986


    216,695





    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

    Three Months Ended March 31,

    (Unaudited; Amounts in millions)




    A


    B


    C=(A-B)/B



    2017


    2016


    % Change

    BD MEDICAL







    Medication and Procedural Solutions


    $

    495



    $

    484



    2.3


    Medication Management Solutions *


    464



    439



    5.6


    Diabetes Care


    124



    125



    (0.7)


    Pharmaceutical Systems


    76



    81



    (6.0)


    Respiratory Solutions *




    149



           NM


    TOTAL


    $

    1,159



    $

    1,278



    (9.3)









    BD LIFE SCIENCES







    Preanalytical Systems


    $

    185



    $

    175



    6.0


    Diagnostic Systems


    173



    156



    10.5


    Biosciences


    110



    110



    (0.2)


    TOTAL


    $

    467



    $

    441



    6.0









    TOTAL UNITED STATES


    $

    1,627



    $

    1,719



    (5.4)



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

    Three Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)










    D=(A-B)/B


    E=(A-B-C)/B



    A


    B


    C


    % Change



    2017


    2016


    FX Impact


    Reported


    FXN

    BD MEDICAL











    Medication and Procedural Solutions


    $

    370



    $

    348



    $

    (6)



    6.5



    8.2


    Medication Management Solutions


    103



    94



    (4)



    9.6



    13.6


    Diabetes Care


    119



    118



    (1)



    0.7



    1.7


    Pharmaceutical Systems


    235



    229



    (7)



    2.6



    5.6


    Respiratory Solutions




    64





           NM



           NM


    TOTAL


    $

    828



    $

    853



    $

    (18)



    (3.0)



    (0.9)













    BD LIFE SCIENCES











    Preanalytical Systems


    $

    177



    $

    165



    $

    (3)



    7.1



    9.1


    Diagnostic Systems


    178



    163



    (2)



    9.2



    10.6


    Biosciences


    160



    167



    (3)



    (4.5)



    (2.9)


    TOTAL


    $

    514



    $

    495



    $

    (8)



    3.9



    5.6













    TOTAL INTERNATIONAL


    $

    1,342



    $

    1,349



    $

    (26)



    (0.5)



    1.5



    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

    Three Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)










    D=(A-B)/B


    E=(A-B-C)/B



    A


    B


    C


    % Change



    2017


    2016


    FX Impact


    Reported


    FXN

    BD MEDICAL











    Medication and Procedural Solutions


    $

    865



    $

    831



    $

    (6)



    4.1



    4.8


    Medication Management Solutions *


    567



    533



    (4)



    6.3



    7.0


    Diabetes Care


    243



    243



    (1)





    0.5


    Pharmaceutical Systems


    312



    311



    (7)



    0.4



    2.6


    Respiratory Solutions *




    213





           NM



           NM


    TOTAL


    $

    1,987



    $

    2,131



    $

    (18)



    (6.8)



    (5.9)













    BD LIFE SCIENCES











    Preanalytical Systems


    $

    363



    $

    340



    $

    (3)



    6.6



    7.5


    Diagnostic Systems


    350



    319



    (2)



    9.8



    10.5


    Biosciences


    269



    277



    (3)



    (2.8)



    (1.8)


    TOTAL


    $

    982



    $

    936



    $

    (8)



    4.9



    5.8













    TOTAL REVENUES


    $

    2,969



    $

    3,067



    $

    (26)



    (3.2)



    (2.4)



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

    Six Months Ended March 31,

    (Unaudited; Amounts in millions)




    A


    B


    C=(A-B)/B



    2017


    2016


    % Change

    BD MEDICAL







    Medication and Procedural Solutions


    $

    990



    $

    975



    1.6


    Medication Management Solutions *


    956



    878



    8.8


    Diabetes Care


    268



    259



    3.4


    Pharmaceutical Systems


    139



    144



    (3.9)


    Respiratory Solutions *




    287



           NM


    TOTAL


    $

    2,352



    $

    2,544



    (7.5)









    BD LIFE SCIENCES







    Preanalytical Systems


    $

    361



    $

    353



    2.5


    Diagnostic Systems


    327



    305



    7.0


    Biosciences


    216



    208



    3.9


    TOTAL


    $

    904



    $

    866



    4.4









    TOTAL UNITED STATES


    $

    3,257



    $

    3,410



    (4.5)



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

    Six Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)










    D=(A-B)/B


    E=(A-B-C)/B



    A


    B


    C


    % Change



    2017


    2016


    FX Impact


    Reported


    FXN

    BD MEDICAL











    Medication and Procedural Solutions


    $

    744



    $

    705



    $

    (14)



    5.5



    7.6


    Medication Management Solutions


    212



    200



    (8)



    6.0



    10.1


    Diabetes Care


    243



    240



    (1)



    1.3



    1.7


    Pharmaceutical Systems


    400



    363



    (7)



    10.3



    12.1


    Respiratory Solutions




    134





           NM



           NM


    TOTAL


    $

    1,599



    $

    1,641



    $

    (30)



    (2.6)



    (0.7)













    BD LIFE SCIENCES











    Preanalytical Systems


    $

    356



    $

    331



    $

    (6)



    7.5



    9.4


    Diagnostic Systems


    357



    327



    (2)



    9.1



    9.9


    Biosciences


    322



    344



    (4)



    (6.3)



    (5.2)


    TOTAL


    $

    1,036



    $

    1,003



    $

    (13)



    3.3



    4.5













    TOTAL INTERNATIONAL


    $

    2,635



    $

    2,644



    $

    (43)



    (0.4)



    1.3



    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

    Six Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)










    D=(A-B)/B


    E=(A-B-C)/B



    A


    B


    C


    % Change



    2017


    2016


    FX Impact


    Reported


    FXN

    BD MEDICAL











    Medication and Procedural Solutions


    $

    1,734



    $

    1,680



    $

    (14)



    3.2



    4.1


    Medication Management Solutions *


    1,168



    1,078



    (8)



    8.3



    9.0


    Diabetes Care


    511



    499



    (1)



    2.4



    2.6


    Pharmaceutical Systems


    539



    507



    (7)



    6.3



    7.6


    Respiratory Solutions *




    421





           NM



           NM


    TOTAL


    $

    3,951



    $

    4,185



    $

    (30)



    (5.6)



    (4.9)













    BD LIFE SCIENCES











    Preanalytical Systems


    $

    718



    $

    684



    $

    (6)



    4.9



    5.9


    Diagnostic Systems


    684



    632



    (2)



    8.1



    8.5


    Biosciences


    539



    552



    (4)



    (2.5)



    (1.8)


    TOTAL


    $

    1,940



    $

    1,869



    $

    (13)



    3.8



    4.5













    TOTAL REVENUES


    $

    5,892



    $

    6,054



    $

    (43)



    (2.7)



    (2.0)



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES

    Three Months Ended March 31,

    (Unaudited; Amounts in millions)









    C













    Divestiture

    Revenue

    Adjustment **


    D=B+C



    E=(A-D)/D



    A



    B



    Comparable



    Comparable
    % Change



    2017



    2016



    2016



    BD MEDICAL













    Medication and Procedural Solutions


    $

    495




    $

    484



    $

    (6)



    $

    477




    3.7


    Medication Management Solutions *


    464




    439





    439




    5.6


    Diabetes Care


    124




    125





    125




    (0.7)


    Pharmaceutical Systems


    76




    81





    81




    (6.0)


    Respiratory Solutions *





    149



    (149)






    NM


    TOTAL


    $

    1,159




    $

    1,278



    $

    (155)



    $

    1,123




    3.2















    BD LIFE SCIENCES













    Preanalytical Systems


    $

    185




    $

    175



    $



    $

    175




    6.0


    Diagnostic Systems


    173




    156





    156




    10.5


    Biosciences


    110




    110





    110




    (0.2)


    TOTAL


    $

    467




    $

    441



    $



    $

    441




    6.0















    TOTAL UNITED STATES


    $

    1,627




    $

    1,719



    $

    (155)



    $

    1,564




    4.0



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.

    **Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

    Three Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)









    C















    Divestiture

    Revenue

    Adjustment **


    D=B+C





    F=(A-D-E)/D



    A



    B



    Comparable



    E


    FXN % Change



    2017



    2016



    2016



    FX Impact


    BD MEDICAL















    Medication and Procedural Solutions


    $

    370




    $

    348



    $



    $

    348




    $

    (6)



    8.2


    Medication Management Solutions


    103




    94





    94




    (4)



    13.6


    Diabetes Care


    119




    118





    118




    (1)



    1.7


    Pharmaceutical Systems


    235




    229





    229




    (7)



    5.6


    Respiratory Solutions





    64



    (64)








    NM


    TOTAL


    $

    828




    $

    853



    $

    (64)



    $

    789




    $

    (18)



    7.1

















    BD LIFE SCIENCES















    Preanalytical Systems


    $

    177




    $

    165



    $



    $

    165




    $

    (3)



    9.1


    Diagnostic Systems


    178




    163





    163




    (2)



    10.6


    Biosciences


    160




    167





    167




    (3)



    (2.9)


    TOTAL


    $

    514




    $

    495



    $



    $

    495




    $

    (8)



    5.6

















    TOTAL INTERNATIONAL


    $

    1,342




    $

    1,349



    $

    (64)



    $

    1,285




    $

    (26)



    6.5



    **Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

    Three Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)









    C







    F=(A-D-E)/D



    A



    B


    Divestiture

    Revenue

    Adjustment **


    D=B+C



    E


    Comparable

    FXN

    % Change









    Comparable



    Comparable

    FX Impact




    2017



    2016



    2016




    BD MEDICAL















    Medication and Procedural Solutions


    $

    865




    $

    831



    $

    (6)



    $

    825




    $

    (6)



    5.6


    Medication Management Solutions *


    567




    533





    533




    (4)



    7.0


    Diabetes Care


    243




    243





    243




    (1)



    0.5


    Pharmaceutical Systems


    312




    311





    311




    (7)



    2.6


    Respiratory Solutions *





    213



    (213)








    NM


    TOTAL


    $

    1,987




    $

    2,131



    $

    (219)



    $

    1,912




    $

    (18)



    4.8

















    BD LIFE SCIENCES















    Preanalytical Systems


    $

    363




    $

    340



    $



    $

    340




    $

    (3)



    7.5


    Diagnostic Systems


    350




    319





    319




    (2)



    10.5


    Biosciences


    269




    277





    277




    (3)



    (1.8)


    TOTAL


    $

    982




    $

    936



    $



    $

    936




    $

    (8)



    5.8

















    TOTAL REVENUES


    $

    2,969




    $

    3,067



    $

    (219)



    $

    2,848




    $

    (26)



    5.2



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.

    **Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY
    SUPPLEMENTAL INFORMATION
    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES
    Six Months Ended March 31,
    (Unaudited; Amounts in millions)









    C













    Divestiture

    Revenue

    Adjustment **


    D=B+C



    E=(A-D)/D



    A



    B



    Comparable



    Comparable
    % Change



    2017



    2016



    2016



    BD MEDICAL













    Medication and Procedural Solutions


    $

    990




    $

    975



    $

    (14)



    $

    961




    3.0


    Medication Management Solutions *


    956




    878





    878




    8.8


    Diabetes Care


    268




    259





    259




    3.4


    Pharmaceutical Systems


    139




    144





    144




    (3.9)


    Respiratory Solutions *





    287



    (287)






    NM


    TOTAL


    $

    2,352




    $

    2,544



    $

    (301)



    $

    2,243




    4.9















    BD LIFE SCIENCES













    Preanalytical Systems


    $

    361




    $

    353



    $



    $

    353




    2.5


    Diagnostic Systems


    327




    305





    305




    7.0


    Biosciences


    216




    208





    208




    3.9


    TOTAL


    $

    904




    $

    866



    $



    $

    866




    4.4















    TOTAL UNITED STATES


    $

    3,257




    $

    3,410



    $

    (301)



    $

    3,109




    4.8



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.

    **Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.


    NM - Not Meaningful


     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

    Six Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)









    C















    Divestiture

    Revenue

    Adjustment **


    D=B+C





    F=(A-D-E)/D



    A



    B



    Comparable



    E


    FXN % Change



    2017



    2016



    2016



    FX Impact


    BD MEDICAL















    Medication and Procedural Solutions


    $

    744




    $

    705



    $



    $

    705




    $

    (14)



    7.6


    Medication Management Solutions


    212




    200





    200




    (8)



    10.1


    Diabetes Care


    243




    240





    240




    (1)



    1.7


    Pharmaceutical Systems


    400




    363





    363




    (7)



    12.1


    Respiratory Solutions





    134



    (134)








    NM


    TOTAL


    $

    1,599




    $

    1,641



    $

    (134)



    $

    1,508




    $

    (30)



    8.1

















    BD LIFE SCIENCES















    Preanalytical Systems


    $

    356




    $

    331



    $



    $

    331




    $

    (6)



    9.4


    Diagnostic Systems


    357




    327





    327




    (2)



    9.9


    Biosciences


    322




    344





    344




    (4)



    (5.2)


    TOTAL


    $

    1,036




    $

    1,003



    $



    $

    1,003




    $

    (13)



    4.5

















    TOTAL INTERNATIONAL


    $

    2,635




    $

    2,644



    $

    (134)



    $

    2,510




    $

    (43)



    6.7



    **Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

    Six Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)









    C







    F=(A-D-E)/D



    A



    B


    Divestiture

    Revenue

    Adjustment **


    D=B+C



    E


    Comparable

    FXN

    % Change









    Comparable



    Comparable

    FX Impact




    2017



    2016



    2016




    BD MEDICAL















    Medication and Procedural
    Solutions


    $

    1,734




    $

    1,680



    $

    (14)



    $

    1,666




    $

    (14)



    5.0


    Medication Management
    Solutions *


    1,168




    1,078





    1,078




    (8)



    9.0


    Diabetes Care


    511




    499





    499




    (1)



    2.5


    Pharmaceutical Systems


    539




    507





    507




    (7)



    7.6


    Respiratory Solutions *





    421



    (421)








    NM


    TOTAL


    $

    3,951




    $

    4,185



    $

    (434)



    $

    3,750




    $

    (30)



    6.2

















    BD LIFE SCIENCES















    Preanalytical Systems


    $

    718




    $

    684



    $



    $

    684




    $

    (6)



    5.9


    Diagnostic Systems


    684




    632





    632




    (2)



    8.5


    Biosciences


    539




    552





    552




    (4)



    (1.8)


    TOTAL


    $

    1,940




    $

    1,869



    $



    $

    1,869




    $

    (13)



    4.5

















    TOTAL REVENUES


    $

    5,892




    $

    6,054



    $

    (434)



    $

    5,619




    $

    (43)



    5.6



    *The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.

    **Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.


    NM - Not Meaningful

     

     

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

    (Unaudited)




    Three Months Ended March 31,



    2017


    2016


    Growth


    Foreign

    Currency

    Translation


    Foreign

    Currency

    Neutral

    Growth


    Growth
    %


    Foreign

    Currency

    Neutral

    Growth %

    Reported Diluted Earnings per Share