BD Announces Results For 2020 Second Fiscal Quarter; Withdraws Fiscal Year 2020 Guidance Due To COVID-19 Pandemic
"As the world responds to the COVID-19 pandemic, BD is focused on protecting the health and safety of our employees while addressing the critical health needs of our customers and their patients," said
Second Quarter and Six-Month Fiscal 2020 Operating Results
As reported, diluted earnings per share for the second quarter were
For the six-month period ended
Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter of
For the six-month period ended
In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of
For the six-month period ended
In the BD Interventional segment, as reported, worldwide revenues for the quarter of
For the six-month period ended
Geographic Results
As reported, second quarter revenues in the
As reported, revenues outside of the
For the six-month period ended
Fiscal 2020 Outlook for Full Year
Due to ongoing uncertainty regarding the scope and duration of the COVID-19 global pandemic, as well as the timing and pace of recovery, the company is currently unable to estimate the impact to its financial results and operations over the balance of fiscal year 2020. As this impact could be material, the company is withdrawing its previously issued fiscal year 2020 revenue and earnings per share guidance.
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
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.
Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; transactional and product related impacts; 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. 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 amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.
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 65,000 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.
This press release, including the section entitled "Fiscal 2020 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 risks relating to the COVID-19 pandemic on our business (including decreases in the demand for our products or disruptions to our operations and our supply chain); integration of the
|
|||||||||||
Three Months Ended |
|||||||||||
2020 |
2019 |
% Change |
|||||||||
REVENUES |
$ |
4,253 |
$ |
4,195 |
1.4 |
||||||
Cost of products sold |
2,520 |
2,221 |
13.4 |
||||||||
Selling and administrative expense |
1,025 |
1,089 |
(5.9) |
||||||||
Research and development expense |
264 |
252 |
4.9 |
||||||||
Acquisitions and other restructurings |
75 |
101 |
(25.9) |
||||||||
Other operating expense, net |
— |
396 |
(100.0) |
||||||||
TOTAL OPERATING COSTS AND EXPENSES |
3,884 |
4,059 |
(4.3) |
||||||||
OPERATING INCOME |
370 |
136 |
171.5 |
||||||||
Interest expense |
(134) |
(171) |
(21.7) |
||||||||
Interest income |
2 |
18 |
(89.1) |
||||||||
Other (expense) income, net |
(38) |
20 |
(288.2) |
||||||||
INCOME BEFORE INCOME TAXES |
200 |
3 |
6,287.4 |
||||||||
Income tax provision (benefit) |
17 |
(17) |
200.4 |
||||||||
NET INCOME |
183 |
20 |
811.7 |
||||||||
Preferred stock dividends |
(38) |
(38) |
— |
||||||||
NET INCOME (LOSS) APPLICABLE TO COMMON SHAREHOLDERS |
$ |
145 |
$ |
(18) |
914.6 |
||||||
EARNINGS PER SHARE |
|||||||||||
Basic Earnings (Loss) per Share |
$ |
0.53 |
$ |
(0.07) |
857.1 |
||||||
Diluted Earnings (Loss) per Share |
$ |
0.53 |
$ |
(0.07) |
857.1 |
||||||
AVERAGE SHARES OUTSTANDING (in thousands) |
|||||||||||
Basic |
272,014 |
269,882 |
|||||||||
Diluted |
275,037 |
269,882 |
|
|||||||||||
Six Months Ended |
|||||||||||
2020 |
2019 |
% Change |
|||||||||
REVENUES |
$ |
8,479 |
$ |
8,355 |
1.5 |
||||||
Cost of products sold |
4,766 |
4,408 |
8.1 |
||||||||
Selling and administrative expense |
2,146 |
2,161 |
(0.7) |
||||||||
Research and development expense |
535 |
510 |
4.9 |
||||||||
Acquisitions and other restructurings |
161 |
191 |
(16.2) |
||||||||
Other operating expense, net |
— |
61 |
(99.9) |
||||||||
TOTAL OPERATING COSTS AND EXPENSES |
7,607 |
7,332 |
3.8 |
||||||||
OPERATING INCOME |
871 |
1,024 |
(14.9) |
||||||||
Interest expense |
(270) |
(342) |
(21.2) |
||||||||
Interest income |
3 |
6 |
(43.5) |
||||||||
Other (expense) income, net |
(11) |
30 |
(135.1) |
||||||||
INCOME BEFORE INCOME TAXES |
594 |
718 |
(17.2) |
||||||||
Income tax provision |
134 |
98 |
36.3 |
||||||||
NET INCOME |
461 |
619 |
(25.7) |
||||||||
Preferred stock dividends |
(76) |
(76) |
— |
||||||||
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS |
$ |
385 |
$ |
544 |
(29.2) |
||||||
EARNINGS PER SHARE |
|||||||||||
Basic Earnings per Share |
$ |
1.42 |
$ |
2.02 |
(29.7) |
||||||
Diluted Earnings per Share |
$ |
1.40 |
$ |
1.98 |
(29.3) |
||||||
AVERAGE SHARES OUTSTANDING (in thousands) |
|||||||||||
Basic |
271,555 |
269,454 |
|||||||||
Diluted |
275,173 |
274,429 |
|
||||||||
|
|
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
Cash and equivalents |
$ |
2,351 |
$ |
536 |
||||
Restricted cash |
88 |
54 |
||||||
Short-term investments |
6 |
30 |
||||||
Trade receivables, net |
2,160 |
2,345 |
||||||
Inventories |
2,793 |
2,579 |
||||||
Prepaid expenses and other |
1,156 |
1,119 |
||||||
TOTAL CURRENT ASSETS |
8,555 |
6,664 |
||||||
Property, plant and equipment, net |
5,664 |
5,659 |
||||||
|
37,788 |
38,354 |
||||||
Other Assets |
1,509 |
1,088 |
||||||
TOTAL ASSETS |
$ |
53,516 |
$ |
51,765 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Short-term debt |
$ |
4,357 |
$ |
1,309 |
||||
Other current liabilities |
4,398 |
4,345 |
||||||
Long-term debt |
16,809 |
18,081 |
||||||
Long-term employee benefit obligations |
1,253 |
1,272 |
||||||
Deferred income taxes and other liabilities |
5,747 |
5,676 |
||||||
Shareholders' equity |
20,951 |
21,081 |
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
53,516 |
$ |
51,765 |
|
||||||||
Six Months Ended |
||||||||
2020 |
2019 |
|||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ |
461 |
$ |
619 |
||||
Depreciation and amortization |
1,067 |
1,126 |
||||||
Change in operating assets and liabilities and other, net |
(332) |
(718) |
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES |
1,196 |
1,027 |
||||||
INVESTING ACTIVITIES |
||||||||
Capital expenditures |
(395) |
(362) |
||||||
Proceeds from divestitures, net |
— |
477 |
||||||
Other, net |
(147) |
(85) |
||||||
ACTIVITIES |
(542) |
30 |
||||||
FINANCING ACTIVITIES |
||||||||
Change in credit facility borrowings |
210 |
— |
||||||
Proceeds from long-term debt and term loans |
1,900 |
— |
||||||
Payments of debt and term loans |
(305) |
(905) |
||||||
Dividends paid |
(505) |
(491) |
||||||
Other, net |
(90) |
(135) |
||||||
NET CASH PROVIDED BY (USED FOR) FINANCING |
1,210 |
(1,532) |
||||||
Effect of exchange rate changes on cash and equivalents |
(15) |
5 |
||||||
NET INCREASE (DECREASE) IN CASH AND |
1,849 |
(469) |
||||||
OPENING CASH AND EQUIVALENTS AND |
590 |
1,236 |
||||||
CLOSING CASH AND EQUIVALENTS AND |
$ |
2,439 |
$ |
767 |
|
|||||||||||
A |
B |
C=(A-B)/B |
|||||||||
2020 |
2019 |
% Change |
|||||||||
BD MEDICAL |
|||||||||||
Medication Delivery Solutions (a) |
$ |
518 |
$ |
482 |
7.6 |
||||||
Medication Management Solutions (a) |
449 |
499 |
(9.9) |
||||||||
Diabetes Care |
142 |
137 |
3.0 |
||||||||
Pharmaceutical Systems |
91 |
93 |
(2.5) |
||||||||
TOTAL |
$ |
1,200 |
$ |
1,211 |
(0.9) |
||||||
BD LIFE SCIENCES |
|||||||||||
Integrated Diagnostic Solutions (b) |
|||||||||||
Preanalytical Systems |
$ |
208 |
$ |
171 |
21.6 |
||||||
Diagnostic Systems |
206 |
180 |
14.5 |
||||||||
Total Integrated Diagnostic Solutions |
413 |
350 |
18.0 |
||||||||
Biosciences |
108 |
120 |
(9.8) |
||||||||
TOTAL |
$ |
522 |
$ |
470 |
10.9 |
||||||
BD INTERVENTIONAL |
|||||||||||
Surgery (c) |
$ |
249 |
$ |
242 |
3.0 |
||||||
Peripheral Intervention (c) |
242 |
225 |
7.4 |
||||||||
Urology and Critical Care (c) |
202 |
193 |
5.1 |
||||||||
TOTAL |
$ |
693 |
$ |
659 |
5.1 |
||||||
TOTAL |
$ |
2,415 |
$ |
2,341 |
3.2 |
||||||
(a) The presentation of prior-period amounts reflects the reclassification of |
|
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2020 |
2019 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions |
$ |
386 |
$ |
446 |
$ |
(11) |
(13.4) |
(11.0) |
||||||||||
Medication Management Solutions |
119 |
118 |
(3) |
0.4 |
2.6 |
|||||||||||||
Diabetes Care |
137 |
133 |
(4) |
2.8 |
5.5 |
|||||||||||||
Pharmaceutical Systems |
309 |
273 |
(7) |
13.4 |
16.2 |
|||||||||||||
TOTAL |
$ |
951 |
$ |
969 |
$ |
(24) |
(1.9) |
0.6 |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Integrated Diagnostic Solutions (a) |
||||||||||||||||||
Preanalytical Systems |
$ |
192 |
$ |
195 |
$ |
(6) |
(1.6) |
1.4 |
||||||||||
Diagnostic Systems |
228 |
209 |
(5) |
9.0 |
11.5 |
|||||||||||||
Total Integrated Diagnostic Solutions |
420 |
404 |
(11) |
3.9 |
6.6 |
|||||||||||||
Biosciences |
172 |
177 |
(3) |
(3.3) |
(1.8) |
|||||||||||||
TOTAL |
$ |
591 |
$ |
582 |
$ |
(14) |
1.7 |
4.0 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery (b) |
$ |
63 |
$ |
66 |
$ |
(1) |
(4.8) |
(3.1) |
||||||||||
Peripheral Intervention (b) |
157 |
162 |
(3) |
(2.8) |
(0.8) |
|||||||||||||
Urology and Critical Care (b) |
76 |
75 |
— |
1.3 |
1.9 |
|||||||||||||
TOTAL |
$ |
297 |
$ |
303 |
$ |
(5) |
(2.2) |
(0.6) |
||||||||||
TOTAL INTERNATIONAL |
$ |
1,839 |
$ |
1,854 |
$ |
(43) |
(0.8) |
1.5 |
||||||||||
(a) Effective |
|
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2020 |
2019 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions (a) |
$ |
904 |
$ |
928 |
$ |
(11) |
(2.5) |
(1.3) |
||||||||||
Medication Management Solutions (a) |
568 |
617 |
(3) |
(7.9) |
(7.5) |
|||||||||||||
Diabetes Care |
278 |
270 |
(4) |
2.9 |
4.2 |
|||||||||||||
Pharmaceutical Systems |
400 |
366 |
(7) |
9.4 |
11.4 |
|||||||||||||
TOTAL |
$ |
2,151 |
$ |
2,180 |
$ |
(24) |
(1.4) |
(0.3) |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Integrated Diagnostic Solutions (b) |
||||||||||||||||||
Preanalytical Systems |
$ |
400 |
$ |
366 |
$ |
(6) |
9.3 |
10.8 |
||||||||||
Diagnostic Systems |
434 |
389 |
(5) |
11.5 |
12.9 |
|||||||||||||
Total Integrated Diagnostic Solutions |
833 |
755 |
(11) |
10.4 |
11.9 |
|||||||||||||
Biosciences |
280 |
297 |
(3) |
(5.9) |
(5.0) |
|||||||||||||
TOTAL |
$ |
1,113 |
$ |
1,052 |
$ |
(14) |
5.8 |
7.1 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery (c) |
$ |
312 |
$ |
308 |
$ |
(1) |
1.4 |
1.7 |
||||||||||
Peripheral Intervention (c) |
399 |
387 |
(3) |
3.1 |
4.0 |
|||||||||||||
Urology and Critical Care (c) |
279 |
268 |
— |
4.1 |
4.2 |
|||||||||||||
TOTAL |
$ |
990 |
$ |
963 |
$ |
(5) |
2.8 |
3.3 |
||||||||||
TOTAL REVENUES |
$ |
4,253 |
$ |
4,195 |
$ |
(43) |
1.4 |
2.4 |
||||||||||
(a) The presentation of prior-period amounts reflects the reclassification of
|
|
|||||||||||
A |
B |
C=(A-B)/B |
|||||||||
2020 |
2019 |
% Change |
|||||||||
BD MEDICAL |
|||||||||||
Medication Delivery Solutions (a) |
$ |
1,038 |
$ |
1,000 |
3.7 |
||||||
Medication Management Solutions (a) |
912 |
1,007 |
(9.4) |
||||||||
Diabetes Care |
281 |
282 |
(0.7) |
||||||||
Pharmaceutical Systems |
174 |
161 |
8.3 |
||||||||
TOTAL |
$ |
2,404 |
$ |
2,450 |
(1.9) |
||||||
BD LIFE SCIENCES |
|||||||||||
Integrated Diagnostic Solutions (b) |
|||||||||||
Preanalytical Systems |
$ |
410 |
$ |
371 |
10.3 |
||||||
Diagnostic Systems |
390 |
355 |
9.9 |
||||||||
Total Integrated Diagnostic Solutions |
799 |
726 |
10.1 |
||||||||
Biosciences |
260 |
228 |
14.0 |
||||||||
TOTAL |
$ |
1,060 |
$ |
954 |
11.0 |
||||||
BD INTERVENTIONAL |
|||||||||||
Surgery (c) |
$ |
505 |
$ |
488 |
3.6 |
||||||
Peripheral Intervention (c) |
467 |
448 |
4.3 |
||||||||
Urology and Critical Care (c) |
409 |
388 |
5.5 |
||||||||
TOTAL |
$ |
1,381 |
$ |
1,323 |
4.4 |
||||||
TOTAL |
$ |
4,845 |
$ |
4,728 |
2.5 |
||||||
(a) The presentation of prior-period amounts reflects the reclassification of |
|
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2020 |
2019 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions |
$ |
814 |
$ |
883 |
$ |
(21) |
(7.8) |
(5.4) |
||||||||||
Medication Management Solutions |
231 |
236 |
(6) |
(1.8) |
0.7 |
|||||||||||||
Diabetes Care |
266 |
261 |
(6) |
1.7 |
4.0 |
|||||||||||||
Pharmaceutical Systems |
525 |
485 |
(14) |
8.2 |
11.1 |
|||||||||||||
TOTAL |
$ |
1,836 |
$ |
1,865 |
$ |
(47) |
(1.6) |
1.0 |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Integrated Diagnostic Solutions (a) |
||||||||||||||||||
Preanalytical Systems |
$ |
388 |
$ |
387 |
$ |
(10) |
0.3 |
2.9 |
||||||||||
Diagnostic Systems |
446 |
416 |
(9) |
7.2 |
9.3 |
|||||||||||||
Total Integrated Diagnostic Solutions |
834 |
803 |
(19) |
3.9 |
6.2 |
|||||||||||||
Biosciences |
342 |
350 |
(6) |
(2.3) |
(0.6) |
|||||||||||||
TOTAL |
$ |
1,176 |
$ |
1,153 |
$ |
(25) |
2.0 |
4.1 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery (b) |
$ |
133 |
$ |
130 |
$ |
(2) |
2.2 |
4.0 |
||||||||||
Peripheral Intervention (b) |
327 |
321 |
(7) |
1.8 |
4.0 |
|||||||||||||
Urology and Critical Care (b) |
161 |
158 |
(1) |
2.1 |
2.4 |
|||||||||||||
TOTAL |
$ |
621 |
$ |
609 |
$ |
(10) |
2.0 |
3.6 |
||||||||||
TOTAL INTERNATIONAL |
$ |
3,634 |
$ |
3,628 |
$ |
(82) |
0.2 |
2.4 |
||||||||||
(a) Effective |
|
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2020 |
2019 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions (a) |
$ |
1,852 |
$ |
1,884 |
$ |
(21) |
(1.7) |
(0.6) |
||||||||||
Medication Management Solutions (a) |
1,143 |
1,242 |
(6) |
(8.0) |
(7.5) |
|||||||||||||
Diabetes Care |
547 |
544 |
(6) |
0.5 |
1.6 |
|||||||||||||
Pharmaceutical Systems |
699 |
646 |
(14) |
8.3 |
10.4 |
|||||||||||||
TOTAL |
$ |
4,241 |
$ |
4,316 |
$ |
(47) |
(1.7) |
(0.6) |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Integrated Diagnostic Solutions (b) |
||||||||||||||||||
Preanalytical Systems |
$ |
798 |
$ |
758 |
$ |
(10) |
5.2 |
6.5 |
||||||||||
Diagnostic Systems |
835 |
771 |
(9) |
8.4 |
9.6 |
|||||||||||||
Total Integrated Diagnostic Solutions |
1,633 |
1,529 |
(19) |
6.8 |
8.1 |
|||||||||||||
Biosciences |
603 |
579 |
(6) |
4.1 |
5.2 |
|||||||||||||
TOTAL |
$ |
2,236 |
$ |
2,108 |
$ |
(25) |
6.1 |
7.3 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery (c) |
$ |
638 |
$ |
618 |
$ |
(2) |
3.3 |
3.7 |
||||||||||
Peripheral Intervention (c) |
794 |
769 |
(7) |
3.3 |
4.2 |
|||||||||||||
Urology and Critical Care (c) |
570 |
545 |
(1) |
4.5 |
4.6 |
|||||||||||||
TOTAL |
$ |
2,002 |
$ |
1,932 |
$ |
(10) |
3.6 |
4.1 |
||||||||||
TOTAL REVENUES |
$ |
8,479 |
$ |
8,355 |
$ |
(82) |
1.5 |
2.5 |
||||||||||
(a) The presentation of prior-period amounts reflects the reclassification of |
|
||||||||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||||||||
2020 |
2019 |
Growth |
Foreign Currency Translation |
Foreign Currency Neutral Growth |
Growth % |
Foreign Currency Neutral Growth % |
||||||||||||||||||||
Reported Diluted Earnings (Loss) per Share |
$ |
0.53 |
$ |
(0.07) |
$ |
0.60 |
$ |
0.01 |
$ |
0.59 |
857.1 |
% |
842.9 |
% |
||||||||||||
Purchase accounting adjustments ( |
1.24 |
1.40 |
— |
|||||||||||||||||||||||
Integration costs ( |
0.21 |
0.26 |
— |
|||||||||||||||||||||||
Restructuring costs ( |
0.07 |
0.12 |
— |
|||||||||||||||||||||||
European regulatory initiative-related costs ( |
0.10 |
0.04 |
— |
|||||||||||||||||||||||
Transaction gain/loss and product-related matters ( |
0.72 |
1.47 |
— |
|||||||||||||||||||||||
Investment gains/losses and asset impairments ( |
0.14 |
— |
— |
|||||||||||||||||||||||
Transaction costs ( |
— |
— |
— |
|||||||||||||||||||||||
Impacts of debt extinguishment ( |
— |
— |
— |
|||||||||||||||||||||||
Dilutive Impact (6) |
— |
(0.04) |
— |
|||||||||||||||||||||||
Income tax benefit of special items and impact of tax reform |
(0.45) |
(0.59) |
— |
|||||||||||||||||||||||
Adjusted Diluted Earnings per Share |
$ |
2.55 |
$ |
2.59 |
$ |
(0.04) |
$ |
0.01 |
$ |
(0.05) |
(1.5) |
% |
(1.9) |
% |
||||||||||||
(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.
|
|
||||||||||||||||||||||||||
Six Months Ended |
||||||||||||||||||||||||||
2020 |
2019 |
Growth |
Foreign Currency Translation |
Foreign Currency Neutral Growth |
Growth % |
Foreign Currency Neutral Growth % |
||||||||||||||||||||
Reported Diluted Earnings per Share |
$ |
1.40 |
$ |
1.98 |
$ |
(0.58) |
$ |
(0.03) |
$ |
(0.55) |
(29.3) |
% |
(27.8) |
% |
||||||||||||
Purchase accounting adjustments ( |
2.50 |
2.76 |
— |
|||||||||||||||||||||||
Integration costs ( |
0.43 |
0.52 |
— |
|||||||||||||||||||||||
Restructuring costs ( |
0.15 |
0.26 |
— |
|||||||||||||||||||||||
European regulatory initiative-related costs ( |
0.16 |
0.05 |
— |
|||||||||||||||||||||||
Transaction gain/loss and product-related matters ( |
0.94 |
0.22 |
— |
|||||||||||||||||||||||
Investment gains/losses and asset impairments ( |
0.15 |
— |
— |
|||||||||||||||||||||||
Transaction costs ( |
— |
0.01 |
— |
|||||||||||||||||||||||
Impacts of debt extinguishment ( |
— |
— |
— |
|||||||||||||||||||||||
Income tax benefit of special items and impact of tax reform |
(0.53) |
(0.52) |
— |
|||||||||||||||||||||||
Adjusted Diluted Earnings per Share |
$ |
5.20 |
$ |
5.29 |
$ |
(0.09) |
$ |
(0.03) |
$ |
(0.06) |
(1.7) |
% |
(1.1) |
% |
||||||||||||
(1) Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.
|
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SOURCE BD (