Published on April 25, 2007
1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
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News Release |
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Contact:
Patricia A. Spinella, Investor Relations
201-847-5453
Colleen T. White, Corporate Communications 201-847-5369
BD ANNOUNCES RESULTS FOR SECOND FISCAL QUARTER
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Second-quarter earnings per share from continuing operations increase 12% to 92 cents, excluding specified items
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Raises guidance for full fiscal year 2007 earnings per share from continuing operations to $3.76 to $3.80 from $3.71 to $3.77, excluding specified items
Franklin Lakes, NJ (April 25, 2007) BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.576 billion for the second fiscal quarter ended March 31, 2007, representing an increase of 11 percent over the prior year period. This quarters growth rate reflects the favorable impact on all segments from foreign currency translation, which overall is estimated to account for 3 percentage points of the increase in quarterly revenues.
"We are pleased with the strength of our second quarter results and outlook for fiscal 2007. BD's strategy of providing innovative solutions to global healthcare needs continues to fuel our growth," said Edward J. Ludwig, Chairman, President and Chief Executive Officer. "Our improving gross margin is providing the necessary resources to invest for the future. The combination of our strong operations, internal investments in research and development and recent acquisitions of GeneOhm and TriPath provides the basis for us to look to the future with confidence."
Analysis of Second Quarter and Six-Month Period of Fiscal Year 2007 and 2006 Earnings
Reported diluted earnings per share from continuing operations were 92 cents for the second quarter of fiscal 2007. The following analysis (Table 1) of diluted earnings per share from continuing operations for the second quarters of fiscal 2007 and 2006 identifies specified items that affect comparability of results between periods. As illustrated, second quarter fiscal 2007 diluted earnings per share from continuing operations increased by 12 percent over comparable second quarter fiscal 2006 diluted earnings per share from continuing operations of 82 cents, which exclude specified items. For the six-month periods, diluted earnings per share from continuing operations of $1.89 for fiscal 2007, which exclude specified item, increased by 13 percent over comparable fiscal 2006 diluted earnings per share from continuing operations of $1.67, which exclude specified items.
| (Table 1) | Three Months Ended March 31, |
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| FY2007 |
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| Diluted EPS from Continuing Operations: |
$
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0.92
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$ | 0.63 | 46% |
$
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1.44 |
$
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1.51 | -5% | |||||||
| Specified Items: | |||||||||||||||||
| In-Process Research and Development Charge(1) |
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0.21 | 0.45 | 0.21 | |||||||||||||
| Insurance Settlement(2) |
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(0.02 | ) |
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(0.04 | ) | |||||||||||
| Rounding |
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(0.01 | ) | ||||||||||||
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0.19 | 0.45 | 0.16 | ||||||||||||||
| Diluted EPS from Continuing Operations | |||||||||||||||||
| Excluding Specified Items: |
$
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0.92
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$ | 0.82 | 12% |
$
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1.89 |
$
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1.67 | 13% | |||||||
(1) Represents the effect on diluted earnings per share from continuing operations of the in-process research and development (IPR&D) charges recorded in the second quarter of fiscal 2006 and the first quarter of fiscal 2007 related to the GeneOhm and TriPath acquisitions, respectively.
(2) Represents the effect on diluted earnings per share from continuing operations of 2 cents in each of the first and second quarter of fiscal 2006 related to proceeds received from insurance settlements associated with the Companys previously owned latex glove business.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $844 million, representing an increase of 10 percent from the prior year period. For the six-month period ended March 31, 2007, the BD Medical segment reported 10 percent revenue growth. Strong sales in the Pharmaceutical Systems unit continued to significantly contribute to the growth of the segment.
In the BD Diagnostics segment, worldwide revenues for the quarter were $473 million, representing an increase of 11 percent from the prior years quarter, despite continued slow sales of flu testing products. This growth includes $27 million of revenues from TriPath, which was acquired at the end of the first quarter of fiscal 2007. The Preanalytical Systems unit of the segment reported revenue growth of 8 percent. Second quarter revenues in the Diagnostic Systems unit of the segment increased 15 percent, again including revenues from the TriPath acquisition. For the six-month period ended March 31, 2007, the BD Diagnostics segment reported 7 percent revenue growth.
In the BD Biosciences segment, worldwide revenues for the quarter were $259 million, representing an increase of 13 percent from the prior years quarter. Flow cytometry instrument and reagent sales, as well as sales of advanced bioprocessing products, contributed to growth. For the six-month period ended March 31, 2007, the BD Biosciences segment reported 12 percent revenue growth, resulting from continued strong sales of those same products.
Geographic Results
Second quarter revenues in the U.S. were $754 million, representing an increase of 11 percent over the prior year period and include $27 million of revenues from TriPath. Revenues outside the U.S. were $822 million, representing an increase of 10 percent over the prior year period. Approximately 5 percentage points of the increase resulted from the favorable impact of foreign currency translation.
For the six-month period ended March 31, 2007, revenues in the U.S. were $1.475 billion, representing an increase of 10 percent over the prior year period. Revenues outside of the U.S. were $1.603 billion, representing an increase of 8 percent over the prior year period. Approximately 4 percentage points of the increase relate to the favorable impact from foreign currency translation.
Fiscal 2007 Outlook for Full Year
The following analysis (Table 2) of estimated diluted earnings per share from continuing operations for the full fiscal year identifies specified items that affect the comparability of results between periods. As illustrated, the Company estimates that diluted earnings per share from continuing operations, excluding specified item, for the full fiscal year 2007 will be in the $3.76 to $3.80 range, representing an increase of approximately 13 to 14 percent over diluted earnings per share from continuing operations, excluding specified items, of $3.34 for the fiscal year 2006.
| (Table 2) | Twelve Months Ended | |||||||||
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| Diluted EPS from Continuing Operations: |
$
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3.31-$3.35 | $ | 3.18 | 4 %-5% | |||||
| Specified Items: | ||||||||||
| In-Process Research and Development Charge(1) | 0.45 | 0.21 | ||||||||
| Insurance Settlements(2) | | (0.04 | ) | |||||||
| Rounding | | (0.01 | ) | |||||||
| 0.45 | 0.16 | |||||||||
| Diluted EPS from Continuing Operations | ||||||||||
| Excluding Specified Items: |
$
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3.76-$3.80 | $ | 3.34 | 13 %-14% | |||||
(1) Represents the effect on diluted earnings per share from continuing operations of the IPR&D charges recorded in the first quarter of fiscal 2007 and the second quarter of fiscal 2006 related to the TriPath and GeneOhm acquisitions, respectively.
(2) Represents the effect on estimated diluted earnings per share from continuing operations of 2 cents in each of the first and second quarter of fiscal 2006 related to proceeds received from insurance settlements associated with the Companys previously owned latex glove business.
Conference Call Information
A conference call regarding BDs second fiscal quarter results and its expectations for the full fiscal year will be broadcast live on BDs website, www.bd.com/investors, at 10:00 a.m. (ET) Wednesday, April 25, 2007. The conference call will be available for replay on BDs website, www.bd.com/investors, or at 1-866-373-9238 (domestic) and 1-203-369-0284 (international) through the close of business on Wednesday, May 2, 2007.
This news release contains certain non-GAAP financial measures. A reconciliation of these and other measures to the comparable GAAP measures is included in this release and in the attached financial tables.
About BD
BD, a leading global medical technology company that manufactures and sells medical devices, instrument systems and reagents, is dedicated to improving peoples health throughout the world. BD is focused on improving drug therapy, enhancing the quality and speed of diagnosing infectious diseases, and advancing research and discovery of new drugs and vaccines. The Companys capabilities are instrumental in combating many of the worlds most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 27,000 people in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, industry and the general public. For more information, please visit www.bd.com.
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This press release, including the section entitled Fiscal 2007 Outlook for Full Year, contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BDs performance, including future revenues, earnings per share and income, or events or developments that BD expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: competitive factors; pricing and market share pressures; changes in interest or foreign currency exchange rates; difficulties inherent in product development and delays in product introductions; changes in regional, national or foreign economic conditions; further increases in energy costs and their effect on, among other things, the cost of producing BDs products; fluctuations in costs and availability of raw materials and in BDs ability to maintain favorable supplier arrangements and relationships; uncertainties of litigation (as described in BDs filings with the Securities and Exchange Commission); the effects of potential pandemic diseases; changes in healthcare or other governmental regulation; and issuance of new or revised accounting standards, as well as other factors discussed in this press release and in BDs filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
| Three Months Ended March 31, | ||||||||||
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| REVENUES | $ | 1,575,922 | $ | 1,424,209 | 10.7 | |||||
| Cost of products sold | 764,540 | 698,766 | 9.4 | |||||||
| Selling and administrative | 406,631 | 346,322 | 17.4 | |||||||
| Research and development | 86,687 | 127,715 | (32.1 | ) | ||||||
| TOTAL OPERATING COSTS | ||||||||||
| AND EXPENSES | 1,257,858 | 1,172,803 | 7.3 | |||||||
| OPERATING INCOME | 318,064 | 251,406 | 26.5 | |||||||
| Interest expense | (11,686 | ) | (19,805 | ) | (41.0 | ) | ||||
| Interest income | 9,086 | 16,991 | (46.5 | ) | ||||||
| Other expense, net | 5,872 | (451 | ) |
NM
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| INCOME FROM CONTINUING OPERATIONS BEFORE | ||||||||||
| INCOME TAXES | 321,336 | 248,141 | 29.5 | |||||||
| Income tax provision | 85,797 | 84,683 | 1.3 | |||||||
| INCOME FROM CONTINUING OPERATIONS | 235,539 | 163,458 | 44.1 | |||||||
| INCOME/(LOSS) FROM DISCONTINUED OPERATIONS | ||||||||||
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NET OF INCOME TAX OF PROVISION / (BENEFIT) OF
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| $4,222 AND $(5,713), RESPECTIVELY | 6,994 | (9,390 | ) | NM | ||||||
| NET INCOME | $ | 242,533 | $ | 154,068 | 57.4 | |||||
| EARNINGS PER SHARE | ||||||||||
| Basic: | ||||||||||
| Income from continuing operations | $ | 0.96 | $ | 0.66 | 45.5 | |||||
| Income/(loss) from discontinued operations | $ | 0.03 | $ | (0.04 | ) |
NM
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| Net income | $ | 0.99 | $ | 0.62 | 59.7 | |||||
| Diluted: | ||||||||||
| Income from continuing operations | $ | 0.92 | $ | 0.63 | 46.0 | |||||
| Income/(loss) from discontinued operations | $ | 0.03 | $ | (0.04 | ) |
NM
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| Net income (1) | $ | 0.95 | $ | 0.60 | 58.3 | |||||
| AVERAGE SHARES OUTSTANDING | ||||||||||
| Basic | 245,418 | 248,088 | ||||||||
| Diluted | 254,740 | 258,299 | ||||||||
NM - Not Meaningful
(1) Total per share amounts may not add due to rounding.
Page 1
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Three Months Ended March 31,
(Unaudited; Amounts in thousands, except per-share data)
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| Selling and administrative | $ | 346,322 | $ | 10,000 | $ | | $ | 356,322 | |||||||
| as a % of revenues | 24.3 | % | 25.0 | % | |||||||||||
| Research and development | 127,715 |
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(53,300 | ) | 74,415 | ||||||||||
| as a % of revenues | 9.0 | % | 5.2 | % | |||||||||||
| Operating Income | 251,406 | (10,000 | ) | 53,300 | 294,706 | ||||||||||
| as a % of revenues | 17.7 | % | 20.7 | % | |||||||||||
| Income taxes | 84,683 | (3,800 | ) | | 80,883 | ||||||||||
| effective tax rate | 34.1 | % | 27.8 | % | |||||||||||
| Income from continuing operations | 163,458 | (6,200 | ) | 53,300 | 210,558 | ||||||||||
| as a % of revenues | 11.5 | % | 14.8 | % | |||||||||||
| Diluted earnings per share | |||||||||||||||
| Income from continuing operations | $ | 0.63 | $ | (0.02 | ) | $ | 0.21 | $ | 0.82 | ||||||
| (1) |
Represents the effect in 2006 related to proceeds received from insurance settlements in connection with the Company's previously owned latex glove business. |
| (2) |
Represents the in-process research and development ("IPR&D") charge related to the GeneOhm acquisition. |
Page 2
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
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| REVENUES | $ | 3,077,449 | $ | 2,818,054 | 9.2 | |||||
| Cost of products sold | 1,473,474 | 1,364,712 | 8.0 | |||||||
| Selling and administrative | 790,715 | 695,349 | 13.7 | |||||||
| Research and development | 281,366 | 196,074 | 43.5 | |||||||
| TOTAL OPERATING COSTS | ||||||||||
| AND EXPENSES | 2,545,555 | 2,256,135 | 12.8 | |||||||
| OPERATING INCOME | 531,894 | 561,919 | (5.3 | ) | ||||||
| Interest expense | (24,555 | ) | (36,565 | ) | (32.8 | ) | ||||
| Interest income | 25,200 | 31,662 | (20.4 | ) | ||||||
| Other expense, net | 3,505 | (1,614 | ) | NM | ||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE | ||||||||||
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INCOME TAXES
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536,044 | 555,402 | (3.5 | ) | ||||||
| Income tax provision | 169,454 | 168,242 | 0.7 | |||||||
| INCOME FROM CONTINUING OPERATIONS | 366,590 | 387,160 | (5.3 | ) | ||||||
| INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ||||||||||
| NET OF INCOME TAX PROVISION / (BENEFIT) OF | ||||||||||
| $11,362 AND $(9,262), RESPECTIVELY | 18,822 | (15,232 | ) | NM | ||||||
| NET INCOME | $ | 385,412 | $ | 371,928 | 3.6 | |||||
| EARNINGS PER SHARE | ||||||||||
| Basic: | ||||||||||
| Income from continuing operations | $ | 1.49 | $ | 1.56 | (4.5 | ) | ||||
| Income (loss) from discontinued operations | $ | 0.08 | $ | (0.06 | ) | NM | ||||
| Net income | $ | 1.57 | $ | 1.50 | 4.7 | |||||
| Diluted: | ||||||||||
| Income from continuing operations | $ | 1.44 | $ | 1.51 | (4.6 | ) | ||||
| Income (loss) from discontinued operations | $ | 0.07 | $ | (0.06 | ) | NM | ||||
| Net income | $ | 1.51 | $ | 1.45 | 4.1 | |||||
| AVERAGE SHARES OUTSTANDING | ||||||||||
| Basic | 245,484 | 248,067 | ||||||||
| Diluted | 255,178 | 257,145 | ||||||||
NM - Not Meaningful
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Six Months Ended March 31,
(Unaudited; Amounts in thousands, except per-share data)
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| Research and development | $ | 281,366 | $ | (114,739 | ) | $ | 166,627 | ||||
| as a % of revenues | 9.1 | % | 5.4 | % | |||||||
| Operating Income | 531,894 | 114,739 | 646,633 | ||||||||
| as a % of revenues | 17.3 | % | 21.0 | % | |||||||
| Income from continuing operations | 536,044 | 114,739 | 650,783 | ||||||||
| as a % of revenues | 17.4 | % | 21.1 | % | |||||||
| Diluted earnings per share | |||||||||||
| Income from continuing operations | $ | 1.44 | $ | 0.45 | $ | 1.89 | |||||
(1) Represents the IPR&D charge related to the TriPath acquisition.
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| Selling and administrative | $ | 695,349 | $ | 17,000 | $ | | $ | 712,349 | |||||||
| as a % of revenues | 24.7 | % | 25.3 | % | |||||||||||
| Research and development | 196,074 |
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(53,300 | ) | 142,774 | ||||||||||
| as a % of revenues | 7.0 | % | 5.1 | % | |||||||||||
| Operating Income | 561,919 | (17,000 | ) | 53,300 | 598,219 | ||||||||||
| as a % of revenues | 19.9 | % | 21.2 | % | |||||||||||
| Income taxes | 168,242 | (6,460 | ) | | 161,782 | ||||||||||
| effective tax rate | 30.3 | % | 27.3 | % | |||||||||||
| Income from continuing operations | 387,160 | (10,540 | ) | 53,300 | 429,920 | ||||||||||
| as a % of revenues | 13.7 | % | 15.3 | % | |||||||||||
| Diluted earnings per share | |||||||||||||||
| Income from continuing operations (3) | $ | 1.51 | $ | (0.04 | ) | $ | 0.21 | $ | 1.67 | ||||||
| (1) |
Represents the effect in 2006 related to proceeds received from insurance settlements in connection with the Company's previously owned latex glove business. |
| (2) |
Represents the IPR&D charge related to the GeneOhm acquisition. |
| (3) |
Total per share amounts may not add due to rounding. |
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
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| BD MEDICAL | ||||||
| United States | $ | 378,789 | $ | 350,061 | 8.2 | |
| International | 465,355 | 420,169 | 10.8 | |||
| TOTAL | $ | 844,144 | $ | 770,230 | 9.6 | |
| BD DIAGNOSTICS | ||||||
| United States | $ | 265,800 | $ | 228,569 | 16.3 | |
| International | 207,430 | 196,598 | 5.5 | |||
| TOTAL | $ | 473,230 | $ | 425,167 | 11.3 | |
| BD BIOSCIENCES | ||||||
| United States | $ | 109,429 | $ | 99,659 | 9.8 | |
| International | 149,119 | 129,153 | 15.5 | |||
| TOTAL | $ | 258,548 | $ | 228,812 | 13.0 | |
| TOTAL REVENUES | ||||||
| United States | $ | 754,018 | $ | 678,289 | 11.2 | |
| International | 821,904 | 745,920 | 10.2 | |||
| TOTAL | $ | 1,575,922 | $ | 1,424,209 | 10.7 | |
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
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| BD MEDICAL | ||||||
| United States | $ | 760,596 | $ | 697,731 | 9.0 | |
| International | 909,795 | 822,983 | 10.5 | |||
| TOTAL | $ | 1,670,391 | $ | 1,520,714 | 9.8 | |
| BD DIAGNOSTICS | ||||||
| United States | $ | 508,699 | $ | 453,300 | 12.2 | |
| International | 406,932 | 405,985 | 0.2 | |||
| TOTAL | $ | 915,631 | $ | 859,285 | 6.6 | |
| BD BIOSCIENCES | ||||||
| United States | $ | 205,349 | $ | 189,330 | 8.5 | |
| International | 286,078 | 248,725 | 15.0 | |||
| TOTAL | $ | 491,427 | $ | 438,055 | 12.2 | |
| TOTAL REVENUES | ||||||
| United States | $ | 1,474,644 | $ | 1,340,361 | 10.0 | |
| International | 1,602,805 | 1,477,693 | 8.5 | |||
| TOTAL | $ | 3,077,449 | $ | 2,818,054 | 9.2 | |
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31,
(Unaudited; Amounts in thousands)
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| BD MEDICAL | ||||||||
| Medical Surgical Systems | $ | 230,881 | $ | 220,050 | 4.9 | |||
| Diabetes Care | 97,647 | 92,471 | 5.6 | |||||
| Pharmaceutical Systems | 44,370 | 32,028 | 38.5 | |||||
| Ophthalmic Systems | 5,891 | 5,512 | 6.9 | |||||
| TOTAL | $ | 378,789 | $ | 350,061 | 8.2 | |||
| BD DIAGNOSTICS | ||||||||
| Preanalytical Systems | $ | 131,937 | $ | 125,412 | 5.2 | |||
| Diagnostic Systems | 133,863 | 103,157 | 29.8 | |||||
| TOTAL | $ | 265,800 | $ | 228,569 | 16.3 | |||
| BD BIOSCIENCES | ||||||||
| Discovery Labware | $ | 37,710 | $ | 33,106 | 13.9 | |||
| Immunocytometry Systems | 51,546 | 46,226 | 11.5 | |||||
| Pharmingen | 20,173 | 20,327 | (0.8 | ) | ||||
| TOTAL | $ | 109,429 | $ | 99,659 | 9.8 | |||
| TOTAL UNITED STATES | $ | 754,018 | $ | 678,289 | 11.2 | |||
Page 7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
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| BD MEDICAL | |||||||||||||
| Medical Surgical Systems | $ | 216,459 | $ | 204,531 | 5.8 | 1.3 | 4.5 | ||||||
| Diabetes Care | 73,544 | 70,715 | 4.0 | (0.8 | ) | 4.8 | |||||||
| Pharmaceutical Systems | 164,442 | 135,081 | 21.7 | 13.3 | 8.4 | ||||||||
| Ophthalmic Systems | 10,910 | 9,842 | 10.9 | 3.4 | 7.5 | ||||||||
| TOTAL | $ | 465,355 | $ | 420,169 | 10.8 | 4.9 | 5.9 | ||||||
| BD DIAGNOSTICS | |||||||||||||
| Preanalytical Systems | $ | 112,809 | $ | 101,449 | 11.2 | 5.4 | 5.8 | ||||||
| Diagnostic Systems | 94,621 | 95,149 | (0.6 | ) | (4.3 | ) | 3.7 | ||||||
| TOTAL | $ | 207,430 | $ | 196,598 | 5.5 | 0.7 | 4.8 | ||||||
| BD BIOSCIENCES | |||||||||||||
| Discovery Labware | $ | 32,625 | $ | 30,535 | 6.8 | 2.8 | 4.0 | ||||||
| Immunocytometry Systems | 93,056 | 77,348 | 20.3 | 14.6 | 5.7 | ||||||||
| Pharmingen | 23,438 | 21,270 | 10.2 | 5.3 | 4.9 | ||||||||
| TOTAL | $ | 149,119 | $ | 129,153 | 15.5 | 10.3 | 5.2 | ||||||
| TOTAL INTERNATIONAL | $ | 821,904 | $ | 745,920 | 10.2 | 4.7 | 5.5 | ||||||
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
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| BD MEDICAL | ||||||||||
| Medical Surgical Systems | $ | 447,340 | $ | 424,581 | 5.4 | 3.2 | 2.2 | |||
| Diabetes Care | 171,191 | 163,186 | 4.9 | 2.8 | 2.1 | |||||
| Pharmaceutical Systems | 208,812 | 167,109 | 25.0 | 18.2 | 6.8 | |||||
| Ophthalmic Systems | 16,801 | 15,354 | 9.4 | 4.6 | 4.8 | |||||
| TOTAL | $ | 844,144 | $ | 770,230 | 9.6 | 6.4 | 3.2 | |||
| BD DIAGNOSTICS | ||||||||||
| Preanalytical Systems | $ | 244,746 | $ | 226,861 | 7.9 | 5.3 | 2.6 | |||
| Diagnostic Systems | 228,484 | 198,306 | 15.2 | 13.4 | 1.8 | |||||
| TOTAL | $ | 473,230 | $ | 425,167 | 11.3 | 9.1 | 2.2 | |||
| BD BIOSCIENCES | ||||||||||
| Discovery Labware | $ | 70,335 | $ | 63,641 | 10.5 | 8.6 | 1.9 | |||
| Immunocytometry Systems | 144,602 | 123,574 | 17.0 | 13.5 | 3.5 | |||||
| Pharmingen | 43,611 | 41,597 | 4.8 | 2.3 | 2.5 | |||||
| TOTAL | $ | 258,548 | $ | 228,812 | 13.0 | 10.1 | 2.9 | |||
| TOTAL REVENUES | $ | 1,575,922 | $ | 1,424,209 | 10.7 | 7.8 | 2.9 | |||
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31,
(Unaudited; Amounts in thousands)
|
|
||||||
|
|
|
|
|
|||
| BD MEDICAL | ||||||
| Medical Surgical Systems | $ | 473,183 | $ | 442,316 | 7.0 | |
| Diabetes Care | 188,139 | 183,959 | 2.3 | |||
| Pharmaceutical Systems | 87,269 | 60,428 | 44.4 | |||
| Ophthalmic Systems | 12,005 | 11,028 | 8.9 | |||
| TOTAL | $ | 760,596 | $ | 697,731 | 9.0 | |
| BD DIAGNOSTICS | ||||||
| Preanalytical Systems | $ | 263,640 | $ | 248,201 | 6.2 | |
| Diagnostic Systems | 245,059 | 205,099 | 19.5 | |||
| TOTAL | $ | 508,699 | $ | 453,300 | 12.2 | |
| BD BIOSCIENCES | ||||||
| Discovery Labware | $ | 71,798 | $ | 65,163 | 10.2 | |
| Immunocytometry Systems | 95,450 | 86,663 | 10.1 | |||
| Pharmingen | 38,101 | 37,504 | 1.6 | |||
| TOTAL | $ | 205,349 | $ | 189,330 | 8.5 | |
| TOTAL UNITED STATES | $ | 1,474,644 | $ | 1,340,361 | 10.0 | |
Page 10
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
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||||||||
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|
|
|||||||
| BD MEDICAL | |||||||||||||
| Medical Surgical Systems | $ | 441,909 | $ | 410,428 | 7.7 | 3.8 | 3.9 | ||||||
| Diabetes Care | 151,738 | 142,707 | 6.3 | 2.2 | 4.1 | ||||||||
| Pharmaceutical Systems | 294,483 | 250,444 | 17.6 | 10.8 | 6.8 | ||||||||
| Ophthalmic Systems | 21,665 | 19,404 | 11.7 | 5.5 | 6.2 | ||||||||
| TOTAL | $ | 909,795 | $ | 822,983 | 10.5 | 5.7 | 4.8 | ||||||
| BD DIAGNOSTICS | |||||||||||||
| Preanalytical Systems | $ | 221,179 | $ | 200,823 | 10.1 | 5.1 | 5.0 | ||||||
| Diagnostic Systems | 185,753 | 205,162 | (9.5 | ) | (12.3 | ) | 2.8 | ||||||
| TOTAL | $ | 406,932 | $ | 405,985 | 0.2 | (3.7 | ) | 3.9 | |||||
| BD BIOSCIENCES | |||||||||||||
| Discovery Labware | $ | 62,426 | $ | 57,923 | 7.8 | 4.2 | 3.6 | ||||||
| Immunocytometry Systems | 178,752 | 149,763 | 19.4 | 14.5 | 4.9 | ||||||||
| Pharmingen | 44,900 | 41,039 | 9.4 | 5.3 | 4.1 | ||||||||
| TOTAL | $ | 286,078 | $ | 248,725 | 15.0 | 10.6 | 4.4 | ||||||
| TOTAL INTERNATIONAL | $ | 1,602,805 | $ | 1,477,693 | 8.5 | 3.9 | 4.6 | ||||||
Page 11
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
|
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|||||||||||
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|
||
| BD MEDICAL | |||||||||||
| Medical Surgical Systems |
$
|
915,092 | $ | 852,744 | 7.3 | 5.4 | 1.9 | ||||
| Diabetes Care | 339,877 | 326,666 | 4.0 | 2.2 | 1.8 | ||||||
| Pharmaceutical Systems | 381,752 | 310,872 | 22.8 | 17.4 | 5.4 | ||||||
| Ophthalmic Systems | 33,670 | 30,432 | 10.6 | 6.7 | 3.9 | ||||||
| TOTAL | $ | 1,670,391 | $ | 1,520,714 | 9.8 | 7.2 | 2.6 | ||||
| BD DIAGNOSTICS | |||||||||||
| Preanalytical Systems |
$
|
484,819 | $ | 449,024 | 8.0 | 5.7 | 2.3 | ||||
| Diagnostic Systems | 430,812 | 410,261 | 5.0 | 3.6 | 1.4 | ||||||
| TOTAL | $ | 915,631 | $ | 859,285 | 6.6 | 4.7 | 1.9 | ||||
| BD BIOSCIENCES | |||||||||||
| Discovery Labware |
$
|
134,224 | $ | 123,086 | 9.0 | 7.3 | 1.7 | ||||
| Immunocytometry Systems | 274,202 | 236,426 | 16.0 | 12.9 | 3.1 | ||||||
| Pharmingen | 83,001 | 78,543 | 5.7 | 3.5 | 2.2 | ||||||
| TOTAL |
$
|
491,427 | $ | 438,055 | 12.2 | 9.7 | 2.5 | ||||
| TOTAL REVENUES | $ | 3,077,449 | $ | 2,818,054 | 9.2 | 6.8 | 2.4 | ||||
Page 12
BECTON DICKINSON AND COMPANY
SUMMARY OF ANNUAL SELECTED FINANCIAL DATA
Revised for Blood Glucose Monitoring Discontinued Operations
(Unaudited; Amounts in thousands, except per share data)
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|
||||||||
| OPERATIONS | ||||||||||||||||||
| Revenues |
$
|
5,738,017 | $ | 5,340,833 | $ | 4,893,915 |
$
|
4,449,126 | $ | 3,960,359 |
$
|
3,667,575 | ||||||
| Research and development | 355,172 | 267,664 | 230,768 | 218,524 | 201,075 | 193,753 | ||||||||||||
| Operating income | 1,141,414 | 1,063,845 | 878,201 | 800,841 | 689,085 | 645,882 | ||||||||||||
| Income from continuing operations before income taxes | 1,125,902 | 1,037,529 | 843,802 | 761,567 | 642,076 | 548,576 | (1) | |||||||||||
| Income tax provision | 310,792 | 325,009 | 204,852 | 182,058 | 153,673 | 139,278 | ||||||||||||
| Diluted earnings per share from continuing operations |
$
|
3.18 | $ | 2.73 | $ | 2.43 |
$
|
2.20 | $ | 1.82 |
$
|
1.52 | ||||||
| FINANCIAL RELATIONSHIPS | ||||||||||||||||||
| Gross profit margin | 51.3 | % | 50.9 | % | 50.5 | % | 48.9 | % | 48.3 | % | 48.7 | % | ||||||
| Return on revenues (4) | 14.2 | % | 13.3 | % | 13.1 | % | 13.0 | % | 12.3 | % | 12.2 | % (3) | ||||||
| Return on total assets (2)(4) | 18.4 | % | 18.4 | % | 15.7 | % | 15.2 | % | 13.9 | % | 13.9 | % | ||||||
| Return on equity (4) | 22.9 | % | 22.4 | % | 21.4 | % | 21.6 | % | 20.3 | % | 20.7 | % (3) | ||||||
| ADDITIONAL DATA | ||||||||||||||||||
| Depreciation and amortization |
$
|
386,995 | $ | 382,669 | $ | 351,149 |
$
|
332,815 | $ | 294,652 |
$
|
291,993 | ||||||
| Capital expenditures | 457,067 | 315,840 | 260,473 | 253,007 | 253,491 | 364,076 | ||||||||||||
| (1) |
Includes cumulative effect of accounting changes of $36.8 million ($.14 per basic and diluted share). |
| (2) |
Earnings before interest expense, taxes and cumulative effect of accounting changes as a percent of average assets. |
| (3) |
Excludes the cumulative effect of accounting changes. |
| (4) |
Excludes discontinued operations. |
Page 13