Contact: - -------- Charles A. Borgognoni/Corporate Communications - 201-847-6651 Patricia A. Spinella/Investor Relations - 201-847-5453 BD ANNOUNCES RECORD FISCAL FOURTH QUARTER AND FULL YEAR REVENUES Franklin Lakes, NJ (November 6, 2003) - BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.177 billion for the fiscal fourth quarter ended September 30, 2003, an increase of 9 percent from the same period a year ago. For the full year, the Company reported record revenues of $4.528 billion, a 12 percent increase over a year ago. At constant foreign exchange rates, revenues increased 5 percent for the quarter and 8 percent for the fiscal year. Revenue growth in all segments benefited from favorable foreign currency translation, particularly with respect to the Euro, for the quarter and the year. Diluted earnings per share and net income for the quarter were 61 cents and $161 million, respectively. Diluted earnings per share and net income for the year were $2.07 and $547 million, respectively. Included in the full year results were non-cash charges recorded in the third quarter totaling 8 cents per share. These non-cash charges related to the write-down of certain intangible assets and inventory in the BD Biosciences segment. Excluding these charges, diluted earnings per share for the full year of fiscal 2003 would have been $2.15. Diluted earnings per share for the fourth quarter of fiscal year 2002 were 50 cents, which included a charge totaling 3 cents per share relating to the non-cash write-down of two equity investments resulting from a decline in market values. Excluding this charge, diluted earnings per share would have been 53 cents. In addition to the investment write-downs, diluted earnings per share for the full year of fiscal 2002 of $1.79 also included special charges recorded in the second and third quarters totaling 6 cents per share, related to the manufacturing restructuring in the BD Medical segment. Excluding charges, diluted earnings per share for the full year of fiscal 2002 would have been $1.88. "We accelerated growth and improved our operating effectiveness during the past year by driving innovation and productivity. Revenue growth for the year was driven, in particular, by our broad line of safety-engineered products, prefillable devices, the BD ProbeTec ET'TM', and the BD FACSAria'TM', our state-of-the-art BD Biosciences instrument," said Edward J. Ludwig, Chairman, President and Chief Executive Officer. "Importantly, our investments in operational improvements worldwide are contributing to strong cash flow and higher gross profit margins. We are successfully implementing our strategy and we're seeing very tangible results." Segment Results - --------------- In an effort to simplify and clarify the names of its business segments and units, the Company has announced the following changes, which became effective October 1, 2003. The three segment names are now BD Medical (formerly BD Medical Systems), BD Diagnostics (formerly BD Clinical Laboratory Solutions), and BD Biosciences (no change). Within BD Medical, unit name changes are Diabetes Care (formerly Consumer Healthcare), and Medical Surgical Systems (formerly Medical Surgical). Within BD Diagnostics, the only name change is Preanalytical Systems (formerly Preanalytical Solutions). Finally, within BD Biosciences, name changes are Immunocytometry Systems (formerly Flow Cytometry Instruments and Reagents), Clontech (formerly Molecular Biology Reagents), and Pharmingen (formerly Immunology/Cell Biology Reagents). In the BD Medical segment, worldwide revenues of $635 million increased 11 percent for the quarter. Included in these revenues were U.S. safety-engineered product sales of $108 million, versus $103 million in the prior year's quarter. U.S. sales of safety-engineered products for the full year totaled $407 million, versus $353 million in the prior year. The Pharmaceutical Systems unit contributed double-digit growth to the segment's results in the quarter and the full year. The overall growth rate in the segment for the quarter and the full year was partly offset by reduced sales of certain conventional devices in the U.S. due to the transition to safety-engineered devices. In the BD Diagnostics segment, worldwide revenues increased 6 percent for the quarter to $347 million. Revenue growth of 7 percent in the Preanalytical Systems unit was due primarily to U.S. safety-engineered product sales, which were $74 million, versus $64 million in the prior year's quarter. U.S. sales of safety-engineered products for the full year totaled $273 million, versus $220 million in the prior year. Also contributing to the segment's performance were worldwide sales of Diagnostic Systems products, which increased by 6 percent, driven in large part by solid performance of its molecular diagnostic platform, the BD ProbeTec ET'TM'. The overall growth rate of the Preanalytical Systems unit was partly offset by reduced sales of certain conventional devices in the U.S. due to the transition to safety-engineered devices. In the BD Biosciences segment, worldwide revenues grew 10 percent to $195 million for the quarter. Revenue growth was driven by strong sales of the new BD FACSAria'TM' cell sorter, which BD Biosciences began shipping at the end of March 2003. This growth was offset in part by continued weak demand for certain Clontech reagents as well as a general slowdown in biotechnology research spending affecting our Pharmingen and Discovery Labware units. Geographic Results - ------------------ On a geographic basis, fourth quarter revenues in the U.S. increased 4 percent to $610 million. Revenues outside the U.S. of $567 million grew 15 percent, or 6 percent at constant foreign exchange rates. For the full year, revenues in the U.S. increased 8 percent to $2.328 billion. Revenues of $2.2 billion outside the U.S. increased by 17 percent, or 8 percent at constant foreign exchange rates. Fiscal 2004 Outlook - ------------------- The Company estimates diluted earnings per share for fiscal 2004 will increase in the range of 10-12 percent, based on fiscal 2003 earnings per share of $2.15, which excludes non-cash charges as previously discussed. The Company estimates that first quarter diluted earnings per share will increase approximately 8-10 percent, based on fiscal first quarter 2003 diluted earnings per share of $0.43, reflecting the timing of investment spending on the blood glucose monitoring initiative. Conference Call Information - --------------------------- A conference call regarding BD's fourth quarter results and its expectations for the first quarter will be broadcast live on BD's website www.bd.com/investors at 8:30 a.m. (ET) Thursday, November 6, 2003. The conference call will be available for replay on BD's website www.bd.com/investors or at 1-888-566-0450 (domestic) and 1-402-998-0620 (international) through the close of business on November 13, 2003. This news release contains certain non-GAAP financial measures. A reconciliation of these measures to the comparable GAAP measures is included in this release and in the attached financial tables. BD is a medical technology company that serves healthcare institutions, life science researchers, clinical laboratories, industry and the general public. BD manufactures and sells a broad range of medical supplies, devices, laboratory equipment and diagnostic products. For the fiscal year ended September 30, 2003, BD reported total revenues of $4.528 billion *** This press release may contain certain forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues, products 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. 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; uncertainties of litigation; BD's ability to achieve sales and earnings forecasts, which are based on sales volume and product mix assumptions, to achieve its cost savings objectives, and to achieve anticipated synergies and other cost savings in connection with acquisitions; changes in regional, national or foreign economic conditions; increases in energy costs; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; changes in interest or foreign currency exchange rates; delays in product introductions; and changes in health care or other governmental regulation, as well as other factors discussed in this press release and in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements. BECTON DICKINSON AND COMPANY CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in thousands, except per-share data)
Three Months Ended September 30, 2003 2002 % Change - ----------------------------------------------------------------------------------------- REVENUES $1,176,882 $1,076,692 9.3 Cost of products sold 585,436 546,703 7.1 Selling and administrative 316,010 282,232 12.0 Research and development 55,139 55,598 (0.8) - ----------------------------------------------------------------------------------------- TOTAL OPERATING COSTS AND EXPENSES 956,585 884,533 8.1 - ----------------------------------------------------------------------------------------- OPERATING INCOME 220,297 192,159 14.6 Interest expense, net (9,616) (6,216) 54.7 Other income (expense), net 939 (13,959) NM - ----------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 211,620 171,984 23.0 Income tax provision 50,260 40,588 23.8 - ----------------------------------------------------------------------------------------- NET INCOME $ 161,360 $ 131,396 22.8 - ----------------------------------------------------------------------------------------- EARNINGS PER SHARE Basic $ 0.64 $ 0.51 25.5 Diluted $ 0.61 $ 0.50 22.0 - ----------------------------------------------------------------------------------------- AVERAGE SHARES OUTSTANDING Basic 252,983 256,376 Diluted 262,601 264,091 - -----------------------------------------------------------------------------------------
NM - Not Meaningful Page 1 BECTON DICKINSON AND COMPANY CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in thousands, except per-share data)
Twelve Months Ended September 30, 2003 2002 % Change - ----------------------------------------------------------------------------------------- REVENUES $4,527,940 $4,033,069 12.3 Cost of products sold 2,336,290 * 2,083,669 12.1 Selling and administrative 1,207,464 1,032,043 17.0 Research and development 235,060 220,186 6.8 Special charges - 21,508 NM - ----------------------------------------------------------------------------------------- TOTAL OPERATING COSTS AND EXPENSES 3,778,814 3,357,406 12.6 - ----------------------------------------------------------------------------------------- OPERATING INCOME 749,126 675,663 10.9 Interest expense, net (36,560) (33,304) 9.8 Other (expense) income, net (2,860) (13,770) NM - ----------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 709,706 628,589 12.9 Income tax provision 162,650 148,607 9.4 - ----------------------------------------------------------------------------------------- NET INCOME $ 547,056 $ 479,982 14.0 - ----------------------------------------------------------------------------------------- EARNINGS PER SHARE Basic $ 2.14 $ 1.85 15.7 Diluted $ 2.07 $ 1.79 15.6 - ----------------------------------------------------------------------------------------- AVERAGE SHARES OUTSTANDING Basic 254,497 258,016 Diluted 263,635 268,183 - -----------------------------------------------------------------------------------------
NM - Not Meaningful * Includes $34,231 of non-cash charges, as more fully described on page 3. Page 2 BECTON DICKINSON AND COMPANY RECONCILIATION TO PRO FORMA AMOUNTS Periods Ended September 30, (Unaudited; Amounts in thousands, except per-share data)
For the three months ended September 30, ------------------------------------------------------------- As Non-cash Special Excluding Reported Charges Charges Charges ------------------------------------------------------------- 2003 - ---- Diluted EPS $0.61 $ - $ - $0.61 2002 - ---- Diluted EPS $0.50 $0.03 {a} $ - $0.53
For the twelve months ended September 30, ------------------------------------------------------------- As Non-cash Special Excluding Reported Charges Charges Charges ------------------------------------------------------------- 2003 - ---- Gross Profit $2,191,650 $34,231 $ - $2,225,881 as a % of revenues 48.4% 49.2% Diluted EPS $ 2.07 $ 0.08{b} $ - $ 2.15 2002 - ---- Diluted EPS $ 1.79 $ 0.03{a} $0.06{c} $ 1.88
{a} Relates to the fiscal 2002 non-cash write-down of two equity investments resulting from a decline in market values. {b} Relates to the fiscal 2003 write-down of certain intangible assets and inventory in the BD Biosciences segment. {c} Relates to the fiscal 2002 manufacturing restructuring in the BD Medical segment. Page 3 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY SEGMENT AND GEOGRAPHIC AREA (Unaudited; Amounts in thousands)
Three Months Ended September 30, 2003 2002 % Change -------------------------------------------- BD MEDICAL - ---------- United States $ 316,701 $ 300,433 5.4 International 318,291 273,351 16.4 - ------------------------------------------------------------------------------------------ TOTAL $ 634,992 $ 573,784 10.7 - ------------------------------------------------------------------------------------------ BD DIAGNOSTICS - -------------- United States $ 197,111 $ 194,747 1.2 International 149,903 131,136 14.3 - ------------------------------------------------------------------------------------------ TOTAL $ 347,014 $ 325,883 6.5 - ------------------------------------------------------------------------------------------ BD BIOSCIENCES - -------------- United States $ 96,506 $ 90,530 * 6.6 International 98,370 86,495 * 13.7 - ------------------------------------------------------------------------------------------ TOTAL $ 194,876 $ 177,025 10.1 - ------------------------------------------------------------------------------------------ TOTAL REVENUES - -------------- United States $ 610,318 $ 585,710 * 4.2 International 566,564 490,982 * 15.4 - ------------------------------------------------------------------------------------------ TOTAL $1,176,882 $1,076,692 9.3 - ------------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation. Page 4 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY SEGMENT AND GEOGRAPHIC AREA (Unaudited; Amounts in thousands)
Twelve Months Ended September 30, 2003 2002 % Change ------------------------------------------ BD MEDICAL - ---------- United States $1,211,957 $1,092,428 10.9 International 1,244,919 1,058,946 17.6 - ----------------------------------------------------------------------------------------- TOTAL $2,456,876 $2,151,374 14.2 - ----------------------------------------------------------------------------------------- BD DIAGNOSTICS - -------------- United States $ 785,737 $ 735,613 6.8 International 587,914 500,706 17.4 - ----------------------------------------------------------------------------------------- TOTAL $1,373,651 $1,236,319 11.1 - ----------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- United States $ 330,552 $ 330,234 * 0.1 International 366,861 315,142 * 16.4 - ----------------------------------------------------------------------------------------- TOTAL $ 697,413 $ 645,376 8.1 - ----------------------------------------------------------------------------------------- TOTAL REVENUES - -------------- United States $2,328,246 $2,158,275 * 7.9 International 2,199,694 1,874,794 * 17.3 - ----------------------------------------------------------------------------------------- TOTAL $4,527,940 $4,033,069 12.3 - -----------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 5 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS Three Months Ended September 30, (Unaudited; Amounts in thousands)
United States ----------------------------------------- 2003 2002 % Change ------------------------------------------ BD MEDICAL - ---------- Medical Surgical Systems $195,314 $195,183 * 0.1 Diabetes Care 95,129 79,452 * 19.7 Pharmaceutical Systems 21,071 20,295 3.8 Ophthalmic Systems 5,187 5,503 (5.7) - ----------------------------------------------------------------------------------------- TOTAL $316,701 $300,433 5.4 BD DIAGNOSTICS - -------------- Preanalytical Systems $107,420 $106,364 1.0 Diagnostic Systems 89,691 88,383 1.5 - ----------------------------------------------------------------------------------------- TOTAL $197,111 $194,747 1.2 - ----------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- Discovery Labware $ 26,210 $ 27,050 (3.1) Immunocytometry Systems 44,722 36,249 23.4 Clontech 7,575 8,916 * (15.0) Pharmingen 17,999 18,315 (1.7) - ----------------------------------------------------------------------------------------- TOTAL $ 96,506 $ 90,530 * 6.6 - ----------------------------------------------------------------------------------------- TOTAL UNITED STATES $610,318 $585,710 * 4.2 - -----------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 6 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS Three Months Ended September 30, (continued) (Unaudited; Amounts in thousands)
International ------------------------------------------- --------- % Change -------------------- 2003 2002 Reported FX Neutral FX Impact ------------------------------------------- --------- BD MEDICAL - ---------- Medical Surgical Systems $173,597 $153,184 13.3 5.3 8.0 Diabetes Care 56,707 48,236 17.6 7.5 10.1 Pharmaceutical Systems 80,154 64,448 24.4 11.3 13.1 Ophthalmic Systems 7,833 7,483 4.7 (3.1) 7.8 - ----------------------------------------------------------------------------------------------- TOTAL $318,291 $273,351 16.4 6.9 9.5 - ----------------------------------------------------------------------------------------------- BD DIAGNOSTICS - -------------- Preanalytical Systems $ 76,027 $ 64,910 17.1 7.2 9.9 Diagnostic Systems 73,876 66,226 11.6 3.9 7.7 - ----------------------------------------------------------------------------------------------- TOTAL $149,903 $131,136 14.3 5.6 8.7 - ----------------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- Discovery Labware $ 21,303 $ 18,662 14.2 7.1 7.1 Immunocytometry Systems 56,170 46,787 20.1 10.4 9.7 Clontech 7,883 9,127 * (13.6) (17.8) 4.2 Pharmingen 13,014 11,919 9.2 (0.2) 9.4 - ----------------------------------------------------------------------------------------------- TOTAL $ 98,370 $ 86,495 * 13.7 5.2 8.5 - ----------------------------------------------------------------------------------------------- TOTAL INTERNATIONAL $566,564 $490,982 * 15.4 6.2 9.2 - -----------------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 7 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS Three Months Ended September 30, (continued) (Unaudited; Amounts in thousands)
Total --------------------------------------------- --------- % Change -------------------- 2003 2002 Reported FX Neutral FX Impact --------------------------------------------- --------- BD MEDICAL - ---------- Medical Surgical Systems $ 368,911 $ 348,367 * 5.9 2.4 3.5 Diabetes Care 151,836 127,688 * 18.9 15.1 3.8 Pharmaceutical Systems 101,225 84,743 19.4 9.5 9.9 Ophthalmic Systems 13,020 12,986 0.3 (4.2) 4.5 - -------------------------------------------------------------------------------------------------- TOTAL $ 634,992 $ 573,784 10.7 6.1 4.6 - -------------------------------------------------------------------------------------------------- BD DIAGNOSTICS - -------------- Preanalytical Systems $ 183,447 $ 171,274 7.1 3.4 3.7 Diagnostic Systems 163,567 154,609 5.8 2.5 3.3 - -------------------------------------------------------------------------------------------------- TOTAL $ 347,014 $ 325,883 6.5 3.0 3.5 - -------------------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- Discovery Labware $ 47,513 $ 45,712 3.9 1.1 2.8 Immunocytometry Systems 100,892 83,036 21.5 16.1 5.4 Clontech 15,458 18,043 (14.3) (16.4) 2.1 Pharmingen 31,013 30,234 2.6 (1.1) 3.7 - -------------------------------------------------------------------------------------------------- TOTAL $ 194,876 $ 177,025 10.1 5.9 4.2 - -------------------------------------------------------------------------------------------------- TOTAL REVENUES $1,176,882 $1,076,692 9.3 5.1 4.2 - --------------------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 8 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS Twelve Months Ended September 30, (Unaudited; Amounts in thousands)
United States ------------------------------------------ 2003 2002 % Change ------------------------------------------ BD MEDICAL - ---------- Medical Surgical Systems $ 759,627 $ 707,447 * 7.4 Diabetes Care 335,612 288,789 * 16.2 Pharmaceutical Systems 93,422 71,122 31.4 Ophthalmic Systems 23,296 25,070 (7.1) - ----------------------------------------------------------------------------------------- TOTAL $1,211,957 $1,092,428 10.9 - ----------------------------------------------------------------------------------------- BD DIAGNOSTICS - -------------- Preanalytical Systems $ 414,270 $ 383,482 8.0 Diagnostic Systems 371,467 352,131 5.5 - ----------------------------------------------------------------------------------------- TOTAL $ 785,737 $ 735,613 6.8 - ----------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- Discovery Labware $ 97,609 $ 99,595 (2.0) Immunocytometry Systems 132,022 124,327 6.2 Clontech 31,928 39,584 * (19.3) Pharmingen 68,993 66,728 3.4 - ----------------------------------------------------------------------------------------- TOTAL $ 330,552 $ 330,234 * 0.1 - ----------------------------------------------------------------------------------------- TOTAL UNITED STATES $2,328,246 $2,158,275 * 7.9 - -----------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 9 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS Twelve Months Ended September 30, (continued) (Unaudited; Amounts in thousands)
International --------------------------------------------- --------- % Change -------------------- 2003 2002 Reported FX Neutral FX Impact --------------------------------------------- --------- BD MEDICAL - ---------- Medical Surgical Systems $ 666,575 $ 591,782 12.6 6.4 6.2 Diabetes Care 206,715 185,036 11.7 2.9 8.8 Pharmaceutical Systems 342,202 255,224 34.1 17.6 16.5 Ophthalmic Systems 29,427 26,904 9.4 (1.2) 10.6 - -------------------------------------------------------------------------------------------------- TOTAL $1,244,919 $1,058,946 17.6 8.3 9.3 - -------------------------------------------------------------------------------------------------- BD DIAGNOSTICS - -------------- Preanalytical Systems $ 292,809 $ 253,712 15.4 5.6 9.8 Diagnostic Systems 295,105 246,994 19.5 10.9 8.6 - -------------------------------------------------------------------------------------------------- TOTAL $ 587,914 $ 500,706 17.4 8.2 9.2 - -------------------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- Discovery Labware $ 81,814 $ 68,228 19.9 10.2 9.7 Immunocytometry Systems 200,483 170,391 17.7 6.2 11.5 Clontech 32,384 33,126 * (2.2) (9.8) 7.6 Pharmingen 52,180 43,397 20.2 8.3 11.9 - -------------------------------------------------------------------------------------------------- TOTAL $ 366,861 $ 315,142 * 16.4 5.7 10.7 - -------------------------------------------------------------------------------------------------- TOTAL INTERNATIONAL $2,199,694 $1,874,794 * 17.3 7.8 9.5 - --------------------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 10 BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION REVENUES BY BUSINESS SEGMENTS AND UNITS Twelve Months Ended September 30, (continued) (Unaudited; Amounts in thousands)
Total --------------------------------------------- --------- % Change -------------------- 2003 2002 Reported FX Neutral FX Impact --------------------------------------------- --------- BD MEDICAL - ---------- Medical Surgical Systems $1,426,202 $1,299,229 * 9.8 6.9 2.9 Diabetes Care 542,327 473,825 * 14.5 11.0 3.5 Pharmaceutical Systems 435,624 326,346 33.5 20.6 12.9 Ophthalmic Systems 52,723 51,974 1.4 (4.0) 5.4 - -------------------------------------------------------------------------------------------------- TOTAL $2,456,876 $2,151,374 14.2 9.6 4.6 - -------------------------------------------------------------------------------------------------- BD DIAGNOSTICS - -------------- Preanalytical Systems $ 707,079 $ 637,194 11.0 7.0 4.0 Diagnostic Systems 666,572 599,125 11.3 7.7 3.6 - -------------------------------------------------------------------------------------------------- TOTAL $1,373,651 $1,236,319 11.1 7.4 3.7 - -------------------------------------------------------------------------------------------------- BD BIOSCIENCES - -------------- Discovery Labware $ 179,423 $ 167,823 6.9 3.0 3.9 Immunocytometry Systems 332,505 294,718 12.8 6.2 6.6 Clontech 64,312 72,710 (11.5) (15.0) 3.5 Pharmingen 121,173 110,125 10.0 5.3 4.7 - -------------------------------------------------------------------------------------------------- TOTAL $ 697,413 $ 645,376 8.1 2.8 5.3 - -------------------------------------------------------------------------------------------------- TOTAL REVENUES $4,527,940 $4,033,069 12.3 7.8 4.5 - --------------------------------------------------------------------------------------------------
* Prior year data reclassified to conform to current year presentation Page 11