1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
| News Release | |
Contact:
Patricia A. Spinella, Investor Relations – 201-847-5453
Colleen T. White, Corporate Communications – 201-847-5369
BD ANNOUNCES RESULTS FOR THIRD FISCAL QUARTER
Franklin Lakes, NJ (July 22, 2005) – BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.381 billion for the third fiscal quarter ended June 30, 2005, representing an increase of 11 percent over the prior year period. This quarter’s growth rate includes an estimated 3 percent benefit from foreign currency translation. Revenue growth in all segments benefited from foreign currency translation, driven by favorable exchange rates in Europe, Asia Pacific, South Latin America, Canada, and Japan.
Reported diluted earnings per share for the third quarter were 73 cents, which included less than 1 cent per share from discontinued operations. Reported diluted earnings per share for the third quarter of fiscal 2004 were 41 cents, which included less than 1 cent per share from discontinued operations; however, due to rounding, reported diluted earnings per share from continuing operations were 42 cents. Included in the prior period results was a pre-tax charge of $100 million related to a litigation settlement in July 2004. This charge reduced net income by $63 million and reported diluted earnings per share by 24 cents. Diluted earnings per share from continuing operations excluding this specified item would have been 66 cents.
The results of operations from Clontech, a unit of the BD Biosciences segment, have been classified as “discontinued operations.” As previously announced, on July 1, 2005, BD signed an agreement to sell Clontech to Takara Bio Inc. of Otsu, Japan.
“I’m very pleased that we delivered another strong quarter,” said Edward J. Ludwig, Chairman, President and Chief Executive Officer. “Our performance reflects revenue growth across all three segments, and in particular in the Diabetes Care, Pharmaceutical Systems, Preanalytical Systems and Discovery Labware units.”
For the nine-month period ended June 30, 2005, reported revenues were $4.035 billion, representing a 10 percent increase from the prior year period, including an estimated 3 percent benefit from foreign currency translation. Reported diluted earnings per share for the nine-month period ended June 30, 2005 were $2.19, which reflected diluted earnings per share of $2.18 from continuing operations and 1 cent per share from discontinued operations. For the same period in fiscal 2004, reported diluted earnings per share were $1.51, which included less than 1 cent per share from discontinued operations.
Analyses of Third Quarter and Nine-month Period of Fiscal Year 2005 and 2004 Earnings
The following analyses of diluted earnings per share from continuing operations for the third quarter and nine-month period of fiscal 2005 and 2004 exclude specified items and share-based compensation expense that affect the comparability of results between periods.
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Three Months Ended June 30, |
|
Nine-month Period Ended June 30, |
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|
|
FY2005 |
|
FY2004 |
|
% Incr. |
|
FY2005 |
|
FY2004 |
|
% Incr. |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from Continuing Operations |
|
$0.73 |
|
$0.42 |
|
74% |
|
$2.18 |
|
$1.51 |
|
44% |
|
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|
Specified Items: |
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|
|
|
|
|
|
|
|
|
|
|
|
Tax Examinations(1) |
|
- |
|
- |
|
|
|
(0.04 |
) |
- |
|
|
|
Tax Rate Impact(2) |
|
0.01 |
|
- |
|
|
|
(0.02 |
) |
- |
|
|
|
BGM Charges(3) |
|
- |
|
- |
|
|
|
- |
|
0.11 |
|
|
|
Litigation Settlement(4) |
|
- |
|
0.24 |
|
|
|
- |
|
0.24 |
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|
|
Rounding |
|
- |
|
- |
|
|
|
- |
|
(0.01 |
) |
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|
|
|
0.01 |
|
0.24 |
|
|
|
(0.06 |
) |
0.34 |
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|
Diluted EPS from Continuing Operations Excluding Specified Items |
|
$0.74 |
|
$0.66 |
|
|
|
2.12 |
|
1.85 |
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|
Share-based Compensation Exp.(5) |
|
0.05 |
|
- |
|
|
|
0.12 |
|
- |
|
|
|
Rounding |
|
(0.01 |
) |
- |
|
|
|
- |
|
0.01 |
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|
|
|
0.04 |
|
- |
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0.12 |
|
0.01 |
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|
Diluted EPS from Continuing Operations Excluding Specified Items and Share-based Compensation Expense |
|
$0.78 |
|
$0.66 |
|
18% |
|
$2.24 |
|
$1.86 |
|
20% |
(1)Included in diluted earnings per share from continuing operations for the nine-month period ended June 30, 2005 is a benefit of approximately 4 cents per diluted share due to the reversal of tax reserves in connection with the conclusion of tax examinations in four non-U.S. jurisdictions that occurred in the first quarter.
(2)Represents the effect on diluted earnings per share from continuing operations of tax-related events that caused the tax rate to vary from the expected effective tax rate for the year. The effective tax rate for the year, without taking into account the tax impact of the items described in notes (1) and (5) herein, is expected to be 25.5%.
(3)Included in the nine-month period ended June 30, 2004 diluted earnings per share from continuing operations is a first quarter charge of 11 cents per diluted share related to the voluntary recall and write-off of certain blood glucose strip inventory and other actions taken with respect to our blood glucose monitoring products.
(4)Included in fiscal 2004 diluted earnings per share from continuing operations is a third quarter charge of 24 cents per diluted share related to a litigation settlement.
(5)Represents the effect on diluted earnings per share from continuing operations relating to share-based compensation expense associated with the early adoption of FASB Statement No. 123 (revised), and the equity-based awards granted under BD’s new long-term incentive program, as described below.
Based on the foregoing analyses, diluted earnings per share from continuing operations, excluding specified items and share-based compensation expense, of 78 cents for the third fiscal quarter of 2005 increased by 18 percent over diluted earnings per share from continuing operations, excluding specified items, of 66 cents for the third fiscal quarter of 2004. For the nine-month period, diluted earnings per share from continuing operations, excluding specified items and share-based compensation expense, of $2.24 for fiscal 2005 increased by 20 percent over diluted earnings per share from continuing operations, excluding specified items, of $1.86 for fiscal 2004.
Share-Based Compensation
Effective October 1, 2004, BD adopted FASB Statement No. 123 (revised) relating to the expensing of share-based incentive awards. Diluted earnings per share from continuing operations for the third quarter and nine-month period included 5 cents and 12 cents, respectively, of share-based compensation expense associated with the adoption of FASB Statement No. 123 (revised), and the equity-based awards granted under BD’s new long-term incentive program. This program consists of a mix of performance-based restricted stock unit awards, time-vested restricted stock unit awards and stock options or stock appreciation rights.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $770 million, representing an increase of 13 percent from the prior year period. Contributing to the growth of the segment were strong sales in the Diabetes Care and Pharmaceutical Systems units. U.S. sales of safety-engineered products totaled $119 million compared with $113 million in the prior year’s quarter. For the nine-month period ended June 30, 2005, U.S. sales of safety-engineered products totaled $360 million compared with $337 million in the prior year’s period. Included in BD Medical revenues were international sales of safety-engineered products of $22 million, compared with $16 million in the prior year’s quarter. For the nine-month period ended June 30, 2005, international sales of safety-engineered products totaled $60 million compared with $47 million in the prior year’s period. For the nine-month period ended June 30, 2005, total BD Medical segment revenues increased by 10 percent from the prior year period.
In the BD Diagnostics segment, worldwide revenues for the quarter were $411 million, representing an increase of 10 percent from the prior year period. The Diagnostic Systems unit of the segment reported revenue growth of 9 percent, reflecting solid worldwide sales of its molecular diagnostic platforms. The Preanalytical Systems unit of the segment reported revenue growth of 10 percent. U.S. sales of safety-engineered products, impacted by early BD Vacutainer® Push Button Blood Collection Set conversion activity, totaled $92 million compared with $80 million in the prior year’s quarter. For the nine-month period ended June 30, 2005, U.S. sales of safety-engineered products totaled $258 million compared with $231 million in the prior year’s period. Included in Preanalytical Systems revenues were international sales of safety-engineered products of $52 million, compared with $37 million in the prior year’s quarter. For the nine-month period ended June 30, 2005, international sales of safety-engineered products totaled $143 million compared with $101 million in the prior year’s period. For the nine-month period ended June 30, 2005, total BD Diagnostics segment revenues increased by 8 percent from the prior year period.
In the BD Biosciences segment, worldwide revenues from continuing operations for the quarter were $200 million, representing an increase of 8 percent from the prior year period. Research instrument and reagent growth continued to be the primary growth contributors, driven by increased demand for high-end research analyzers. As in the previous quarter, increased sales of Discovery Labware products also contributed to sales growth. For the nine-month period ended June 30, 2005, total BD Biosciences segment revenues increased by 10 percent from the prior period, representing continued strong sales of flow cytometry instruments and reagents.
Geographic Results
Third quarter revenues in the U.S. of $650 million represented an increase of 7 percent over the prior year period. Revenues outside the U.S. of $732 million represented an increase of 15 percent over the prior year period, including an estimated 7 percent benefit from foreign currency translation.
For the nine-month period ended June 30, 2005, revenues in the U.S. of $1.904 billion represented an increase of 5 percent over the prior year period. Revenues outside of the U.S. of $2.131 billion represented an increase of 14 percent over the prior year period, including an estimated 6 percent benefit from foreign currency translation.
Fiscal 2005 Outlook for Fourth Quarter and Full Year
The following analyses of estimated diluted earnings per share from continuing operations for the fourth fiscal quarter and full year exclude specified items and share-based compensation expense that affect the comparability of results between periods.
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Three Months Ended |
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Twelve Months Ended | ||||||||
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September 30, |
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September 30, | ||||||||
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FY2005 |
FY2004 |
% Incr. |
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FY2005 |
FY2004 |
% Incr. | ||||||
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(Estimated) |
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(Estimated) |
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| |
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Diluted EPS from Continuing Operations |
$0.65-$0.67 |
(1) |
$0.70 |
|
-7%to-4% |
|
$2.83-$2.85 |
(1) |
$2.21 |
28%-29% | ||
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Specified Items: |
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|
Tax Examinations(2) |
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- |
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- |
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(0.04) |
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- |
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|
Tax Rate Impact(3) |
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0.02 |
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- |
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- |
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- |
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BGM Charges(4) |
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- |
|
- |
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- |
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0.11 |
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|
Litigation Settlement(4) |
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- |
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- |
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- |
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0.24 |
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0.02 |
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- |
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(0.04) |
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0.35 |
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Diluted EPS from Continuing Operations Excluding Specified Items |
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$0.67-$0.69 |
|
$0.70 |
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|
$2.79-$2.81 |
|
$2.56 |
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Share-based Comp. Exp.(5) |
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0.06-0.07 |
|
- |
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|
0.18-0.19 |
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- |
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0.06-0.07 |
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- |
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0.18-0.19 |
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- |
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Diluted EPS from Continuing Operations Excluding Specified Items and Share-based Compensation Expense |
$0.74-$0.76 |
|
$ 0.70 |
|
6%-9% |
|
$2.98-$3.00 |
|
$ 2.56 |
|
16%-17% | |
(1)Fiscal 2005 fourth quarter and full year estimated diluted earnings per share from continuing operations do not include the impact on taxes that would result if, as currently anticipated, the Company were to determine that it would repatriate certain undistributed earnings of foreign subsidiaries under the American Jobs Creation Act of 2004.
(2)Represents the effect on estimated diluted earnings per share from continuing operations of the reversal of tax reserves in the first fiscal quarter in connection with the conclusion of tax examinations in four non-U.S. jurisdictions.
(3)Represents the effect on diluted earnings per share from continuing operations of tax-related events that caused the tax rate to vary from the expected effective tax rate for the year. The effective tax rate for the year, without taking into account the tax impact of the items described in notes (1), (2) and (5) herein, is expected to be 25.5%.
(4)Included in fiscal 2004 diluted earnings per share from continuing operations are the previously noted first quarter BGM charge of 11 cents per diluted share and the third quarter litigation charge of 24 cents per diluted share.
(5)Represents the effect on estimated diluted earnings per share from continuing operations of share-based compensation expense associated with the early adoption of FASB Statement No. 123 (revised), and the equity-based awards granted under the new long-term incentive program, including an estimated fourth quarter adjustment associated with a projected increase in the estimated payout of performance-based restricted stock unit awards.
The Company estimates that fourth fiscal quarter 2005 diluted earnings per share from continuing operations, excluding specified items and share-based compensation expense, will increase in the range of 6 to 9 percent over fourth fiscal quarter 2004 diluted earnings per share from continuing operations of 70 cents.
The Company also estimates that diluted earnings per share from continuing operations for fiscal 2005, excluding specified items and share-based compensation expense, will increase in the range of 16 to 17 percent over fiscal 2004 diluted earnings per share from continuing operations, excluding specified items, of $2.56.
Conference Call Information
A conference call regarding BD’s third fiscal quarter results and its expectations for the fourth fiscal quarter and full fiscal year will be broadcast live on BD’s website, www.bd.com/investors, at 10:00 a.m. (ET) Friday, July 22, 2005. The conference call will be available for replay on BD’s website, www.bd.com/investors, or at 1-800-933-9609 (domestic) and 1-402-530-8098 (international) through the close of business on July 29, 2005.
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.
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, 2004, BD reported total revenues of $4.935 billion.
***
This press release, including the section entitled “Fiscal 2005 Outlook for Fourth Quarter and Full Year,” contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s 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; increases in energy costs and their effect on, among other things, the cost of producing BD’s products; fluctuations in costs and availability of raw materials and in BD’s ability to maintain favorable supplier arrangements and relationships; uncertainties of litigation (as described in BD’s filings with the Securities and Exchange Commission) and changes in healthcare or other governmental regulation; issuance of new or revised accounting standards, 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 to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
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CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts
in thousands, except per-share data)
Three
Months Ended June 30,
2005 2004 %
Change
REVENUES $ 1,381,306 $ 1,242,714 11.2
Cost of
products sold 686,764 (1) 615,613 11.6
Selling and administrative
365,919 (1) 332,738 10.0
Research
and development 67,003 (1) 58,498 14.5
Litigation settlement — 100,000
NM
TOTAL OPERATING COSTS
AND EXPENSES 1,119,686 1,106,849 1.2
OPERATING INCOME 261,620 135,865 92.6
Interest expense, net (3,561 ) (4,127 ) (13.7 )
Other expense,
net (984 ) (601 ) 63.7
INCOME FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES 257,075 131,137 96.0
Income
tax provision 67,274 20,975
NM
INCOME FROM CONTINUING OPERATIONS 189,801 110,162 72.3
LOSS FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX BENEFIT OF $91 IN
2005 AND $509
IN 2004, RESPECTIVELY (133 ) (766 )
NM
NET INCOME $ 189,668 $ 109,396 73.4
EARNINGS PER SHARE
Basic:
Income
from continuing operations $ 0.75 $ 0.43 74.4
Loss from discontinued operations $ — $ — —
Net income
(2) $ 0.75 $ 0.43 74.4
Diluted:
Income from continuing operations $ 0.73 $ 0.42 73.8
Loss from
discontinued operations $ — $ — —
Net income (2) $ 0.73 $ 0.41 78.0
AVERAGE SHARES OUTSTANDING
Basic 251,866 252,433
Diluted 260,099 264,336
NM - Not
Meaningful
(1)
Includes
share-based compensation expense relating to the early adoption of SFAS No. 123
(revised),“Share-Based Payment” and the equity-based awards granted
under the new long-term incentive program.
(2)
Total
per share amounts may not add due to rounding.
Page
1
SUPPLEMENTAL INFORMATION
Three Months Ended June 30,
(Unaudited; Amounts in thousands, except per-share data)
2005
As
Reported SFAS#
123(revised)
Adoption (1) Tax
Rate Impact (2) Excluding
Items
Cost
of products sold $ 686,764 $ (2,385 ) $ — $ 684,379
as a
% of revenues 49.7 % 49.5 %
Gross profit 694,542 2,385 — 696,927
as a % of revenues 50.3 % 50.5 %
Selling
and administrative 365,919 (13,029 ) — 352,890
as a
% of revenues 26.5 % 25.5 %
Research and development 67,003 (1,465 ) — 65,538
as a % of revenues 4.9 % 4.7 %
Operating
Income 261,620 16,879 — 278,499
as a
% of revenues 18.9 % 20.2 %
Income taxes 67,274 4,643 (2,059 ) 69,858
effective tax rate 26.2 % 25.5 %
Income
from continuing operations 189,801 12,236 2,059 204,096
as a
% of revenues 13.7 % 14.8 %
Diluted earnings
per share
Income
from continuing operations (3) $ 0.73 $ 0.05 $ 0.01 $ 0.78
Loss from discontinued
operations $ — $ — $ — $ —
Diluted
earnings per share (3) $ 0.73 $ 0.05 $ 0.01 $ 0.78
(1)
Relates
to the early adoption of SFAS No. 123 (revised), “Share-Based Payment”
and the equity-based awards granted under the new long-term incentive program.
Fiscal 2004 amounts have not been restated.
(2)
Represents
the effect on diluted earnings per share from continuing operations of tax-related
events that caused the tax rate to vary from the expected effective tax rate for
the year. The expected effective tax rate for the year, without taking into account
the tax impact of item described in note (1) herein, is 25.5%. (3)
Total
per share amounts may not add due to rounding.
2004
As
Reported Litigation
Settlement (4) Excluding
Charge
Operating
Income 135,865 100,000 235,865
as a
% of revenues 10.9 % 19.0 %
Net Income 109,396 63,000 172,396
as a % of revenues 8.8 % 13.9 %
Diluted
earnings per share
Income from continuing
operations (3) $ 0.42 $ 0.24 $ 0.66
Loss
from discontinued operations $ — $ — $ —
Diluted earnings per
share (3) $ 0.41 $ 0.24 $ 0.65
(3)
Total
per share amounts may not add due to rounding.
(4)
Relates
to the fiscal 2004 charge associated with a litigation settlement. Page
2
CONSOLIDATED INCOME STATEMENTS
(Unaudited;
Amounts in thousands, except per-share data)
Nine
Months Ended June 30,
2005 2004 %
Change
REVENUES $
4,035,205 $
3,681,467 9.6
Cost
of products sold 1,999,283 (1) 1,879,384 (2) 6.4
Selling and administrative 1,073,346 (1) 991,198 8.3
Research
and development 195,074 (1) 176,941 10.2
Litigation settlement — 100,000 NM
TOTAL OPERATING COSTS
AND EXPENSES 3,267,703 3,147,523 3.8
OPERATING
INCOME 767,502 533,944 43.7
Interest
expense, net (17,239 ) (21,015 ) (18.0 )
Other (expense) income,
net (6,087 ) (4,631 ) 31.4
INCOME
FROM CONTINUING OPERATIONS BEFORE
INCOME
TAXES 744,176 508,298 46.4
Income
tax provision 173,468 109,128 59.0
INCOME FROM CONTINUING
OPERATIONS 570,708 399,170 43.0
INCOME FROM DISCONTINUED
OPERATIONS
NET
OF INCOME TAX PROVISION OF $1,547 IN
2005 AND $388 IN 2004,
RESPECTIVELY 2,461 788 NM
NET INCOME $
573,169 $
399,958 43.3
EARNINGS
PER SHARE
Basic:
Income from continuing
operations $
2.26 $
1.57 43.9
Income
from discontinued operations $
0.01 $
— NM
Net income (3) $
2.27 $
1.58 43.7
Diluted:
Income
from continuing operations $
2.18 $
1.51 44.4
Income from discontinued
operations $
0.01 $
— NM
Net
income (3) $
2.19 $
1.51 45.0
AVERAGE
SHARES OUTSTANDING
Basic 252,167 252,617
Diluted 261,897 264,008
NM
- - Not Meaningful
(1) Includes
share-based compensation expense relating to the early adoption of SFAS No. 123
(revised), “Share-Based Payment” and the equity-based awards granted
under the new long-term incentive program.
(2) Includes
a $45,024 charge associated with blood glucose monitoring (BGM) products. (3) Total
per share amounts may not add due to rounding.
SUPPLEMENTAL INFORMATION
Nine Months Ended June
30,
(Unaudited; Amounts in thousands, except per-share data)
2005
As
Reported SFAS#
123(revised)
Adoption (1) Tax
Examinations (2) Tax
Rate Impact (3) Excluding
Items
Cost
of products sold $
1,999,283 $ (6,293 ) $
— $ — $ 1,992,990
as
a % of revenues 49.5 % 49.4 %
Gross profit 2,035,922 6,293 — — 2,042,215
as
a % of revenues 50.5 % 50.6 %
Selling
and administrative 1,073,346 (34,884 ) — — 1,038,462
as
a % of revenues 26.6 % 25.7 %
Research and development 195,074 (3,847 ) — — 191,227
as
a % of revenues 4.8 % 4.7 %
Operating
Income 767,502 45,024 — — 812,526
as
a % of revenues 19.0 % 20.1 %
Income taxes 173,468 12,331 11,265 4,181 201,245
effective
tax rate 23.3 % 25.5 %
Income
from continuing operations 570,708 32,693 (11,265 ) (4,181 ) 587,955
as
a % of revenues 14.1 % 14.6 %
Diluted
earnings per share
Income
from continuing operations $ 2.18 $ 0.12 $ (0.04 ) $ (0.02 ) $ 2.24
Income from
discontinued operations $ 0.01 $ — $ — $ — $ 0.01
Diluted
earnings per share $ 2.19 $ 0.12 $ (0.04 ) $ (0.02 ) $ 2.25
(1) Relates
to the early adoption of SFAS No. 123 (revised), “Share-Based Payment”
and the equity-based awards granted under the new long-term incentive program.
Fiscal 2004 amounts have not been restated.
(2) Relates
to the reversal of tax reserves in connection with the conclusion of tax examinations
in four non-U.S. jurisdictions that occurred in the first quarter.
(3) Represents
the effect on diluted earnings per share from continuing operations of tax-related
events that caused the tax rate to vary from the expected effective tax rate for
the year. The expected effective tax rate for the year, without taking into account
the tax impact of items described in notes (1) and (2) herein, is 25.5%.
2004
As
Reported BGM
Charges (4) Litigation
Settlement (5) Excluding
Charges
Gross
Profit $ 1,802,083 $ 45,024 $
— $ 1,847,107
as
a % of revenues 49.0 % 50.2 %
Operating Income 533,944 45,024 100,000 678,968
as
a % of revenues 14.5 % 18.4 %
Net
Income 399,958 27,915 63,000 490,873
as
a % of revenues 10.9 % 13.3 %
Diluted earnings
per share
Income
from continuing operations $ 1.51 $ 0.11 $ 0.24 $ 1.86
Income from discontinued
operations $ — $ — $ — $ —
Diluted
earnings per share $ 1.51 $ 0.11 $ 0.24 $ 1.86
(4) Relates
to the fiscal 2004 charge associated with blood glucose monitoring (BGM) products.
(5) Relates
to the fiscal 2004 charge associated with a litigation settlement.
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT
AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Three
Months Ended June 30, 2005 2004 %
Change
BD
MEDICAL
United
States $
338,238 $
316,312 6.9
International 431,980 366,333 17.9
TOTAL $
770,218 $
682,645 12.8
BD DIAGNOSTICS
United
States $
218,536 $
206,842 5.7
International 192,207 167,353 14.9
TOTAL $
410,743 $
374,195 9.8
BD
BIOSCIENCES
United
States $
92,809 $
85,380 8.7
International 107,536 100,494 7.0
TOTAL $
200,345 $
185,874 7.8
TOTAL REVENUES
United
States $
649,583 $
608,534 6.7
International 731,723 634,180 15.4
TOTAL $
1,381,306 $
1,242,714 11.2
SUPPLEMENTAL
REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited;
Amounts in thousands)
Nine
Months Ended June 30,
2005
2004
%
Change
BD
MEDICAL
United
States $
997,936 $
940,747 6.1
International 1,197,769 1,051,407 13.9
TOTAL $
2,195,705 $
1,992,154 10.2
BD DIAGNOSTICS
United
States $
650,419 $
631,178 3.0
International 603,876 526,837 14.6
TOTAL $
1,254,295 $
1,158,015 8.3
BD
BIOSCIENCES
United
States $
255,453 $
232,639 9.8
International 329,752 298,659 10.4
TOTAL $
585,205 $
531,298 10.1
TOTAL REVENUES
United
States $
1,903,808 $
1,804,564 5.5
International 2,131,397 1,876,903 13.6
TOTAL $
4,035,205 $
3,681,467 9.6
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30,
(Unaudited; Amounts in thousands)
United
States
2005 2004 %
Change
BD
MEDICAL
Medical
Surgical Systems $
208,818 $
200,407 4.2
Diabetes
Care 97,006 85,693 13.2
Pharmaceutical
Systems 27,034 24,382 10.9
Ophthalmic
Systems 5,380 5,830 (7.7 )
TOTAL $
338,238 $
316,312 6.9
BD DIAGNOSTICS
Preanalytical
Systems $
120,283 $
113,305 6.2
Diagnostic
Systems 98,253 93,537 5.0
TOTAL $
218,536 $
206,842 5.7
BD
BIOSCIENCES
Discovery
Labware $
29,374 $
26,353 11.5
Immunocytometry
Systems 43,908 39,871 10.1
Pharmingen 19,527 19,156 1.9
TOTAL $
92,809 $
85,380 8.7
TOTAL
UNITED STATES $
649,583 $
608,534 6.7
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS
AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts
in thousands)
International
%
Change
2005 2004
Reported
FX
Neutral FX
Impact
BD
MEDICAL
Medical
Surgical Systems $
211,676 $
188,824 12.1 5.4 6.7
Diabetes
Care 74,309 62,299 19.3 11.8 7.5
Pharmaceutical
Systems 136,003 106,829 27.3 19.5 7.8
Ophthalmic
Systems 9,992 8,381 19.2 12.9 6.3
TOTAL $
431,980 $
366,333 17.9 10.7 7.2
BD DIAGNOSTICS
Preanalytical
Systems $
102,543 $
88,640 15.7 8.5 7.2
Diagnostic
Systems 89,664 78,713 13.9 7.8 6.1
TOTAL $
192,207 $
167,353 14.9 8.1 6.8
BD
BIOSCIENCES
Discovery
Labware $
23,716 $
21,397 10.8 4.2 6.6
Immunocytometry
Systems 66,945 62,130 7.7 2.3 5.4
Pharmingen 16,875 16,967 (0.5 ) (4.9 ) 4.4
TOTAL $
107,536 $
100,494 7.0 1.5 5.5
TOTAL
INTERNATIONAL $
731,723 $
634,180 15.4 8.6 6.8
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS
AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts
in thousands)
Total
%
Change
2005 2004 Reported FX
Neutral FX
Impact
BD
MEDICAL
Medical
Surgical Systems $
420,494 $
389,231 8.0 4.8 3.2
Diabetes
Care 171,315 147,992 15.8 12.6 3.2
Pharmaceutical
Systems 163,037 131,211 24.3 17.9 6.4
Ophthalmic
Systems 15,372 14,211 8.2 4.4 3.8
TOTAL $
770,218 $
682,645 12.8 9.0 3.8
BD DIAGNOSTICS
Preanalytical
Systems $
222,826 $
201,945 10.3 7.2 3.1
Diagnostic
Systems 187,917 172,250 9.1 6.3 2.8
TOTAL $
410,743 $
374,195 9.8 6.8 3.0
BD
BIOSCIENCES
Discovery
Labware $
53,090 $
47,750 11.2 8.2 3.0
Immunocytometry
Systems 110,853 102,001 8.7 5.4 3.3
Pharmingen 36,402 36,123 0.8 (1.3 ) 2.1
TOTAL $
200,345 $
185,874 7.8 4.8 3.0
TOTAL
REVENUES $
1,381,306 $
1,242,714 11.2 7.7 3.5
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months Ended June 30,
(Unaudited; Amounts in thousands)
United
States
2005 2004 %
Change
BD
MEDICAL
Medical
Surgical Systems $
627,995 $
595,344 5.5
Diabetes
Care 279,949 249,272 12.3
Pharmaceutical
Systems 73,855 79,013 (6.5 )
Ophthalmic
Systems 16,137 17,118 (5.7 )
TOTAL $
997,936 $
940,747 6.1
BD DIAGNOSTICS
Preanalytical
Systems $
342,096 $
329,396 3.9
Diagnostic
Systems 308,323 301,782 2.2
TOTAL $
650,419 $
631,178 3.0
BD
BIOSCIENCES
Discovery
Labware $
80,157 $
74,233 8.0
Immunocytometry
Systems 119,653 104,768 14.2
Pharmingen 55,643 53,638 3.7
TOTAL $
255,453 $
232,639 9.8
TOTAL
UNITED STATES $
1,903,808 $
1,804,564 5.5
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS
Nine Months Ended June 30, (continued)
(Unaudited;
Amounts in thousands)
International
%
Change
2005
2004
Reported
FX
Neutral FX
Impact
BD
MEDICAL
Medical
Surgical Systems $
604,355 $
552,210 9.4 4.0 5.4
Diabetes
Care 212,240 181,814 16.7 10.3 6.4
Pharmaceutical
Systems 352,638 292,773 20.4 13.5 6.9
Ophthalmic
Systems 28,536 24,610 16.0 9.7 6.3
TOTAL $
1,197,769 $
1,051,407 13.9 7.9 6.0
BD DIAGNOSTICS
Preanalytical
Systems $
294,086 $
253,472 16.0 9.7 6.3
Diagnostic
Systems 309,790 273,365 13.3 7.7 5.6
TOTAL $
603,876 $
526,837 14.6 8.7 5.9
BD
BIOSCIENCES
Discovery
Labware $
72,307 $
66,953 8.0 2.2 5.8
Immunocytometry
Systems 205,060 182,779 12.2 6.7 5.5
Pharmingen 52,385 48,927 7.1 2.5 4.6
TOTAL $
329,752 $
298,659 10.4 5.0 5.4
TOTAL
INTERNATIONAL $
2,131,397 $
1,876,903 13.6 7.6 6.0
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS
AND UNITS
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in
thousands)
Total
% Change
2005 2004 Reported FX
Neutral FX
Impact
BD
MEDICAL
Medical
Surgical Systems $
1,232,350 $
1,147,554 7.4 4.8 2.6
Diabetes
Care 492,189 431,086 14.2 11.5 2.7
Pharmaceutical
Systems 426,493 371,786 14.7 9.3 5.4
Ophthalmic
Systems 44,673 41,728 7.1 3.4 3.7
TOTAL $
2,195,705 $
1,992,154 10.2 7.0 3.2
BD DIAGNOSTICS
Preanalytical
Systems $
636,182 $
582,868 9.1 6.4 2.7
Diagnostic
Systems 618,113 575,147 7.5 4.8 2.7
TOTAL $
1,254,295 $
1,158,015 8.3 5.6 2.7
BD
BIOSCIENCES
Discovery
Labware $
152,464 $
141,186 8.0 5.2 2.8
Immunocytometry
Systems 324,713 287,547 12.9 9.4 3.5
Pharmingen 108,028 102,565 5.3 3.2 2.1
TOTAL $
585,205 $
531,298 10.1 7.1 3.0
TOTAL
REVENUES $
4,035,205 $
3,681,467 9.6 6.6 3.0