EXHIBIT 99.1
Published on April 26, 2006
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 SECOND FISCAL QUARTER
Franklin Lakes, NJ (April 26, 2006) BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.449 billion for the second fiscal quarter ended March 31, 2006, representing an increase of 6 percent over the prior year period. This quarters growth rate reflects an overall estimated 3 percent unfavorable impact from foreign currency translation, which affected all segments.
We are very pleased with our strong second quarter results, which exceeded our expectations, said Edward J. Ludwig, Chairman, President and Chief Executive Officer. We also closed the acquisition of GeneOhm, which will enable BD to further progress in the emerging field of healthcare-associated infections. The Company is well positioned to become a leader in the prevention and management of this global healthcare problem.
GeneOhm Sciences,
Inc. Acquisition Completed
On February 14, 2006, BD announced the completion
of its acquisition of GeneOhm Sciences, Inc. (GeneOhm), a company that has
pioneered the development of molecular diagnostic testing for the rapid detection
of bacteria, which cause healthcare-associated infections. Diluted earnings per
share from continuing operations for the second quarter reflects a reduction of
1 cent per share related to the impact of GeneOhm operations for the second
quarter. For the full fiscal year 2006, the Company expects diluted earnings
per share from continuing operations to be reduced by approximately 7 cents
related to the impact of GeneOhm operations. In addition, in the second
quarter, the Company recorded an in-process research and development charge of
$53 million associated with the acquisition, which further reduced diluted
earnings per share from continuing operations by 21 cents in the quarter (see
Table 1).
Analysis of Second
Quarter and Six-month Period of Fiscal Year 2006 and 2005 Earnings
The following analysis of diluted earnings per
share from continuing operations for the second quarter and six-month period of
fiscal 2006 and 2005 identifies specified items that affect the comparability
of results between periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Table 1) |
|
Three Months Ended |
|
Six Months Ended |
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
|
FY2006 |
|
FY2005 |
|
% Incr./(Decr.) |
|
FY2006 |
|
FY2005 |
|
% Incr. |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from Continuing Operations:(1) |
|
$ |
0.60 |
|
$ |
0.71 |
|
|
-15 |
% |
$ |
1.45 |
|
$ |
1.45 |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specified Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Settlements(2) |
|
|
(0.02 |
) |
|
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
In-Process Research and Development
|
|
|
0.21 |
|
|
|
|
|
|
|
|
0.21 |
|
|
|
|
|
|
|
|
Tax Examinations(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
Tax Rate Impact(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02 |
) |
|
|
|
|
Rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.19 |
|
|
|
|
|
|
|
|
0.17 |
|
|
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from Continuing Operations Excluding Specified Items:(1) |
|
$ |
0.79 |
|
$ |
0.71 |
|
|
11 |
% |
$ |
1.62 |
|
$ |
1.38 |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes the effect on diluted earnings per share from continuing operations of a 1 cent reduction in the second quarter and the six-month period ended March 31, 2006 relating to GeneOhm operations. |
|
(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 regarding the Companys previously owned latex glove business. |
|
(3) |
Represents the effect on diluted earnings per share from continuing operations of the in-process research and development charge recorded in the second quarter of fiscal 2006 related to the GeneOhm acquisition. |
|
(4) |
Represents the effect on diluted earnings per share from continuing operations of the reversal of tax reserves in the first fiscal quarter of 2005 in connection with the conclusion of tax examinations in four non-U.S. jurisdictions. |
|
(5) |
Represents the effect on diluted earnings per share from continuing operations of tax-related events that caused the quarterly tax rate to vary from the then expected effective tax rate for fiscal year 2005. |
As illustrated in Table 1, diluted earnings per share from continuing operations, excluding specified items and including the dilutive impact on operating results from the acquisition, of 79 cents for the second fiscal quarter of 2006 increased by 11 percent over diluted earnings per share from continuing operations of 71 cents for the second fiscal quarter of 2005. For the six-month period, diluted earnings per share from continuing operations, excluding specified items and including the dilutive impact on operating results from the acquisition, of $1.62 for fiscal 2006 increased by 17 percent over diluted earnings per share from continuing operations, excluding specified items, of $1.38 for fiscal 2005.
Segment Results
In the BD Medical segment, worldwide revenues for
the quarter were $795 million, representing an increase of 9 percent from the
prior year period. Strong sales in the Diabetes Care and Pharmaceutical Systems
units contributed to the growth of the segment. U.S. sales of
safety-engineered products totaled $123 million compared with $115 million in
the prior years quarter. The growth rate of safety-engineered products
benefited, in part, from a favorable comparison to the prior years revenues,
which were negatively impacted by reductions in inventory by a major U.S.
distributor. For the six-month period ended March 31, 2006, U.S. sales of
safety-engineered products totaled $255 million compared with $241 million in
the prior years period. Included in BD Medical revenues were international
sales of safety-engineered products of $22 million compared with $21 million in
the prior years quarter. For the six-month period ended March 31, 2006,
international sales of safety-engineered products totaled $44 million compared
with $39 million in the prior years period. For the six-month period ended
March 31, 2006, the BD Medical segment reported 10 percent revenue growth.
In the BD Diagnostics segment, worldwide revenues for the quarter were $434 million, representing an increase of 1 percent from the prior year period. The Preanalytical Systems unit of the segment reported revenue growth of 11 percent, benefiting from both BD Vacutainer® Push Button Blood Collection Set sales in the current years quarter and a favorable comparison to the prior years revenues, which were negatively impacted by reductions in inventory by a major U.S. distributor. U.S. sales of safety-engineered products totaled $97 million compared with $79 million in the prior years quarter. For the six-month period ended March 31, 2006, U.S. sales of safety-engineered products totaled $193 million compared with $165 million in the prior years period. Included in Preanalytical Systems revenues were international sales of safety-engineered products of $55 million compared with $47 million in the prior years quarter. For the six-month period ended March 31, 2006, international sales of safety-engineered products totaled $107 million compared with $91 million in the prior years period. Second quarter revenues in the Diagnostic Systems unit of the segment declined 8%, despite strong sales from diagnostic instrument platforms. For the most part, this decline in revenues was due to a relatively mild flu season in fiscal 2006 compared with 2005, in both Japan and the U.S. To a lesser extent, second quarter revenues were negatively impacted by the timing of early sales of flu diagnostic tests in the first fiscal quarter of 2006 and a challenging comparison to exceptionally strong sales of flu diagnostic tests in the prior years quarter in Japan. For the six-month period ended March 31, 2006, the BD Diagnostics segment reported 4 percent revenue growth.
In the BD Biosciences segment, worldwide revenues from continuing operations for the quarter were $220 million, representing an increase of 8 percent from the prior year period. Flow cytometry instrument and reagent sales continued to be the primary growth contributors. Sales in the Discovery Labware unit as well as sales of cell imaging products also contributed to sales growth. For the six-month period ended March 31, 2006, the BD Biosciences segment reported 9 percent revenue growth, representing continued strong sales of flow cytometry instruments and reagents.
Geographic Results
Second quarter revenues in the U.S. were $702 million, representing an increase
of 11 percent over the prior year period. Revenues outside the U.S. were $748
million, representing an increase of 2 percent over the prior year period, and
reflected an estimated 5 percent unfavorable impact from foreign currency
translation.
For the six-month period ended March 31, 2006, revenues in the U.S. were $1.383 billion, representing an increase of 10 percent over the prior year period. Revenues outside of the U.S. were $1.481 billion, representing an increase of 6 percent over the prior year period, and reflected an estimated 4 percent unfavorable impact from foreign currency translation.
Fiscal 2006 Outlook for Third and Fourth
Quarters and Full Year
The following analysis of estimated diluted
earnings per share from continuing operations for the third and fourth fiscal
quarters and full fiscal year identifies specified items that affect the
comparability of results between periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Table 2) |
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
FY2006 |
|
FY2005 |
|
% Incr. |
|
FY2006 |
|
FY2005 |
|
% Incr. |
|
FY2006 |
|
FY2005 |
|
% Incr. |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
(Estimated) |
|
|
|
|
|
(Estimated) |
|
|
|
|
|
(Estimated) |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from Continuing Operations:(1) |
|
$ |
0.76-$ 0.78 |
|
$ |
0.73 |
|
|
4-7 |
% |
$ |
0.80-$ 0.82 |
|
$ |
0.47 |
|
|
70-74 |
% |
$ |
3.01-$3.05 |
|
$ |
2.66 |
|
|
13-15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specified Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance Settlements(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
In-Process Research and Development Charge(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.21 |
|
|
|
|
|
|
|
|
Tax Examinations(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
Tax Rate Impact(5) |
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repatriation Tax Charge(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.27 |
|
|
|
|
|
|
|
|
0.27 |
|
|
|
|
|
Rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
|
0.29 |
|
|
|
|
|
0.17 |
|
|
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from Continuing Operations Excluding Specified Items:(1) |
|
$ |
0.76-$ 0.78 |
|
$ |
0.74 |
|
|
3-5 |
% |
$ |
0.80-$ 0.82 |
|
$ |
0.76 |
|
|
5-8 |
% |
$ |
3.18-$ 3.22 |
|
$ |
2.88 |
|
|
10-12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes the effect on estimated diluted earnings per share from continuing operations of a 3 cent reduction in each of the third and fourth quarters and a 7 cent reduction in the twelve-month period ended September 30, 2006 relating to GeneOhm operations. |
|
(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 regarding the Companys previously owned latex glove business. |
|
(3) |
Represents the effect on estimated diluted earnings per share from continuing operations of the in-process research and development charge recorded in the second quarter of fiscal 2006 related to the GeneOhm acquisition. |
|
(4) |
Represents the effect on diluted earnings per share from continuing operations of the reversal of tax reserves in the first fiscal quarter of 2005 in connection with the conclusion of tax examinations in four non-U.S. jurisdictions. |
|
(5) |
Represents the effect on diluted earnings per share from continuing operations of tax-related events that caused the quarterly tax rate to vary from the then expected effective tax rate for fiscal year 2005. |
|
(6) |
Included in diluted earnings per share from continuing operations for the fourth quarter of fiscal 2005 is 27 cents per diluted share substantially related to the impact on taxes of the planned repatriation of $1.3 billion of foreign earnings under the provisions of the American Jobs Creation Act. |
As illustrated in Table 2, the Company estimates that diluted earnings per share from continuing operations, including the expected dilutive impact on operating results from the acquisition, will increase approximately 3-5 percent for the third fiscal quarter of 2006 over diluted earnings per share from continuing operations, excluding specified items, of 74 cents for the third fiscal quarter of 2005. Excluding the expected dilutive impact of 3 cents on operating results from the acquisition, diluted earnings per share from continuing operations for the third fiscal quarter of 2006 are expected to be in the 79 to 81 cent range, representing an increase of 7-9 percent over diluted earnings per share from continuing operations, excluding specified items, of 74 cents for the third fiscal quarter of 2005.
The Company also estimates that diluted earnings per share from continuing operations, including the expected dilutive impact on operating results from the acquisition, will increase approximately 5-8 percent for the fourth fiscal quarter of 2006 over diluted earnings per share from continuing operations, excluding specified items, of 76 cents for the fiscal year 2005. Excluding the expected dilutive impact of 3 cents on operating results from the acquisition, diluted earnings per share from continuing operations for the fourth fiscal quarter of 2006 are expected to be in the 83 to 85 cent range, representing an increase of 9-12 percent over diluted earnings per share from continuing operations, excluding specified items, of 76 cents for the fourth fiscal quarter of 2005.
For the full fiscal year 2006, the Company estimates that diluted earnings per share from continuing operations, excluding specified items, and including the expected dilutive impact on operating results from the acquisition, are expected to be in the $3.18 to $3.22 range, representing an increase of approximately 10-12 percent over diluted earnings per share from continuing operations, excluding
specified items, of $2.88 for the fiscal year 2005. Diluted earnings per share from continuing operations for the full year 2006, excluding specified items and the expected dilutive impact of 7 cents on operating results from the acquisition, are expected to be in the $3.25 to $3.29 range, representing an increase of 13-14 percent over diluted earnings per share from continuing operations, excluding specified items, of $2.88 for the fiscal year 2005.
Conference Call
Information
A conference
call regarding BDs second fiscal quarter results and its expectations for the
third and fourth fiscal quarters will be broadcast live on BDs website, www.bd.com/investors,
at 10:00 a.m. (ET) Wednesday, April 26, 2006. The conference call will be
available for replay on BDs website, www.bd.com/investors, or at
1-800-272-5921 (domestic) and 1-402-220-9717 (international) through the close
of business on Wednesday, May 3, 2006.
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 makes and sells medical devices,
instrumented 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 more than
25,000 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.
***
This press release, including the section entitled Fiscal 2006 Outlook for Third and Fourth Quarters and 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, |
|
|||||||
|
|
|
2006 |
|
2005 |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
REVENUES |
|
$ |
1,449,317 |
|
$ |
1,365,530 |
|
|
6.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
710,635 |
|
|
678,018 |
|
|
4.8 |
|
|
Selling and administrative |
|
|
369,779 |
|
|
366,339 |
|
|
0.9 |
|
|
Research and development |
|
|
129,099 |
(1) |
|
65,988 |
|
|
95.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING COSTS AND EXPENSES |
|
|
1,209,513 |
|
|
1,110,345 |
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
239,804 |
|
|
255,185 |
|
|
(6.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(19,805 |
) |
|
(13,044 |
) |
|
51.8 |
|
|
Interest income |
|
|
16,991 |
|
|
8,488 |
|
|
NM |
|
|
Other expense, net |
|
|
(451 |
) |
|
(2,242 |
) |
|
(79.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
|
236,539 |
|
|
248,387 |
|
|
(4.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
80,301 |
|
|
61,878 |
|
|
29.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS |
|
|
156,238 |
|
|
186,509 |
|
|
(16.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX (BENEFIT) PROVISION OF $(1,330) AND $1,015, RESPECTIVELY |
|
|
(2,170 |
) (2) |
|
1,641 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
154,068 |
|
$ |
188,150 |
|
|
(18.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.63 |
|
$ |
0.74 |
|
|
(14.9 |
) |
|
(Loss) income from discontinued operations |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
|
NM |
|
|
Net income (3) |
|
$ |
0.62 |
|
$ |
0.74 |
|
|
(16.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.60 |
|
$ |
0.71 |
|
|
(15.5 |
) |
|
(Loss) income from discontinued operations |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
|
NM |
|
|
Net income (3) |
|
$ |
0.60 |
|
$ |
0.72 |
|
|
(16.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
248,088 |
|
|
253,427 |
|
|
|
|
|
Diluted |
|
|
258,299 |
|
|
262,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not Meaningful
|
|
|
|
(1) |
Includes the in-process research and development (IPR&D) charge related to the GeneOhm acquisition. |
|
|
|
|
(2) |
Represents certain adjustments relating to the divestiture of Clontech. |
|
|
|
|
(3) |
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
||||||||||
|
|
|
|
|
||||||||||
|
|
|
As |
|
Insurance |
|
GeneOhm |
|
Excluding |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative |
|
|
369,779 |
|
|
10,000 |
|
|
|
|
|
379,779 |
|
|
as a % of revenues |
|
|
25.5 |
% |
|
|
|
|
|
|
|
26.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
129,099 |
|
|
|
|
|
(53,300 |
) |
|
75,799 |
|
|
as a % of revenues |
|
|
8.9 |
% |
|
|
|
|
|
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
239,804 |
|
|
(10,000 |
) |
|
53,300 |
|
|
283,104 |
|
|
as a % of revenues |
|
|
16.5 |
% |
|
|
|
|
|
|
|
19.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
80,301 |
|
|
(3,800 |
) |
|
|
|
|
76,501 |
|
|
effective tax rate |
|
|
33.9 |
% |
|
|
|
|
|
|
|
27.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
156,238 |
|
|
(6,200 |
) |
|
53,300 |
|
|
203,338 |
|
|
as a % of revenues |
|
|
10.8 |
% |
|
|
|
|
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.60 |
|
$ |
(0.02 |
) |
$ |
0.21 |
|
$ |
0.79 |
|
|
|
|
| (1) |
Represents the effect in the second fiscal quarter of 2006 related to proceeds received from insurance settlements in connection with the Companys 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, |
|
|||||||
|
|
|
2006 |
|
2005 |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
||||||||||
|
REVENUES |
|
$ |
2,863,378 |
|
$ |
2,653,899 |
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
1,386,376 |
|
|
1,312,519 |
|
|
5.6 |
|
|
Selling and administrative |
|
|
737,653 |
|
|
707,427 |
|
|
4.3 |
|
|
Research and development |
|
|
198,424 |
(1) |
|
128,071 |
|
|
54.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING COSTS AND EXPENSES |
|
|
2,322,453 |
|
|
2,148,017 |
|
|
8.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
540,925 |
|
|
505,882 |
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(36,565 |
) |
|
(27,371 |
) |
|
33.6 |
|
|
Interest income |
|
|
31,662 |
|
|
13,693 |
|
|
NM |
|
|
Other expense, net |
|
|
(1,614 |
) |
|
(5,103 |
) |
|
(68.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
|
534,408 |
|
|
487,101 |
|
|
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
160,310 |
|
|
106,194 |
|
|
51.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS |
|
|
374,098 |
|
|
380,907 |
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX (BENEFIT) PROVISION OF $(1,330) AND $1,638, RESPECTIVELY |
|
|
(2,170 |
) (2) |
|
2,594 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
NET INCOME |
|
$ |
371,928 |
|
$ |
383,501 |
|
|
(3.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.51 |
|
$ |
1.51 |
|
|
|
|
|
(Loss) income from discontinued operations |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
|
NM |
|
|
Net income |
|
$ |
1.50 |
|
$ |
1.52 |
|
|
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.45 |
|
$ |
1.45 |
|
|
|
|
|
(Loss) income from discontinued operations |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
|
NM |
|
|
Net income (3) |
|
$ |
1.45 |
|
$ |
1.46 |
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
248,067 |
|
|
252,317 |
|
|
|
|
|
Diluted |
|
|
257,145 |
|
|
262,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not Meaningful
|
|
|
|
(1) |
Includes the in-process research and development (IPR&D) charge related to the GeneOhm acquisition. |
|
|
|
|
(2) |
Represents certain adjustments relating to the divestiture of Clontech. |
|
|
|
|
(3) |
Total per share amounts may not add due to rounding. |
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
(Unaudited; Amounts in thousands, except per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
As |
|
Insurance |
|
GeneOhm |
|
Excluding |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Selling and administrative |
|
|
|
737,653 |
|
|
|
|
17,000 |
|
|
|
|
|
|
|
|
|
754,653 |
|
|
|
as a % of revenues |
|
|
|
25.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
198,424 |
|
|
|
|
|
|
|
|
|
(53,300 |
) |
|
|
|
145,124 |
|
|
|
as a % of revenues |
|
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
540,925 |
|
|
|
|
(17,000 |
) |
|
|
|
53,300 |
|
|
|
|
577,225 |
|
|
|
as a % of revenues |
|
|
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
|
160,310 |
|
|
|
|
(6,460 |
) |
|
|
|
|
|
|
|
|
153,850 |
|
|
|
effective tax rate |
|
|
|
30.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
27.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
|
374,098 |
|
|
|
|
(10,540 |
) |
|
|
|
53,300 |
|
|
|
|
416,858 |
|
|
|
as a % of revenues |
|
|
|
13.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
$ |
1.45 |
|
|
|
$ |
(0.04 |
) |
|
|
$ |
0.21 |
|
|
|
$ |
1.62 |
|
|
|
|
|
|
(1) |
Represents the effect in 2006 related to proceeds received from insurance settlements in connection with the Companys previously owned latex glove business. |
|
|
|
|
(2) |
Represents the in-process research and development (IPR&D) charge related to the GeneOhm acquisition. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
As |
|
Tax |
|
Tax |
|
Excluding |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
|
106,194 |
|
|
|
|
11,265 |
|
|
|
|
6,240 |
|
|
|
|
123,699 |
|
|
|
effective tax rate |
|
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
|
380,907 |
|
|
|
|
(11,265 |
) |
|
|
|
(6,240 |
) |
|
|
|
363,402 |
|
|
|
as a % of revenues |
|
|
|
14.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations (3) |
|
|
$ |
1.45 |
|
|
|
$ |
(0.04 |
) |
|
|
$ |
(0.02 |
) |
|
|
$ |
1.38 |
|
|
|
|
|
|
(3) |
Total per share amounts may not add due to rounding. |
|
|
|
|
(4) |
Relates to the reversal of tax reserves in the first fiscal quarter 2005 in connection with the conclusion of tax examinations in four non-U.S. jurisdictions. |
|
|
|
|
(5) |
Represents the effect on diluted earnings per share from continuing operations of tax-related events that caused the quarterly tax rate to vary from the then expected effective tax rate for fiscal year 2005. |
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
|
|
|
2006 |
|
2005 |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
373,316 |
|
$ |
330,044 |
|
|
13.1 |
|
|
International |
|
|
422,022 |
|
|
401,621 |
|
|
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
795,338 |
|
$ |
731,665 |
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
232,913 |
|
$ |
213,175 |
|
|
9.3 |
|
|
International |
|
|
201,166 |
|
|
216,594 |
|
|
(7.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
434,079 |
|
$ |
429,769 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
95,315 |
|
$ |
86,947 |
|
|
9.6 |
|
|
International |
|
|
124,585 |
|
|
117,149 |
|
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
219,900 |
|
$ |
204,096 |
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUES |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
701,544 |
|
$ |
630,166 |
|
|
11.3 |
|
|
International |
|
|
747,773 |
|
|
735,364 |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,449,317 |
|
$ |
1,365,530 |
|
|
6.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, |
||||||||
|
|
|
2006 |
|
2005 |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
739,899 |
|
$ |
659,698 |
|
|
12.2 |
|
|
International |
|
|
826,139 |
|
|
765,789 |
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,566,038 |
|
$ |
1,425,487 |
|
|
9.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
462,001 |
|
$ |
431,883 |
|
|
7.0 |
|
|
International |
|
|
415,932 |
|
|
411,669 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
877,933 |
|
$ |
843,552 |
|
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
180,629 |
|
$ |
162,644 |
|
|
11.1 |
|
|
International |
|
|
238,778 |
|
|
222,216 |
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
419,407 |
|
$ |
384,860 |
|
|
9.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUES |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
1,382,529 |
|
$ |
1,254,225 |
|
|
10.2 |
|
|
International |
|
|
1,480,849 |
|
|
1,399,674 |
|
|
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
2,863,378 |
|
$ |
2,653,899 |
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31,
(Unaudited; Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
||||||||
|
|
|
|
||||||||
|
|
|
2006 |
|
2005 |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
Medical Surgical Systems |
|
$ |
220,050 |
|
$ |
203,671 |
|
|
8.0 |
|
|
Diabetes Care |
|
|
115,726 |
|
|
94,482 |
|
|
22.5 |
|
|
Pharmaceutical Systems |
|
|
32,028 |
|
|
26,772 |
|
|
19.6 |
|
|
Ophthalmic Systems |
|
|
5,512 |
|
|
5,119 |
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
373,316 |
|
$ |
330,044 |
|
|
13.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
Preanalytical Systems |
|
$ |
125,412 |
|
$ |
107,050 |
|
|
17.2 |
|
|
Diagnostic Systems |
|
|
107,501 |
|
|
106,125 |
|
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
232,913 |
|
$ |
213,175 |
|
|
9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
Discovery Labware |
|
$ |
28,762 |
|
$ |
26,689 |
|
|
7.8 |
|
|
Immunocytometry Systems |
|
|
46,226 |
|
|
41,051 |
|
|
12.6 |
|
|
Pharmingen |
|
|
20,327 |
|
|
19,207 |
|
|
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
95,315 |
|
$ |
86,947 |
|
|
9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED STATES |
|
$ |
701,544 |
|
$ |
630,166 |
|
|
11.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
% Change |
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2006 |
|
2005 |
|
Reported |
|
FX Neutral |
|
FX Impact |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Surgical Systems |
|
$ |
204,531 |
|
$ |
198,621 |
|
|
3.0 |
|
|
4.7 |
|
|
(1.7 |
) |
|
Diabetes Care |
|
|
72,568 |
|
|
67,714 |
|
|
7.2 |
|
|
11.3 |
|
|
(4.1 |
) |
|
Pharmaceutical Systems |
|
|
135,081 |
|
|
125,999 |
|
|
7.2 |
|
|
16.6 |
|
|
(9.4 |
) |
|
Ophthalmic Systems |
|
|
9,842 |
|
|
9,287 |
|
|
6.0 |
|
|
13.4 |
|
|
(7.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
422,022 |
|
$ |
401,621 |
|
|
5.1 |
|
|
9.8 |
|
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical Systems |
|
$ |
101,449 |
|
$ |
97,785 |
|
|
3.7 |
|
|
8.2 |
|
|
(4.5 |
) |
|
Diagnostic Systems |
|
|
99,717 |
|
|
118,809 |
|
|
(16.1 |
) |
|
(11.6 |
) |
|
(4.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
201,166 |
|
$ |
216,594 |
|
|
(7.1 |
) |
|
(2.6 |
) |
|
(4.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discovery Labware |
|
$ |
25,967 |
|
$ |
25,722 |
|
|
1.0 |
|
|
7.2 |
|
|
(6.2 |
) |
|
Immunocytometry Systems |
|
|
77,348 |
|
|
72,709 |
|
|
6.4 |
|
|
12.1 |
|
|
(5.7 |
) |
|
Pharmingen |
|
|
21,270 |
|
|
18,718 |
|
|
13.6 |
|
|
20.9 |
|
|
(7.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
124,585 |
|
$ |
117,149 |
|
|
6.3 |
|
|
12.4 |
|
|
(6.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTERNATIONAL |
|
$ |
747,773 |
|
$ |
735,364 |
|
|
1.7 |
|
|
6.5 |
|
|
(4.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
% Change |
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2006 |
|
2005 |
|
Reported |
|
FX Neutral |
|
FX Impact |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Surgical Systems |
|
$ |
424,581 |
|
$ |
402,292 |
|
|
5.5 |
|
|
6.4 |
|
|
(0.9 |
) |
|
Diabetes Care |
|
|
188,294 |
|
|
162,196 |
|
|
16.1 |
|
|
17.8 |
|
|
(1.7 |
) |
|
Pharmaceutical Systems |
|
|
167,109 |
|
|
152,771 |
|
|
9.4 |
|
|
17.2 |
|
|
(7.8 |
) |
|
Ophthalmic Systems |
|
|
15,354 |
|
|
14,406 |
|
|
6.6 |
|
|
11.4 |
|
|
(4.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
795,338 |
|
$ |
731,665 |
|
|
8.7 |
|
|
11.3 |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical Systems |
|
$ |
226,861 |
|
$ |
204,835 |
|
|
10.8 |
|
|
12.9 |
|
|
(2.1 |
) |
|
Diagnostic Systems |
|
|
207,218 |
|
|
224,934 |
|
|
(7.9 |
) |
|
(5.5 |
) |
|
(2.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
434,079 |
|
$ |
429,769 |
|
|
1.0 |
|
|
3.3 |
|
|
(2.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discovery Labware |
|
$ |
54,729 |
|
$ |
52,411 |
|
|
4.4 |
|
|
7.5 |
|
|
(3.1 |
) |
|
Immunocytometry Systems |
|
|
123,574 |
|
|
113,760 |
|
|
8.6 |
|
|
12.3 |
|
|
(3.7 |
) |
|
Pharmingen |
|
|
41,597 |
|
|
37,925 |
|
|
9.7 |
|
|
13.3 |
|
|
(3.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
219,900 |
|
$ |
204,096 |
|
|
7.7 |
|
|
11.2 |
|
|
(3.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUES |
|
$ |
1,449,317 |
|
$ |
1,365,530 |
|
|
6.1 |
|
|
8.8 |
|
|
(2.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31,
(Unaudited; Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
||||||||
|
|
|
|
||||||||
|
|
|
2006 |
|
2005 |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
Medical Surgical Systems |
|
$ |
442,316 |
|
$ |
419,177 |
|
|
5.5 |
|
|
Diabetes Care |
|
|
226,127 |
|
|
182,943 |
|
|
23.6 |
|
|
Pharmaceutical Systems |
|
|
60,428 |
|
|
46,821 |
|
|
29.1 |
|
|
Ophthalmic Systems |
|
|
11,028 |
|
|
10,757 |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
739,899 |
|
$ |
659,698 |
|
|
12.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
Preanalytical Systems |
|
$ |
248,201 |
|
$ |
221,813 |
|
|
11.9 |
|
|
Diagnostic Systems |
|
|
213,800 |
|
|
210,070 |
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
462,001 |
|
$ |
431,883 |
|
|
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
Discovery Labware |
|
$ |
56,462 |
|
$ |
50,783 |
|
|
11.2 |
|
|
Immunocytometry Systems |
|
|
86,663 |
|
|
75,745 |
|
|
14.4 |
|
|
Pharmingen |
|
|
37,504 |
|
|
36,116 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
180,629 |
|
$ |
162,644 |
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED STATES |
|
$ |
1,382,529 |
|
$ |
1,254,225 |
|
|
10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
% Change |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
2006 |
|
2005 |
|
Reported |
|
FX Neutral |
|
FX Impact |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Surgical Systems |
|
$ |
410,428 |
|
$ |
392,679 |
|
|
4.5 |
|
|
5.0 |
|
|
(0.5 |
) |
|
Diabetes Care |
|
|
145,863 |
|
|
137,931 |
|
|
5.8 |
|
|
8.9 |
|
|
(3.1 |
) |
|
Pharmaceutical Systems |
|
|
250,444 |
|
|
216,635 |
|
|
15.6 |
|
|
23.8 |
|
|
(8.2 |
) |
|
Ophthalmic Systems |
|
|
19,404 |
|
|
18,544 |
|
|
4.6 |
|
|
10.6 |
|
|
(6.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
826,139 |
|
$ |
765,789 |
|
|
7.9 |
|
|
11.2 |
|
|
(3.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical Systems |
|
$ |
200,823 |
|
$ |
191,543 |
|
|
4.8 |
|
|
7.9 |
|
|
(3.1 |
) |
|
Diagnostic Systems |
|
|
215,109 |
|
|
220,126 |
|
|
(2.3 |
) |
|
2.1 |
|
|
(4.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
415,932 |
|
$ |
411,669 |
|
|
1.0 |
|
|
4.8 |
|
|
(3.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discovery Labware |
|
$ |
47,976 |
|
$ |
48,591 |
|
|
(1.3 |
) |
|
3.8 |
|
|
(5.1 |
) |
|
Immunocytometry Systems |
|
|
149,763 |
|
|
138,115 |
|
|
8.4 |
|
|
13.3 |
|
|
(4.9 |
) |
|
Pharmingen |
|
|
41,039 |
|
|
35,510 |
|
|
15.6 |
|
|
21.5 |
|
|
(5.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
238,778 |
|
$ |
222,216 |
|
|
7.5 |
|
|
12.5 |
|
|
(5.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTERNATIONAL |
|
$ |
1,480,849 |
|
$ |
1,399,674 |
|
|
5.8 |
|
|
9.5 |
|
|
(3.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
||||||||||||||
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
% Change |
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2006 |
|
2005 |
|
Reported |
|
FX Neutral |
|
FX Impact |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
BD MEDICAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Surgical Systems |
|
$ |
852,744 |
|
$ |
811,856 |
|
|
5.0 |
|
|
5.3 |
|
|
(0.3 |
) |
|
Diabetes Care |
|
|
371,990 |
|
|
320,874 |
|
|
15.9 |
|
|
17.3 |
|
|
(1.4 |
) |
|
Pharmaceutical Systems |
|
|
310,872 |
|
|
263,456 |
|
|
18.0 |
|
|
24.7 |
|
|
(6.7 |
) |
|
Ophthalmic Systems |
|
|
30,432 |
|
|
29,301 |
|
|
3.9 |
|
|
7.6 |
|
|
(3.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,566,038 |
|
$ |
1,425,487 |
|
|
9.9 |
|
|
11.6 |
|
|
(1.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD DIAGNOSTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical Systems |
|
$ |
449,024 |
|
$ |
413,356 |
|
|
8.6 |
|
|
10.0 |
|
|
(1.4 |
) |
|
Diagnostic Systems |
|
|
428,909 |
|
|
430,196 |
|
|
(0.3 |
) |
|
1.9 |
|
|
(2.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
877,933 |
|
$ |
843,552 |
|
|
4.1 |
|
|
5.9 |
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD BIOSCIENCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discovery Labware |
|
$ |
104,438 |
|
$ |
99,374 |
|
|
5.1 |
|
|
7.6 |
|
|
(2.5 |
) |
|
Immunocytometry Systems |
|
|
236,426 |
|
|
213,860 |
|
|
10.6 |
|
|
13.7 |
|
|
(3.1 |
) |
|
Pharmingen |
|
|
78,543 |
|
|
71,626 |
|
|
9.7 |
|
|
12.6 |
|
|
(2.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
419,407 |
|
$ |
384,860 |
|
|
9.0 |
|
|
11.9 |
|
|
(2.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUES |
|
$ |
2,863,378 |
|
$ |
2,653,899 |
|
|
7.9 |
|
|
9.8 |
|
|
(1.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12