News Release
1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
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News Release |
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Contact:
Patricia A. Spinella, Investor Relations –
201-847-5453
Colleen T. White, Corporate Communications – 201-847-5369
BD ANNOUNCES RESULTS FOR FOURTH FISCAL QUARTER AND FULL YEAR
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Reports record revenues for the quarter and year |
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Fourth-quarter and full-year earnings per share from continuing operations, excluding specified items, increased 12% to 85 cents and 14% to $3.28, respectively |
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Expects full fiscal year 2007 earnings per share from continuing operations, excluding specified items, to increase 12%-14% to $3.69-$3.75 |
Franklin Lakes, NJ (November 2, 2006) – BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.488 billion for the fourth fiscal quarter ended September 30, 2006, representing an increase of 8 percent over the prior year period. This quarter’s growth rate reflects the favorable impact on all segments from foreign currency translation, which overall is estimated to account for 2 percentage points of the growth.
For the full fiscal year ended September 30, 2006, BD reported record revenues of $5.835 billion, representing an increase of 8 percent over the prior year, which reflects an overall estimated 1 percent unfavorable impact from foreign currency translation that affected all segments.
“We are proud of our accomplishments during 2006 and enthusiastic about our outlook for 2007,” said Edward J. Ludwig, Chairman, President and Chief Executive Officer. “Our revenue and earnings growth exceeded our expectations and give us continuing confidence that our strategy is sound and our implementation is disciplined. We remain committed to serving our customers with products that make a difference in healthcare, and we will continue to work diligently to deliver value to our shareholders.”
Analysis of Fourth Quarter and Full Fiscal Year 2006 and 2005 Earnings
Reported diluted earnings per share from continuing operations of 69 cents for the fourth quarter increased by 47 percent over diluted earnings per share from continuing operations of 47 cents for the fourth fiscal quarter of 2005. For the full-year period, diluted earnings per share from continuing operations of $2.95 for fiscal 2006 increased by 11 percent over diluted earnings per share from continuing operations of $2.66 for fiscal 2005.
The following analysis of diluted earnings per share from continuing operations for the three-month and twelve-month periods ended September 30, 2006 and 2005 identifies specified items that affect the comparability of results between periods. As illustrated in Table 1, diluted earnings per share from continuing operations, excluding specified items, of 85 cents for the fourth fiscal quarter of 2006 increased by 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-year period, diluted earnings per share from continuing operations, excluding specified items, of $3.28 for fiscal 2006 increased by 14 percent over diluted earnings per share from continuing operations, excluding specified items, of $2.88 for fiscal 2005.
| (Table 1) |
Three Months Ended September 30, |
Twelve Months Ended September 30, |
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| FY2006 | FY2005 | % Incr. | FY2006 | FY2005 | % Incr. | |||||||||||||||||||||||||||||||||||||
| Diluted EPS from Continuing Operations:(1) |
$ | 0.69 | $ | 0.47 | 47 | % | $ | 2.95 | $ | 2.66 | 11 | % | ||||||||||||||||||||||||||||||
| Specified Items: |
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| Insurance Settlements(2) |
— | — | (0.04 | ) | — | |||||||||||||||||||||||||||||||||||||
| In-Process Research and Development Charge(3) |
— | — | 0.21 | — | ||||||||||||||||||||||||||||||||||||||
| BGM Exit Costs(4) |
0.17 | — | 0.17 | — | ||||||||||||||||||||||||||||||||||||||
| Tax Examinations(5) |
— | — | — | (0.04 | ) | |||||||||||||||||||||||||||||||||||||
| Tax Rate Impact(6) |
— | 0.02 | — | — | ||||||||||||||||||||||||||||||||||||||
| Repatriation Tax Charge(7) |
— | 0.27 | — | 0.27 | ||||||||||||||||||||||||||||||||||||||
| Rounding |
(0.01 | ) | — | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||||||||||||
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0.16 | 0.29 | 0.33 | 0.22 | ||||||||||||||||||||||||||||||||||||||
| Diluted EPS from Continuing Operations Excluding Specified Items:(1) |
$ | 0.85 | $ | 0.76 | 12 | % | $ | 3.28 | $ | 2.88 | 14 | % | ||||||||||||||||||||||||||||||
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(1) Includes the effect on diluted earnings per share from continuing operations of a 3 cent reduction in the fourth quarter and a 6 cent reduction in the twelve-month period ended September 30, 2006 relating to GeneOhm Sciences operations, which were acquired in February 2006.
(2) Represents the effect on diluted earnings per share from continuing operations related to proceeds received from insurance settlements regarding the Company’s 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 charge recorded in the fourth quarter of 2006 related to the Company’s decision to exit the blood glucose monitoring (“BGM”) market.
(5) Represents the effect on diluted earnings per share from continuing operations of the reversal of tax reserves in 2005 in connection with the conclusion of tax examinations in four non-U.S. jurisdictions.
(6) 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.
(7) Included in diluted earnings per share from continuing operations for fiscal 2005 is a 27 cents per diluted share charge 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.
-more-
BGM Exit Costs
On September 28, 2006, the Company announced a plan to exit the blood glucose monitoring (“BGM”) market. As a result of this decision, the Company recorded a pre-tax charge of $63 million, or $0.17 per diluted share, in the fourth quarter of 2006. This charge consists of $5 million related to estimated customer returns, $46 million associated with the write-off of inventory, related purchase commitments and long-lived assets, and $12 million related to severance and other exit costs.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $809 million, representing an increase of 6 percent from the prior year period. Strong sales in the Pharmaceutical Systems unit contributed to growth. U.S. sales of safety-engineered products totaled $132 million, compared with $130 million in the prior year’s quarter. Included in BD Medical revenues for the quarter were international sales of safety-engineered products of $26 million, compared with $21 million in the prior year period.
For the full fiscal year ended September 30, 2006, total BD Medical segment revenues of $3.203 billion increased by 8 percent from the prior year. Strong sales in the Pharmaceutical Systems and Diabetes Care units contributed to growth. U.S. sales of safety-engineered products totaled $519 million, compared with $490 million in the prior year. International sales of safety-engineered products totaled $94 million, compared with $81 million in the prior year.
In the BD Diagnostics segment, worldwide revenues for the quarter were $441 million, representing an increase of 9 percent from the prior year period. U.S. sales of safety-engineered products totaled $103 million, compared with $94 million in the prior year’s quarter. International sales of safety-engineered products totaled $62 million, compared with $49 million in the prior year’s quarter. Global sales of the BD ProbeTec™ and BD Viper™ instrument platforms also contributed favorably to revenue growth.
For the full fiscal year ended September 30, 2006, total BD Diagnostics segment revenues of $1.755 billion increased by 6 percent from the prior year. U.S. sales of safety-engineered products totaled $398 million, compared with $352 million in the prior year. International sales of safety-engineered products totaled $229 million, compared with $192 million in the prior year.
In the BD Biosciences segment, worldwide revenues from continuing operations for the quarter were $238 million, representing an increase of 11 percent from the prior year period. Sales of flow cytometry instruments and reagents, as well as the comparative benefit of discontinuing a distribution agreement in 2005, contributed to revenue growth.
For the full fiscal year ended September 30, 2006, total BD Biosciences segment revenues of $877 million increased by 10 percent from the prior year. Sales of flow cytometry instruments and reagents, as well as cell imaging products, contributed to revenue growth.
Geographic Results
Fourth quarter revenues in the U.S. were $726 million, representing an increase of 6 percent over the prior year period. Revenues outside the U.S. were $761 million, representing an increase of 10 percent over the prior year period, and reflected an estimated 3 percent favorable impact from foreign currency translation.
For the full fiscal year ended September 30, 2006, revenues in the U.S. were $2.828 billion, representing an increase of 9 percent over the prior year period. Revenues outside of the U.S. were $3.007 billion, representing an increase of 6 percent over the prior year period, and reflected an estimated 2 percent unfavorable impact from foreign currency translation.
Planned Acquisition of TriPath Imaging
On September 8, 2006 the Company announced that it had signed a definitive agreement to acquire the 93.5% of the outstanding shares of TriPath Imaging that BD does not currently own. The acquisition expands BD’s presence in cancer diagnostics, which is a key element of the Company’s strategy to drive revenue growth through innovation. We received U.S. antitrust clearance for this acquisition on October 27, 2006. Following the requisite approval by the TriPath Imaging shareholders, as well as other customary closing conditions, the acquisition is expected to be completed by the end of BD’s first fiscal quarter 2007. As previously stated, the acquisition is expected to be minimally dilutive to BD’s fiscal 2007 earnings (excluding an anticipated charge for in-process research and development) and is included in our estimated guidance discussed below.
Fiscal 2007 Outlook for Full Year
The following analysis of estimated diluted earnings per share from continuing operations for the full fiscal year identifies specified items that affect the comparability of results between periods. As illustrated in Table 2, the Company estimates that diluted earnings per share from continuing operations for the full fiscal year 2007 will be in the $3.69 to $3.75 range, representing an increase of approximately 12 to 14 percent over diluted earnings per share from continuing operations, excluding specified items, of $3.28 for the fiscal year 2006.
| (Table 2) |
Twelve Months Ended September 30, |
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| FY2007 | FY2006 | % Incr. | |||||||||||||||||||
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(Estimated) | ||||||||||||||||||||
| Diluted EPS from Continuing Operations:(1) |
$ | 3.69-$3.75 | $ | 2.95 | 25 | %-27% | |||||||||||||||
| Specified Items: |
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| Insurance Settlements(2) |
— | (0.04 | ) | ||||||||||||||||||
| In-Process Research and Development Charge(3) |
— | 0.21 | |||||||||||||||||||
| BGM Exit Costs(4) |
— | 0.17 | |||||||||||||||||||
| Rounding |
(0.01 | ) | |||||||||||||||||||
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| — | 0.33 | ||||||||||||||||||||
| Diluted EPS from Continuing Operations Excluding Specified Items: |
$ | 3.69-$3.75 | $ | 3.28 | 12 | %-14% | |||||||||||||||
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(1) Includes the minimally dilutive effect on estimated diluted earnings per share from continuing operations in fiscal 2007 relating to the operations of TriPath Imaging, which the Company expects to acquire by the end of the first fiscal quarter 2007. Does not include anticipated in-process research and development charge, which would be recorded upon closing of the acquisition.
(2) Represents the effect on diluted earnings per share from continuing operations related to proceeds received from insurance settlements regarding the Company’s 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 charge recorded in the fourth fiscal quarter of 2006 related to the Company’s decision to exit the BGM market.
Conference Call Information
A conference call regarding BD’s fourth fiscal quarter and full year results and its expectations for fiscal year 2007 will be broadcast live on BD’s website, www.bd.com/investors, at 10:00 a.m. (ET) Thursday, November 2, 2006. The conference call will be available for replay through the close of business on November 9, 2006 on BD’s website, www.bd.com/investors, or at 1-888-203-1112 (domestic) and 1-719-457-0820 (international), pass code 4839685.
This news release contains certain non-GAAP financial measures. A reconciliation of these and other measures to the comparable GAAP measures is included in this release and in the attached financial tables.
About BD
BD, a leading global medical technology company that manufactures and sells medical devices, instrument systems and reagents, is dedicated to improving people’s 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 Company’s capabilities are instrumental in combating many of the world’s 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 2007 Outlook for Full Year,” contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s performance, including future revenues, 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 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); 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 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.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
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| REVENUES | $ | 1,487,751 | $ | 1,379,476 | 7.8 | ||||||
| Cost of products sold | 767,534 | 662,746 | 15.8 | ||||||||
| Selling and administrative | 406,059 | 376,510 | 7.8 | ||||||||
| Research and development | 83,620 | 76,552 | 9.2 | ||||||||
| TOTAL OPERATING COSTS | |||||||||||
| AND EXPENSES | 1,257,213 | 1,115,808 | 12.7 | ||||||||
| OPERATING INCOME | 230,538 | 263,668 | (12.6 | ) | |||||||
| Interest expense | (14,056 | ) | (14,607 | ) | (3.8 | ) | |||||
| Interest income | 15,488 | 12,594 | 23.0 | ||||||||
| Other expense, net | (4,762 | ) | (977 | ) | NM | ||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE | |||||||||||
| INCOME TAXES | 227,208 | 260,678 | (12.8 | ) | |||||||
| Income tax provision | 52,088 | 139,103 | (62.6 | ) | |||||||
| INCOME FROM CONTINUING OPERATIONS | 175,120 | 121,575 | 44.0 | ||||||||
| (LOSS) INCOME FROM DISCONTINUED OPERATIONS | |||||||||||
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NET OF INCOME TAX PROVISION OF
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| $67 AND $15,986, RESPECTIVELY | (1,141 | ) (1) | 27,519 | NM | |||||||
| NET INCOME | $ | 173,979 | $ | 149,094 | 16.7 | ||||||
| EARNINGS PER SHARE | |||||||||||
| Basic: | |||||||||||
| Income from continuing operations | $ | 0.71 | $ | 0.49 | 44.9 | ||||||
| (Loss) income from discontinued operations | $ |
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$ | 0.11 | NM | ||||||
| Net income | $ | 0.71 | $ | 0.60 | 18.3 | ||||||
| Diluted: | |||||||||||
| Income from continuing operations | $ | 0.69 | $ | 0.47 | 46.8 | ||||||
| (Loss) income from discontinued operations | $ |
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$ | 0.11 | NM | ||||||
| Net income (2) | $ | 0.68 | $ | 0.58 | 17.2 | ||||||
| AVERAGE SHARES OUTSTANDING | |||||||||||
| Basic | 245,522 | 249,236 | |||||||||
| Diluted | 254,843 | 256,878 | |||||||||
NM - Not Meaningful
| (1) | Represents certain adjustments relating to the divestiture of Clontech. |
| (2) | Total per share amounts may not add due to rounding. |
Page 1
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Three Months Ended September 30,
(Unaudited; Amounts in thousands, except per-share data)
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| BGM |
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Exit Costs (1) |
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| Revenues | $ | 1,487,751 | $ | 5,352 | (2) | $ | 1,493,103 | |||||
| Cost of product sold | 767,534 | (45,654 | ) | 721,880 | ||||||||
| as a % of revenues | 51.6 | % | 48.3 | % | ||||||||
| Gross Profit | 720,217 | 51,006 | 771,223 | |||||||||
| as a % of revenues | 48.4 | % | 51.7 | % | ||||||||
| Selling and administrative | 406,059 | (12,408 | ) | 393,651 | ||||||||
| as a % of revenues | 27.3 | % | 26.4 | % | ||||||||
| Operating Income | 230,538 | 63,414 | 293,952 | |||||||||
| as a % of revenues | 15.5 | % | 19.7 | % | ||||||||
| Income taxes | 52,088 | 20,974 | 73,062 | |||||||||
| effective tax rate | 22.9 | % | 25.1 | % | ||||||||
| Income from continuing operations | 175,120 | 42,440 | 217,560 | |||||||||
| as a % of revenues | 11.8 | % | 14.6 | % | ||||||||
| Diluted earnings per share | ||||||||||||
| Income from continuing operations (3) | $ | 0.69 | $ | 0.17 | $ | 0.85 | ||||||
| (1) | Represents the effect on the diluted earnings per share from continuing operations of the charge recorded in the fourth quarter of 2006 related to the Company's decision to exit the blood glucose monitoring (BGM) market. |
| (2) | Reflected in the US Diabetes Care revenues included within the US BD Medical Segment (see pages 10 and 14 for further information). |
| (3) | Total per share amounts may not add due to rounding. |
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| Income taxes | $ | 139,103 | $ | (4,181 | ) | $ | (69,638 | ) | $ | 65,284 | ||||||
| effective tax rate | 53.4 | % | 25.0 | % | ||||||||||||
| Income from continuing operations | 121,575 | 4,181 | 69,638 | 195,394 | ||||||||||||
| as a % of revenues | 8.8 | % | 14.2 | % | ||||||||||||
| Diluted earnings per share | ||||||||||||||||
| Income from continuing operations | $
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0.47 | $ | 0.02 | $ | 0.27 | $
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0.76 | ||||||||
| (4) | 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. |
| (5) | Relates substantially to the planned repatriation of $1.3 billion of foreign earnings under the provisions of the American Jobs Creation Act. |
Page 2
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
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% Change | |||||||||
| REVENUES | $ | 5,834,827 | $ | 5,414,681 | 7.8 | ||||||
| Cost of products sold | 2,886,853 | 2,662,029 | 8.4 | ||||||||
| Selling and administrative | 1,537,494 | 1,449,856 | 6.0 | ||||||||
| Research and development | 360,011 | 271,626 | 32.5 | ||||||||
| TOTAL OPERATING COSTS | |||||||||||
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AND EXPENSES
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4,784,358 | 4,383,511 | 9.1 | ||||||||
| OPERATING INCOME | 1,050,469 | 1,031,170 | 1.9 | ||||||||
| Interest expense | (66,046 | ) | (55,673 | ) | 18.6 | ||||||
| Interest income | 59,296 | 36,421 | 62.8 | ||||||||
| Other expense, net | (8,762 | ) | (7,064 | ) | 24.0 | ||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE | |||||||||||
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INCOME TAXES
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1,034,957 | 1,004,854 | 3.0 | ||||||||
| Income tax provision | 279,366 | 312,571 | (10.6 | ) | |||||||
| INCOME FROM CONTINUING OPERATIONS | 755,591 | 692,283 | 9.1 | ||||||||
| (LOSS) INCOME FROM DISCONTINUED OPERATIONS | |||||||||||
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NET OF INCOME TAX PROVISION OF
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$1,397 AND $14,439,
RESPECTIVELY
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(3,311 | ) (1) | 29,980 | NM | |||||||
| NET INCOME | $ | 752,280 | $ | 722,263 | 4.2 | ||||||
| EARNINGS PER SHARE | |||||||||||
| Basic: | |||||||||||
| Income from continuing operations | $ | 3.06 | $ | 2.75 | 11.3 | ||||||
| (Loss) income from discontinued operations | $ | (0.01 | ) | $ | 0.12 | NM | |||||
| Net income (2) | $ | 3.04 | $ | 2.87 | 5.9 | ||||||
| Diluted: | |||||||||||
| Income from continuing operations | $ | 2.95 | $ | 2.66 | 10.9 | ||||||
| (Loss) income from discontinued operations | $ | (0.01 | ) | $ | 0.11 | NM | |||||
| Net income (2) | $ | 2.93 | $ | 2.77 | 5.8 | ||||||
| AVERAGE SHARES OUTSTANDING | |||||||||||
| Basic | 247,067 | 251,429 | |||||||||
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Diluted
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256,554 | 260,712 | |||||||||
NM - Not Meaningful
| (1) | Represents certain adjustments relating to the divestiture of Clontech. |
| (2) | Total per share amounts may not add due to rounding. |
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Twelve Months Ended September 30,
(Unaudited; Amounts in thousands, except per-share data)
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| Revenues | $
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5,834,827 | $
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- | $
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- | $
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5,352 | (4) | $
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5,840,179 | |||||||||
| Cost of products sold | 2,886,853 | - | - | (45,654 | ) | 2,841,199 | ||||||||||||||
| as a % of revenues | 49.5 | % | 48.6 | % | ||||||||||||||||
| Gross Profit | 2,947,974 | - | - | 51,006 | 2,998,980 | |||||||||||||||
| as a % of revenues | 50.5 | % | 51.4 | % | ||||||||||||||||
| Selling and administrative | 1,537,494 | 17,000 | - | (12,408 | ) | 1,542,086 | ||||||||||||||
| as a % of revenues | 26.4 | % | 26.4 | % | ||||||||||||||||
| Research and development | 360,011 | - | (53,300 | ) |
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306,711 | ||||||||||||||
| as a % of revenues | 6.2 | % | 5.3 | % | ||||||||||||||||
| Operating Income | 1,050,469 | (17,000 | ) | 53,300 | 63,414 | 1,150,183 | ||||||||||||||
| as a % of revenues | 18.0 | % | 19.7 | % | ||||||||||||||||
| Income taxes | 279,366 | (6,460 | ) | - | 20,974 | 293,880 | ||||||||||||||
| effective tax rate | 27.0 | % | 25.9 | % | ||||||||||||||||
| Income from continuing operations | 755,591 | (10,540 | ) | 53,300 | 42,440 | 840,791 | ||||||||||||||
| as a % of revenues | 12.9 | % | 14.4 | % | ||||||||||||||||
| Diluted earnings per share | ||||||||||||||||||||
| Income from continuing operations (5) | $ | 2.95 | $ | (0.04 | ) | $ | 0.21 | $
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0.17 | $ | 3.28 | |||||||||
| (1) | Represents the effect in 2006 related to proceeds received from insurance settlements in connection with the Company's previously owned latex glove business. |
| (2) | Represents the IPR&D charge related to the GeneOhm acquisiton. |
| (3) | Represents the effect on the diluted earnings per share from continuing operations of the charge recorded in the fourth quarter of 2006 related to the Company's decision to exit the BGM market. |
| (4) | Reflected in the US Diabetes Care revenues included within the US BD Medical Segment (see pages 10 and 14 for further information). |
| (5) | Total per share amounts may not add due to rounding. |
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| As |
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| Income taxes | $
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312,571 | $ | 11,265 | $ | (69,638 | ) | $
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254,198 | |||||||
| effective tax rate | 31.1 | % | 25.3 | % | ||||||||||||
| Income from continuing operations | 692,283 | (11,265 | ) | 69,638 | 750,656 | |||||||||||
| as a % of revenues | 12.8 | % | 13.9 | % | ||||||||||||
| Diluted earnings per share | ||||||||||||||||
| Income from continuing operations (8) | $ | 2.66 | $ | (0.04 | ) | $ | 0.27 | $ | 2.88 | |||||||
| (6) | Relates to the reversal of tax reserves in the first quarter 2005 in connection with the conclusion of tax examinations in four non-U.S. jurisdictions. |
| (7) | Relates substantially to the planned repatriation of $1.3 billion of foreign earnings under the provisions of the American Job Creation Act. |
| (8) | Total per share amounts may not add due to rounding. |
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
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% Change | |||||||
| BD MEDICAL | |||||||||
| United States | $ | 383,827 | $ | 368,752 | 4.1 | ||||
| International | 425,122 | 393,631 | 8.0 | ||||||
| TOTAL | $ | 808,949 | $ | 762,383 | 6.1 | ||||
| BD DIAGNOSTICS | |||||||||
| United States | $ | 237,775 | $ | 218,768 | 8.7 | ||||
| International | 202,745 | 184,001 | 10.2 | ||||||
| TOTAL | $ | 440,520 | $ | 402,769 | 9.4 | ||||
| BD BIOSCIENCES | |||||||||
| United States | $ | 104,887 | $ | 99,623 | 5.3 | ||||
| International | 133,395 | 114,701 | 16.3 | ||||||
| TOTAL | $ | 238,282 | $ | 214,324 | 11.2 | ||||
| TOTAL REVENUES | |||||||||
| United States | $ | 726,489 | $ | 687,143 | 5.7 | ||||
| International | 761,262 | 692,333 | 10.0 | ||||||
| TOTAL | $ | 1,487,751 | $ | 1,379,476 | 7.8 | ||||
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
|
|
||||||||||
|
|
|
% Change | ||||||||
| BD MEDICAL | ||||||||||
| United States | $ | 1,506,756 | $ | 1,366,688 | 10.2 | |||||
| International | 1,696,700 | 1,591,400 | 6.6 | |||||||
| TOTAL | $ | 3,203,456 | $ | 2,958,088 | 8.3 | |||||
| BD DIAGNOSTICS | ||||||||||
| United States | $ | 937,593 | $ | 869,187 | 7.9 | |||||
| International | 817,273 | 787,877 | 3.7 | |||||||
| TOTAL | $ | 1,754,866 | $ | 1,657,064 | 5.9 | |||||
| BD BIOSCIENCES | ||||||||||
| United States | $ | 383,674 | $ | 355,076 | 8.1 | |||||
| International | 492,831 | 444,453 | 10.9 | |||||||
| TOTAL | $ | 876,505 | $ | 799,529 | 9.6 | |||||
| TOTAL REVENUES | ||||||||||
| United States | $ | 2,828,023 | $ | 2,590,951 | 9.1 | |||||
| International | 3,006,804 | 2,823,730 | 6.5 | |||||||
| TOTAL | $ | 5,834,827 | $ | 5,414,681 | 7.8 | |||||
Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended September 30,
(Unaudited; Amounts in thousands)
|
|
|||||||||
|
|
|
% Change | |||||||
| BD MEDICAL | |||||||||
| Medical Surgical Systems | $ | 231,932 | $ | 224,809 | 3.2 | ||||
| Diabetes Care | 113,418 | 111,160 | 2.0 | ||||||
| Pharmaceutical Systems | 32,856 | 27,273 | 20.5 | ||||||
| Ophthalmic Systems | 5,621 | 5,510 | 2.0 | ||||||
| TOTAL | $ | 383,827 | $ | 368,752 | 4.1 | ||||
| BD DIAGNOSTICS | |||||||||
| Preanalytical Systems | $ | 131,838 | $ | 120,843 | 9.1 | ||||
| Diagnostic Systems | 105,937 | 97,925 | 8.2 | ||||||
| TOTAL | $ | 237,775 | $ | 218,768 | 8.7 | ||||
| BD BIOSCIENCES | |||||||||
| Discovery Labware | $ | 31,945 | $ | 30,262 | 5.6 | ||||
| Immunocytometry Systems | 52,679 | 50,242 | 4.9 | ||||||
| Pharmingen | 20,263 | 19,119 | 6.0 | ||||||
| TOTAL | $ | 104,887 | $ | 99,623 | 5.3 | ||||
| TOTAL UNITED STATES | $ | 726,489 | $ | 687,143 | 5.7 | ||||
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)
|
|
|||||||||||||||
|
|
|||||||||||||||
| 2006 |
|
|
|
|
|||||||||||
| BD MEDICAL | |||||||||||||||
| Medical Surgical Systems | $ | 215,951 | $ | 203,991 | 5.9 | 3.0 |
2.9
|
||||||||
| Diabetes Care | 77,843 | 70,671 | 10.1 | 7.0 |
3.1
|
||||||||||
| Pharmaceutical Systems | 121,886 | 109,505 | 11.3 | 7.9 |
3.4
|
||||||||||
| Ophthalmic Systems | 9,442 | 9,464 | (0.2 | ) | (3.2 | ) |
3.0
|
||||||||
| TOTAL | $ | 425,122 | $ | 393,631 | 8.0 | 4.9 |
3.1
|
||||||||
| BD DIAGNOSTICS | |||||||||||||||
| Preanalytical Systems | $ | 107,399 | $ | 97,806 | 9.8 | 6.3 |
3.5
|
||||||||
| Diagnostic Systems | 95,346 | 86,195 | 10.6 | 8.0 |
2.6
|
||||||||||
| TOTAL | $ | 202,745 | $ | 184,001 | 10.2 | 7.1 |
3.1
|
||||||||
| BD BIOSCIENCES | |||||||||||||||
| Discovery Labware | $ | 24,379 | $ | 23,835 | 2.3 | 0.2 |
2.1
|
||||||||
| Immunocytometry Systems | 89,768 | 77,428 | 15.9 | 13.1 |
2.8
|
||||||||||
| Pharmingen | 19,248 | 13,438 | 43.2 | 39.5 |
3.7
|
||||||||||
| TOTAL | $ | 133,395 | $ | 114,701 | 16.3 | 13.5 |
2.8
|
||||||||
| TOTAL INTERNATIONAL | $ | 761,262 | $ | 692,333 | 10.0 | 6.9 |
3.1
|
||||||||
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
|
|
||||||||||||||
|
|
||||||||||||||
| 2006 |
|
|
|
|
||||||||||
| BD MEDICAL | ||||||||||||||
| Medical Surgical Systems | $ | 447,883 | $ | 428,800 | 4.5 | 3.1 | 1.4 | |||||||
| Diabetes Care | 191,261 | 181,831 | 5.2 | 4.0 | 1.2 | |||||||||
| Pharmaceutical Systems | 154,742 | 136,778 | 13.1 | 10.4 | 2.7 | |||||||||
| Ophthalmic Systems | 15,063 | 14,974 | 0.6 | (1.3 | ) | 1.9 | ||||||||
| TOTAL | $ | 808,949 | $ | 762,383 | 6.1 | 4.5 | 1.6 | |||||||
| BD DIAGNOSTICS | ||||||||||||||
| Preanalytical Systems | $ | 239,237 | $ | 218,649 | 9.4 | 7.8 | 1.6 | |||||||
| Diagnostic Systems | 201,283 | 184,120 | 9.3 | 8.1 | 1.2 | |||||||||
| TOTAL | $ | 440,520 | $ | 402,769 | 9.4 | 8.0 | 1.4 | |||||||
| BD BIOSCIENCES | ||||||||||||||
| Discovery Labware | $ | 56,324 | $ | 54,097 | 4.1 | 3.2 | 0.9 | |||||||
| Immunocytometry Systems | 142,447 | 127,670 | 11.6 | 9.9 | 1.7 | |||||||||
| Pharmingen | 39,511 | 32,557 | 21.4 | 19.8 | 1.6 | |||||||||
| TOTAL | $ | 238,282 | $ | 214,324 | 11.2 | 9.7 | 1.5 | |||||||
| TOTAL REVENUES | $ | 1,487,751 | $ | 1,379,476 | 7.8 | 6.3 | 1.5 | |||||||
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
Three Months Ended September 30,
(Unaudited; Amounts in thousands)
|
|
||||||||||||||
| |
||||||||||||||
| |
|
|
|
|||||||||||
| Total Revenues | $ | 1,487,751 | $ | 1,379,476 | 7.8 |
6.3 | 1.5 | |||||||
| BD Medical | 808,949 | 762,383 | 6.1 |
4.5 | 1.6 | |||||||||
| Diabetes Care | 191,261 | 181,831 | 5.2 |
4.0 | 1.2 | |||||||||
| US Total Revenues | $ | 726,489 | $ | 687,143 | 5.7 |
5.7 | - | |||||||
| US BD Medical | 383,827 | 368,752 | 4.1 |
4.1 | - | |||||||||
| US Diabetes Care | 113,418 | 111,160 | 2.0 |
2.0 | - | |||||||||
|
|
||||||||||||||
| |
||||||||||||||
| |
|
|
|
|||||||||||
| Total Revenues | $ | 1,493,103 | $ | 1,379,476 | 8.2 |
6.7 | 1.5 | |||||||
| BD Medical | 814,301 | 762,383 | 6.8 |
5.2 | 1.6 | |||||||||
| Diabetes Care | 196,613 | 181,831 | 8.1 |
6.9 | 1.2 | |||||||||
| US Total Revenues | $ | 731,841 | $ | 687,143 | 6.5 |
6.5 | - | |||||||
| US BD Medical | 389,179 | 368,752 | 5.5 |
5.5 | - | |||||||||
| US Diabetes Care | 118,770 | 111,160 | 6.8 |
6.8 | - | |||||||||
(1) All revenue data excludes $5,352 of estimated customer returns associated with the Company's decision to exit the BGM market.
Page 10
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30,
(Unaudited; Amounts in thousands)
|
|
|||||||||
|
|
|
|
|||||||
| BD MEDICAL | |||||||||
| Medical Surgical Systems | $ | 904,371 | $ | 852,804 | 6.0 | ||||
| Diabetes Care | 451,977 | 391,109 | 15.6 | ||||||
| Pharmaceutical Systems | 127,896 | 101,128 | 26.5 | ||||||
| Ophthalmic Systems | 22,512 | 21,647 | 4.0 | ||||||
| TOTAL | $ | 1,506,756 | $ | 1,366,688 | 10.2 | ||||
| BD DIAGNOSTICS | |||||||||
| Preanalytical Systems | $ | 511,948 | $ | 462,939 | 10.6 | ||||
| Diagnostic Systems | 425,645 | 406,248 | 4.8 | ||||||
| TOTAL | $ | 937,593 | $ | 869,187 | 7.9 | ||||
| BD BIOSCIENCES | |||||||||
| Discovery Labware | $ | 119,683 | $ | 110,419 | 8.4 | ||||
| Immunocytometry Systems | 186,369 | 169,895 | 9.7 | ||||||
| Pharmingen | 77,622 | 74,762 | 3.8 | ||||||
| TOTAL | $ | 383,674 | $ | 355,076 | 8.1 | ||||
| TOTAL UNITED STATES | $ | 2,828,023 | $ | 2,590,951 | 9.1 | ||||
Page 11
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
|
|
International |
||||||||||||
|
|
|||||||||||||
| 2006 |
|
|
|
|
|||||||||
| BD MEDICAL | |||||||||||||
| Medical Surgical Systems | $ | 844,372 | $ | 808,346 | 4.5 | 3.8 | 0.7 | ||||||
| Diabetes Care | 301,366 | 282,911 | 6.5 | 7.5 | (1.0 | ) | |||||||
| Pharmaceutical Systems | 511,798 | 462,143 | 10.7 | 14.8 | (4.1 | ) | |||||||
| Ophthalmic Systems | 39,164 | 38,000 | 3.1 | 6.0 | (2.9 | ) | |||||||
| TOTAL | $ | 1,696,700 | $ | 1,591,400 | 6.6 | 7.7 | (1.1 | ) | |||||
| BD DIAGNOSTICS | |||||||||||||
| Preanalytical Systems | $ | 415,811 | $ | 391,892 | 6.1 | 6.9 | (0.8 | ) | |||||
| Diagnostic Systems | 401,462 | 395,985 | 1.4 | 3.6 | (2.2 | ) | |||||||
| TOTAL | $ | 817,273 | $ | 787,877 | 3.7 | 5.3 | (1.6 | ) | |||||
| BD BIOSCIENCES | |||||||||||||
| Discovery Labware | $ | 96,626 | $ | 96,142 | 0.5 | 3.1 | (2.6 | ) | |||||
| Immunocytometry Systems | 316,478 | 282,488 | 12.0 | 14.0 | (2.0 | ) | |||||||
| Pharmingen | 79,727 | 65,823 | 21.1 | 24.2 | (3.1 | ) | |||||||
| TOTAL | $ | 492,831 | $ | 444,453 | 10.9 | 13.2 | (2.3 | ) | |||||
| TOTAL INTERNATIONAL | $ | 3,006,804 | $ | 2,823,730 | 6.5 | 7.9 | (1.4 | ) | |||||
Page 12
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in thousands)
|
|
|||||||||||||
|
|
|||||||||||||
| 2006 |
|
|
|
|
|||||||||
| BD MEDICAL | |||||||||||||
| Medical Surgical Systems | $ | 1,748,743 | $ | 1,661,150 | 5.3 | 5.0 | 0.3 | ||||||
| Diabetes Care | 753,343 | 674,020 | 11.8 | 12.2 | (0.4 | ) | |||||||
| Pharmaceutical Systems | 639,694 | 563,271 | 13.6 | 16.9 | (3.3 | ) | |||||||
| Ophthalmic Systems | 61,676 | 59,647 | 3.4 | 5.3 | (1.9 | ) | |||||||
| TOTAL | $ | 3,203,456 | $ | 2,958,088 | 8.3 | 8.9 | (0.6 | ) | |||||
| BD DIAGNOSTICS | |||||||||||||
| Preanalytical Systems | $ | 927,759 | $ | 854,831 | 8.5 | 8.9 | (0.4 | ) | |||||
| Diagnostic Systems | 827,107 | 802,233 | 3.1 | 4.2 | (1.1 | ) | |||||||
| TOTAL | $ | 1,754,866 | $ | 1,657,064 | 5.9 | 6.6 | (0.7 | ) | |||||
| BD BIOSCIENCES | |||||||||||||
| Discovery Labware | $ | 216,309 | $ | 206,561 | 4.7 | 5.9 | (1.2 | ) | |||||
| Immunocytometry Systems | 502,847 | 452,383 | 11.2 | 12.4 | (1.2 | ) | |||||||
| Pharmingen | 157,349 | 140,585 | 11.9 | 13.4 | (1.5 | ) | |||||||
| TOTAL | $ | 876,505 | $ | 799,529 | 9.6 | 10.9 | (1.3 | ) | |||||
| TOTAL REVENUES | $ | 5,834,827 | $ | 5,414,681 | 7.8 | 8.5 | (0.7 | ) | |||||
Page 13
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
Twelve Months Ended September 30,
(Unaudited; Amounts in thousands)
|
|
||||||||||||||
|
|
||||||||||||||
|
|
|
|
|
|||||||||||
| Total Revenues | $ | 5,834,827 | $ | 5,414,681 | 7.8 |
8.5 | (0.7 | ) | ||||||
| BD Medical | 3,203,456 | 2,958,088 | 8.3 |
8.9 | (0.6 | ) | ||||||||
| Diabetes Care | 753,343 | 674,020 | 11.8 |
12.2 | (0.4 | ) | ||||||||
| US Total Revenues | $ | 2,828,023 | $ | 2,590,951 | 9.1 |
9.1 | - | |||||||
| US BD Medical | 1,506,756 | 1,366,688 | 10.2 |
10.2 | - | |||||||||
| US Diabetes Care | 451,977 | 391,109 | 15.6 |
15.6 | - | |||||||||
|
|
||||||||||||||
|
|
||||||||||||||
|
|
|
|
|
|||||||||||
| Total Revenues | $ | 5,840,179 | $ | 5,414,681 | 7.9 |
8.6 | (0.7 | ) | ||||||
| BD Medical | 3,208,808 | 2,958,088 | 8.5 |
9.1 | (0.6 | ) | ||||||||
| Diabetes Care | 758,695 | 674,020 | 12.6 |
13.0 | (0.4 | ) | ||||||||
| US Total Revenues | $ | 2,833,375 | $ | 2,590,951 | 9.4 |
9.4 | - | |||||||
| US BD Medical | 1,512,108 | 1,366,688 | 10.6 |
10.6 | - | |||||||||
| US Diabetes Care | 457,329 | 391,109 | 16.9 |
16.9 | - | |||||||||
(1) All revenue data excludes $5,352 of estimated customer returns associated with the Company's decision to exit the BGM market.
Page 14