News Release
|
Twelve Months Ended September 30, | ||||||||||||||||
(Table 1) | FY2009 | FY2008 | % Change | FXN % Change | ||||||||||||
Diluted EPS from Continuing Operations: |
$ | 4.92 | $ | 4.42 | 11 | % | ||||||||||
Specified Items: |
||||||||||||||||
Litigation Charge (1) |
$ | 0.11 | ||||||||||||||
Tax Adjustment (2) |
(0.08 | ) | ||||||||||||||
Adjusted Diluted EPS from Continuing Operations: |
$ | 4.95 | $ | 4.42 | 12 | % | 10 | % | ||||||||
(1) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BDs distributors) in the antitrust class actions. | |
(2) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. |
Three Months Ended September 30, | ||||||||||||
2009 | 2008 | % Change | ||||||||||
REVENUES |
$ | 1,897,733 | $ | 1,812,156 | 4.7 | |||||||
Cost of products sold |
911,911 | 880,372 | 3.6 | |||||||||
Selling and administrative |
432,477 | 432,399 | 0.0 | |||||||||
Research and development |
113,737 | 108,463 | 4.9 | |||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
1,458,125 | 1,421,234 | 2.6 | |||||||||
OPERATING INCOME |
439,608 | 390,922 | 12.5 | |||||||||
Interest income |
14,418 | 6,879 | NM | |||||||||
Interest expense |
(13,782 | ) | (8,889 | ) | 55.0 | |||||||
Other expense, net |
(3,312 | ) | (1,734 | ) | NM | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
436,932 | 387,178 | 12.9 | |||||||||
Income tax provision |
131,175 | 108,216 | 21.2 | |||||||||
INCOME FROM CONTINUING OPERATIONS |
305,757 | 278,962 | 9.6 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX PROVISION OF
$3,334 AND $1,222, RESPECTIVELY |
11,463 | 3,212 | NM | |||||||||
NET INCOME |
$ | 317,220 | $ | 282,174 | 12.4 | |||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 1.28 | $ | 1.14 | 12.3 | |||||||
Income from discontinued operations |
$ | 0.05 | $ | 0.01 | NM | |||||||
Net income (1) |
$ | 1.33 | $ | 1.16 | 14.7 | |||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 1.25 | $ | 1.11 | 12.6 | |||||||
Income from discontinued operations |
$ | 0.05 | $ | 0.01 | NM | |||||||
Net income (1) |
$ | 1.29 | $ | 1.12 | 15.2 | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
239,162 | 243,863 | ||||||||||
Diluted |
245,056 | 251,197 | ||||||||||
(1) | Total per share amounts may not add due to rounding |
Page 1
Twelve Months Ended September 30, | ||||||||||||
2009 | 2008 | % Change | ||||||||||
REVENUES |
$ | 7,160,874 | $ | 7,074,942 | 1.2 | |||||||
Cost of products sold |
3,397,598 | 3,446,838 | (1.4 | ) | ||||||||
Selling and administrative |
1,704,795 | 1,695,610 | 0.5 | |||||||||
Research and development |
408,128 | 395,631 | 3.2 | |||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
5,510,521 | 5,538,079 | (0.5 | ) | ||||||||
OPERATING INCOME |
1,650,353 | 1,536,863 | 7.4 | |||||||||
Interest income |
33,148 | 39,368 | (15.8 | ) | ||||||||
Interest expense |
(40,389 | ) | (36,343 | ) | 11.1 | |||||||
Other expense, net |
(3,850 | ) | (1,484 | ) | NM | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
1,639,262 | 1,538,404 | 6.6 | |||||||||
Income tax provision |
426,208 | 422,537 | 0.9 | |||||||||
INCOME FROM CONTINUING OPERATIONS |
1,213,054 | 1,115,867 | 8.7 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX PROVISION OF
$5,014 AND $2,585, RESPECTIVELY |
18,549 | 11,129 | NM | |||||||||
NET INCOME |
$ | 1,231,603 | $ | 1,126,996 | 9.3 | |||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 5.04 | $ | 4.57 | 10.3 | |||||||
Income from discontinued operations |
$ | 0.08 | $ | 0.05 | NM | |||||||
Net income (1) |
$ | 5.12 | $ | 4.61 | 11.1 | |||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 4.92 | $ | 4.42 | 11.3 | |||||||
Income from discontinued operations |
$ | 0.08 | $ | 0.04 | NM | |||||||
Net income (1) |
$ | 4.99 | $ | 4.46 | 11.9 | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
240,479 | 244,323 | ||||||||||
Diluted |
246,798 | 252,681 | ||||||||||
(1) | Total per share amounts may not add due to rounding |
Page 2
Three Months Ended September 30, | ||||||||||||
2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 410,925 | $ | 374,487 | 9.7 | |||||||
International |
594,573 | 555,109 | 7.1 | |||||||||
TOTAL |
$ | 1,005,498 | $ | 929,596 | 8.2 | |||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 305,488 | $ | 281,148 | 8.7 | |||||||
International |
274,521 | 271,918 | 1.0 | |||||||||
TOTAL |
$ | 580,009 | $ | 553,066 | 4.9 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 123,225 | $ | 136,749 | (9.9 | ) | ||||||
International |
189,001 | 192,745 | (1.9 | ) | ||||||||
TOTAL |
$ | 312,226 | $ | 329,494 | (5.2 | ) | ||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 839,638 | $ | 792,384 | 6.0 | |||||||
International |
1,058,095 | 1,019,772 | 3.8 | |||||||||
TOTAL |
$ | 1,897,733 | $ | 1,812,156 | 4.7 | |||||||
Page 3
Twelve Months Ended September 30, | ||||||||||||
2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 1,577,986 | $ | 1,524,204 | 3.5 | |||||||
International |
2,152,860 | 2,195,831 | (2.0 | ) | ||||||||
TOTAL |
$ | 3,730,846 | $ | 3,720,035 | 0.3 | |||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 1,177,543 | $ | 1,121,843 | 5.0 | |||||||
International |
1,048,676 | 1,037,968 | 1.0 | |||||||||
TOTAL |
$ | 2,226,219 | $ | 2,159,811 | 3.1 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 449,151 | $ | 470,641 | (4.6 | ) | ||||||
International |
754,658 | 724,455 | 4.2 | |||||||||
TOTAL |
$ | 1,203,809 | $ | 1,195,096 | 0.7 | |||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 3,204,680 | $ | 3,116,688 | 2.8 | |||||||
International |
3,956,194 | 3,958,254 | (0.1 | ) | ||||||||
TOTAL |
$ | 7,160,874 | $ | 7,074,942 | 1.2 | |||||||
Page 4
United States | ||||||||||||
2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 267,070 | $ | 248,111 | 7.6 | |||||||
Diabetes Care |
88,590 | 82,445 | 7.5 | |||||||||
Pharmaceutical Systems |
48,353 | 37,512 | 28.9 | |||||||||
Ophthalmic Systems |
6,912 | 6,419 | 7.7 | |||||||||
TOTAL |
$ | 410,925 | $ | 374,487 | 9.7 | |||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 156,328 | $ | 145,987 | 7.1 | |||||||
Diagnostic Systems |
149,160 | 135,161 | 10.4 | |||||||||
TOTAL |
$ | 305,488 | $ | 281,148 | 8.7 | |||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 84,179 | $ | 98,883 | (14.9 | ) | ||||||
Discovery Labware |
39,046 | 37,866 | 3.1 | |||||||||
TOTAL |
$ | 123,225 | $ | 136,749 | (9.9 | ) | ||||||
TOTAL UNITED STATES |
$ | 839,638 | $ | 792,384 | 6.0 | |||||||
Page 5
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 265,904 | $ | 261,190 | 1.8 | 11.0 | (9.2 | ) | ||||||||||||
Diabetes Care |
92,098 | 92,593 | (0.5 | ) | 5.1 | (5.6 | ) | |||||||||||||
Pharmaceutical Systems |
224,195 | 188,773 | 18.8 | 26.7 | (7.9 | ) | ||||||||||||||
Ophthalmic Systems |
12,376 | 12,553 | (1.4 | ) | 5.4 | (6.8 | ) | |||||||||||||
TOTAL |
$ | 594,573 | $ | 555,109 | 7.1 | 15.2 | (8.1 | ) | ||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 138,297 | $ | 141,119 | (2.0 | ) | 5.5 | (7.5 | ) | |||||||||||
Diagnostic Systems |
136,224 | 130,799 | 4.1 | 8.7 | (4.6 | ) | ||||||||||||||
TOTAL |
$ | 274,521 | $ | 271,918 | 1.0 | 7.0 | (6.0 | ) | ||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 150,055 | $ | 154,719 | (3.0 | ) | (0.3 | ) | (2.7 | ) | ||||||||||
Discovery Labware |
38,946 | 38,026 | 2.4 | 3.4 | (1.0 | ) | ||||||||||||||
TOTAL |
$ | 189,001 | $ | 192,745 | (1.9 | ) | 0.4 | (2.3 | ) | |||||||||||
TOTAL INTERNATIONAL |
$ | 1,058,095 | $ | 1,019,772 | 3.8 | 10.2 | (6.4 | ) | ||||||||||||
Page 6
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 532,974 | $ | 509,301 | 4.6 | 9.3 | (4.7 | ) | ||||||||||||
Diabetes Care |
180,688 | 175,038 | 3.2 | 6.2 | (3.0 | ) | ||||||||||||||
Pharmaceutical Systems |
272,548 | 226,285 | 20.4 | 27.1 | (6.7 | ) | ||||||||||||||
Ophthalmic Systems |
19,288 | 18,972 | 1.7 | 6.2 | (4.5 | ) | ||||||||||||||
TOTAL |
$ | 1,005,498 | $ | 929,596 | 8.2 | 13.0 | (4.8 | ) | ||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 294,625 | $ | 287,106 | 2.6 | 6.3 | (3.7 | ) | ||||||||||||
Diagnostic Systems |
285,384 | 265,960 | 7.3 | 9.5 | (2.2 | ) | ||||||||||||||
TOTAL |
$ | 580,009 | $ | 553,066 | 4.9 | 7.8 | (2.9 | ) | ||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 234,234 | $ | 253,602 | (7.6 | ) | (6.0 | ) | (1.6 | ) | ||||||||||
Discovery Labware |
77,992 | 75,892 | 2.8 | 3.3 | (0.5 | ) | ||||||||||||||
TOTAL |
$ | 312,226 | $ | 329,494 | (5.2 | ) | (3.8 | ) | (1.4 | ) | ||||||||||
TOTAL REVENUES |
$ | 1,897,733 | $ | 1,812,156 | 4.7 | 8.4 | (3.7 | ) | ||||||||||||
Page 7
United States | ||||||||||||
2009 | 2008 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 1,021,846 | $ | 977,262 | 4.6 | |||||||
Diabetes Care |
351,618 | 332,545 | 5.7 | |||||||||
Pharmaceutical Systems |
177,529 | 189,394 | (6.3 | ) | ||||||||
Ophthalmic Systems |
26,993 | 25,003 | 8.0 | |||||||||
TOTAL |
$ | 1,577,986 | $ | 1,524,204 | 3.5 | |||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 608,754 | $ | 574,378 | 6.0 | |||||||
Diagnostic Systems |
568,789 | 547,465 | 3.9 | |||||||||
TOTAL |
$ | 1,177,543 | $ | 1,121,843 | 5.0 | |||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 303,846 | $ | 324,698 | (6.4 | ) | ||||||
Discovery Labware |
145,305 | 145,943 | (0.4 | ) | ||||||||
TOTAL |
$ | 449,151 | $ | 470,641 | (4.6 | ) | ||||||
TOTAL UNITED STATES |
$ | 3,204,680 | $ | 3,116,688 | 2.8 | |||||||
Page 8
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 963,083 | $ | 1,027,592 | (6.3 | ) | 4.5 | (10.8 | ) | |||||||||||
Diabetes Care |
363,319 | 361,807 | 0.4 | 7.9 | (7.5 | ) | ||||||||||||||
Pharmaceutical Systems |
774,914 | 752,742 | 2.9 | 10.9 | (8.0 | ) | ||||||||||||||
Ophthalmic Systems |
51,544 | 53,690 | (4.0 | ) | 4.1 | (8.1 | ) | |||||||||||||
TOTAL |
$ | 2,152,860 | $ | 2,195,831 | (2.0 | ) | 7.2 | (9.2 | ) | |||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 534,677 | $ | 549,150 | (2.6 | ) | 6.8 | (9.4 | ) | |||||||||||
Diagnostic Systems |
513,999 | 488,818 | 5.2 | 11.2 | (6.0 | ) | ||||||||||||||
TOTAL |
$ | 1,048,676 | $ | 1,037,968 | 1.0 | 8.9 | (7.9 | ) | ||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 600,671 | $ | 575,813 | 4.3 | 5.9 | (1.6 | ) | ||||||||||||
Discovery Labware |
153,987 | 148,642 | 3.6 | 4.2 | (0.6 | ) | ||||||||||||||
TOTAL |
$ | 754,658 | $ | 724,455 | 4.2 | 5.5 | (1.3 | ) | ||||||||||||
TOTAL INTERNATIONAL |
$ | 3,956,194 | $ | 3,958,254 | (0.1 | ) | 7.4 | (7.5 | ) | |||||||||||
Page 9
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 1,984,929 | $ | 2,004,854 | (1.0 | ) | 4.5 | (5.5 | ) | |||||||||||
Diabetes Care |
714,937 | 694,352 | 3.0 | 6.8 | (3.8 | ) | ||||||||||||||
Pharmaceutical Systems |
952,443 | 942,136 | 1.1 | 7.4 | (6.3 | ) | ||||||||||||||
Ophthalmic Systems |
78,537 | 78,693 | (0.2 | ) | 5.3 | (5.5 | ) | |||||||||||||
TOTAL |
$ | 3,730,846 | $ | 3,720,035 | 0.3 | 5.7 | (5.4 | ) | ||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 1,143,431 | $ | 1,123,528 | 1.8 | 6.4 | (4.6 | ) | ||||||||||||
Diagnostic Systems |
1,082,788 | 1,036,283 | 4.5 | 7.4 | (2.9 | ) | ||||||||||||||
TOTAL |
$ | 2,226,219 | $ | 2,159,811 | 3.1 | 6.8 | (3.7 | ) | ||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 904,517 | $ | 900,511 | 0.4 | 1.4 | (1.0 | ) | ||||||||||||
Discovery Labware |
299,292 | 294,585 | 1.6 | 1.9 | (0.3 | ) | ||||||||||||||
TOTAL |
$ | 1,203,809 | $ | 1,195,096 | 0.7 | 1.5 | (0.8 | ) | ||||||||||||
TOTAL REVENUES |
$ | 7,160,874 | $ | 7,074,942 | 1.2 | 5.4 | (4.2 | ) | ||||||||||||
Page 10
Three Months Ended September 30, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 282,286 | $ | 261,007 | 8.2 | 8.2 | | |||||||||||||
International |
150,906 | 143,258 | 5.3 | 13.5 | (8.2 | ) | ||||||||||||||
TOTAL |
$ | 433,192 | $ | 404,265 | 7.2 | 10.0 | (2.8 | ) | ||||||||||||
BY SEGMENT: |
||||||||||||||||||||
BD Medical |
$ | 211,049 | $ | 191,813 | 10.0 | 12.1 | (2.1 | ) | ||||||||||||
BD Diagnostics |
222,143 | 212,452 | 4.6 | 8.1 | (3.5 | ) | ||||||||||||||
TOTAL |
$ | 433,192 | $ | 404,265 | 7.2 | 10.0 | (2.8 | ) | ||||||||||||
Twelve Months Ended September 30, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2009 | 2008 | Reported | FX Neutral | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 1,079,000 | $ | 1,035,615 | 4.2 | 4.2 | | |||||||||||||
International |
570,674 | 534,055 | 6.9 | 17.3 | (10.4 | ) | ||||||||||||||
TOTAL |
$ | 1,649,674 | $ | 1,569,670 | 5.1 | 8.6 | (3.5 | ) | ||||||||||||
BY SEGMENT: |
||||||||||||||||||||
BD Medical |
$ | 786,033 | $ | 748,722 | 5.0 | 7.7 | (2.7 | ) | ||||||||||||
BD Diagnostics |
863,641 | 820,948 | 5.2 | 9.5 | (4.3 | ) | ||||||||||||||
TOTAL |
$ | 1,649,674 | $ | 1,569,670 | 5.1 | 8.6 | (3.5 | ) | ||||||||||||
Page 11