Form: 8-K

Current report filing

July 29, 2010

Documents

Exhibit 99.2
Reconciliations of non-GAAP financial measures
(All figures are rounded. Totals may not add up due to rounding)
Third quarter and first nine months fiscal year (“FY”) 2009 adjusted diluted earnings per share from continuing operations (“EPS”)
                 
    Third Quarter     First Nine Months  
Reported EPS
     $1.38       $3.67  
Tax benefit (1)
     ($0.08 )     ($0.08 )
Litigation charge (2)
             $ 0.11  
 
            
Adjusted EPS
     $1.30       $3.70  
 
(1)   Represents the tax benefit relating to various tax settlements in multiple jurisdictions.
 
(2)   Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions.
Full year FY 2009 adjusted EPS
         
Reported EPS
   $ 4.92  
Tax benefit (1)
     ($0.08 )
Litigation charge (2)
   $ 0.11
 
      
Adjusted EPS
   $ 4.95  
 
(1)   Represents the tax benefit relating to various tax settlements in multiple jurisdictions.
 
(2)   Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions.
First nine months FY 2010 adjusted EPS
         
    Second Quarter  
Reported EPS
     $3.81  
Tax charge (1)
     $0.04  
 
      
Adjusted EPS
     $3.85  
 
(1)   Represents impact of non-cash charge related to health care reform impacting Medicare Part D reimbursements.

 

 

Third quarter FY2010 foreign currency-neutral EPS growth
                                                                       
                              Q3   Q3 FY2010     Total     Foreign   Foreign
    Reported   Adjusted             FY2009   impact of     unfavorable     currency   currency
    Q3   Q3   Change     hedge   foreign currency     foreign currency     neutral   neutral
    FY2010   FY2009   ($)     gain   translation     impact     growth ($)   growth (%)
EPS
   $ 1.29     $ 1.30       ($0.01 )       ($0.07 )     ($0.02 )       ($0.10 )     $ 0.09       6.9 %
First nine months FY2010 foreign currency-neutral EPS growth
                                                                                       
                              FY2009           FY2010             Total     Foreign   Foreign
                              foreign           impact of             unfavorable     currency   currency
                              currency   FY2009   foreign   FY2010     foreign     neutral   neutral
                    Change     holding   hedge   currency   hedge     currency     growth   growth
    FY2010   FY2009   ($)     gain   gain   translation   loss     impact     ($)   (%)
Adjusted EPS
   $ 3.85     $ 3.70     $ 0.15         ($0.09 )     ($0.23 )   $ 0.16       ($0.11 )       ($0.27 )     $ 0.42       11.4 %
FY 2010 EPS Outlook
                         
    Estimated growth        
    (based on adjusted   Estimated foreign    
    FY2009 EPS of   currency neutral   Impact of foreign
    $4.95)   growth   currency translation
EPS guidance — reported
     2-3 %     8 %     - 5 %
Tax charge (1)
     1 %     1 %        
 
                        
EPS guidance — as adjusted
      3-4 %         9 %       - 5 %
 
(1)   Represents impact of non-cash charge related to health care reform impacting Medicare Part D reimbursements.
 
The FY2010 impact of -5% represents the year-on-year change due to estimated foreign currency translation, including hedging activities, as follows:
         
FY2009 Items:
        
Actual hedge gain in FY2009
   $ (0.26 )
Q1 FY2009 foreign currency holding gain
   $ (0.09 )
FY2010 Activity: *
        
Estimated favorable effect of foreign currency translation
   $ 0.15  
Estimated hedge losses
   $ (0.06 )
 
      
Total Year-on-Year Impact
   $ (0.26 )
Impact on EPS Growth
   $ (0.26)/$4.95 ~ - 5 %
 
*   Estimated impact is based on the foreign exchange rates established for BD’s most recent fiscal year 2010 projection.