| Reports diluted earnings per share from continuing operations of $1.35, including approximately $0.07 related to the timing of certain tax benefits. These benefits were included in the Companys full year guidance provided on its 2010 year-end earnings conference call. | ||
| Reports revenues of $1.842 billion, a decrease of 1.4 percent year-over-year. | ||
| Reaffirms full fiscal year 2011 guidance of reported revenues and EPS to increase about 4 percent and between 11 percent and 13 percent, respectively. |
Three Months Ended December 31, | ||||||||||||
2010 | 2009 | % Change | ||||||||||
REVENUES |
$ | 1,842,005 | $ | 1,868,818 | (1.4 | ) | ||||||
Cost of products sold |
865,431 | 894,324 | (3.2 | ) | ||||||||
Selling and administrative |
447,954 | 445,673 | 0.5 | |||||||||
Research and development |
115,542 | 99,151 | 16.5 | |||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
1,428,927 | 1,439,148 | (0.7 | ) | ||||||||
OPERATING INCOME |
413,078 | 429,670 | (3.9 | ) | ||||||||
Interest income |
15,222 | 8,789 | 73.2 | |||||||||
Interest expense |
(15,553 | ) | (12,987 | ) | 19.8 | |||||||
Other expense, net |
(4,596 | ) | (2,354 | ) | 95.2 | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
408,151 | 423,118 | (3.5 | ) | ||||||||
Income tax provision |
93,875 | 119,025 | (21.1 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS |
314,276 | 304,093 | 3.3 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX PROVISION OF
$223 AND $4,617, RESPECTIVELY |
1,661 | 12,283 | NM | |||||||||
NET INCOME |
$ | 315,937 | $ | 316,376 | (0.1 | ) | ||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 1.38 | $ | 1.28 | 7.8 | |||||||
Income from discontinued operations |
$ | 0.01 | $ | 0.05 | (80.0 | ) | ||||||
Net income |
$ | 1.39 | $ | 1.33 | 4.5 | |||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 1.35 | $ | 1.25 | 8.0 | |||||||
Income from discontinued operations |
$ | 0.01 | $ | 0.05 | (80.0 | ) | ||||||
Net income |
$ | 1.36 | $ | 1.30 | 4.6 | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
228,083 | 237,360 | ||||||||||
Diluted |
232,915 | 242,965 | ||||||||||
NM Not Meaningful |
Page 1
Three Months Ended December 31, | ||||||||||||
2010 | 2009 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 405,527 | $ | 432,576 | (6.3 | ) | ||||||
International |
521,020 | 538,096 | (3.2 | ) | ||||||||
TOTAL |
$ | 926,547 | $ | 970,672 | (4.5 | ) | ||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 308,851 | $ | 310,205 | (0.4 | ) | ||||||
International |
292,871 | 285,269 | 2.7 | |||||||||
TOTAL |
$ | 601,722 | $ | 595,474 | 1.0 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 114,224 | $ | 110,636 | 3.2 | |||||||
International |
199,512 | 192,036 | 3.9 | |||||||||
TOTAL |
$ | 313,736 | $ | 302,672 | 3.7 | |||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 828,602 | $ | 853,417 | (2.9 | ) | ||||||
International |
1,013,403 | 1,015,401 | (0.2 | ) | ||||||||
TOTAL |
$ | 1,842,005 | $ | 1,868,818 | (1.4 | ) | ||||||
Page 2
United States | ||||||||||||
2010 | 2009 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 254,254 | $ | 273,991 | (7.2 | ) | ||||||
Diabetes Care |
99,585 | 96,564 | 3.1 | |||||||||
Pharmaceutical Systems |
51,688 | 62,021 | (16.7 | ) | ||||||||
TOTAL |
$ | 405,527 | $ | 432,576 | (6.3 | ) | ||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 162,059 | $ | 156,236 | 3.7 | |||||||
Diagnostic Systems |
146,792 | 153,969 | (4.7 | ) | ||||||||
TOTAL |
$ | 308,851 | $ | 310,205 | (0.4 | ) | ||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 80,255 | $ | 77,604 | 3.4 | |||||||
Discovery Labware |
33,969 | 33,032 | 2.8 | |||||||||
TOTAL |
$ | 114,224 | $ | 110,636 | 3.2 | |||||||
TOTAL UNITED STATES |
$ | 828,602 | $ | 853,417 | (2.9 | ) | ||||||
Page 3
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2010 | 2009 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 258,474 | $ | 259,186 | (0.3 | ) | (2.2 | ) | 1.9 | |||||||||||
Diabetes Care |
114,297 | 104,957 | 8.9 | 8.8 | 0.1 | |||||||||||||||
Pharmaceutical Systems |
148,249 | 173,953 | (14.8 | ) | (10.9 | ) | (3.9 | ) | ||||||||||||
TOTAL |
$ | 521,020 | $ | 538,096 | (3.2 | ) | (2.8 | ) | (0.4 | ) | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 150,569 | $ | 143,930 | 4.6 | 4.0 | 0.6 | |||||||||||||
Diagnostic Systems |
142,302 | 141,339 | 0.7 | (0.3 | ) | 1.0 | ||||||||||||||
TOTAL |
$ | 292,871 | $ | 285,269 | 2.7 | 1.9 | 0.8 | |||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 160,487 | $ | 153,731 | 4.4 | 4.6 | (0.2 | ) | ||||||||||||
Discovery Labware |
39,025 | 38,305 | 1.9 | (0.1 | ) | 2.0 | ||||||||||||||
TOTAL |
$ | 199,512 | $ | 192,036 | 3.9 | 3.6 | 0.3 | |||||||||||||
TOTAL INTERNATIONAL |
$ | 1,013,403 | $ | 1,015,401 | (0.2 | ) | (0.3 | ) | 0.1 | |||||||||||
Page 4
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2010 | 2009 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 512,728 | $ | 533,177 | (3.8 | ) | (4.7 | ) | 0.9 | |||||||||||
Diabetes Care |
213,882 | 201,521 | 6.1 | 6.1 | | |||||||||||||||
Pharmaceutical Systems |
199,937 | 235,974 | (15.3 | ) | (12.4 | ) | (2.9 | ) | ||||||||||||
TOTAL |
$ | 926,547 | $ | 970,672 | (4.5 | ) | (4.3 | ) | (0.2 | ) | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 312,628 | $ | 300,166 | 4.2 | 3.9 | 0.3 | |||||||||||||
Diagnostic Systems |
289,094 | 295,308 | (2.1 | ) | (2.6 | ) | 0.5 | |||||||||||||
TOTAL |
$ | 601,722 | $ | 595,474 | 1.0 | 0.6 | 0.4 | |||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 240,742 | $ | 231,335 | 4.1 | 4.2 | (0.1 | ) | ||||||||||||
Discovery Labware |
72,994 | 71,337 | 2.3 | 1.2 | 1.1 | |||||||||||||||
TOTAL |
$ | 313,736 | $ | 302,672 | 3.7 | 3.5 | 0.2 | |||||||||||||
TOTAL REVENUES |
$ | 1,842,005 | $ | 1,868,818 | (1.4 | ) | (1.5 | ) | 0.1 | |||||||||||
Page 5
Three Months Ended December 31, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2010 | 2009 | Reported | FXN | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 283,782 | $ | 291,815 | (2.8 | ) | (2.8 | ) | | |||||||||||
International |
169,254 | 155,129 | 9.1 | 7.5 | 1.6 | |||||||||||||||
TOTAL |
$ | 453,036 | $ | 446,944 | 1.4 | 0.9 | 0.5 | |||||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 213,309 | $ | 221,174 | (3.6 | ) | (4.3 | ) | 0.7 | |||||||||||
BD Diagnostics |
239,727 | 225,770 | 6.2 | 5.8 | 0.4 | |||||||||||||||
TOTAL |
$ | 453,036 | $ | 446,944 | 1.4 | 0.9 | 0.5 | |||||||||||||
Page 6
United States | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 273,991 | $ | 237,174 | $ | 239,866 | $ | 256,290 | $ | 1,007,322 | ||||||||||
Diabetes Care |
96,564 | 92,515 | 96,071 | 98,633 | 383,783 | |||||||||||||||
Pharmaceutical Systems |
62,021 | 52,078 | 45,824 | 45,308 | 205,231 | |||||||||||||||
TOTAL |
$ | 432,576 | $ | 381,767 | $ | 381,761 | $ | 400,231 | $ | 1,596,336 | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 156,236 | $ | 149,932 | $ | 159,228 | $ | 162,024 | $ | 627,421 | ||||||||||
Diagnostic Systems |
153,969 | 142,909 | 144,293 | 145,697 | 586,867 | |||||||||||||||
TOTAL |
$ | 310,205 | $ | 292,841 | $ | 303,521 | $ | 307,721 | $ | 1,214,288 | ||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 77,604 | $ | 78,183 | $ | 84,365 | $ | 86,765 | $ | 326,916 | ||||||||||
Discovery Labware |
33,032 | 38,968 | 39,781 | 37,244 | 149,025 | |||||||||||||||
TOTAL |
$ | 110,636 | $ | 117,151 | $ | 124,146 | $ | 124,009 | $ | 475,941 | ||||||||||
TOTAL UNITED STATES |
$ | 853,417 | $ | 791,759 | $ | 809,428 | $ | 831,961 | $ | 3,286,565 | ||||||||||
International | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 259,186 | $ | 244,090 | $ | 253,687 | $ | 245,724 | $ | 1,002,687 | ||||||||||
Diabetes Care |
104,957 | 95,471 | 101,081 | 100,468 | 401,976 | |||||||||||||||
Pharmaceutical Systems |
173,953 | 200,305 | 208,993 | 212,182 | 795,433 | |||||||||||||||
TOTAL |
$ | 538,096 | $ | 539,866 | $ | 563,761 | $ | 558,374 | $ | 2,200,096 | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 143,930 | $ | 137,738 | $ | 144,298 | $ | 144,421 | $ | 570,386 | ||||||||||
Diagnostic Systems |
141,339 | 125,093 | 128,450 | 139,322 | 534,205 | |||||||||||||||
TOTAL |
$ | 285,269 | $ | 262,831 | $ | 272,748 | $ | 283,743 | $ | 1,104,591 | ||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 153,731 | $ | 164,292 | $ | 146,068 | $ | 160,230 | $ | 624,322 | ||||||||||
Discovery Labware |
38,305 | 40,661 | 38,906 | 38,887 | 156,759 | |||||||||||||||
TOTAL |
$ | 192,036 | $ | 204,953 | $ | 184,974 | $ | 199,117 | $ | 781,081 | ||||||||||
TOTAL INTERNATIONAL |
$ | 1,015,401 | $ | 1,007,650 | $ | 1,021,483 | $ | 1,041,234 | $ | 4,085,768 | ||||||||||
Total | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 533,177 | $ | 481,264 | $ | 493,553 | $ | 502,014 | $ | 2,010,009 | ||||||||||
Diabetes Care |
201,521 | 187,986 | 197,152 | 199,101 | 785,759 | |||||||||||||||
Pharmaceutical Systems |
235,974 | 252,383 | 254,817 | 257,490 | 1,000,664 | |||||||||||||||
TOTAL |
$ | 970,672 | $ | 921,633 | $ | 945,522 | $ | 958,605 | $ | 3,796,432 | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 300,166 | $ | 287,670 | $ | 303,526 | $ | 306,445 | $ | 1,197,807 | ||||||||||
Diagnostic Systems |
295,308 | 268,002 | 272,743 | 285,019 | 1,121,072 | |||||||||||||||
TOTAL |
$ | 595,474 | $ | 555,672 | $ | 576,269 | $ | 591,464 | $ | 2,318,879 | ||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 231,335 | $ | 242,475 | $ | 230,433 | $ | 246,995 | $ | 951,238 | ||||||||||
Discovery Labware |
71,337 | 79,629 | 78,687 | 76,131 | 305,784 | |||||||||||||||
TOTAL |
$ | 302,672 | $ | 322,104 | $ | 309,120 | $ | 323,126 | $ | 1,257,022 | ||||||||||
TOTAL REVENUES |
$ | 1,868,818 | $ | 1,799,409 | $ | 1,830,911 | $ | 1,873,195 | $ | 7,372,333 | ||||||||||
Page 7
United States | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 244,037 | $ | 231,041 | $ | 244,077 | $ | 255,168 | $ | 974,324 | ||||||||||
Diabetes Care |
88,465 | 83,233 | 91,330 | 88,590 | 351,618 | |||||||||||||||
Pharmaceutical Systems |
42,652 | 43,065 | 43,460 | 48,353 | 177,529 | |||||||||||||||
TOTAL |
$ | 375,154 | $ | 357,339 | $ | 378,867 | $ | 392,111 | $ | 1,503,471 | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 149,230 | $ | 147,436 | $ | 155,760 | $ | 156,328 | $ | 608,754 | ||||||||||
Diagnostic Systems |
138,338 | 137,677 | 143,614 | 149,160 | 568,789 | |||||||||||||||
TOTAL |
$ | 287,568 | $ | 285,113 | $ | 299,374 | $ | 305,488 | $ | 1,177,543 | ||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 77,379 | $ | 71,770 | $ | 70,518 | $ | 84,179 | $ | 303,846 | ||||||||||
Discovery Labware |
36,372 | 32,269 | 37,618 | 39,046 | 145,305 | |||||||||||||||
TOTAL |
$ | 113,751 | $ | 104,039 | $ | 108,136 | $ | 123,225 | $ | 449,151 | ||||||||||
TOTAL UNITED STATES |
$ | 776,473 | $ | 746,491 | $ | 786,377 | $ | 820,824 | $ | 3,130,165 | ||||||||||
International | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 211,595 | $ | 219,079 | $ | 230,934 | $ | 253,384 | $ | 914,990 | ||||||||||
Diabetes Care |
91,541 | 85,159 | 94,521 | 92,098 | 363,319 | |||||||||||||||
Pharmaceutical Systems |
152,129 | 178,085 | 220,503 | 224,195 | 774,914 | |||||||||||||||
TOTAL |
$ | 455,265 | $ | 482,323 | $ | 545,958 | $ | 569,677 | $ | 2,053,223 | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 128,924 | $ | 131,029 | $ | 136,427 | $ | 138,297 | $ | 534,677 | ||||||||||
Diagnostic Systems |
123,699 | 123,498 | 130,578 | 136,224 | 513,999 | |||||||||||||||
TOTAL |
$ | 252,623 | $ | 254,527 | $ | 267,005 | $ | 274,521 | $ | 1,048,676 | ||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 152,142 | $ | 159,223 | $ | 139,251 | $ | 150,055 | $ | 600,671 | ||||||||||
Discovery Labware |
36,645 | 40,578 | 37,818 | 38,946 | 153,987 | |||||||||||||||
TOTAL |
$ | 188,787 | $ | 199,801 | $ | 177,069 | $ | 189,001 | $ | 754,658 | ||||||||||
TOTAL INTERNATIONAL |
$ | 896,675 | $ | 936,651 | $ | 990,032 | $ | 1,033,199 | $ | 3,856,557 | ||||||||||
Total | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 455,632 | $ | 450,120 | $ | 475,011 | $ | 508,552 | $ | 1,889,314 | ||||||||||
Diabetes Care |
180,006 | 168,392 | 185,851 | 180,688 | 714,937 | |||||||||||||||
Pharmaceutical Systems |
194,781 | 221,150 | 263,963 | 272,548 | 952,443 | |||||||||||||||
TOTAL |
$ | 830,419 | $ | 839,662 | $ | 924,825 | $ | 961,788 | $ | 3,556,694 | ||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 278,154 | $ | 278,465 | $ | 292,187 | $ | 294,625 | $ | 1,143,431 | ||||||||||
Diagnostic Systems |
262,037 | 261,175 | 274,192 | 285,384 | 1,082,788 | |||||||||||||||
TOTAL |
$ | 540,191 | $ | 539,640 | $ | 566,379 | $ | 580,009 | $ | 2,226,219 | ||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 229,521 | $ | 230,993 | $ | 209,769 | $ | 234,234 | $ | 904,517 | ||||||||||
Discovery Labware |
73,017 | 72,847 | 75,436 | 77,992 | 299,292 | |||||||||||||||
TOTAL |
$ | 302,538 | $ | 303,840 | $ | 285,205 | $ | 312,226 | $ | 1,203,809 | ||||||||||
TOTAL REVENUES |
$ | 1,673,148 | $ | 1,683,142 | $ | 1,776,409 | $ | 1,854,023 | $ | 6,986,722 | ||||||||||
Page 8