Form: 8-K

Current report filing

August 2, 2011

1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
Final
(BD LOGO)
Contact:
Monique N. Dolecki, Investor Relations — 201-847-5453
Colleen T. White, Corporate Communications — 201-847-5369
BD ANNOUNCES RESULTS FOR 2011 THIRD FISCAL QUARTER
Franklin Lakes, NJ (August 2, 2011) — BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.014 billion for the third fiscal quarter ended June 30, 2011, representing an increase of 10.0 percent from the prior-year period. On a foreign currency-neutral basis, revenues increased 4.8 percent.
“We are pleased with our solid results this quarter, with all three segments contributing to growth,” said Edward J. Ludwig, Chairman and Chief Executive Officer. “Gross margin expansion reflecting favorable product mix has offset some of the headwinds we have been facing as a result of a challenging macroeconomic environment and increased raw material costs.”

1


 

Agreement to Acquire Carmel Pharma, AB
On July 27, 2011, the Company announced that it had signed a definitive agreement to acquire Carmel Pharma, AB, a Swedish company that manufactures the PhaSeal® System. This is the leading closed-system drug transfer device for the safe handling of hazardous drugs that are packaged in vials. The acquisition is expected to close prior to the end of this fiscal year.
Third Quarter and Nine-Month Fiscal 2011 Operating Results
Reported diluted earnings per share from continuing operations for the third quarter were $1.51, compared with $1.23 in the prior-year period, representing a 22.8 percent increase, or 13.8 percent on a currency-neutral basis.
For the nine-month period ending June 30, 2011, reported diluted earnings per share from continuing operations were $4.23, compared with $3.66 in the prior-year period. The prior-year period included a non-cash charge of $8.9 million, or $0.04 per share, related to healthcare reform impacting Medicare Part D reimbursements. Excluding that item, earnings per share from continuing operations increased by 14.3 percent, compared with adjusted diluted earnings per share from continuing operations of $3.70 in the prior-year period, or 8.1 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $1.045 billion, representing an increase of 10.5 percent compared with the prior-year period, or 4.9 percent on a foreign currency-neutral basis. Revenues reflected strong sales of Pharmaceutical Systems products and international

2


 

safety, along with solid sales of Diabetes Care products. For the nine-month period ended June 30, 2011, BD Medical revenues increased 4.0 percent, or 1.7 percent on a foreign currency-neutral basis.
In the BD Diagnostics segment, worldwide revenues for the quarter were $631 million, representing an increase of 9.6 percent compared with the prior-year period, or 4.8 percent on a foreign currency-neutral basis. Revenues reflected solid growth in Preanalytical Systems safety-engineered products and strong growth in both the Women’s Health and Cancer and the Infectious Disease product offerings in the Diagnostics Systems unit. For the nine-month period ended June 30, 2011, BD Diagnostics revenues increased 6.4 percent, or 3.9 percent on a foreign currency-neutral basis.
In the BD Biosciences segment, worldwide revenues for the quarter were $338 million, representing an increase of 9.3 percent compared with the prior-year period, or 4.3 percent on a foreign currency-neutral basis. Segment growth was driven primarily by instrument and reagent sales in the Cell Analysis unit. Discovery Labware revenues in the U.S. were negatively impacted by weakness in core consumables. The segment’s revenues also reflected softness in Western Europe due to government research funding delays. For the nine-month period ended June 30, 2011, BD Biosciences revenues increased by 5.7 percent, or 2.7 percent on a foreign currency-neutral basis.
Geographic Results
Third quarter revenues in the U.S. were $855 million, representing an increase of 5.7 percent compared with the prior-year period. Revenues outside of the U.S. were $1.159 billion, representing an increase of 13.4 percent compared with the prior-year period, or 4.1 percent on a foreign currency-neutral basis. Revenues reflected continued strength in emerging markets, which was partially offset

3


 

by ongoing challenging macroeconomic conditions in Western Europe. For the nine-month period ended June 30, 2011, revenues in the U.S. were $2.513 billion, representing an increase of 2.4 percent compared with the prior-year period. Revenues outside of the U.S. were $3.265 billion, representing an increase of 7.2 percent compared with the prior-year period, or 2.8 percent on a foreign currency-neutral basis.
Fiscal Year 2011 Outlook
Reported revenue growth guidance for the full fiscal year 2011 is expected to be at the higher end of the previously communicated range of 5 to 6 percent compared with fiscal year 2010, due to the anticipated effects of favorable currency. On a foreign currency-neutral basis, the Company is lowering its revenue growth guidance to an increase of about 3 percent versus its previously communicated guidance of about 3.5 percent, mainly due to lower than expected sales in Western Europe.
The Company is raising its previous guidance for reported diluted earnings per share from continuing operations for fiscal year 2011 from $5.55-$5.65 to $5.65-$5.70, an increase of approximately 15 to 16 percent over fiscal year 2010, due to the anticipated effects of favorable currency. Diluted earnings per share from continuing operations for fiscal year 2011 are expected to increase 14 to 15 percent over adjusted diluted earnings per share from continuing operations of $4.94, excluding the specified item, for fiscal year 2010. The specified item represents the aforementioned 2010 non-cash charge of $0.04 per share related to healthcare reform. On a currency-neutral basis, the Company continues to expect diluted earnings per share from continuing operations to increase about 10 percent over adjusted diluted earnings per share in the prior-year period, despite lower than expected revenue growth and higher resin costs.

4


 

Conference Call Information
A conference call regarding BD’s third quarter results and its expectations will be broadcast live on BD’s website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Tuesday, August 2, 2011. The slides are available concurrent with the issuance of this press release at www.bd.com/investors. The conference call will be available for replay on BD’s website, www.bd.com/investors, or at 855-859-2056 (domestic) and 404-537-3406 (international) through the close of business on Tuesday, August 9, 2011, access code 82566570.
Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.
About BD
BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people’s health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD’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 approximately 29,000 associates in more than 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.
***

5


 

This press release, including the section entitled “Fiscal Year 2011 Outlook”, contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD’s performance, including future revenues and earnings per share. Forward-looking statements may be identified by the use of words such as “expect”, “estimate” or words of similar meaning in conjunction with statements of future performance. 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, a number of factors could cause actual results to vary materially from any forward-looking statement. These factors include, but are not limited to: the potential adverse effects that the earthquake and tsunami in Japan and the situation regarding the Fukushima, Japan nuclear power plant may have on BD’s future operations in Japan; the unknown consequences of the recently-enacted healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for BD’s products and increase downward pricing pressure; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic situation on BD’s ability to access credit markets and finance its operations, the demand for BD’s products and services, or its suppliers’ ability to provide products needed for BD’s operations; changes in interest or foreign currency exchange rates; competitive factors; pricing and market share pressures; difficulties inherent in product development and delays in product introductions; 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; new or changing laws impacting BD’s business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD’s filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; BD’s ability to successfully integrate any businesses it acquires; and issuance of new or revised accounting standards, as well as other factors discussed in BD’s filings with the Securities and Exchange Commission. BD does 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.

6


 

BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
                         
    Three Months Ended June 30,  
    2011     2010     %Change  
     
REVENUES
  $ 2,014,081     $ 1,830,911       10.0  
 
Cost of products sold
    951,980       883,434       7.8  
Selling and administrative
    474,646       416,468       14.0  
Research and development
    115,748       108,047       7.1  
 
TOTAL OPERATING COSTS AND EXPENSES
    1,542,374       1,407,949       9.5  
 
 
OPERATING INCOME
    471,707       422,962       11.5  
 
Interest income
    11,508       2,094     NM
Interest expense
    (22,211 )     (13,085 )     69.7  
Other (expense) income, net
    (363 )     1,402     NM
 
 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
    460,641       413,373       11.4  
 
Income tax provision
    122,531       119,213       2.8  
 
 
INCOME FROM CONTINUING OPERATIONS
    338,110       294,160       14.9  
 
INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $111 AND $4,340, RESPECTIVELY
    4,948       12,748       (61.2 )
 
 
                       
NET INCOME
  $ 343,058     $ 306,908       11.8  
 
 
                       
EARNINGS PER SHARE
                       
 
                       
Basic:
                       
Income from continuing operations
  $ 1.54     $ 1.26       22.2  
Income from discontinued operations
  $ 0.02     $ 0.05       (60.0 )
Net income (1)
  $ 1.57     $ 1.32       18.9  
 
                       
Diluted:
                       
Income from continuing operations
  $ 1.51     $ 1.23       22.8  
Income from discontinued operations
  $ 0.02     $ 0.05       (60.0 )
Net income (1)
  $ 1.53     $ 1.29       18.6  
 
                       
 
 
AVERAGE SHARES OUTSTANDING
                       
 
                       
Basic
    218,966       233,242          
Diluted
    223,567       238,319          
 
 
    NM — Not Meaningful
 
(1)   Total per share amounts may not add due to rounding

Page 1


 

BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
                         
    Nine Months Ended June 30,  
    2011     2010     %Change  
     
REVENUES
  $ 5,778,109     $ 5,499,138       5.1  
 
                       
Cost of products sold
    2,738,000       2,642,250       3.6  
Selling and administrative
    1,364,543       1,283,217       6.3  
Research and development
    350,441       307,391       14.0  
 
TOTAL OPERATING COSTS AND EXPENSES
    4,452,984       4,232,858       5.2  
 
 
                       
OPERATING INCOME
    1,325,125       1,266,280       4.6  
 
                       
Interest income
    41,294       20,535     NM
Interest expense
    (61,685 )     (38,985 )     58.2  
Other expense, net
    (7,481 )     (788 )   NM
 
 
                       
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
    1,297,253       1,247,042       4.0  
 
                       
Income tax provision
    333,804       363,755       (8.2 )
 
 
                       
INCOME FROM CONTINUING OPERATIONS
    963,449       883,287       9.1  
 
                       
INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $711 AND $13,058, RESPECTIVELY
    7,566       37,628       (79.9 )
 
 
                       
NET INCOME
  $ 971,015     $ 920,915       5.4  
 
 
                       
EARNINGS PER SHARE
                       
 
                       
Basic:
                       
Income from continuing operations
  $ 4.33     $ 3.75       15.5  
Income from discontinued operations
  $ 0.03     $ 0.16       (81.3 )
Net income
  $ 4.36     $ 3.91       11.5  
 
                       
Diluted:
                       
Income from continuing operations
  $ 4.23     $ 3.66       15.6  
Income from discontinued operations
  $ 0.03     $ 0.16       (81.3 )
Net income
  $ 4.26     $ 3.82       11.5  
 
                       
 
 
                       
AVERAGE SHARES OUTSTANDING
                       
 
                       
Basic
    222,674       235,316          
Diluted
    227,782       241,151          
 
 
    NM — Not Meaningful

Page 2


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
                         
    Three Months Ended June 30,  
    2011     2010     %Change  
     
BD MEDICAL
                       
United States
  $ 416,729     $ 381,761       9.2  
International
    628,107       563,761       11.4  
 
TOTAL
  $ 1,044,836     $ 945,522       10.5  
 
 
BD DIAGNOSTICS
                       
United States
  $ 312,802     $ 303,521       3.1  
International
    318,557       272,748       16.8  
 
TOTAL
  $ 631,359     $ 576,269       9.6  
 
 
BD BIOSCIENCES
                       
United States
  $ 125,933     $ 124,146       1.4  
International
    211,953       184,974       14.6  
 
TOTAL
  $ 337,886     $ 309,120       9.3  
 
 
TOTAL REVENUES
                       
United States
  $ 855,464     $ 809,428       5.7  
International
    1,158,617       1,021,483       13.4  
 
TOTAL
  $ 2,014,081     $ 1,830,911       10.0  
 

Page 3


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
                         
    Nine Months Ended June 30,  
    2011     2010     %Change  
     
BD MEDICAL
                       
United States
  $ 1,220,744     $ 1,196,105       2.1  
International
    1,731,969       1,641,722       5.5  
 
TOTAL
  $ 2,952,713     $ 2,837,827       4.0  
 
 
                       
BD DIAGNOSTICS
                       
United States
  $ 932,269     $ 906,566       2.8  
International
    906,160       820,849       10.4  
 
TOTAL
  $ 1,838,429     $ 1,727,415       6.4  
 
 
                       
BD BIOSCIENCES
                       
United States
  $ 360,234     $ 351,933       2.4  
International
    626,733       581,963       7.7  
 
TOTAL
  $ 986,967     $ 933,896       5.7  
 
 
                       
TOTAL REVENUES
                       
United States
  $ 2,513,247     $ 2,454,604       2.4  
International
    3,264,862       3,044,534       7.2  
 
TOTAL
  $ 5,778,109     $ 5,499,138       5.1  
 

Page 4


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30,
(Unaudited; Amounts in thousands)
                         
    United States  
    2011     2010     %Change  
     
BD MEDICAL
                       
Medical Surgical Systems
  $ 244,756     $ 239,866       2.0  
Diabetes Care
    100,465       96,071       4.6  
Pharmaceutical Systems
    71,508       45,824       56.0  
 
TOTAL
  $ 416,729     $ 381,761       9.2  
 
 
                       
BD DIAGNOSTICS
                       
Preanalytical Systems
  $ 162,589     $ 159,228       2.1  
Diagnostic Systems
    150,213       144,293       4.1  
 
TOTAL
  $ 312,802     $ 303,521       3.1  
 
 
                       
BD BIOSCIENCES
                       
Cell Analysis
  $ 89,162     $ 84,365       5.7  
Discovery Labware
    36,771       39,781       (7.6 )
 
TOTAL
  $ 125,933     $ 124,146       1.4  
 
 
                       
TOTAL UNITED STATES
  $ 855,464     $ 809,428       5.7  
 

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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
                                         
    International
                    % Change
    2011     2010     Reported     FXN     FX Impact  
     
BD MEDICAL
                                       
Medical Surgical Systems
  $ 284,262     $ 253,687       12.1       3.0       9.1  
Diabetes Care
    119,719       101,081       18.4       7.8       10.6  
Pharmaceutical Systems
    224,126       208,993       7.2       (1.8 )     9.0  
 
TOTAL
  $ 628,107     $ 563,761       11.4       2.1       9.3  
 
 
                                       
BD DIAGNOSTICS
                                       
Preanalytical Systems
  $ 167,737     $ 144,298       16.2       6.0       10.2  
Diagnostic Systems
    150,820       128,450       17.4       7.5       9.9  
 
TOTAL
  $ 318,557     $ 272,748       16.8       6.7       10.1  
 
 
                                       
BD BIOSCIENCES
                                       
Cell Analysis
  $ 165,866     $ 146,068       13.6       5.5       8.1  
Discovery Labware
    46,087       38,906       18.5       8.9       9.6  
 
TOTAL
  $ 211,953     $ 184,974       14.6       6.2       8.4  
 
 
                                       
TOTAL INTERNATIONAL
  $ 1,158,617     $ 1,021,483       13.4       4.1       9.3  
 

Page 6


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
                                         
    Total
                    % Change
    2011     2010     Reported     FXN     FX Impact  
       
BD MEDICAL
                                       
Medical Surgical Systems
  $ 529,018     $ 493,553       7.2       2.5       4.7  
Diabetes Care
    220,184       197,152       11.7       6.2       5.5  
Pharmaceutical Systems
    295,634       254,817       16.0       8.6       7.4  
 
TOTAL
  $ 1,044,836     $ 945,522       10.5       4.9       5.6  
 
 
                                       
BD DIAGNOSTICS
                                       
Preanalytical Systems
  $ 330,326     $ 303,526       8.8       4.0       4.8  
Diagnostic Systems
    301,033       272,743       10.4       5.7       4.7  
 
TOTAL
  $ 631,359     $ 576,269       9.6       4.8       4.8  
 
 
                                       
BD BIOSCIENCES
                                       
Cell Analysis
  $ 255,028     $ 230,433       10.7       5.6       5.1  
Discovery Labware
    82,858       78,687       5.3       0.6       4.7  
 
TOTAL
  $ 337,886     $ 309,120       9.3       4.3       5.0  
 
 
                                       
TOTAL REVENUES
  $ 2,014,081     $ 1,830,911       10.0       4.8       5.2  
 

Page 7


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months Ended June 30,
(Unaudited; Amounts in thousands)
                         
    United States
    2011     2010     %Change  
     
BD MEDICAL
                       
Medical Surgical Systems
  $ 733,582     $ 751,032       (2.3 )
Diabetes Care
    295,989       285,150       3.8  
Pharmaceutical Systems
    191,173       159,923       19.5  
 
TOTAL
  $ 1,220,744     $ 1,196,105       2.1  
 
 
                       
BD DIAGNOSTICS
                       
Preanalytical Systems
  $ 481,624     $ 465,395       3.5  
Diagnostic Systems
    450,645       441,171       2.1  
 
TOTAL
  $ 932,269     $ 906,566       2.8  
 
 
                       
BD BIOSCIENCES
                       
Cell Analysis
  $ 252,423     $ 240,152       5.1  
Discovery Labware
    107,811       111,781       (3.6 )
 
TOTAL
  $ 360,234     $ 351,933       2.4  
 
 
                       
TOTAL UNITED STATES
  $ 2,513,247     $ 2,454,604       2.4  
 

Page 8


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
                                         
    International
                    % Change
    2011     2010     Reported     FXN     FX Impact  
     
BD MEDICAL
                                       
Medical Surgical Systems
  $ 812,752     $ 756,963       7.4       2.1       5.3  
Diabetes Care
    345,837       301,508       14.7       9.6       5.1  
Pharmaceutical Systems
    573,380       583,251       (1.7 )     (3.5 )     1.8  
 
TOTAL
  $ 1,731,969     $ 1,641,722       5.5       1.5       4.0  
 
 
                                       
BD DIAGNOSTICS
                                       
Preanalytical Systems
  $ 467,570     $ 425,967       9.8       4.6       5.2  
Diagnostic Systems
    438,590       394,882       11.1       5.7       5.4  
 
TOTAL
  $ 906,160     $ 820,849       10.4       5.2       5.2  
 
 
                                       
BD BIOSCIENCES
                                       
Cell Analysis
  $ 498,864     $ 464,091       7.5       3.1       4.4  
Discovery Labware
    127,869       117,872       8.5       2.3       6.2  
 
TOTAL
  $ 626,733     $ 581,963       7.7       2.9       4.8  
 
 
                                       
TOTAL INTERNATIONAL
  $ 3,264,862     $ 3,044,534       7.2       2.8       4.4  
 

Page 9


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in thousands)
                                         
    Total
                    % Change
    2011     2010     Reported     FXN     FX Impact  
     
BD MEDICAL
                                       
Medical Surgical Systems
  $ 1,546,334     $ 1,507,995       2.5       (0.1 )     2.6  
Diabetes Care
    641,826       586,658       9.4       6.8       2.6  
Pharmaceutical Systems
    764,553       743,174       2.9       1.5       1.4  
 
TOTAL
  $ 2,952,713     $ 2,837,827       4.0       1.7       2.3  
 
 
                                       
BD DIAGNOSTICS
                                       
Preanalytical Systems
  $ 949,194     $ 891,362       6.5       4.0       2.5  
Diagnostic Systems
    889,235       836,053       6.4       3.8       2.6  
 
TOTAL
  $ 1,838,429     $ 1,727,415       6.4       3.9       2.5  
 
 
                                       
BD BIOSCIENCES
                                       
Cell Analysis
  $ 751,287     $ 704,243       6.7       3.8       2.9  
Discovery Labware
    235,680       229,653       2.6       (0.5 )     3.1  
 
TOTAL
  $ 986,967     $ 933,896       5.7       2.7       3.0  
 
 
                                       
TOTAL REVENUES
  $ 5,778,109     $ 5,499,138       5.1       2.6       2.5  
 

Page 10


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
                                         
    Three Months Ended June 30,  
                    % Change  
    2011     2010     Reported     FXN     FX Impact  
     
TOTAL SAFETY REVENUES
                                       
United States
  $ 280,696     $ 270,604       3.7       3.7       —  
International
    198,417       157,851       25.7       14.1       11.6  
 
TOTAL
  $ 479,113     $ 428,455       11.8       7.6       4.2  
 
 
                                       
BY SEGMENT
                                       
BD Medical
  $ 223,460     $ 195,400       14.4       10.4       4.0  
BD Diagnostics
    255,653       233,055       9.7       5.2       4.5  
 
TOTAL
  $ 479,113     $ 428,455       11.8       7.6       4.2  
 
                                         
    Nine Months Ended June 30,  
                    % Change  
    2011     2010     Reported     FXN     FX Impact  
     
TOTAL SAFETY REVENUES
                                       
United States
  $ 828,002     $ 825,463       0.3       0.3       —  
International
    545,530       461,517       18.2       11.9       6.3  
 
TOTAL
  $ 1,373,532     $ 1,286,980       6.7       4.5       2.2  
 
 
                                       
BY SEGMENT
                                       
BD Medical
  $ 641,635     $ 610,262       5.1       3.0       2.1  
BD Diagnostics
    731,897       676,718       8.2       5.8       2.4  
 
TOTAL
  $ 1,373,532     $ 1,286,980       6.7       4.5       2.2  
 

Page 11


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2011 Year-to-Date Reconciliation
(Unaudited; Amounts in millions, except per share data)
                                         
    Nine Months Ended June 30,  
    Reported     Reported             Adjusted     Adjusted  
    FY 2011     FY 2010     Tax (1)     FY 2010     %Growth  
     
Diluted Earnings per Share
                                       
from Continuing Operations
  $ 4.23     $ 3.66     $ 0.04     $ 3.70       14.3 %
 
(1)   Represents a non-cash charge related to healthcare reform impacting Medicare Part D reimbursements.

Page 12


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Quarter-to-Date Fiscal 2011 Reconciliation — FX Impact
(Unaudited; Amounts in millions, except per share data)
                                                                 
    Three Months Ended June 30,  
    Reported     Reported     Reported Growth     Foreign Currency     FY10 Hedge     Total     FXN     FXN  
    FY 2011     FY 2010     $     Translation     Loss     FX     Change     Growth  
       
REVENUES
  $ 2,014     $ 1,831     $ 183     $ 94     $ 1     $ 96     $ 88       4.8 %
 
Diluted Earnings per Share from Continuing Operations
  $ 1.51     $ 1.23     $ 0.28     $ 0.11     $ 0.00     $ 0.11     $ 0.17       13.8 %
 
         All figures rounded. Totals may not add due to rounding.

         FXN = Foreign Currency Neutral

Page 13


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Year-to-Date Fiscal 2011 Reconciliation — FX Impact
(Unaudited; Amounts in millions, except per share data)
                                                                 
    Nine Months Ended June 30,  
                    Adjusted     Foreign     FY10               Adjusted        
    Reported     Adjusted     Growth     Currency     Hedge       Total     FXN     FXN  
    FY 2011     FY 2010     $     Translation     Loss       FX     Change     Growth  
     
REVENUES
  $ 5,778     $ 5,499     $ 279     $ 94     $ 43     $ 136     $ 143       2.6 %
 
                                                               
Diluted Earnings per Share
                                                               
from Continuing Operations
  $ 4.23     $ 3.70     $ 0.53     $ 0.12     $ 0.11     $ 0.23     $ 0.30       8.1 %
 
                                                               
 
     All figures rounded. Totals may not add due to rounding.
     FXN = Foreign Currency Neutral

Page 14


 

BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2010 Total Year Reconciliation
         
Reported Diluted Earnings per Share from Continuing Operations
  $ 4.90  
 
       
Tax (1)
    0.04  
 
       
 
     
Adjusted Diluted Earnings per Share from Continuing Operations
  $ 4.94  
 
     
 
       
 
(1)    Represents a non-cash charge related to healthcare reform impacting Medicare Part D reimbursements.

Page 15