1
2
3
4
5
6
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
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
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
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
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 | |||||||
Page 5
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
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
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
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
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
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
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
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 | % |
Page 13
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 | % | |||||||||||||||||
Page 14
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