Three Months Ended September 30, | ||||||||||||
2011 | 2010 | % Change | ||||||||||
REVENUES |
$ | 2,050,795 | $ | 1,873,195 | 9.5 | |||||||
Cost of products sold |
999,352 | 900,933 | 10.9 | |||||||||
Selling and administrative |
487,232 | 438,139 | 11.2 | |||||||||
Research and development |
126,054 | 123,606 | 2.0 | |||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
1,612,638 | 1,462,678 | 10.3 | |||||||||
OPERATING INCOME |
438,157 | 410,517 | 6.7 | |||||||||
Interest income |
1,915 | 14,594 | (86.9 | ) | ||||||||
Interest expense |
(22,334 | ) | (12,278 | ) | 81.9 | |||||||
Other income, net |
1,272 | 1,285 | (1.0 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
419,010 | 414,118 | 1.2 | |||||||||
Income tax provision |
117,606 | 121,065 | (2.9 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS |
301,404 | 293,053 | 2.8 | |||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX PROVISION OF
$81 AND $27,645, RESPECTIVELY |
(1,424 | ) | 103,642 | NM | ||||||||
NET INCOME |
$ | 299,980 | $ | 396,695 | (24.4 | ) | ||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 1.39 | $ | 1.27 | 9.4 | |||||||
(Loss) Income from discontinued operations |
$ | (0.01 | ) | $ | 0.45 | NM | ||||||
Net income (1) |
$ | 1.38 | $ | 1.71 | (19.3 | ) | ||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 1.36 | $ | 1.24 | 9.7 | |||||||
(Loss) Income from discontinued operations |
$ | (0.01 | ) | $ | 0.44 | NM | ||||||
Net income (1) |
$ | 1.36 | $ | 1.68 | (19.0 | ) | ||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
216,726 | 231,396 | ||||||||||
Diluted |
220,859 | 236,316 | ||||||||||
NM | Not Meaningful | |
(1) | Total per share amounts may not add due to rounding. |
Page 1
Twelve Months Ended September 30, | ||||||||||||
2011 | 2010 | % Change | ||||||||||
REVENUES |
$ | 7,828,904 | $ | 7,372,333 | 6.2 | |||||||
Cost of products sold |
3,737,352 | 3,543,183 | 5.5 | |||||||||
Selling and administrative |
1,851,774 | 1,721,356 | 7.6 | |||||||||
Research and development |
476,496 | 430,997 | 10.6 | |||||||||
TOTAL OPERATING COSTS
AND EXPENSES |
6,065,622 | 5,695,536 | 6.5 | |||||||||
OPERATING INCOME |
1,763,282 | 1,676,797 | 5.2 | |||||||||
Interest income |
43,209 | 35,129 | 23.0 | |||||||||
Interest expense |
(84,019 | ) | (51,263 | ) | 63.9 | |||||||
Other (expense) income, net |
(6,209 | ) | 497 | NM | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
1,716,263 | 1,661,160 | 3.3 | |||||||||
Income tax provision |
451,411 | 484,820 | (6.9 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS |
1,264,852 | 1,176,340 | 7.5 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX PROVISION OF
$792 AND $40,703, RESPECTIVELY |
6,142 | 141,270 | NM | |||||||||
NET INCOME |
$ | 1,270,994 | $ | 1,317,610 | (3.5 | ) | ||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 5.72 | $ | 5.02 | 13.9 | |||||||
Income from discontinued operations |
$ | 0.03 | $ | 0.60 | (95.0 | ) | ||||||
Net income |
$ | 5.75 | $ | 5.62 | 2.3 | |||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 5.59 | $ | 4.90 | 14.1 | |||||||
Income from discontinued operations |
$ | 0.03 | $ | 0.59 | (94.9 | ) | ||||||
Net income |
$ | 5.62 | $ | 5.49 | 2.4 | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
221,175 | 234,328 | ||||||||||
Diluted |
226,280 | 240,136 | ||||||||||
NM Not Meaningful |
Page 2
Three Months Ended September 30, | ||||||||||||
2011 | 2010 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 404,301 | $ | 400,231 | 1.0 | |||||||
International |
650,290 | 558,374 | 16.5 | |||||||||
TOTAL |
$ | 1,054,591 | $ | 958,605 | 10.0 | |||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 313,603 | $ | 307,721 | 1.9 | |||||||
International |
328,445 | 283,743 | 15.8 | |||||||||
TOTAL |
$ | 642,048 | $ | 591,464 | 8.6 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 124,619 | $ | 124,009 | 0.5 | |||||||
International |
229,537 | 199,117 | 15.3 | |||||||||
TOTAL |
$ | 354,156 | $ | 323,126 | 9.6 | |||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 842,523 | $ | 831,961 | 1.3 | |||||||
International |
1,208,272 | 1,041,234 | 16.0 | |||||||||
TOTAL |
$ | 2,050,795 | $ | 1,873,195 | 9.5 | |||||||
Page 3
Twelve Months Ended September 30, | ||||||||||||
2011 | 2010 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 1,625,044 | $ | 1,596,336 | 1.8 | |||||||
International |
2,382,260 | 2,200,096 | 8.3 | |||||||||
TOTAL |
$ | 4,007,304 | $ | 3,796,432 | 5.6 | |||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 1,245,872 | $ | 1,214,288 | 2.6 | |||||||
International |
1,234,605 | 1,104,591 | 11.8 | |||||||||
TOTAL |
$ | 2,480,477 | $ | 2,318,879 | 7.0 | |||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 484,853 | $ | 475,941 | 1.9 | |||||||
International |
856,270 | 781,081 | 9.6 | |||||||||
TOTAL |
$ | 1,341,123 | $ | 1,257,022 | 6.7 | |||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 3,355,769 | $ | 3,286,565 | 2.1 | |||||||
International |
4,473,135 | 4,085,768 | 9.5 | |||||||||
TOTAL |
$ | 7,828,904 | $ | 7,372,333 | 6.2 | |||||||
Page 4
United States | ||||||||||||
2011 | 2010 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 246,746 | $ | 256,290 | (3.7 | ) | ||||||
Diabetes Care |
104,819 | 98,633 | 6.3 | |||||||||
Pharmaceutical Systems |
52,736 | 45,308 | 16.4 | |||||||||
TOTAL |
$ | 404,301 | $ | 400,231 | 1.0 | |||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 161,556 | $ | 162,024 | (0.3 | ) | ||||||
Diagnostic Systems |
152,047 | 145,697 | 4.4 | |||||||||
TOTAL |
$ | 313,603 | $ | 307,721 | 1.9 | |||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 89,899 | $ | 86,765 | 3.6 | |||||||
Discovery Labware |
34,720 | 37,244 | (6.8 | ) | ||||||||
TOTAL |
$ | 124,619 | $ | 124,009 | 0.5 | |||||||
TOTAL UNITED STATES |
$ | 842,523 | $ | 831,961 | 1.3 | |||||||
Page 5
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2011 | 2010 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 288,653 | $ | 245,724 | 17.5 | 7.8 | 9.7 | |||||||||||||
Diabetes Care |
119,832 | 100,468 | 19.3 | 7.6 | 11.7 | |||||||||||||||
Pharmaceutical Systems |
241,805 | 212,182 | 14.0 | 2.5 | 11.5 | |||||||||||||||
TOTAL |
$ | 650,290 | $ | 558,374 | 16.5 | 5.8 | 10.7 | |||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 167,044 | $ | 144,421 | 15.7 | 5.7 | 10.0 | |||||||||||||
Diagnostic Systems |
161,401 | 139,322 | 15.8 | 6.2 | 9.6 | |||||||||||||||
TOTAL |
$ | 328,445 | $ | 283,743 | 15.8 | 5.9 | 9.9 | |||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 183,259 | $ | 160,230 | 14.4 | 6.8 | 7.6 | |||||||||||||
Discovery Labware |
46,278 | 38,887 | 19.0 | 9.5 | 9.5 | |||||||||||||||
TOTAL |
$ | 229,537 | $ | 199,117 | 15.3 | 7.3 | 8.0 | |||||||||||||
TOTAL INTERNATIONAL |
$ | 1,208,272 | $ | 1,041,234 | 16.0 | 6.1 | 9.9 | |||||||||||||
Page 6
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2011 | 2010 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 535,399 | $ | 502,014 | 6.7 | 1.9 | 4.8 | |||||||||||||
Diabetes Care |
224,651 | 199,101 | 12.8 | 7.0 | 5.8 | |||||||||||||||
Pharmaceutical Systems |
294,541 | 257,490 | 14.4 | 4.9 | 9.5 | |||||||||||||||
TOTAL |
$ | 1,054,591 | $ | 958,605 | 10.0 | 3.8 | 6.2 | |||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 328,600 | $ | 306,445 | 7.2 | 2.5 | 4.7 | |||||||||||||
Diagnostic Systems |
313,448 | 285,019 | 10.0 | 5.2 | 4.8 | |||||||||||||||
TOTAL |
$ | 642,048 | $ | 591,464 | 8.6 | 3.8 | 4.8 | |||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 273,158 | $ | 246,995 | 10.6 | 5.7 | 4.9 | |||||||||||||
Discovery Labware |
80,998 | 76,131 | 6.4 | 1.6 | 4.8 | |||||||||||||||
TOTAL |
$ | 354,156 | $ | 323,126 | 9.6 | 4.7 | 4.9 | |||||||||||||
TOTAL REVENUES |
$ | 2,050,795 | $ | 1,873,195 | 9.5 | 4.0 | 5.5 | |||||||||||||
Page 7
United States | ||||||||||||
2011 | 2010 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 980,326 | $ | 1,007,322 | (2.7 | ) | ||||||
Diabetes Care |
400,809 | 383,783 | 4.4 | |||||||||
Pharmaceutical Systems |
243,909 | 205,231 | 18.8 | |||||||||
TOTAL |
$ | 1,625,044 | $ | 1,596,336 | 1.8 | |||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 643,180 | $ | 627,421 | 2.5 | |||||||
Diagnostic Systems |
602,692 | 586,867 | 2.7 | |||||||||
TOTAL |
$ | 1,245,872 | $ | 1,214,288 | 2.6 | |||||||
BD BIOSCIENCES |
||||||||||||
Cell Analysis |
$ | 342,322 | $ | 326,916 | 4.7 | |||||||
Discovery Labware |
142,531 | 149,025 | (4.4 | ) | ||||||||
TOTAL |
$ | 484,853 | $ | 475,941 | 1.9 | |||||||
TOTAL UNITED STATES |
$ | 3,355,769 | $ | 3,286,565 | 2.1 | |||||||
Page 8
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2011 | 2010 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 1,101,407 | $ | 1,002,687 | 9.8 | 3.5 | 6.3 | |||||||||||||
Diabetes Care |
465,668 | 401,976 | 15.8 | 9.1 | 6.7 | |||||||||||||||
Pharmaceutical Systems |
815,185 | 795,433 | 2.5 | (1.9 | ) | 4.4 | ||||||||||||||
TOTAL |
$ | 2,382,260 | $ | 2,200,096 | 8.3 | 2.6 | 5.7 | |||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 634,613 | $ | 570,386 | 11.3 | 4.9 | 6.4 | |||||||||||||
Diagnostic Systems |
599,992 | 534,205 | 12.3 | 5.8 | 6.5 | |||||||||||||||
TOTAL |
$ | 1,234,605 | $ | 1,104,591 | 11.8 | 5.4 | 6.4 | |||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 682,123 | $ | 624,322 | 9.3 | 4.0 | 5.3 | |||||||||||||
Discovery Labware |
174,147 | 156,759 | 11.1 | 4.1 | 7.0 | |||||||||||||||
TOTAL |
$ | 856,270 | $ | 781,081 | 9.6 | 4.0 | 5.6 | |||||||||||||
TOTAL INTERNATIONAL |
$ | 4,473,135 | $ | 4,085,768 | 9.5 | 3.6 | 5.9 | |||||||||||||
Page 9
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2011 | 2010 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 2,081,733 | $ | 2,010,009 | 3.6 | 0.4 | 3.2 | |||||||||||||
Diabetes Care |
866,477 | 785,759 | 10.3 | 6.8 | 3.5 | |||||||||||||||
Pharmaceutical Systems |
1,059,094 | 1,000,664 | 5.8 | 2.4 | 3.4 | |||||||||||||||
TOTAL |
$ | 4,007,304 | $ | 3,796,432 | 5.6 | 2.3 | 3.3 | |||||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 1,277,793 | $ | 1,197,807 | 6.7 | 3.7 | 3.0 | |||||||||||||
Diagnostic Systems |
1,202,684 | 1,121,072 | 7.3 | 4.2 | 3.1 | |||||||||||||||
TOTAL |
$ | 2,480,477 | $ | 2,318,879 | 7.0 | 3.9 | 3.1 | |||||||||||||
BD BIOSCIENCES |
||||||||||||||||||||
Cell Analysis |
$ | 1,024,445 | $ | 951,238 | 7.7 | 4.3 | 3.4 | |||||||||||||
Discovery Labware |
316,678 | 305,784 | 3.6 | | 3.6 | |||||||||||||||
TOTAL |
$ | 1,341,123 | $ | 1,257,022 | 6.7 | 3.2 | 3.5 | |||||||||||||
TOTAL REVENUES |
$ | 7,828,904 | $ | 7,372,333 | 6.2 | 2.9 | 3.3 | |||||||||||||
Page 10
Three Months Ended September 30, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2011 | 2010 | Reported | FXN | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 288,541 | $ | 282,968 | 2.0 | 2.0 | | |||||||||||||
International |
209,209 | 160,396 | 30.4 | 18.5 | 11.9 | |||||||||||||||
TOTAL |
$ | 497,750 | $ | 443,364 | 12.3 | 7.9 | 4.4 | |||||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 243,521 | $ | 208,822 | 16.6 | 12.4 | 4.2 | |||||||||||||
BD Diagnostics |
254,229 | 234,542 | 8.4 | 4.0 | 4.4 | |||||||||||||||
TOTAL |
$ | 497,750 | $ | 443,364 | 12.3 | 7.9 | 4.4 | |||||||||||||
Twelve Months Ended September 30, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2011 | 2010 | Reported | FXN | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 1,116,543 | $ | 1,108,431 | 0.7 | 0.7 | | |||||||||||||
International |
754,739 | 621,913 | 21.4 | 13.6 | 7.8 | |||||||||||||||
TOTAL |
$ | 1,871,282 | $ | 1,730,344 | 8.1 | 5.4 | 2.7 | |||||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 885,156 | $ | 819,084 | 8.1 | 5.4 | 2.7 | |||||||||||||
BD Diagnostics |
986,126 | 911,260 | 8.2 | 5.3 | 2.9 | |||||||||||||||
TOTAL |
$ | 1,871,282 | $ | 1,730,344 | 8.1 | 5.4 | 2.7 | |||||||||||||
Page 11
Three Months Ended September 30, | ||||||||||||||||||||
Reported | Impairment | Adjusted | Reported | Adjusted | ||||||||||||||||
FY 2011 | Charge (1) | FY 2011 | FY 2010 | % Growth | ||||||||||||||||
Diluted Earnings per share from Continuing Operations |
$ | 1.36 | $ | 0.03 | $ | 1.39 | $ | 1.24 | 12.1 | % |
(1) | Represents a non-cash impairment charge resulting from the discontinuance of a research program within the Diagnostic Systems unit. |
Page 12
Twelve Months Ended September 30, | ||||||||||||||||||||||||||||
Reported | Impairment | Adjusted | Reported | Adjusted | Adjusted | |||||||||||||||||||||||
FY 2011 | Charge (1) | FY 2011 | FY 2010 | Tax (2) | FY 2010 | % Growth | ||||||||||||||||||||||
Diluted Earnings per Share
from Continuing Operations |
$ | 5.59 | $ | 0.03 | $ | 5.62 | $ | 4.90 | $ | 0.04 | $ | 4.94 | 13.8 | % |
(1) | Represents a non-cash impairment charge resulting from the discontinuance of a research program within the Diagnostic Systems unit. | |
(2) | Represents a non-cash charge related to healthcare reform impacting Medicare Part D reimbursements. |
Page 13
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
Adjusted | Reported | Adjusted Growth | Foreign Currency | FY10 Hedge | Total | Adjusted FXN | FXN | |||||||||||||||||||||||||
FY 2011 | FY 2010 | $ | Translation | Gain | FX | Change | Growth | |||||||||||||||||||||||||
REVENUES |
$ | 2,051 | $ | 1,873 | $ | 178 | $ | 115 | $ | (11 | ) | $ | 103 | $ | 74 | 4.0 | % | |||||||||||||||
Diluted Earnings per Share
from Continuing Operations |
$ | 1.39 | $ | 1.24 | $ | 0.15 | $ | 0.08 | $ | (0.03 | ) | $ | 0.05 | $ | 0.10 | 8.1 | % |
Page 14
Twelve Months Ended September 30, | ||||||||||||||||||||||||||||||||
Adjusted | Adjusted | Adjusted Growth | Foreign Currency | FY10 Hedge | Total | Adjusted FXN | FXN | |||||||||||||||||||||||||
FY 2011 | FY 2010 | $ | Translation | Loss | FX | Change | Growth | |||||||||||||||||||||||||
REVENUES |
$ | 7,829 | $ | 7,372 | $ | 457 | $ | 208 | $ | 31 | $ | 240 | $ | 217 | 2.9 | % | ||||||||||||||||
Diluted Earnings per Share
from Continuing Operations |
$ | 5.62 | $ | 4.94 | $ | 0.68 | $ | 0.20 | $ | 0.08 | $ | 0.28 | $ | 0.40 | 8.1 | % |
Page 15