Form: 8-K

Current report filing

August 2, 2012

Exhibit 99.1

1 Becton Drive

Franklin Lakes, NJ 07417

www.bd.com

 

News Release

 

  LOGO

Contact:

Monique N. Dolecki, Investor Relations – 201-847-5378

Colleen T. White, Corporate Communications – 201-847-5369

BD ANNOUNCES RESULTS FOR 2012 THIRD FISCAL QUARTER

 

  •  

Reported results reflect reclassification of Discovery Labware unit as discontinued operations, excluding Advanced Bioprocessing.

 

  •  

Third-quarter earnings per share of $1.59 include $1.52 from continuing operations and $0.07 from discontinued operations relating to the Discovery Labware unit.

Franklin Lakes, NJ (August 2, 2012) – BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $1.981 billion for the third fiscal quarter ended June 30, 2012, representing an increase of 1.5 percent from the prior-year period, or 4.9 percent on a foreign currency-neutral basis.

“We are very pleased with our third quarter results,” said Vincent A. Forlenza, Chairman of the Board, Chief Executive Officer and President. “As we anticipated, our revenue and earnings growth improved this quarter, demonstrating that our strategy implementation is on track and in line with our previously communicated expectations.”


Update on Agreement to Sell Discovery Labware Unit, Excluding Advanced Bioprocessing

In April 2012, the Company signed a definitive agreement to sell its BD Biosciences - Discovery Labware unit, excluding its Advanced Bioprocessing platform. The transaction is expected to be completed by the end of calendar year 2012, subject to the satisfaction of customary closing conditions, including consultations and regulatory approvals. The results of operations associated with this disposal group have been reclassified as discontinued operations for all quarters and years referred to in this release.

As illustrated on page 3 of the attached financial tables, diluted earnings per share for the third quarter of $1.59 less the $0.07 from discontinued operations resulted in earnings per share from continuing operations of $1.52.

Also included for reference in the attached financial tables are the Company’s Consolidated Income Statements reflecting the reclassification change of the Discovery Labware disposal group to discontinued operations, for the first two quarters of fiscal year 2012 and for all periods in fiscal year 2011.


Third Quarter and Nine-Month Fiscal 2012 Operating Results

Reported diluted earnings per share from continuing operations for the third quarter were $1.52, representing an increase of 5.6 percent over the prior-year period. On a foreign currency-neutral basis, diluted earnings per share from continuing operations for the third quarter increased by 9.7 percent.

For the nine-month period ending June 30, 2012, reported diluted earnings per share from continuing operations were $3.95, representing a decrease of 1.7 percent over the prior- year period. On a foreign currency-neutral basis, diluted earnings per share from continuing operations increased by 1.0 percent for this period.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $1.070 billion, representing an increase of 2.4 percent compared with the prior-year period, or 6.4 percent on a currency-neutral basis. The segment’s revenue growth reflected strong sales and favorable comparisons in the Diabetes Care and Pharmaceutical Systems units. For the nine-month period ended June 30, 2012, BD Medical revenues increased 3.0 percent, or 4.8 percent on a currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $642 million, representing an increase of 1.7 percent compared with the prior-year period, or 4.7 percent on a foreign currency-neutral basis. The segment’s growth was primarily driven


by solid sales of Preanalytical Systems safety-engineered products and strong sales in the Women’s Health and Cancer platform. For the nine-month period ended June 30, 2012, BD Diagnostics revenues increased 3.0 percent, or 4.3 percent on a currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $268 million, representing a decrease of 2.7 percent compared with the prior-year period. On a currency-neutral basis, revenues increased by 0.2 percent. Segment results continue to be negatively affected by weakness in the U.S. research market. For the nine-month period ended June 30, 2012, BD Biosciences revenues increased 0.2 percent, or 1.3 percent on a currency-neutral basis.

Geographic Results

Third quarter revenues in the U.S. were $837 million, representing an increase of 1.1 percent compared with the prior-year period. Revenues outside of the U.S. were $1.144 billion, representing an increase of 1.7 percent compared with the prior-year period, or an increase of 7.8 percent on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and strong sales of safety-engineered products. For the nine-month period ended June 30, 2012, revenues in the U.S. were $2.464 billion, representing an increase of 1.3 percent compared with the prior-year period. Revenues outside of the U.S. were $3.277 billion, representing an increase of 3.6 percent compared with the prior-year period, or 6.4 percent on a foreign currency-neutral basis.


Fiscal 2012 Outlook for Full Year

The Company expects reported revenue growth for the full fiscal year 2012 to be about 1 percent versus its previously disclosed guidance of 1 to 2 percent. This reflects the anticipated effects of unfavorable currency translation. On a currency-neutral basis, the Company is raising the lower end of its previously disclosed guidance of 3 to 4 percent to about 4 percent. The Company expects reported diluted earnings per share from continuing operations for the full fiscal year 2012 to be between $5.33 and $5.38. This reflects the reclassification of the Discovery Labware unit as discontinued operations and the anticipated effects of unfavorable currency translation. On a currency-neutral basis, the Company reaffirms its previously disclosed diluted earnings per share growth guidance of 4 to 5 percent, which includes the estimated impact of our recently announced agreement to acquire Safety Syringes, Inc.

Conference Call Information

A conference call regarding BD’s third quarter results and its expectations for the full fiscal year 2012 will be broadcast live on BD’s website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday August 2, 2012. The conference call will be available for replay on BD’s website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Tuesday, August 9, 2012, access code 96886040.


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.

***

This press release, including the section entitled “Fiscal 2012 Outlook for Full Year”, 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. 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: adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic conditions on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers’ ability to provide products needed for our operations; the unknown consequences of 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 our products and increase downward pricing pressure; changes in interest or foreign currency exchange rates; competitive factors; pricing and other market pressures; our ability to successfully integrate any businesses we acquire; 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 our 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; and issuance of new or revised accounting standards, as well as other factors discussed in BD’s filings with the Securities and Exchange Commission. We do 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.


BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in thousands, except per share data)

 

     Three Months Ended June 30,  
     2012     2011     % Change  

REVENUES

   $ 1,980,530      $ 1,951,889        1.5   

Cost of products sold

     947,395        922,652        2.7   

Selling and administrative

     469,130        467,968        0.2   

Research and development

     114,987        114,078        0.8   
  

 

 

   

 

 

   

 

 

 

TOTAL OPERATING COSTS AND EXPENSES

     1,531,512        1,504,698        1.8   
  

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     449,018        447,191        0.4   

Interest income

     6,253        11,508        (45.7

Interest expense

     (34,849     (22,211     56.9   

Other expense, net

     (1,881     (1,318     42.7   
  

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

     418,541        435,170        (3.8

Income tax provision

     106,960        113,630        (5.9
  

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS

     311,581        321,540        (3.1

INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $7,288 AND $9,012, RESPECTIVELY

     15,285        21,518        (29.0
  

 

 

   

 

 

   

 

 

 

NET INCOME

   $ 326,866      $ 343,058        (4.7
  

 

 

   

 

 

   

 

 

 

EARNINGS PER SHARE

      

Basic:

      

Income from continuing operations

   $ 1.54      $ 1.47        4.8   

Income from discontinued operations

   $ 0.08      $ 0.10        (20.0

Net income

   $ 1.62      $ 1.57        3.2   

Diluted:

      

Income from continuing operations

   $ 1.52      $ 1.44        5.6   

Income from discontinued operations

   $ 0.07      $ 0.10        (30.0

Net income (1)

   $ 1.59      $ 1.53        3.9   

AVERAGE SHARES OUTSTANDING

      

Basic

     202,015        218,966     

Diluted

     205,290        223,567     

 

(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,  
     2012     2011     % Change  

REVENUES

   $ 5,741,211      $ 5,595,856        2.6   

Cost of products sold

     2,789,044        2,654,081        5.1   

Selling and administrative

     1,439,094        1,343,946        7.1   

Research and development

     343,968        344,989        (0.3
  

 

 

   

 

 

   

 

 

 

TOTAL OPERATING COSTS AND EXPENSES

     4,572,106        4,343,016        5.3   
  

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     1,169,105        1,252,840        (6.7

Interest income

     38,379        41,294        (7.1

Interest expense

     (99,367     (61,685     61.1   

Other income (expense), net

     2,392        (8,436     NM   
  

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

     1,110,509        1,224,013        (9.3

Income tax provision

     275,260        308,177        (10.7
  

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS

     835,249        915,836        (8.8

INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $22,158 AND $26,338, RESPECTIVELY

     45,635        55,179        (17.3
  

 

 

   

 

 

   

 

 

 

NET INCOME

   $ 880,884      $ 971,015        (9.3
  

 

 

   

 

 

   

 

 

 

EARNINGS PER SHARE

      

Basic:

      

Income from continuing operations

   $ 4.02      $ 4.11        (2.2

Income from discontinued operations

   $ 0.22      $ 0.25        (12.0

Net income

   $ 4.24      $ 4.36        (2.8

Diluted:

      

Income from continuing operations

   $ 3.95      $ 4.02        (1.7

Income from discontinued operations

   $ 0.22      $ 0.24        (8.3

Net income

   $ 4.17      $ 4.26        (2.1

AVERAGE SHARES OUTSTANDING

      

Basic

     207,605        222,674     

Diluted

     211,254        227,782     

NM - Not Meaningful

 

Page 2


Becton Dickinson and Company

Supplemental Income Statement Information - Fiscal 2012

Revised for discontinued operations of Discovery Labware divestiture

(Unaudited: Amounts in thousands, except per-share data)

 

     Previously
Reported
     Amounts
reclassified to
Discontinued
Operations
     As
Revised
 

Quarter 1

        

Revenues

   $ 1,887,645       $ 55,925       $ 1,831,720   

Income from Continuing Operations

   $ 263,010       $ 14,466       $ 248,544   

Diluted Earnings Per Share from Continuing Operations

   $ 1.21       $ 0.07       $ 1.14   

Quarter 2

        

Revenues

   $ 1,990,818       $ 61,857       $ 1,928,961   

Income from Continuing Operations

   $ 290,548       $ 15,424       $ 275,124   

Diluted Earnings Per Share from Continuing Operations

   $ 1.38       $ 0.07       $ 1.31   
     Pro Forma      Amounts
reclassified to
Discontinued
Operations
     From
Continuing
Operations
 

Quarter 3

        

Revenues

   $ 2,040,760       $ 60,230       $ 1,980,530   

Income

   $ 326,795       $ 15,214       $ 311,581   

Diluted Earnings Per Share

   $ 1.59       $ 0.07       $ 1.52   

YTD

        

Revenues

   $ 5,919,224       $ 178,013       $ 5,741,211   

Income

   $ 880,353       $ 45,104       $ 835,249   

Diluted Earnings Per Share (1)

   $ 4.17       $ 0.21       $ 3.95   

Certain quarterly amounts may not add to the year-to-date totals due to rounding.

 

(1) Diluted Earnings per Share may not add due to rounding.

 

Page 3


Becton Dickinson and Company

Supplemental Income Statement Information - Fiscal 2011 and 2010

Revised for discontinued operations of Discovery Labware divestiture

(Unaudited: Amounts in thousands, except per-share data)

 

     Previously
Reported
     Amounts
reclassified to
Discontinued
Operations
     As
Revised
 

Fiscal 2011

        

Revenues

   $ 7,828,904       $ 244,867       $ 7,584,037   

Income from Continuing Operations

   $ 1,264,852       $ 63,969       $ 1,200,883   

Diluted Earnings Per Share from Continuing Operations

   $ 5.59       $ 0.28       $ 5.31   

Fiscal 2010

        

Revenues

   $ 7,372,333       $ 247,948       $ 7,124,385   

Income from Continuing Operations

   $ 1,176,340       $ 61,496       $ 1,114,844   

Diluted Earnings Per Share from Continuing Operations

   $ 4.90       $ 0.26       $ 4.64   

 

Page 4


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY SEGMENT AND GEOGRAPHIC AREA

(Unaudited; Amounts in thousands)

 

     Three Months Ended June 30,  
     2012      2011      % Change  

BD MEDICAL

        

United States

   $ 429,621       $ 416,729         3.1   

International

     640,455         628,107         2.0   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,070,076       $ 1,044,836         2.4   
  

 

 

    

 

 

    

 

 

 

BD DIAGNOSTICS

        

United States

   $ 315,240       $ 312,802         0.8   

International

     327,010         318,557         2.7   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 642,250       $ 631,359         1.7   
  

 

 

    

 

 

    

 

 

 

BD BIOSCIENCES

        

United States

   $ 91,674       $ 97,914         (6.4

International

     176,530         177,780         (0.7
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 268,204       $ 275,694         (2.7
  

 

 

    

 

 

    

 

 

 

TOTAL REVENUES

        

United States

   $ 836,535       $ 827,445         1.1   

International

     1,143,995         1,124,444         1.7   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,980,530       $ 1,951,889         1.5   
  

 

 

    

 

 

    

 

 

 

 

Page 5


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY SEGMENT AND GEOGRAPHIC AREA

(Unaudited; Amounts in thousands)

 

     Nine Months Ended June 30,  
     2012      2011      % Change  

BD MEDICAL

        

United States

   $ 1,262,811       $ 1,220,744         3.4   

International

     1,778,849         1,731,969         2.7   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 3,041,660       $ 2,952,713         3.0   
  

 

 

    

 

 

    

 

 

 

BD DIAGNOSTICS

        

United States

   $ 945,460       $ 932,269         1.4   

International

     947,552         906,160         4.6   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,893,012       $ 1,838,429         3.0   
  

 

 

    

 

 

    

 

 

 

BD BIOSCIENCES

        

United States

   $ 255,587       $ 280,096         (8.8

International

     550,952         524,618         5.0   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 806,539       $ 804,714         0.2   
  

 

 

    

 

 

    

 

 

 

TOTAL REVENUES

        

United States

   $ 2,463,858       $ 2,433,109         1.3   

International

     3,277,353         3,162,747         3.6   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 5,741,211       $ 5,595,856         2.6   
  

 

 

    

 

 

    

 

 

 

 

Page 6


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended June 30,

(Unaudited; Amounts in thousands)

 

     United States  
     2012      2011      % Change  

BD MEDICAL

        

Medical Surgical Systems

   $ 241,320       $ 244,756         (1.4

Diabetes Care

     110,013         100,465         9.5   

Pharmaceutical Systems

     78,288         71,508         9.5   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 429,621       $ 416,729         3.1   
  

 

 

    

 

 

    

 

 

 

BD DIAGNOSTICS

        

Preanalytical Systems

   $ 165,962       $ 162,589         2.1   

Diagnostic Systems

     149,278         150,213         (0.6
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 315,240       $ 312,802         0.8   
  

 

 

    

 

 

    

 

 

 

BD BIOSCIENCES

        

Cell Analysis (1)

   $ 91,674       $ 97,914         (6.4
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 91,674       $ 97,914         (6.4
  

 

 

    

 

 

    

 

 

 

TOTAL UNITED STATES

   $ 836,535       $ 827,445         1.1   
  

 

 

    

 

 

    

 

 

 

 

(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.

Advanced Bioprocessing was previously reported with the Discovery Labware unit.

 

Page 7


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  
     2012      2011      Reported     FXN      FX Impact  

BD MEDICAL

             

Medical Surgical Systems

   $ 290,451       $ 284,262         2.2        8.4         (6.2

Diabetes Care

     122,662         119,719         2.5        8.7         (6.2

Pharmaceutical Systems

     227,342         224,126         1.4        8.7         (7.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 640,455       $ 628,107         2.0        8.5         (6.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

BD DIAGNOSTICS

             

Preanalytical Systems

   $ 167,492       $ 167,737         (0.1     6.3         (6.4

Diagnostic Systems

     159,518         150,820         5.8        10.9         (5.1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 327,010       $ 318,557         2.7        8.5         (5.8
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

BD BIOSCIENCES

             

Cell Analysis (1)

   $ 176,530       $ 177,780         (0.7     3.8         (4.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 176,530       $ 177,780         (0.7     3.8         (4.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL INTERNATIONAL

   $ 1,143,995       $ 1,124,444         1.7        7.8         (6.1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.

Advanced Bioprocessing was previously reported with the Discovery Labware unit.

 

Page 8


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  
     2012      2011      Reported     FXN      FX Impact  

BD MEDICAL

             

Medical Surgical Systems

   $ 531,771       $ 529,018         0.5        3.8         (3.3

Diabetes Care

     232,675         220,184         5.7        9.1         (3.4

Pharmaceutical Systems

     305,630         295,634         3.4        8.9         (5.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,070,076       $ 1,044,836         2.4        6.4         (4.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

BD DIAGNOSTICS

             

Preanalytical Systems

   $ 333,454       $ 330,326         0.9        4.2         (3.3

Diagnostic Systems

     308,796         301,033         2.6        5.1         (2.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 642,250       $ 631,359         1.7        4.7         (3.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

BD BIOSCIENCES

             

Cell Analysis (1)

   $ 268,204       $ 275,694         (2.7     0.2         (2.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 268,204       $ 275,694         (2.7     0.2         (2.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL REVENUES

   $ 1,980,530       $ 1,951,889         1.5        4.9         (3.4
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.

Advanced Bioprocessing was previously reported with the Discovery Labware unit.

 

Page 9


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Nine Months Ended June 30,

(Unaudited; Amounts in thousands)

 

     United States  
     2012      2011      % Change  

BD MEDICAL

        

Medical Surgical Systems

   $ 727,335       $ 733,582         (0.9

Diabetes Care

     321,264         295,989         8.5   

Pharmaceutical Systems

     214,212         191,173         12.1   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,262,811       $ 1,220,744         3.4   
  

 

 

    

 

 

    

 

 

 

BD DIAGNOSTICS

        

Preanalytical Systems

   $ 491,532       $ 481,624         2.1   

Diagnostic Systems

     453,928         450,645         0.7   
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 945,460       $ 932,269         1.4   
  

 

 

    

 

 

    

 

 

 

BD BIOSCIENCES

        

Cell Analysis (1)

   $ 255,587       $ 280,096         (8.8
  

 

 

    

 

 

    

 

 

 

TOTAL

   $ 255,587       $ 280,096         (8.8
  

 

 

    

 

 

    

 

 

 

TOTAL UNITED STATES

   $ 2,463,858       $ 2,433,109         1.3   
  

 

 

    

 

 

    

 

 

 

 

(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.

Advanced Bioprocessing was previously reported with the Discovery Labware unit.

 

Page 10


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  
     2012      2011      Reported      FXN      FX Impact  

BD MEDICAL

              

Medical Surgical Systems

   $ 845,685       $ 812,752         4.1         7.0         (2.9

Diabetes Care

     356,575         345,837         3.1         5.7         (2.6

Pharmaceutical Systems

     576,589         573,380         0.6         4.1         (3.5
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,778,849       $ 1,731,969         2.7         5.8         (3.1
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BD DIAGNOSTICS

              

Preanalytical Systems

   $ 481,857       $ 467,570         3.1         6.5         (3.4

Diagnostic Systems

     465,695         438,590         6.2         8.2         (2.0
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 947,552       $ 906,160         4.6         7.3         (2.7
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BD BIOSCIENCES

              

Cell Analysis (1)

   $ 550,952       $ 524,618         5.0         6.6         (1.6
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 550,952       $ 524,618         5.0         6.6         (1.6
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL INTERNATIONAL

   $ 3,277,353       $ 3,162,747         3.6         6.4         (2.8
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.

Advanced Bioprocessing was previously reported with the Discovery Labware unit.

 

Page 11


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  
     2012      2011      Reported      FXN      FX Impact  

BD MEDICAL

              

Medical Surgical Systems

   $ 1,573,020       $ 1,546,334         1.7         3.3         (1.6

Diabetes Care

     677,839         641,826         5.6         7.0         (1.4

Pharmaceutical Systems

     790,801         764,553         3.4         6.1         (2.7
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 3,041,660       $ 2,952,713         3.0         4.8         (1.8
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BD DIAGNOSTICS

              

Preanalytical Systems

   $ 973,389       $ 949,194         2.5         4.2         (1.7

Diagnostic Systems

     919,623         889,235         3.4         4.4         (1.0
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,893,012       $ 1,838,429         3.0         4.3         (1.3
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BD BIOSCIENCES

              

Cell Analysis (1)

   $ 806,539       $ 804,714         0.2         1.3         (1.1
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 806,539       $ 804,714         0.2         1.3         (1.1
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL REVENUES

   $ 5,741,211       $ 5,595,856         2.6         4.1         (1.5
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.

Advanced Bioprocessing was previously reported with the Discovery Labware unit.

 

Page 12


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

SAFETY REVENUES

(Unaudited; Amounts in thousands)

 

     Three Months Ended June 30,  
                   % Change  
     2012      2011      Reported      FXN      FX Impact  

TOTAL SAFETY REVENUES

              

United States

   $ 284,830       $ 280,696         1.5         1.5         —     

International

     215,964         198,417         8.8         15.7         (6.9
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 500,794       $ 479,113         4.5         7.4         (2.9
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BY SEGMENT

              

BD Medical

   $ 240,065       $ 223,460         7.4         9.8         (2.4

BD Diagnostics

     260,729         255,653         2.0         5.3         (3.3
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 500,794       $ 479,113         4.5         7.4         (2.9
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     Nine Months Ended June 30,  
                   % Change  
     2012      2011      Reported      FXN      FX Impact  

TOTAL SAFETY REVENUES

              

United States

   $ 858,175       $ 828,002         3.6         3.6         —     

International

     618,290         545,530         13.3         16.7         (3.4
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,476,465       $ 1,373,532         7.5         8.8         (1.3
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

BY SEGMENT

              

BD Medical

   $ 715,776       $ 641,635         11.6         12.4         (0.8

BD Diagnostics

     760,689         731,897         3.9         5.6         (1.7
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

   $ 1,476,465       $ 1,373,532         7.5         8.8         (1.3
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Page 13


BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS FISCAL 2012

Revised for discontinued operations of Discovery Labware divestiture

(Unaudited; Amounts in thousands, except per-share data)

 

     Quarter 1     Quarter 2     Quarter 2 YTD  

REVENUES

   $ 1,831,720      $ 1,928,961      $ 3,760,681   

Cost of products sold

     900,465        941,184        1,841,649   

Selling and administrative

     482,271        487,694        969,964   

Research and development

     112,227        116,753        228,981   
  

 

 

   

 

 

   

 

 

 

TOTAL OPERATING COSTS AND EXPENSES

     1,494,963        1,545,631        3,040,594   
  

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     336,757        383,330        720,087   

Interest income

     15,448        16,678        32,126   

Interest expense

     (29,378     (35,140     (64,518

Other (expense) income, net

     (385     4,657        4,272   
  

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

     322,442        369,525        691,967   

Income tax provision

     73,898        94,401        168,298   
  

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS

     248,544        275,124        523,669   

Income from Discontinued Operations before Income Tax

     21,768        23,453        45,221   

Income Tax provision

     7,327        7,544        14,871   
  

 

 

   

 

 

   

 

 

 

INCOME FROM DISCONTINUED OPERATIONS

     14,441        15,909        30,350   
  

 

 

   

 

 

   

 

 

 

NET INCOME

   $ 262,985      $ 291,033      $ 554,019   
  

 

 

   

 

 

   

 

 

 

EARNINGS PER SHARE

      

Basic:

      

Income from continuing operations

   $ 1.16      $ 1.33      $ 2.49   

Income from discontinued operations

   $ 0.07      $ 0.08      $ 0.14   

Net income

   $ 1.23      $ 1.41      $ 2.63   

Diluted:

      

Income from continuing operations

   $ 1.14      $ 1.31      $ 2.45   

Income from discontinued operations

   $ 0.07      $ 0.08      $ 0.14   

Net income

   $ 1.21      $ 1.39      $ 2.59   

AVERAGE SHARES OUTSTANDING

      

Basic

     214,300        206,426        210,385   

Diluted

     217,634        209,803        213,970   

Certain quarterly amounts may not add to the year-to-date totals due to rounding.

 

Page 14


BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS FISCAL 2011

Revised for discontinued operations of Discovery Labware divestiture

(Unaudited; Amounts in thousands, except per-share data)

 

     Quarter 1     Quarter 2     Quarter 3     Quarter 4     Year  

REVENUES

   $ 1,783,353      $ 1,860,614      $ 1,951,889      $ 1,988,181      $ 7,584,037   

Cost of products sold

     840,166        891,262        922,652        971,041        3,625,122   

Selling and administrative

     440,955        435,024        467,968        479,591        1,823,537   

Research and development

     113,568        117,343        114,078        124,528        469,517   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL OPERATING COSTS AND EXPENSES

     1,394,689        1,443,629        1,504,698        1,575,160        5,918,176   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     388,664        416,985        447,191        413,021        1,665,861   

Interest income

     15,222        14,564        11,508        1,915        43,209   

Interest expense

     (15,553     (23,921     (22,211     (22,334     (84,019

Other (expense) income, net

     (4,596     (2,522     (1,318     1,272        (7,164
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

     383,737        405,106        435,170        393,874        1,617,887   

Income tax provision

     85,291        109,256        113,630        108,827        417,004   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS

     298,446        295,850        321,540        285,047        1,200,883   

Income from Discontinued Operations before Income Tax

     26,298        24,688        30,530        23,793        105,310   

Income Tax provision

     8,807        8,519        9,012        8,860        35,199   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

INCOME FROM DISCONTINUED OPERATIONS

     17,491        16,169        21,518        14,933        70,111   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME

   $ 315,937      $ 312,019      $ 343,058      $ 299,980      $ 1,270,994   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EARNINGS PER SHARE

          

Basic:

          

Income from continuing operations

   $ 1.31      $ 1.34      $ 1.47      $ 1.32      $ 5.43   

Income from discontinued operations

   $ 0.08      $ 0.07      $ 0.10      $ 0.07      $ 0.32   

Net income (1)

   $ 1.39      $ 1.41      $ 1.57      $ 1.38      $ 5.75   

Diluted:

          

Income from continuing operations

   $ 1.28      $ 1.31      $ 1.44      $ 1.29      $ 5.31   

Income from discontinued operations

   $ 0.08      $ 0.07      $ 0.10      $ 0.07      $ 0.31   

Net income (1)

   $ 1.36      $ 1.38      $ 1.53      $ 1.36      $ 5.62   

AVERAGE SHARES OUTSTANDING

          

Basic

     228,083        220,894        218,966        216,726        221,175   

Diluted

     232,915        225,467        223,567        220,859        226,280   

Certain quarterly amounts may not add to the year-to-date totals due to rounding.

 

(1) Total per share amounts may not add due to rounding.

 

Page 15


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

Quarter-to-Date Fiscal 2012 Reconciliation - FX Impact

(Unaudited; Amounts in millions, except per share data)

 

     Three Months Ended June 30,  
     Reported
FY2012
     Reported
FY2011
     Reported
Growth
$
     Foreign
Currency
Translation
    FXN
Change
     FXN
Growth
 

REVENUES

   $ 1,981       $ 1,952       $ 29       $ (68   $ 96         4.9

Diluted Earnings per Share from Continuing Operations

   $ 1.52       $ 1.44       $ 0.08       $ (0.06   $ 0.14         9.7

All figures rounded. Totals may not add due to rounding.

FXN = Foreign Currency Neutral

 

Page 16


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

Year-to-Date Fiscal 2012 Reconciliation - FX Impact

(Unaudited; Amounts in millions, except per share data)

 

     Nine Months Ended June 30,  
     Reported
FY2012
     Reported
FY2011
     Reported
Growth
$
    Foreign
Currency
Translation
    FXN
Change
     FXN
Growth
 

REVENUES

   $ 5,741       $ 5,596       $ 145      $ (86   $ 232         4.1

Diluted Earnings per Share from Continuing Operations

   $ 3.95       $ 4.02       $ (0.07   $ (0.11   $ 0.04         1.0

All figures rounded. Totals may not add due to rounding.

FXN = Foreign Currency Neutral

 

Page 17