EX-99.1
Published on May 2, 2013
Exhibit 99.1
1 Becton Drive
Franklin Lakes, NJ 07417
www.bd.com
News Release
Contact:
Monique N. Dolecki, Investor Relations 201-847-5453
Colleen T. White, Corporate Communications 201-847-5369
BD ANNOUNCES RESULTS FOR 2013 SECOND FISCAL QUARTER
Franklin Lakes, NJ (May 2, 2013) BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.0 billion for the second fiscal quarter ended March 31, 2013, representing an increase of 3.7 percent from the prior-year period, or 4.1 percent on a foreign currency-neutral basis.
We continued to deliver solid performance in the second quarter. Our results for the first half of the year give us the confidence to raise guidance for fiscal year 2013, said Vincent A. Forlenza, Chairman, CEO and President. Additionally, our recent announcements of the BD SimplistTM product line and the Cato Software acquisition demonstrate how we are continuing to invest in innovation both organically and through strategic acquisition opportunities. We believe we are well positioned for continued success in fiscal year 2013 and beyond.
Company Completes Acquisition of Cato Software Solutions
As previously announced on March 12, 2013, the Company completed its acquisition of Cato Software Solutions, or CSS. CSS, based in Vienna, Austria, provides a suite of comprehensive medication safety software solutions that are intended to prevent medication errors and improve efficiency in both pharmacy and drug delivery settings. CSS revenues will be reported in the BD Medical Medical Surgical Systems unit.
Company Enters Pharmaceutical Manufacturing Market
On March 27, 2013, the Company announced its entrance into the pharmaceutical manufacturing industry with BD SimplistTM, a line of ready-to-administer, prefilled generic injectables. BD Simplist prefilled injectables will be commercialized and manufactured by BD Rx Inc., a wholly-owned subsidiary of BD, which plans to launch 20 to 30 drugs over the next few years. BD Rx Inc. revenues will be reported in the BD Medical Medical Surgical Systems unit.
Second Quarter and Six-Month Fiscal 2013 Operating Results
Diluted earnings per share from continuing operations for the second quarter were $1.39, compared with $1.31 in the prior-year period, representing a 6.1 percent increase, or 7.6 percent on a foreign currency-neutral basis. Excluding the medical device tax that went into effect in January 2013 under the U.S. healthcare reform law, adjusted diluted earnings per share from continuing operations were $1.44, which represents growth of 9.9 percent. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the second quarter increased 11.5 percent.
For the six-month period ending March 31, 2013, diluted earnings per share from continuing operations were $2.74, compared with $2.45 in the prior-year period. This represents growth of 11.8 percent. Excluding the medical device tax, adjusted diluted earnings per share from continuing operations were $2.79. This represents growth of 13.9 percent excluding the medical device tax. Foreign currency had an immaterial impact on earnings per share for the six-month period.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $1.062 billion, representing an increase of 4.0 percent compared with the prior-year period, or 4.2 percent on a foreign currency-neutral basis. The segments revenue growth reflects solid sales in the Medical Surgical Systems and Diabetes Care units. As expected, we experienced lower revenue growth in the Pharmaceutical Systems unit, reflecting an unfavorable comparison to the prior-year period.
For the six-month period ended March 31, 2013, BD Medical revenues increased 3.7 percent, or 4.7 percent on a currency-neutral basis.
In the BD Diagnostics segment, worldwide revenues for the quarter were $659 million, representing an increase of 4.6 percent compared with the prior-year period, or 4.9 percent on a foreign currency-neutral basis. The segments growth was driven by new product sales as well as international expansion in the Diagnostic Systems unit.
For the six-month period ended March 31, 2013, BD Diagnostics revenues increased 4.8 percent, or 5.5 percent on a currency-neutral basis.
In the BD Biosciences segment, worldwide revenues for the quarter were $279 million, representing an increase of 0.6 percent compared with the prior-year period, or 1.9 percent on a foreign currency-neutral basis. Segment revenue growth was driven by solid instrument placements in the U.S., as well as a favorable timing of orders in Advanced Bioprocessing. This was offset in part by softness in Western Europe due to austerity measures and timing of government funding in Japan.
For the six-month period ended March 31, 2013, BD Biosciences revenues increased 1.1 percent, or 2.6 percent on a currency-neutral basis.
Geographic Results
Second quarter revenues in the U.S. of $824 million represent an increase of 0.3 percent over the prior-year period. As expected, U.S. revenues were impacted by timing of orders. Revenues outside of the U.S. were $1.177 billion, representing an increase of 6.2 percent compared with the prior-year period, or 6.9 percent on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and strong sales of safety-engineered products.
For the six-month period ended March 31, 2013, revenues in the U.S. were $1.654 billion, representing an increase of 1.6 percent compared with the prior-year period. Revenues outside of the U.S. were $2.247 billion, representing an increase of 5.3 percent when compared with the prior-year period, or 7.0 percent on a foreign currency-neutral basis.
Fiscal 2013 Outlook for Full Year
The Company is raising its previously communicated guidance for the full fiscal year 2013 on revenues and earnings per share growth. On a currency-neutral basis, revenue growth is expected to be between 4.5 and 5.0 percent, or an increase of 50 basis points. Reported revenue growth guidance remains consistent with the Companys previously guided range of 3.5 to 4.0 percent. Reported diluted earnings per share from continuing operations for fiscal year 2013 are expected to be between $5.72 and $5.75, or an increase of $0.03 from the previous guidance range. This represents growth of 6.5 to 7.0 percent over 2012 adjusted diluted earnings per share of $5.37, which excludes the pension settlement charge in fiscal year 2012. On a currency-neutral basis, earnings per share are expected to increase 100 basis points to 8.5 to 9.0 percent. After adjusting for the impact of the medical device tax and foreign currency, adjusted diluted earnings per share are expected to grow 11.0 to 11.5 percent. In line with previously disclosed guidance, the Company plans to repurchase, subject to market conditions, about $500 million of its common stock in fiscal year 2013.
Conference Call Information
A conference call regarding BDs second quarter results will be broadcast live on BDs website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday, May 2, 2013. The conference call will be available for replay on BDs website, www.bd.com/investors, or at 1-800-475-6701 (domestic) and 1-320-365-3844 (international) through the close of business on Thursday, May 9, 2013, confirmation number 290460.
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 peoples 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. BDs capabilities are instrumental in combating many of the worlds most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs nearly 30,000 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 2013 Outlook for Full Year, contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BDs 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: potential cuts in healthcare spending by the U.S. government as part of deficit reduction measures, including sequestration, which could result in reduced demand for our product or downward pricing pressure; 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; 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; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; 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 BDs products; fluctuations in costs and availability of raw materials and in BDs 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 BDs 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 BDs 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 March 31, | ||||||||||||
2013 | 2012 | % Change | ||||||||||
REVENUES |
$ | 2,000,375 | $ | 1,928,961 | 3.7 | |||||||
Cost of products sold |
982,256 | 941,184 | 4.4 | |||||||||
Selling and administrative |
514,610 | 487,694 | 5.5 | |||||||||
Research and development |
122,377 | 116,753 | 4.8 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL OPERATING COSTS AND EXPENSES |
1,619,243 | 1,545,631 | 4.8 | |||||||||
|
|
|
|
|
|
|||||||
OPERATING INCOME |
381,132 | 383,330 | (0.6 | ) | ||||||||
Interest income |
11,818 | 16,678 | (29.1 | ) | ||||||||
Interest expense |
(34,732 | ) | (35,140 | ) | (1.2 | ) | ||||||
Other income, net |
2,253 | 4,657 | (51.6 | ) | ||||||||
|
|
|
|
|
|
|||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
360,471 | 369,525 | (2.5 | ) | ||||||||
Income tax provision |
84,351 | 94,401 | (10.6 | ) | ||||||||
|
|
|
|
|
|
|||||||
INCOME FROM CONTINUING OPERATIONS |
276,120 | 275,124 | 0.4 | |||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX (BENEFIT) PROVISION OF $(1,177) AND $7,544, RESPECTIVELY |
(483 | ) | 15,909 | NM | ||||||||
|
|
|
|
|
|
|||||||
NET INCOME |
$ | 275,637 | $ | 291,033 | (5.3 | ) | ||||||
|
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|
|
|
|||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 1.42 | $ | 1.33 | 6.8 | |||||||
(Loss) income from discontinued operations |
$ | | $ | 0.08 | NM | |||||||
Net income |
$ | 1.42 | $ | 1.41 | 0.7 | |||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 1.39 | $ | 1.31 | 6.1 | |||||||
(Loss) income from discontinued operations |
$ | | $ | 0.08 | NM | |||||||
Net income |
$ | 1.39 | $ | 1.39 | | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
194,609 | 206,426 | ||||||||||
Diluted |
198,143 | 209,803 |
NM - Not Meaningful
Page 1
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per share data)
Six Months Ended March 31, | ||||||||||||
2013 | 2012 | % Change | ||||||||||
REVENUES |
$ | 3,900,567 | $ | 3,760,681 | 3.7 | |||||||
Cost of products sold |
1,876,319 | 1,841,649 | 1.9 | |||||||||
Selling and administrative |
1,010,489 | 969,964 | 4.2 | |||||||||
Research and development |
240,538 | 228,981 | 5.0 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL OPERATING COSTS AND EXPENSES |
3,127,346 | 3,040,594 | 2.9 | |||||||||
|
|
|
|
|
|
|||||||
OPERATING INCOME |
773,221 | 720,087 | 7.4 | |||||||||
Interest income |
19,740 | 32,126 | (38.6 | ) | ||||||||
Interest expense |
(69,761 | ) | (64,518 | ) | 8.1 | |||||||
Other income, net |
2,967 | 4,272 | (30.5 | ) | ||||||||
|
|
|
|
|
|
|||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
726,167 | 691,967 | 4.9 | |||||||||
Income tax provision |
179,797 | 168,298 | 6.8 | |||||||||
|
|
|
|
|
|
|||||||
INCOME FROM CONTINUING OPERATIONS |
546,370 | 523,669 | 4.3 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $215,160 AND $14,871, RESPECTIVELY |
354,703 | 30,350 | NM | |||||||||
|
|
|
|
|
|
|||||||
NET INCOME |
$ | 901,073 | $ | 554,019 | 62.6 | |||||||
|
|
|
|
|
|
|||||||
EARNINGS PER SHARE |
||||||||||||
Basic: |
||||||||||||
Income from continuing operations |
$ | 2.79 | $ | 2.49 | 12.0 | |||||||
Income from discontinued operations |
$ | 1.81 | $ | 0.14 | NM | |||||||
Net income (1) |
$ | 4.61 | $ | 2.63 | 75.3 | |||||||
Diluted: |
||||||||||||
Income from continuing operations |
$ | 2.74 | $ | 2.45 | 11.8 | |||||||
Income from discontinued operations |
$ | 1.78 | $ | 0.14 | NM | |||||||
Net income (1) |
$ | 4.53 | $ | 2.59 | 74.9 | |||||||
AVERAGE SHARES OUTSTANDING |
||||||||||||
Basic |
195,528 | 210,385 | ||||||||||
Diluted |
199,068 | 213,970 |
NM - Not Meaningful
(1) | Total per share amounts may not add due to rounding. |
Page 2
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Three Months Ended March 31, | ||||||||||||
2013 | 2012 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 412,485 | $ | 418,521 | (1.4 | ) | ||||||
International |
649,586 | 602,666 | 7.8 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 1,062,071 | $ | 1,021,187 | 4.0 | |||||||
|
|
|
|
|
|
|||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 322,217 | $ | 318,597 | 1.1 | |||||||
International |
336,723 | 311,422 | 8.1 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 658,940 | $ | 630,019 | 4.6 | |||||||
|
|
|
|
|
|
|||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 88,862 | $ | 83,986 | 5.8 | |||||||
International |
190,502 | 193,769 | (1.7 | ) | ||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 279,364 | $ | 277,755 | 0.6 | |||||||
|
|
|
|
|
|
|||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 823,564 | $ | 821,104 | 0.3 | |||||||
International |
1,176,811 | 1,107,857 | 6.2 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 2,000,375 | $ | 1,928,961 | 3.7 | |||||||
|
|
|
|
|
|
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Six Months Ended March 31, | ||||||||||||
2013 | 2012 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
United States |
$ | 837,851 | $ | 833,190 | 0.6 | |||||||
International |
1,207,593 | 1,138,394 | 6.1 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 2,045,444 | $ | 1,971,584 | 3.7 | |||||||
|
|
|
|
|
|
|||||||
BD DIAGNOSTICS |
||||||||||||
United States |
$ | 642,757 | $ | 630,220 | 2.0 | |||||||
International |
668,108 | 620,542 | 7.7 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 1,310,865 | $ | 1,250,762 | 4.8 | |||||||
|
|
|
|
|
|
|||||||
BD BIOSCIENCES |
||||||||||||
United States |
$ | 173,057 | $ | 163,913 | 5.6 | |||||||
International |
371,201 | 374,422 | (0.9 | ) | ||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 544,258 | $ | 538,335 | 1.1 | |||||||
|
|
|
|
|
|
|||||||
TOTAL REVENUES |
||||||||||||
United States |
$ | 1,653,665 | $ | 1,627,323 | 1.6 | |||||||
International |
2,246,902 | 2,133,358 | 5.3 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 3,900,567 | $ | 3,760,681 | 3.7 | |||||||
|
|
|
|
|
|
Page 4
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31,
(Unaudited; Amounts in thousands)
United States | ||||||||||||
2013 | 2012 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 235,624 | $ | 237,599 | (0.8 | ) | ||||||
Diabetes Care |
106,643 | 105,725 | 0.9 | |||||||||
Pharmaceutical Systems |
70,218 | 75,197 | (6.6 | ) | ||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 412,485 | $ | 418,521 | (1.4 | ) | ||||||
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|
|
|
|
|
|||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 161,967 | $ | 163,455 | (0.9 | ) | ||||||
Diagnostic Systems |
160,250 | 155,142 | 3.3 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 322,217 | $ | 318,597 | 1.1 | |||||||
|
|
|
|
|
|
|||||||
BD BIOSCIENCES |
$ | 88,862 | $ | 83,986 | 5.8 | |||||||
|
|
|
|
|
|
|||||||
TOTAL UNITED STATES |
$ | 823,564 | $ | 821,104 | 0.3 | |||||||
|
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|
|
|
|
Page 5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2013 | 2012 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 302,941 | $ | 281,340 | 7.7 | 8.4 | (0.7 | ) | ||||||||||||
Diabetes Care |
125,449 | 113,520 | 10.5 | 12.0 | (1.5 | ) | ||||||||||||||
Pharmaceutical Systems |
221,196 | 207,806 | 6.4 | 5.7 | 0.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 649,586 | $ | 602,666 | 7.8 | 8.2 | (0.4 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 168,064 | $ | 159,858 | 5.1 | 5.3 | (0.2 | ) | ||||||||||||
Diagnostic Systems |
168,659 | 151,564 | 11.3 | 12.4 | (1.1 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 336,723 | $ | 311,422 | 8.1 | 8.8 | (0.7 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD BIOSCIENCES |
$ | 190,502 | $ | 193,769 | (1.7 | ) | 0.2 | (1.9 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL INTERNATIONAL |
$ | 1,176,811 | $ | 1,107,857 | 6.2 | 6.9 | (0.7 | ) | ||||||||||||
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Page 6
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2013 | 2012 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 538,565 | $ | 518,939 | 3.8 | 4.2 | (0.4 | ) | ||||||||||||
Diabetes Care |
232,092 | 219,245 | 5.9 | 6.6 | (0.7 | ) | ||||||||||||||
Pharmaceutical Systems |
291,414 | 283,003 | 3.0 | 2.4 | 0.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,062,071 | $ | 1,021,187 | 4.0 | 4.2 | (0.2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 330,031 | $ | 323,313 | 2.1 | 2.2 | (0.1 | ) | ||||||||||||
Diagnostic Systems |
328,909 | 306,706 | 7.2 | 7.8 | (0.6 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 658,940 | $ | 630,019 | 4.6 | 4.9 | (0.3 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD BIOSCIENCES |
$ | 279,364 | $ | 277,755 | 0.6 | 1.9 | (1.3 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL REVENUES |
$ | 2,000,375 | $ | 1,928,961 | 3.7 | 4.1 | (0.4 | ) | ||||||||||||
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|
|
|
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Page 7
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31,
(Unaudited; Amounts in thousands)
United States | ||||||||||||
2013 | 2012 | % Change | ||||||||||
BD MEDICAL |
||||||||||||
Medical Surgical Systems |
$ | 484,816 | $ | 486,015 | (0.2 | ) | ||||||
Diabetes Care |
219,047 | 211,251 | 3.7 | |||||||||
Pharmaceutical Systems |
133,988 | 135,924 | (1.4 | ) | ||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 837,851 | $ | 833,190 | 0.6 | |||||||
|
|
|
|
|
|
|||||||
BD DIAGNOSTICS |
||||||||||||
Preanalytical Systems |
$ | 328,916 | $ | 325,570 | 1.0 | |||||||
Diagnostic Systems |
313,841 | 304,650 | 3.0 | |||||||||
|
|
|
|
|
|
|||||||
TOTAL |
$ | 642,757 | $ | 630,220 | 2.0 | |||||||
|
|
|
|
|
|
|||||||
BD BIOSCIENCES |
$ | 173,057 | $ | 163,913 | 5.6 | |||||||
|
|
|
|
|
|
|||||||
TOTAL UNITED STATES |
$ | 1,653,665 | $ | 1,627,323 | 1.6 | |||||||
|
|
|
|
|
|
Page 8
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
International | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2013 | 2012 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 589,687 | $ | 555,234 | 6.2 | 7.8 | (1.6 | ) | ||||||||||||
Diabetes Care |
255,847 | 233,913 | 9.4 | 11.7 | (2.3 | ) | ||||||||||||||
Pharmaceutical Systems |
362,059 | 349,247 | 3.7 | 4.8 | (1.1 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,207,593 | $ | 1,138,394 | 6.1 | 7.7 | (1.6 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 335,882 | $ | 314,365 | 6.8 | 8.1 | (1.3 | ) | ||||||||||||
Diagnostic Systems |
332,226 | 306,177 | 8.5 | 10.1 | (1.6 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 668,108 | $ | 620,542 | 7.7 | 9.1 | (1.4 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD BIOSCIENCES |
$ | 371,201 | $ | 374,422 | (0.9 | ) | 1.2 | (2.1 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL INTERNATIONAL |
$ | 2,246,902 | $ | 2,133,358 | 5.3 | 7.0 | (1.7 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Page 9
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
Total | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2013 | 2012 | Reported | FXN | FX Impact | ||||||||||||||||
BD MEDICAL |
||||||||||||||||||||
Medical Surgical Systems |
$ | 1,074,503 | $ | 1,041,249 | 3.2 | 4.0 | (0.8 | ) | ||||||||||||
Diabetes Care |
474,894 | 445,164 | 6.7 | 7.9 | (1.2 | ) | ||||||||||||||
Pharmaceutical Systems |
496,047 | 485,171 | 2.2 | 3.1 | (0.9 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 2,045,444 | $ | 1,971,584 | 3.7 | 4.7 | (1.0 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD DIAGNOSTICS |
||||||||||||||||||||
Preanalytical Systems |
$ | 664,798 | $ | 639,935 | 3.9 | 4.5 | (0.6 | ) | ||||||||||||
Diagnostic Systems |
646,067 | 610,827 | 5.8 | 6.6 | (0.8 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,310,865 | $ | 1,250,762 | 4.8 | 5.5 | (0.7 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BD BIOSCIENCES |
$ | 544,258 | $ | 538,335 | 1.1 | 2.6 | (1.5 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL REVENUES |
$ | 3,900,567 | $ | 3,760,681 | 3.7 | 4.7 | (1.0 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Page 10
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
Three Months Ended March 31, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2013 | 2012 | Reported | FXN | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 287,369 | $ | 282,733 | 1.6 | 1.6 | | |||||||||||||
International |
227,066 | 205,369 | 10.6 | 11.1 | (0.5 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 514,435 | $ | 488,102 | 5.4 | 5.6 | (0.2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 256,346 | $ | 235,928 | 8.7 | 9.0 | (0.3 | ) | ||||||||||||
BD Diagnostics |
258,089 | 252,174 | 2.3 | 2.4 | (0.1 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 514,435 | $ | 488,102 | 5.4 | 5.6 | (0.2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Six Months Ended March 31, | ||||||||||||||||||||
% Change | ||||||||||||||||||||
2013 | 2012 | Reported | FXN | FX Impact | ||||||||||||||||
TOTAL SAFETY REVENUES |
||||||||||||||||||||
United States |
$ | 578,312 | $ | 573,345 | 0.9 | 0.9 | | |||||||||||||
International |
447,299 | 402,326 | 11.2 | 12.7 | (1.5 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,025,611 | $ | 975,671 | 5.1 | 5.7 | (0.6 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
BY SEGMENT |
||||||||||||||||||||
BD Medical |
$ | 508,202 | $ | 475,711 | 6.8 | 7.5 | (0.7 | ) | ||||||||||||
BD Diagnostics |
517,409 | 499,960 | 3.5 | 4.1 | (0.6 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ | 1,025,611 | $ | 975,671 | 5.1 | 5.7 | (0.6 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Page 11
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Quarter-to-Date Fiscal 2013 Reconciliation - FX Impact
(Unaudited; Amounts in millions, except per share data)
Three Months Ended March 31, | ||||||||||||||||||||||||
Reported FY2013 |
Reported FY2012 |
Reported Growth $ |
Foreign Currency Translation |
FXN Change |
FXN Growth |
|||||||||||||||||||
REVENUES |
$ | 2,000 | $ | 1,929 | $ | 71 | $ | (8 | ) | $ | 79 | 4.1 | % | |||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 1.39 | $ | 1.31 | $ | 0.08 | $ | (0.02 | ) | $ | 0.10 | 7.6 | % |
FXN = Foreign Currency Neutral
All figures rounded. Totals may not add due to rounding.
Page 12
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Year-to-Date Fiscal 2013 ReconciliationFX Impact
(Unaudited; Amounts in millions, except per share data)
Six Months Ended March 31, | ||||||||||||||||||||||||
Reported FY2013 |
Reported FY2012 |
Reported Growth $ |
Foreign Currency Translation |
FXN Change |
FXN Growth |
|||||||||||||||||||
REVENUES |
$ | 3,901 | $ | 3,761 | $ | 140 | $ | (35 | ) | $ | 175 | 4.7 | % | |||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 2.74 | $ | 2.45 | $ | 0.29 | $ | 0.00 | $ | 0.29 | 11.8 | % |
FXN = Foreign Currency Neutral
All figures rounded. Totals may not add due to rounding.
Page 13
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2013 Quarter-to-Date Reconciliation
(Unaudited; Amounts in millions, except per share data)
Three Months Ended March 31, | ||||||||||||||||||||
Reported FY 2013 |
Medical Device Excise Tax (1) |
Adjusted FY 2013 |
Reported FY 2012 |
Adjusted % Growth |
||||||||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 1.39 | $ | 0.05 | $ | 1.44 | $ | 1.31 | 9.9 | % |
(1) | Represents the medical device excise tax which went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act. |
All figures rounded. Totals may not add due to rounding.
Page 14
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2013 Year-to-Date Reconciliation
(Unaudited; Amounts in millions, except per share data)
Six Months Ended March 31, | ||||||||||||||||||||
Reported FY 2013 |
Medical Device Excise Tax (1) |
Adjusted FY 2013 |
Reported FY 2012 |
Adjusted % Growth |
||||||||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 2.74 | $ | 0.05 | $ | 2.79 | $ | 2.45 | $ | 13.9 | % |
(1) | Represents the medical device excise tax which went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act. |
All figures rounded. Totals may not add due to rounding.
Page 15
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Quarter-to-Date Fiscal 2013 Reconciliation - Adjusted FX Impact
(Unaudited; Amounts in millions, except per share data)
Three Months Ended March 31, | ||||||||||||||||||||||||
Adjusted FY 2013 |
Reported FY 2012 |
Adjusted Growth $ |
Foreign Currency Translation |
FXN Change |
FXN Growth |
|||||||||||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 1.44 | $ | 1.31 | $ | 0.13 | $ | (0.02 | ) | $ | 0.15 | 11.5 | % |
FXN = Foreign Currency Neutral
All figures rounded. Totals may not add due to rounding.
Page 16
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Year-to-Date Fiscal 2013 Reconciliation - Adjusted FX Impact
(Unaudited; Amounts in millions, except per share data)
Six Months Ended March 31, | ||||||||||||||||||||||||
Adjusted FY 2013 |
Reported FY 2012 |
Adjusted Growth $ |
Foreign Currency Translation |
FXN Change |
FXN Growth |
|||||||||||||||||||
Diluted Earnings per Share from Continuing Operations |
$ | 2.79 | $ | 2.45 | $ | 0.34 | $ | 0.00 | $ | 0.34 | 13.9 | % |
FXN = Foreign Currency Neutral
All figures rounded. Totals may not add due to rounding.
Page 17
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2013 Outlook Reconciliation
Reported |
FX Impact | FXN Basis |
||||||
Revenues - Full Year 2013 estimated growth |
3.5% - 4.0% | (1.0%) | 4.5% - 5.0% | |||||
Full Year 2013 |
Full Year 2012 |
% Increase |
||||||
(estimated) | ||||||||
Reported Fully Diluted Earnings per Share from Continuing Operations |
$5.72 - 5.75 | $ | 5.30 | NM | ||||
Pension Settlement Charge (1) |
0.06 | |||||||
|
|
|
||||||
Adjusted Fully Diluted Earnings per Share from Continuing Operations |
$5.72 - 5.75 | $ | 5.37 | 6.5% - 7.0% | ||||
|
|
|
||||||
FX Impact |
(2.0%) | |||||||
|
||||||||
Adjusted FXN Growth |
8.5% - 9.0% | |||||||
Medical Device Excise Tax Impact (2) |
(2.5%) | |||||||
|
||||||||
Adjusted FXN Growth (excluding the medical device excise tax) |
11.0% - 11.5% |
(1) | Primarily represents a non-cash pension settlement charge associated with lump sum benefit payments made from the Companys U.S. supplemental pension plan, as such payments exceeded the service and interest components of the plans pension cost for the year. The charge also included settlement losses associated with certain foreign pension plans. |
(2) | Represents the medical device excise tax which went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act. |
NM - Not Meaningful
FXN = Foreign Currency Neutral
All figures rounded. Totals may not add due to rounding.
Page 18