BDX
$253.55
Becton Dickinson
($2.83)
(1.10%)
Earnings Details
3rd Quarter June 2019
Tuesday, August 6, 2019 6:00:00 AM
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Summary

Becton Dickinson Beats

Becton Dickinson (BDX) reported 3rd Quarter June 2019 earnings of $3.08 per share on revenue of $4.4 billion. The consensus earnings estimate was $3.05 per share on revenue of $4.4 billion. The Earnings Whisper number was $3.06 per share. Revenue grew 1.7% on a year-over-year basis.

The company said it continues to expect fiscal 2019 earnings of $11.65 to $11.75 per share on revenue of $17.26 billion to $17.42 billion. The current consensus earnings estimate is $11.68 per share on revenue of $17.28 billion for the year ending September 30, 2019.

Becton Dickinson & Co is a medical technology company, engaged in the manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, general public and clinical laboratories.

Results
Reported Earnings
$3.08
Earnings Whisper
$3.06
Consensus Estimate
$3.05
Reported Revenue
$4.35 Bil
Revenue Estimate
$4.35 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

BD Announces Results For 2019 Third Fiscal Quarter; Reaffirms Fiscal 2019 Guidance

FRANKLIN LAKES, N.J., Aug. 6, 2019 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $4.350 billion for the third fiscal quarter ended June 30, 2019.  This represents an increase of 1.7 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues increased 5.7 percent over the prior-year period.

"Third quarter performance was strong. Our revenues highlight the breadth and diversity of the growth drivers in our portfolio, and we are seeing strength across all three segments," said Vincent A. Forlenza, chairman and CEO. "As anticipated, our performance has accelerated and we expect this momentum to continue. We remain confident in our outlook for fiscal year 2019 and our ability to deliver value to customers and shareholders."

Third Quarter and Nine-Month Fiscal 2019 Operating Results
As reported, diluted earnings per share for the third quarter were $1.51, compared with $2.03 in the prior-year period.  This represents a decrease of 25.6 percent.  Adjusted diluted earnings per share were $3.08, compared with $2.91 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 5.8 percent, or 14.8 percent on a currency-neutral basis.

For the nine-month period ended June 30, 2019, as reported, diluted earnings per share were $3.49, compared with $1.27 in the prior-year period.  This represents an increase of 174.8 percent.  Adjusted diluted earnings per share were $8.37, compared with $8.08 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 3.6 percent, or 11.6 percent on a currency-neutral basis.

Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter of $2.311 billion increased 2.9 percent over the prior-year period, or 6.0 percent on a currency-neutral basis.  The segment's results were driven by performance in the Medication Management Solutions, Medication Delivery Solutions and Pharmaceutical Systems units.

For the nine-month period ended June 30, 2019, BD Medical revenues were $6.626 billion as reported, which represents an increase of 5.7 percent over the prior-year period.  On a comparable, currency-neutral basis, BD Medical revenues increased 5.0 percent.

In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of $1.058 billion decreased 2.0 percent from the prior-year period.  On a comparable, currency-neutral basis, revenues increased 5.4 percent.  Revenue growth was driven by performance across the Diagnostic Systems, Preanalytical Systems and Biosciences units.

For the nine-month period ended June 30, 2019, BD Life Sciences revenues were $3.166 billion as reported, which represents a decrease of 1.7 percent from the prior-year period.  On a comparable, currency-neutral basis, BD Life Sciences revenues of $3.157 billion increased 4.3 percent.

In the BD Interventional segment, as reported, worldwide revenues for the quarter of $0.981 billion increased 2.9 percent over the prior-year period, or 5.2 percent on a currency-neutral basis.  The segment's results were driven by performance in the Urology and Critical Care and Surgery units.

For the nine-month period ended June 30, 2019, BD Interventional revenues were $2.914 billion as reported, which represents an increase of 39.5 percent over the prior-year period.  On a comparable, currency-neutral basis, BD Interventional revenues increased 4.8 percent.

Geographic Results
As reported, third quarter revenues in the U.S. of $2.440 billion increased 4.4 percent over the prior-year period.  On a comparable basis, U.S. revenues increased 5.0 percent over the prior-year period.  Growth in the U.S. was driven by performance in the BD Medical and BD Interventional segments.

As reported, revenues outside of the U.S. of $1.910 billion decreased 1.6 percent from the prior-year period.  On a comparable, currency-neutral basis, revenues outside of the U.S. increased 6.5 percent over the prior-year period.  International revenue growth was driven by strong performance in China and EMA.

For the nine-month period ended June 30, 2019, U.S. revenues were $7.168 billion as reported, which represents an increase of 13.4 percent over the prior-year period.  On a comparable basis, U.S. revenues of $7.164 billion increased 4.4 percent over the prior-year period.  As reported, revenues outside of the U.S. of $5.538 billion increased 5.3 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues outside the U.S. of $5.533 billion increased 5.2 percent over the prior-year period.

Fiscal 2019 Outlook for Full Year
The company reaffirms its full fiscal year 2019 revenue and adjusted diluted earnings per share guidance.

As reported, the company continues to expect full fiscal year 2019 revenues to increase 8.0 to 9.0 percent.  The company continues to estimate full fiscal year 2019 revenues will increase 5.0 to 6.0 percent on a comparable, currency-neutral basis.

The company continues to expect adjusted diluted earnings per share to be between $11.65 and $11.75.  This represents growth of approximately 12.0 percent on a currency-neutral basis over fiscal 2018 adjusted diluted earnings per share of $11.01, or growth of approximately 6.0 to 7.0 percent including the estimated unfavorable impact of foreign currency.

Adjusted diluted earnings per share for fiscal 2019 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax matters.  BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts.  In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors.  Such items could have a substantial impact on GAAP measures of BD's financial performance.

Conference Call Information
A conference call regarding BD's third quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Tuesday, August 6, 2019.  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 13, 2019, confirmation number 1475284.

Non-GAAP Financial Measures/Financial Tables
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.  Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers.  Percentages and earnings per share amounts presented are calculated from the underlying amounts.

All "comparable" basis revenue growth rates relating to fiscal year 2019 presented throughout this release include, where applicable, the results of C. R. Bard, Inc. ("Bard") in the prior-year period, and also include adjustments for certain items as detailed in the attached tables. Beginning in the second quarter of fiscal year 2018, the Company's organizational structure was based upon three principal business segments: BD Medical ("Medical"), BD Life Sciences ("Life Sciences") and BD Interventional ("Interventional").  The Interventional segment was added upon the Company's completion of its acquisition of Bard, and this new segment includes the majority of Bard's product offerings and certain product offerings that were previously reported in the Medical segment.  Certain of Bard's product offerings are included under the Company's Medical segment, specifically within the new Medication Delivery Solutions unit, which was formerly the Medical segment's Medication and Procedural Solutions unit.  Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; transactional and product related impacts; and the loss on debt extinguishment.  We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable.  We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results.  Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.

About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com.

This press release, including the section entitled "Fiscal 2019 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.  These factors include, but are not limited to: risks relating to the integration of the C.R. Bard operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; new or changing laws and regulations impacting our business (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. healthcare system, potential cuts in governmental healthcare spending or measures to contain healthcare costs, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers' ability to provide products needed for our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; product efficacy or safety concerns resulting in product recalls or actions being taken by the FDA or other regulators (including the potential impact of the recent FDA letter on the use of drug-coated balloons); our ability to successfully integrate any businesses we acquire; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform outside the U.S., including changes in government pricing and reimbursement policies or other cost containment reforms; 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 millions, except share and per share data)






Three Months Ended June 30,



2019


2018


% Change

REVENUES


$

4,350



$

4,278



1.7









Cost of products sold


2,276



2,262



0.6


Selling and administrative expense


1,076



1,086



(0.9)


Research and development expense


282



277



2.1


Acquisitions and other restructurings


90



142



(37.1)


TOTAL OPERATING COSTS AND EXPENSES


3,725



3,767



(1.1)


OPERATING INCOME


626



512



22.2









Interest expense


(156)



(182)



(14.2)


Interest income


2



8



(73.8)


Other (expense) income, net


(11)



310



(103.7)


INCOME BEFORE INCOME TAXES


460



647



(28.9)


Income tax provision


9



53



(82.7)


NET INCOME


451



594



(24.1)


Preferred stock dividends


(38)



(38)




NET INCOME APPLICABLE TO COMMON SHAREHOLDERS

$

413



$

556



(25.7)









EARNINGS PER SHARE







Basic Earnings per Share


$

1.53



$

2.08



(26.4)


Diluted Earnings per Share


$

1.51



$

2.03



(25.6)









AVERAGE SHARES OUTSTANDING (in thousands)







Basic


270,249


267,836



Diluted


274,336


273,925



 

 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

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






Nine Months Ended June 30,



2019


2018


% Change

REVENUES


$

12,706



$

11,581



9.7









Cost of products sold


6,684



6,405



4.4


Selling and administrative expense


3,238



2,915



11.1


Research and development expense


792



727



8.9


Acquisitions and other restructurings


281



600



(53.2)


Other operating expense, net


61





100.0


TOTAL OPERATING COSTS AND EXPENSES


11,056



10,647



3.8


OPERATING INCOME


1,649



933



76.7









Interest expense


(498)



(525)



(5.1)


Interest income


8



55



(86.0)


Other income, net


19



295



(93.7)


INCOME BEFORE INCOME TAXES


1,178



759



55.3


Income tax provision


107



313



(65.7)


NET INCOME


1,071



446



140.2


Preferred stock dividends


(114)



(114)




NET INCOME APPLICABLE TO COMMON SHAREHOLDERS

$

957



$

332



188.2









EARNINGS PER SHARE







Basic Earnings per Share


$

3.55



$

1.30



173.1


Diluted Earnings per Share


$

3.49



$

1.27



174.8









AVERAGE SHARES OUTSTANDING (in thousands)







Basic


269,719


254,934



Diluted


274,510


260,860



 

 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions)










June 30, 2019


September 30, 2018



(Unaudited)



ASSETS





Cash and equivalents


$

523



$

1,140


Restricted cash


71



96


Short-term investments


12



17


Trade receivables, net


2,220



2,319


Inventories


2,629



2,451


Assets held for sale




137


Prepaid expenses and other


1,326



1,251


TOTAL CURRENT ASSETS


6,781



7,411


Property, plant and equipment, net


5,550



5,375


Goodwill and other intangibles, net


38,840



40,041


Other Assets


1,063



1,078


TOTAL ASSETS


$

52,233



$

53,904


LIABILITIES AND SHAREHOLDERS' EQUITY





Short-term debt


$

2,168



$

2,601


Other current liabilities


4,069



4,615


Long-term debt


18,016



18,894


Long-term employee benefit obligations


862



1,056


Deferred income taxes and other


5,621



5,743


Shareholders' equity


21,497



20,994


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

52,233



$

53,904


 

 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Amounts in millions)






Nine Months Ended June 30,



2019


2018

OPERATING ACTIVITIES





Net income


$

1,071



$

446


Depreciation and amortization


1,700



1,412


Change in operating assets and liabilities and other, net


(812)



(299)


NET CASH PROVIDED BY OPERATING ACTIVITIES


1,959



1,559


INVESTING ACTIVITIES





Capital expenditures


(599)



(588)


Acquisitions of businesses, net of cash acquired




(14,998)


Proceeds from divestitures, net


477



534


Other, net


(178)



(120)


NET CASH USED FOR INVESTING ACTIVITIES


(300)



(15,173)


FINANCING ACTIVITIES





Change in credit facility borrowings


300



200


Proceeds from long-term debt and term loans


2,224



4,335


Payments of debt and term loans


(3,882)



(2,723)


Dividends paid


(737)



(687)


Other, net


(204)



(176)


NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES


(2,300)



949


Effect of exchange rate changes on cash and equivalents and restricted cash


(1)



(5)


NET DECREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH


(642)



(12,670)


OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH


1,236



14,179


CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH


$

594



$

1,509


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Three Months Ended June 30,

(Unaudited; Amounts in millions)










A


B


C=(A-B)/B



2019


2018


% Change

BD MEDICAL







Medication Delivery Solutions


$

524



$

505



3.7


Medication Management Solutions


528



483



9.3


Diabetes Care


139



138



0.7


Pharmaceutical Systems


108



103



4.6


TOTAL


$

1,299



$

1,230



5.7









BD LIFE SCIENCES







Preanalytical Systems


$

203



$

199



1.9


Diagnostic Systems


155



151



3.0


Biosciences


117



126



(7.2)


TOTAL


$

475



$

476



(0.2)









BD INTERVENTIONAL







Surgery


$

273



$

259



5.7


Peripheral Intervention


195



195



(0.2)


Urology and Critical Care


198



178



10.9


TOTAL


$

666



$

632



5.3









TOTAL UNITED STATES


$

2,440



$

2,338



4.4


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)
























D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions

$

460



$

471



$

(33)



(2.4)



4.5


Medication Management Solutions

129



127



(9)



1.7



8.8


Diabetes Care


136



138



(9)



(1.5)



5.0


Pharmaceutical Systems

286



279



(18)



2.5



9.0


TOTAL


$

1,011



$

1,016



$

(69)



(0.4)



6.4













BD LIFE SCIENCES










Preanalytical Systems

$

204



$

205



$

(16)



(0.4)



7.5


Diagnostic Systems

212



211



(14)



0.7



7.5


Biosciences


167



188



(9)



(11.1)



(6.3)


TOTAL


$

583



$

603



$

(40)



(3.4)



3.2













BD INTERVENTIONAL










Surgery


$

76



$

77



$

(5)



(2.0)



4.7


Peripheral Intervention

155



157



(11)



(1.5)



5.5


Urology and Critical Care

85



87



(5)



(2.4)



3.6


TOTAL


$

316



$

322



$

(21)



(1.9)



4.8













TOTAL INTERNATIONAL

$

1,910



$

1,941



$

(130)



(1.6)



5.1


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)
























D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions

$

984



$

977



$

(33)



0.8



4.1


Medication Management Solutions

658



610



(9)



7.7



9.2


Diabetes Care


275



276



(9)



(0.4)



2.9


Pharmaceutical Systems

394



383



(18)



3.1



7.8


TOTAL


$

2,311



$

2,246



$

(69)



2.9



6.0













BD LIFE SCIENCES










Preanalytical Systems

$

407



$

404



$

(16)



0.7



4.7


Diagnostic Systems

368



362



(14)



1.7



5.6


Biosciences


284



314



(9)



(9.6)



(6.7)


TOTAL


$

1,058



$

1,079



$

(40)



(2.0)



1.7













BD INTERVENTIONAL










Surgery


$

349



$

336



$

(5)



3.9



5.4


Peripheral Intervention

350



353



(11)



(0.8)



2.3


Urology and Critical Care

283



265



(5)



6.5



8.5


TOTAL


$

981



$

954



$

(21)



2.9



5.2













TOTAL REVENUES

$

4,350



$

4,278



$

(130)



1.7



4.7


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Nine Months Ended June 30,

(Unaudited; Amounts in millions)












A


B


C=(A-B)/B



2019


2018


% Change

BD MEDICAL







Medication Delivery Solutions


$

1,528



$

1,379



10.8


Medication Management Solutions


1,531



1,415



8.3


Diabetes Care


421



415



1.6


Pharmaceutical Systems


269



239



12.4


TOTAL


$

3,750



$

3,448



8.7









BD LIFE SCIENCES







Preanalytical Systems


$

574



$

565



1.7


Diagnostic Systems


510



518



(1.5)


Biosciences


345



350



(1.4)


TOTAL


$

1,430



$

1,433



(0.2)









BD INTERVENTIONAL







Surgery


$

819



$

687



19.2


Peripheral Intervention


580



393



47.5


Urology and Critical Care


590



358



65.0


TOTAL


$

1,989



$

1,438



38.3









TOTAL UNITED STATES


$

7,168



$

6,319



13.4


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)
























D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions

$

1,344



$

1,298



$

(83)



3.5



10.0


Medication Management Solutions

365



364



(20)



0.3



5.9


Diabetes Care


397



405



(23)



(2.0)



3.7


Pharmaceutical Systems

771



755



(37)



2.1



7.0


TOTAL


$

2,877



$

2,822



$

(163)



2.0



7.7













BD LIFE SCIENCES










Preanalytical Systems

$

591



$

595



$

(40)



(0.7)



5.9


Diagnostic Systems

628



634



(34)



(0.9)



4.4


Biosciences


517



559



(23)



(7.6)



(3.4)


TOTAL


$

1,736



$

1,789



$

(97)



(2.9)



2.5













BD INTERVENTIONAL










Surgery


$

223



$

177



$

(11)



26.5



33.0


Peripheral Intervention

449



303



(25)



47.9



56.2


Urology and Critical Care

253



171



(11)



47.7



54.2


TOTAL


$

925



$

651



$

(47)



42.1



49.4













TOTAL INTERNATIONAL

$

5,538



$

5,261



$

(307)



5.3



11.1


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)

























D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

2,871



$

2,677



$

(83)



7.3



10.4


Medication Management Solutions


1,896



1,778



(20)



6.6



7.8


Diabetes Care


819



820



(23)



(0.2)



2.6


Pharmaceutical Systems


1,040



994



(37)



4.6



8.3


TOTAL


$

6,626



$

6,270



$

(163)



5.7



8.3













BD LIFE SCIENCES











Preanalytical Systems


$

1,165



$

1,160



$

(40)



0.4



3.9


Diagnostic Systems


1,138



1,152



(34)



(1.2)



1.7


Biosciences


862



910



(23)



(5.2)



(2.7)


TOTAL


$

3,166



$

3,222



$

(97)



(1.7)



1.3













BD INTERVENTIONAL











Surgery


$

1,042



$

864



$

(11)



20.7



22.0


Peripheral Intervention


1,029



697



(25)



47.7



51.3


Urology and Critical Care


843



529



(11)



59.4



61.5


TOTAL


$

2,914



$

2,089



$

(47)



39.5



41.7













TOTAL REVENUES


$

12,706



$

11,581



$

(307)



9.7



12.4


 

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES

Three Months Ended June 30,

(Unaudited; Amounts in millions)






A



B


C


D=B+C



E=(A-D)/D



BD
Reported



BD
Reported


Divestiture
and Other
Adjustments  (a)


Comparable



Comparable
% Change



2019



2018



2018



BD MEDICAL













Medication Delivery Solutions

$

524




$

505



$



$

505




3.7


Medication Management Solutions

528




483





483




9.3


Diabetes Care


139




138





138




0.7


Pharmaceutical Systems

108




103





103




4.6


TOTAL


$

1,299




$

1,230



$



$

1,230




5.7















BD LIFE SCIENCES












Preanalytical Systems

$

203




$

199



$



$

199




1.9


Diagnostic Systems

155




151





151




3.0


Biosciences


117




126



(14)



112




4.7


TOTAL


$

475




$

476



$

(14)



$

462




2.9















BD INTERVENTIONAL












Surgery


$

273




$

259



$



$

259




5.7


Peripheral Intervention

195




195





195




(0.2)


Urology and Critical Care

198




178





178




10.9


TOTAL


$

666




$

632



$



$

632




5.3















TOTAL UNITED STATES

$

2,440




$

2,338



$

(14)



$

2,323




5.0


 

(a)     

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)



































A



B


C


D=B+C



E


F=(A-D-E)/D



BD
Reported



BD
Reported


Divestiture
Adjustments (a)


Comparable



FX Impact
(b)


FXN
% Change



2019



2018



2018




BD MEDICAL















Medication Delivery Solutions

$

460




$

471



$



$

471




$

(33)



4.7


Medication Management Solutions

129




127





127




(9)



8.8


Diabetes Care


136




138





138




(9)



5.3


Pharmaceutical Systems

286




279





279




(18)



9.0


TOTAL


$

1,011




$

1,016



$



$

1,016




$

(70)



6.5

















BD LIFE SCIENCES














Preanalytical Systems

$

204




$

205



$



$

205




$

(18)



8.1


Diagnostic Systems

212




211





211




(16)



8.2


Biosciences


167




188



(20)



167




(10)



5.3


TOTAL


$

583




$

603



$

(20)



$

583




$

(43)



7.4

















BD INTERVENTIONAL














Surgery


$

76




$

77



$



$

77




$

(5)



4.7


Peripheral Intervention

155




157





157




(11)



5.5


Urology and Critical Care

85




87





87




(5)



3.6


TOTAL


$

316




$

322



$



$

322




$

(21)



4.8

















TOTAL INTERNATIONAL

$

1,910




$

1,941



$

(20)



$

1,920




$

(135)



6.5


 

(a)     

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

(b)    

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended June 30, 2019.  The total foreign currency translation impact above includes $5 million that was calculated by comparing local currency revenues in Argentina for the quarter ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)























A



B


C


D=B+C



E


F=(A-D-E)/D



BD
Reported



BD
Reported


Divestiture
and Other
Adjustments  (a)


Comparable



FX Impact
(b)


FXN
% Change



2019



2018



2018




BD MEDICAL















Medication Delivery Solutions

$

984




$

977



$



$

977




$

(33)



4.2


Medication Management Solutions

658




610





610




(9)



9.2


Diabetes Care


275




276





276




(9)



3.0


Pharmaceutical Systems

394




383





383




(18)



7.8


TOTAL


$

2,311




$

2,246



$



$

2,246




$

(70)



6.0

















BD LIFE SCIENCES














Preanalytical Systems

$

407




$

404



$



$

404




$

(18)



5.0


Diagnostic Systems

368




362





362




(16)



6.0


Biosciences


284




314



(35)



279




(10)



5.1


TOTAL


$

1,058




$

1,079



$

(35)



$

1,045




$

(43)



5.4

















BD INTERVENTIONAL














Surgery


$

349




$

336



$



$

336




$

(5)



5.4


Peripheral Intervention

350




353





353




(11)



2.3


Urology and Critical Care

283




265





265




(5)



8.5


TOTAL


$

981




$

954



$



$

954




$

(21)



5.2

















TOTAL REVENUES

$

4,350




$

4,278



$

(35)



$

4,244




$

(135)



5.7


 

(a)     

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

(b)    

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended June 30, 2019.  The total foreign currency translation impact above includes $5 million that was calculated by comparing local currency revenues in Argentina for the quarter ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES

Nine Months Ended June 30,

(Unaudited; Amounts in millions)































A


B


C=A+B



D


E


F


G


H=D+E+F+G



I=(C-H)/H



BD
Reported


Divestiture
Adjustments
(a)


Comparable



BD
Reported


Bard Q1 (b)


Intercompany
Adjustment
(c)


Divestiture
and Other 
Adjustments
(a)


Comparable



Comparable
% Change



2019



2019



2018


2018




2018



BD MEDICAL





















Medication Delivery Solutions

$

1,528



$



$

1,528




$

1,379



$

145



$

(3)



$

(9)



$

1,512




1.0


Medication Management Solutions

1,531





1,531




1,415









1,415




8.3


Diabetes Care


421





421




415









415




1.6


Pharmaceutical Systems

269





269




239









239




12.4


TOTAL


$

3,750



$



$

3,750




$

3,448



$

145



$

(3)



$

(9)



$

3,581




4.7























BD LIFE SCIENCES




















Preanalytical Systems

$

574



$



$

574




$

565



$



$



$

(12)



$

553




3.9


Diagnostic Systems

510





510




518









518




(1.5)


Biosciences


345



(4)



342




350







(34)



317




7.9


TOTAL


$

1,430



$

(4)



$

1,426




$

1,433



$



$



$

(46)



$

1,388




2.8























BD INTERVENTIONAL




















Surgery


$

819



$



$

819




$

687



$

105



$



$

(15)



$

777




5.4


Peripheral Intervention

580





580




393



188







581




(0.3)


Urology and Critical Care

590





590




358



177







535




10.4


TOTAL


$

1,989



$



$

1,989




$

1,438



$

470



$



$

(15)



$

1,893




5.0























TOTAL UNITED STATES

$

7,168



$

(4)



$

7,164




$

6,319



$

614



$

(3)



$

(69)



$

6,862




4.4


 

(a)     

The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business.  The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line.  Additionally, Medication Delivery Solutions and Preanalytical Systems results for the nine months ended June 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018.  Accordingly, to ensure comparability of revenue growth, the results for the nine months ended June 30, 2018 have been adjusted to reflect these cumulative fees.  The Company records rebate and customer incentive fees as a reduction to revenue.

(b)    

Amounts represent revenues for the quarter ended December 31, 2017.  BD reported a Gore royalty amount, which was previously reported as revenues by Bard, as non-operating income in the current-year period.

(c)     

Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)































A


B


C=A+B



D


E


F


G=D+E+F



H


I=(C-G-H)/G



BD
Reported


Divestiture
Adjustments
(a)


Comparable



BD
Reported


Bard Q1 (b)


Divestiture
Adjustments 
(a)


Comparable



FX Impact
(c)


FXN
% Change



2019



2019



2018


2018



2018




BD MEDICAL





















Medication Delivery Solutions

$

1,344



$



$

1,344




$

1,298



$

68



$



$

1,366




$

(87)



4.7


Medication Management Solutions

365





365




364







364




(20)



5.9


Diabetes Care


397





397




405







405




(24)



4.0


Pharmaceutical Systems

771





771




755







755




(37)



7.0


TOTAL


$

2,877



$



$

2,877




$

2,822



$

68



$



$

2,890




$

(168)



5.4























BD LIFE SCIENCES




















Preanalytical Systems

$

591



$



$

591




$

595



$



$



$

595




$

(45)



6.8


Diagnostic Systems

628





628




634







634




(39)



5.3


Biosciences


517



(5)



512




559





(43)



516




(26)



4.2


TOTAL


$

1,736



$

(5)



$

1,731




$

1,789



$



$

(43)



$

1,746




$

(110)



5.5























BD INTERVENTIONAL




















Surgery


$

223



$



$

223




$

177



$

49



$

(3)



$

222




$

(11)



5.7


Peripheral Intervention

449





449




303



146





449




(25)



5.5


Urology and Critical Care

253





253




171



90





261




(11)



0.9


TOTAL


$

925



$



$

925




$

651



$

285



$

(3)



$

933




$

(47)



4.2























TOTAL INTERNATIONAL

$

5,538



$

(5)



$

5,533




$

5,261



$

353



$

(46)



$

5,568




$

(325)



5.2


 

(a)     

The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business.  The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line.

(b)    

Amounts represent revenues for the quarter ended December 31, 2017.

(c)     

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the nine months ended June 30, 2019.  The total foreign currency translation impact above includes $18 million that was calculated by comparing local currency revenues in Argentina for the nine months ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)





































A


B


C=A+B



D


E


F


G


H=D+E+F+G



I


J=(C-H-I)/H



BD
Reported


Divestiture
Adjustments
(a)


Comparable



BD
Reported


Bard Q1 (b)


Intercompany
Adjustment
(c)


Divestiture
and Other
Adjustments 
(a)


Comparable



FX Impact
(d)


FXN
% Change



2019



2019



2018


2018




2018




BD MEDICAL























Medication Delivery Solutions

$

2,871



$



$

2,871




$

2,677



$

213



$

(3)



$

(9)



$

2,878




$

(87)



2.8


Medication Management Solutions

1,896





1,896




1,778









1,778




(20)



7.8


Diabetes Care


819





819




820









820




(24)



2.8


Pharmaceutical Systems

1,040





1,040




994









994




(37)



8.3


TOTAL


$

6,626



$



$

6,626




$

6,270



$

213



$

(3)



$

(9)



$

6,471




$

(168)



5.0

























BD LIFE SCIENCES






















Preanalytical Systems

$

1,165



$



$

1,165




$

1,160



$



$



$

(12)



$

1,148




$

(45)



5.4


Diagnostic Systems

1,138





1,138




1,152









1,152




(39)



2.2


Biosciences


862



(9)



854




910







(77)



833




(26)



5.6


TOTAL


$

3,166



$

(9)



$

3,157




$

3,222



$



$



$

(89)



$

3,133




$

(110)



4.3

























BD INTERVENTIONAL






















Surgery


$

1,042



$



$

1,042




$

864



$

153



$



$

(18)



$

999




$

(11)



5.4


Peripheral Intervention

1,029





1,029




697



334







1,030




(25)



2.2


Urology and Critical Care

843





843




529



267







796




(11)



7.3


TOTAL


$

2,914



$



$

2,914




$

2,089



$

755



$



$

(18)



$

2,826




$

(47)



4.8

























TOTAL REVENUES


$

12,706



$

(9)



$

12,697




$

11,581



$

968



$

(3)



$

(115)



$

12,430




$

(325)



4.8


 

(a)     

The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business.  The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line.  Additionally, Medication Delivery Solutions and Preanalytical Systems results for the nine months ended June 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018.  Accordingly, to ensure comparability of revenue growth, the results for the nine months ended June 30, 2018 have been adjusted to reflect these cumulative fees.  The Company records rebate and customer incentive fees as a reduction to revenue.

(b)    

Amounts represent revenues for the quarter ended December 31, 2017.  BD reported a Gore royalty amount, which was previously reported as revenues by Bard, as non-operating income in the current-year period.

(c)     

Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period.

(d)    

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the nine months ended June 30, 2019.  The total foreign currency translation impact above includes $18 million that was calculated by comparing local currency revenues in Argentina for the nine months ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)





























Three Months Ended June 30,


2019


2018


Growth


Foreign

Currency

Translation


Foreign

Currency

Neutral

Growth


Growth %


Foreign

Currency

Neutral

Growth %

Reported Diluted Earnings per Share

$

1.51


$

2.03


$

(0.52)


$

(0.25)


$

(0.27)


(25.6)

%


(13.3)

%

Purchase accounting adjustments ($378 million and $433 million pre-tax, respectively) (1)

1.38


1.58




(0.01)







Restructuring costs ($27 million and $33 million pre-tax, respectively) (2)

0.10


0.12










Integration costs ($63 million and $103 million pre-tax, respectively) (2)

0.23


0.37










Impacts of debt extinguishment ($52 million and $3 million pre-tax, respectively) (3)

0.19


0.01










Net impact of gain on sale of investment and asset impairments ($30 million and $(214) million pre-tax, respectively) (4)

0.11


(0.78)










European regulatory initiative-related costs ($14 million pre-tax) (5)

0.05











Hurricane-related (insurance proceeds) recovery costs ($(10) million and $3 million pre-tax, respectively)

(0.04)


0.01










Transaction costs ($11 million pre-tax) (2)


0.04










Income tax benefit of special items and impact of tax reform ($120 million and $130 million, respectively)

(0.44)


(0.48)










Adjusted Diluted Earnings per Share

$

3.08


$

2.91


$

0.17


$

(0.26)


$

0.43


5.8

%


14.8

%

 

(1)

Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.  The amount in 2018 also included a fair value step-up adjustment of $56 million recorded relative to Bard's inventory on the acquisition date.

(2)

Represents restructuring, integration and transaction costs associated with acquisitions.

(3)

Represents the impacts recognized upon the extinguishment of certain long-term senior notes.

(4)

The amount in 2019 represented a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit.  The amount in 2018 included the net amount recognized in the period related to BD's sale of its non-controlling interest in Vyaire Medical, partially offset by $81 million of charges recorded to write down the carrying value of certain intangible and other assets in the Biosciences unit.

(5)

Represents initial costs required to develop processes and systems to comply with emerging regulations such as the European Union Medical Device Regulation ("EUMDR") and General Data Protection Regulation ("GDPR").

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)






Nine Months Ended June 30,



2019


2018


Growth


Foreign

Currency

Translation


Foreign

Currency

Neutral

Growth


Growth %


Foreign

Currency

Neutral

Growth %

Reported Diluted Earnings per Share

$

3.49



$

1.27



$

2.22



$

(0.64)



$

2.86



174.8

%


225.2

%

Purchase accounting adjustments ($1.135 billion and $1.358 billion pre-tax, respectively) (1)

4.14



5.21





(0.01)








Restructuring costs ($99 million and $288 million pre-tax, respectively) (2)

0.36



1.10












Integration costs ($206 million and $255 million pre-tax, respectively) (2)

0.75



0.98












Transaction gain/loss and product-related matters ($61 million pre-tax) (3)

0.22














Impacts of debt extinguishment ($53 million and $16 million pre-tax, respectively) (4)

0.19



0.06












Net impact of gain on sale of investment and asset impairments ($30 million and $(214) million pre-tax, respectively) (5)

0.11



(0.82)












European regulatory initiative-related costs ($29 million pre-tax) (6)

0.11














Hurricane-related (insurance proceeds) recovery costs ($(10) million and $15 million pre-tax, respectively)

(0.04)



0.06












Transaction costs ($1 million and $61 million pre-tax, respectively) (2)



0.23












Financing impacts ($49 million pre-tax) (7)



0.19












Dilutive Impact (8)



0.31












Income tax benefit of special items and impact of tax reform ($263 million and $133 million, respectively) (9)

(0.96)



(0.51)












Adjusted Diluted Earnings per Share

$

8.37



$

8.08



$

0.29



$

(0.65)



$

0.94



3.6

%


11.6

%

 

(1)

Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.  The amount in 2018 also included a fair value step-up adjustment of $478 million recorded relative to Bard's inventory on the acquisition date.

(2)

Represents restructuring, integration and transaction costs associated with acquisitions.

(3)

Includes amounts recorded to Other operating expense, net to record product liability reserves of $331 million and the estimated cumulative costs of a product recall of $65 million.  Also includes the pre-tax gain of $336 million recognized in Other operating expense, net related to BD's sale of its Advanced Bioprocessing business.

(4)

Represents the impacts recognized upon the extinguishment of certain long-term senior notes.

(5)

The amount in 2019 represented a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit.  The amount in 2018 included the net amount recognized in the period related to BD's sale of its non-controlling interest in Vyaire Medical, partially offset by $81 million of charges recorded to write down the carrying value of certain intangible and other assets in the Biosciences unit.

(6)

Represents initial costs required to develop processes and systems to comply with emerging regulations such as the EUMDR and GDPR.

(7)

Represents financing impacts associated with the Bard acquisition.

(8)

Represents the dilutive impact of BD shares issued in May 2017, in anticipation of the Bard acquisition and BD shares issued as consideration transferred to acquire Bard.  The adjusted diluted average shares outstanding (in thousands) was 255,697.

(9)

The amounts for the nine months ended June 30, 2019 and 2018 included additional tax (benefit) expense, net, of $(54) million and $275 million, respectively, relating to new U.S. tax legislation.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2019 OUTLOOK RECONCILIATION













FY2018


FY2019 Outlook



Revenues


% Change


FX Impact


% Change FXN










BDX Revenue


$

15,983



8.0% to 9.0%


~2.5%


10.5% to 11.5%










Comparable Revenue Growth










BD Including Bard









FY2018


FY2019 Outlook







Revenues


% Change FXN
Comparable














BDX As Reported Revenue


$

15,983








Bard Q1


968








Intercompany Adjustment


(3)








Rebate Adjustment


(21)








Divestiture Adjustment (1)(2)

(124)








BDX NewCo Comparable Revenue

$

16,803



5.0% to 6.0%














FXN - Foreign Currency Neutral

























































































BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2019 OUTLOOK RECONCILIATION (continued)







FY2018


FY2019 Outlook







Revenues


% Change FXN
Comparable





BD Medical As Reported Revenue

$

8,616








Bard Q1


213








Intercompany Adjustment


(3)








Rebate Adjustment


(9)








BD Medical Comparable Revenue

8,817



5.0% to 6.0%























BD Life Sciences As Reported Revenue


$

4,330








Rebate Adjustment


(12)








Divestiture Adjustment (1)


(106)








BD Life Sciences Comparable Revenue

$

4,212



4.0% to 5.0%














BD Interventional as Reported Revenue

$

3,037








Bard Q1


755








Divestiture Adjustment (2)


(18)








BD Interventional Comparable Revenue

$

3,774



4.5% to 5.5%














FXN - Foreign Currency Neutral








(1)   Excludes the impact from the divestiture of BD's Advanced Bioprocessing business.

(2)   Excludes the impact from the divestitures of BD's soft tissue core needle biopsy product line and Bard's Aspira product line of tunneled home drainage catheters and accessories.














































BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY 2019 OUTLOOK RECONCILIATION (continued)









FY2019 Outlook





Full Year
FY2018


Full Year
FY2019 Outlook


% Increase



Reported Fully Diluted Earnings per Share

$

0.60








Purchase accounting adjustments ($1.733 billion pre-tax) (1)

6.55








Restructuring costs ($344 million pre-tax) (2)

1.30








Integration costs ($344 million pre-tax) (2)

1.30








Transaction costs ($56 million pre-tax) (3)

0.21








Financing impacts ($49 million pre-tax) (4)

0.19








Hurricane recovery costs ($17 million pre-tax)

0.07








Losses on debt extinguishment ($16 million pre-tax) (5)

0.06








Net impact of gain on sale of investment and asset impairments ($(151) million pre-tax) (6)

(0.57)








Dilutive Impact (7)


0.30








Impact of tax reform and income tax benefit of special items ($265 million) (8)

1.00








Adjusted Fully Diluted Earnings per Share

$

11.01



$11.65 to 11.75


6.0% to 7.0%












Estimated FX Impact






~5.5%












Adjusted FXN Growth






~12.0%



 

FXN - Foreign Currency Neutral



(1)

Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.  The amount in 2018 also included a fair value step-up adjustment of $478 million recorded relative to Bard's inventory on the acquisition date.

(2)

Represents restructuring and integration costs associated with the Bard and CareFusion acquisitions, as well as restructuring costs associated with other portfolio rationalization initiatives.

(3)

Represents transaction costs primarily associated with the Bard acquisition.

(4)

Represents financing impacts associated with the Bard acquisition.

(5)

Represents losses recognized upon the extinguishment of certain long-term senior notes.

(6)

Represents the net amount recognized in the period related to BD's sale of its non-controlling interest in Vyaire Medical, partially offset by $81 million of charges recorded to write down the carrying value of certain intangible and other assets in the Biosciences unit as well as $58 million of charges to write down the value of fixed assets primarily in the Diabetes Care unit.

(7)

Represents the dilutive impact of BD shares issued in May 2017, in anticipation of the Bard acquisition and BD shares issued as consideration transferred to acquire Bard.  The adjusted diluted average shares outstanding (in thousands) was 260,758.

(8)

Includes additional tax expense, net, of $640 million relating to new U.S. tax legislation.

 

 

Contact:
Monique N. Dolecki, Investor Relations - 201-847-5378
Kristen Cardillo, Corporate Communications - 201-847-5657

 

Cision View original content:http://www.prnewswire.com/news-releases/bd-announces-results-for-2019-third-fiscal-quarter-reaffirms-fiscal-2019-guidance-300896655.html

SOURCE BD (Becton, Dickinson and Company)