FRANKLIN LAKES, N.J.,
Feb. 5, 2019 /PRNewswire/ -- BD (Becton, Dickinson and
Company) (NYSE: BDX), a leading global medical technology company,
today reported quarterly revenues of $4.160
billion for the first fiscal quarter ended December 31,
2018. This represents an increase of 35.1 percent from the
prior-year period, which is primarily due to the acquisition of C.
R. Bard. On a comparable, currency-neutral basis, revenues
increased 5.2 percent over the prior-year period.
"We are very pleased with our strong start to fiscal year 2019.
As noted in our pre-announcement, results were better than expected
across all three segments," said Vincent A.
Forlenza, Chairman and CEO. "It is evident that the
combination of BD and C. R. Bard is delivering value to customers,
patients and shareholders around the world."
First Quarter Fiscal 2019 Operating Results
As
reported, diluted earnings per share for the first quarter were
$2.05, compared with $(0.76) in the prior-year period. This
represents an increase of 369.7 percent and is primarily due to the
gain on the sale of the Advanced Bioprocessing business, and net
expense related to U.S. tax reform in the prior-year period.
Adjusted diluted earnings per share were $2.70, compared with $2.48 in the prior-year period. This
represents an increase in adjusted diluted earnings per share of
8.9 percent, or 14.9 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, as
reported, worldwide revenues for the quarter of $2.135 billion increased 15.3 percent from the
prior-year period, primarily due to the acquisition of C. R.
Bard. On a comparable, currency-neutral basis, BD Medical
revenues increased 5.2 percent over the prior-year period.
The segment's results were driven by strong performance in the
Medication Management Solutions and Pharmaceutical Systems
units.
In the BD Life Sciences segment, as reported, worldwide revenues
for the quarter were $1.056
billion. This represents an increase of 1.0 percent
over the prior-year period. On a comparable, currency-neutral
basis that excludes the revenues associated with the divested
Advanced Bioprocessing business, BD Life Sciences revenues of
$1.047 billion increased 4.7 percent
over the prior-year period. Revenue growth was primarily
driven by strong performance in the Preanalytical Systems unit.
In the BD Interventional segment, as reported, worldwide
revenues for the quarter were $0.970
billion. On a comparable, currency-neutral basis,
revenues increased 5.7 percent over the prior-year period.
The segment's results reflect strong performance in the Surgery and
Urology and Critical Care units. Growth in the Peripheral
Intervention unit reflects a tough comparison to the prior-year
period.
Geographic Results
As reported, first quarter
revenues in the U.S. of $2.387
billion increased 44.1 percent from the prior-year period,
primarily due to the acquisition of C. R. Bard. On a
comparable basis, U.S. revenues increased 6.0 percent over the
prior-year period. Growth in the U.S. was driven by strong
performance from all three segments.
As reported, revenues outside of the U.S. of $1.773 billion increased 24.6 percent from the
prior-year period, primarily due to the acquisition of C. R.
Bard. On a comparable, currency-neutral basis, revenues
outside of the U.S. increased 4.1 percent over the prior-year
period. International revenue growth was driven by strong
performance in China and the rest
of Asia, as well as Latin America.
Fiscal 2019 Outlook for Full Year
The company
reaffirms previously issued fiscal year 2019 revenue and adjusted
diluted earnings per share guidance.
As reported, the company expects full fiscal year 2019 revenues
to increase 8.5 to 9.5 percent, primarily due to the C. R. Bard
acquisition. The company estimates full fiscal year 2019
revenues will increase 5.0 to 6.0 percent on a comparable,
currency-neutral basis.
The company expects adjusted diluted earnings per share to be
between $12.05 and $12.15, resulting in growth of approximately 13.0
to 14.0 percent on a currency-neutral basis. This represents
growth of approximately 10.0 percent, including the estimated
unfavorable impact of foreign currency, over fiscal 2018 adjusted
diluted earnings per share of $11.01.
Estimated 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 first 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,
February 5, 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,
February 12, 2019, confirmation number 7064558.
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. Prior-year amounts have been revised to
reflect the movement of certain product offerings that were
previously reported in the Medical segment and that are now
reported in the Interventional segment, as discussed above.
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; 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
healthcare by developing innovative technology, services and
solutions that help advance both clinical therapy for patients and
clinical process for healthcare 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 healthcare. In 2017, BD welcomed C. R. Bard and its
products into the BD family. 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, utilization rates or otherwise, or our suppliers' ability
to provide products needed for our operations; our ability to
successfully integrate any businesses we acquire; 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; 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.
Contact:
Monique N. Dolecki, Investor
Relations - 201-847-5378
Kristen Cardillo, Corporate
Communications - 201-847-5657
BECTON DICKINSON AND
COMPANY
|
|
|
CONSOLIDATED INCOME
STATEMENTS
|
|
|
(Unaudited; Amounts
in millions, except share and per share data)
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2018
|
|
2017
|
|
% Change
|
REVENUES
|
|
$
|
4,160
|
|
|
$
|
3,080
|
|
|
35.1
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
2,187
|
|
|
1,527
|
|
|
43.2
|
|
Selling and
administrative expense
|
|
1,073
|
|
|
773
|
|
|
38.9
|
|
Research and
development expense
|
|
258
|
|
|
191
|
|
|
34.8
|
|
Acquisitions and
other restructurings
|
|
91
|
|
|
354
|
|
|
(74.4)
|
|
Other operating
income, net
|
|
(335)
|
|
|
—
|
|
|
100.0
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
3,273
|
|
|
2,845
|
|
|
15.1
|
|
OPERATING
INCOME
|
|
888
|
|
|
235
|
|
|
277.3
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(171)
|
|
|
(158)
|
|
|
7.7
|
|
Interest income,
net
|
|
(12)
|
|
|
44
|
|
|
(128.3)
|
|
Other income
(expense), net
|
|
10
|
|
|
(16)
|
|
|
163.6
|
|
INCOME BEFORE INCOME
TAXES
|
|
714
|
|
|
105
|
|
|
580.7
|
|
Income tax
provision
|
|
115
|
|
|
241
|
|
|
(52.4)
|
|
NET INCOME
(LOSS)
|
|
599
|
|
|
(136)
|
|
|
539.3
|
|
Preferred stock
dividends
|
|
(38)
|
|
|
(38)
|
|
|
—
|
|
NET INCOME (LOSS)
APPLICABLE TO COMMON SHAREHOLDERS
|
|
$
|
562
|
|
|
$
|
(174)
|
|
|
422.1
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
Basic Earnings (Loss)
per Share
|
|
$
|
2.09
|
|
|
$
|
(0.76)
|
|
|
375.0
|
|
Diluted Earnings
(Loss) per Share
|
|
$
|
2.05
|
|
|
$
|
(0.76)
|
|
|
369.7
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Basic
|
|
269,035
|
|
230,038
|
|
|
Diluted
|
|
274,256
|
|
230,038
|
|
|
BECTON DICKINSON AND
COMPANY
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
(Amounts in
millions)
|
|
|
|
|
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Cash and
equivalents
|
|
$
|
943
|
|
|
$
|
1,140
|
|
Restricted
cash
|
|
98
|
|
|
96
|
|
Short-term
investments
|
|
5
|
|
|
17
|
|
Trade receivables,
net
|
|
2,216
|
|
|
2,319
|
|
Inventories
|
|
2,522
|
|
|
2,451
|
|
Assets held for
sale
|
|
—
|
|
|
137
|
|
Prepaid expenses and
other
|
|
1,157
|
|
|
1,251
|
|
TOTAL CURRENT
ASSETS
|
|
6,941
|
|
|
7,411
|
|
Property, plant and
equipment, net
|
|
5,362
|
|
|
5,375
|
|
Goodwill and other
intangibles, net
|
|
39,567
|
|
|
40,041
|
|
Other
Assets
|
|
1,062
|
|
|
1,078
|
|
TOTAL
ASSETS
|
|
$
|
52,932
|
|
|
$
|
53,904
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Short-term
debt
|
|
$
|
3,254
|
|
|
$
|
2,601
|
|
Other current
liabilities
|
|
3,891
|
|
|
4,615
|
|
Long-term
debt
|
|
17,817
|
|
|
18,894
|
|
Long-term employee
benefit obligations
|
|
805
|
|
|
1,056
|
|
Deferred income taxes
and other
|
|
5,762
|
|
|
5,743
|
|
Shareholders'
equity
|
|
21,404
|
|
|
20,994
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$
|
52,932
|
|
|
$
|
53,904
|
|
BECTON DICKINSON AND
COMPANY
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2018
|
|
2017
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net income
(loss)
|
|
$
|
599
|
|
|
$
|
(136)
|
|
Depreciation and
amortization
|
|
563
|
|
|
291
|
|
Change in operating
assets and liabilities and other, net
|
|
(918)
|
|
|
166
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
|
245
|
|
|
320
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Capital
expenditures
|
|
(167)
|
|
|
(178)
|
|
Acquisitions of
businesses, net of cash acquired
|
|
—
|
|
|
(14,900)
|
|
Proceeds from
divestitures, net
|
|
476
|
|
|
—
|
|
Other, net
|
|
(9)
|
|
|
(125)
|
|
NET CASH PROVIDED BY
(USED FOR) INVESTING ACTIVITIES
|
|
299
|
|
|
(15,203)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Change in credit
facility borrowings
|
|
50
|
|
|
—
|
|
Proceeds from
long-term debt and term loans
|
|
—
|
|
|
2,250
|
|
Payments of debt and
term loans
|
|
(453)
|
|
|
—
|
|
Dividends
paid
|
|
(245)
|
|
|
(210)
|
|
Other, net
|
|
(86)
|
|
|
(101)
|
|
NET CASH (USED FOR)
PROVIDED BY FINANCING ACTIVITIES
|
|
(734)
|
|
|
1,938
|
|
Effect of exchange
rate changes on cash and equivalents and restricted cash
|
|
(5)
|
|
|
2
|
|
NET DECREASE IN CASH
AND EQUIVALENTS AND RESTRICTED CASH
|
|
(195)
|
|
|
(12,943)
|
|
OPENING CASH AND
EQUIVALENTS AND RESTRICTED CASH
|
|
1,236
|
|
|
14,179
|
|
CLOSING CASH AND
EQUIVALENTS AND RESTRICTED CASH
|
|
$
|
1,042
|
|
|
$
|
1,236
|
|
BECTON DICKINSON AND
COMPANY
|
|
|
SUPPLEMENTAL REVENUE
INFORMATION
|
|
|
REVENUES BY BUSINESS
SEGMENTS AND UNITS - UNITED STATES
|
Three Months Ended
December 31,
|
|
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2018
|
|
2017
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
520
|
|
|
$
|
370
|
|
|
40.5
|
|
Medication Management
Solutions
|
|
506
|
|
|
471
|
|
|
7.5
|
|
Diabetes
Care
|
|
145
|
|
|
146
|
|
|
(0.5)
|
|
Pharmaceutical
Systems
|
|
68
|
|
|
54
|
|
|
26.8
|
|
TOTAL
|
|
$
|
1,239
|
|
|
$
|
1,040
|
|
|
19.1
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
201
|
|
|
$
|
184
|
|
|
8.8
|
|
Diagnostic
Systems
|
|
175
|
|
|
167
|
|
|
5.2
|
|
Biosciences
|
|
108
|
|
|
108
|
|
|
(0.2)
|
|
TOTAL
|
|
$
|
484
|
|
|
$
|
459
|
|
|
5.4
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
275
|
|
|
$
|
152
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
191
|
|
|
5
|
|
|
NM
|
|
Urology and Critical
Care
|
|
197
|
|
|
—
|
|
|
NM
|
|
TOTAL
|
|
$
|
664
|
|
|
$
|
157
|
|
|
NM
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
2,387
|
|
|
$
|
1,657
|
|
|
44.1
|
|
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $157 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
|
|
|
SUPPLEMENTAL REVENUE
INFORMATION
|
|
REVENUES BY BUSINESS
SEGMENTS AND UNITS - INTERNATIONAL
|
Three Months Ended
December 31, (continued)
|
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2018
|
|
2017
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
438
|
|
|
$
|
372
|
|
|
$
|
(20)
|
|
|
17.7
|
|
|
23.0
|
|
Medication Management
Solutions
|
|
118
|
|
|
116
|
|
|
(3)
|
|
|
1.1
|
|
|
3.8
|
|
Diabetes
Care
|
|
129
|
|
|
132
|
|
|
(5)
|
|
|
(2.2)
|
|
|
1.5
|
|
Pharmaceutical
Systems
|
|
212
|
|
|
192
|
|
|
(4)
|
|
|
10.5
|
|
|
12.6
|
|
TOTAL
|
|
$
|
896
|
|
|
$
|
811
|
|
|
$
|
(32)
|
|
|
10.4
|
|
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
192
|
|
|
$
|
191
|
|
|
$
|
(9)
|
|
|
0.8
|
|
|
5.4
|
|
Diagnostic
Systems
|
|
207
|
|
|
214
|
|
|
(7)
|
|
|
(3.6)
|
|
|
(0.2)
|
|
Biosciences
|
|
173
|
|
|
181
|
|
|
(5)
|
|
|
(4.3)
|
|
|
(1.6)
|
|
TOTAL
|
|
$
|
572
|
|
|
$
|
586
|
|
|
$
|
(21)
|
|
|
(2.4)
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
73
|
|
|
$
|
25
|
|
|
$
|
(2)
|
|
|
NM
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
145
|
|
|
1
|
|
|
(5)
|
|
|
NM
|
|
|
NM
|
|
Urology and Critical
Care
|
|
88
|
|
|
—
|
|
|
(2)
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
306
|
|
|
$
|
26
|
|
|
$
|
(9)
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,773
|
|
|
$
|
1,423
|
|
|
$
|
(62)
|
|
|
24.6
|
|
|
28.9
|
|
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $26 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
|
|
|
SUPPLEMENTAL REVENUE
INFORMATION
|
REVENUES BY BUSINESS
SEGMENTS AND UNITS - TOTAL
|
Three Months Ended
December 31, (continued)
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2018
|
|
2017
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
958
|
|
|
$
|
742
|
|
|
$
|
(20)
|
|
|
29.1
|
|
|
31.7
|
|
Medication Management
Solutions
|
|
624
|
|
|
587
|
|
|
(3)
|
|
|
6.2
|
|
|
6.7
|
|
Diabetes
Care
|
|
274
|
|
|
277
|
|
|
(5)
|
|
|
(1.3)
|
|
|
0.5
|
|
Pharmaceutical
Systems
|
|
280
|
|
|
245
|
|
|
(4)
|
|
|
14.0
|
|
|
15.7
|
|
TOTAL
|
|
$
|
2,135
|
|
|
$
|
1,852
|
|
|
$
|
(32)
|
|
|
15.3
|
|
|
17.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
393
|
|
|
$
|
375
|
|
|
$
|
(9)
|
|
|
4.7
|
|
|
7.1
|
|
Diagnostic
Systems
|
|
382
|
|
|
381
|
|
|
(7)
|
|
|
0.2
|
|
|
2.1
|
|
Biosciences
|
|
281
|
|
|
289
|
|
|
(5)
|
|
|
(2.8)
|
|
|
(1.1)
|
|
TOTAL
|
|
$
|
1,056
|
|
|
$
|
1,045
|
|
|
$
|
(21)
|
|
|
1.0
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
348
|
|
|
$
|
177
|
|
|
$
|
(2)
|
|
|
NM
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
337
|
|
|
6
|
|
|
(5)
|
|
|
NM
|
|
|
NM
|
|
Urology and Critical
Care
|
|
285
|
|
|
—
|
|
|
(2)
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
970
|
|
|
$
|
183
|
|
|
$
|
(9)
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
4,160
|
|
|
$
|
3,080
|
|
|
$
|
(62)
|
|
|
35.1
|
|
|
37.1
|
|
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $183 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED
STATES
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
(b)
|
|
Bard Q1
(c)
|
|
Intercompany
Adjustment (d)
|
|
Divestiture
Adjustments (a)
|
|
Comparable
|
|
|
Comparable %
Change
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
|
2017
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (b)
|
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
520
|
|
|
|
$
|
370
|
|
|
$
|
145
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
512
|
|
|
|
1.6
|
|
Medication Management
Solutions
|
|
506
|
|
|
—
|
|
|
506
|
|
|
|
471
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
|
|
|
7.5
|
|
Diabetes
Care
|
|
145
|
|
|
—
|
|
|
145
|
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|
|
(0.5)
|
|
Pharmaceutical
Systems
|
|
68
|
|
|
—
|
|
|
68
|
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
|
26.8
|
|
TOTAL
|
|
$
|
1,239
|
|
|
$
|
—
|
|
|
$
|
1,239
|
|
|
|
$
|
1,040
|
|
|
$
|
145
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
1,182
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
201
|
|
|
|
$
|
184
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
184
|
|
|
|
8.8
|
|
Diagnostic
Systems
|
|
175
|
|
|
—
|
|
|
175
|
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
|
5.2
|
|
Biosciences
|
|
108
|
|
|
(4)
|
|
|
105
|
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
|
98
|
|
|
|
6.4
|
|
TOTAL
|
|
$
|
484
|
|
|
$
|
(4)
|
|
|
$
|
480
|
|
|
|
$
|
459
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
449
|
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(b)
|
|
$
|
275
|
|
|
$
|
—
|
|
|
$
|
275
|
|
|
|
$
|
152
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
247
|
|
|
|
11.3
|
|
Peripheral
Intervention (b)
|
|
191
|
|
|
—
|
|
|
191
|
|
|
|
5
|
|
|
188
|
|
|
—
|
|
|
—
|
|
|
193
|
|
|
|
(0.6)
|
|
Urology and Critical
Care
|
|
197
|
|
|
—
|
|
|
197
|
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
177
|
|
|
|
11.5
|
|
TOTAL
|
|
$
|
664
|
|
|
$
|
—
|
|
|
$
|
664
|
|
|
|
$
|
157
|
|
|
$
|
470
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
617
|
|
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
2,387
|
|
|
$
|
(4)
|
|
|
$
|
2,383
|
|
|
|
$
|
1,657
|
|
|
$
|
614
|
|
|
$
|
(3)
|
|
|
$
|
(20)
|
|
|
$
|
2,248
|
|
|
|
6.0
|
|
|
|
(a)
|
The amounts for the
quarters ended December 31, 2018 and 2017 include adjustments for
BD's divestiture of its Advanced Bioprocessing business. The
amounts for the quarter ended December 31, 2017 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)
|
Reflects a
reclassification of $157 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(c)
|
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.
|
(d)
|
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
|
|
|
|
|
Three Months Ended
December 31, (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
(b)
|
|
Bard Q1
(c)
|
|
Divestiture
Adjustments (a)
|
|
Comparable
|
|
|
FX Impact
(d)
|
|
FXN %
Change
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
2017
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (b)
|
|
$
|
438
|
|
|
$
|
—
|
|
|
$
|
438
|
|
|
|
$
|
372
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
440
|
|
|
|
$
|
(22)
|
|
|
4.3
|
|
Medication Management
Solutions
|
|
118
|
|
|
—
|
|
|
118
|
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
116
|
|
|
|
(3)
|
|
|
3.8
|
|
Diabetes
Care
|
|
129
|
|
|
—
|
|
|
129
|
|
|
|
132
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|
|
(5)
|
|
|
1.8
|
|
Pharmaceutical
Systems
|
|
212
|
|
|
—
|
|
|
212
|
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|
|
(4)
|
|
|
12.6
|
|
TOTAL
|
|
$
|
896
|
|
|
$
|
—
|
|
|
$
|
896
|
|
|
|
$
|
811
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
880
|
|
|
|
$
|
(34)
|
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
192
|
|
|
$
|
—
|
|
|
$
|
192
|
|
|
|
$
|
191
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
191
|
|
|
|
$
|
(11)
|
|
|
6.3
|
|
Diagnostic
Systems
|
|
207
|
|
|
—
|
|
|
207
|
|
|
|
214
|
|
|
—
|
|
|
—
|
|
|
214
|
|
|
|
(9)
|
|
|
0.8
|
|
Biosciences
|
|
173
|
|
|
(5)
|
|
|
168
|
|
|
|
181
|
|
|
—
|
|
|
(10)
|
|
|
171
|
|
|
|
(6)
|
|
|
2.0
|
|
TOTAL
|
|
$
|
572
|
|
|
$
|
(5)
|
|
|
$
|
567
|
|
|
|
$
|
586
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
576
|
|
|
|
$
|
(26)
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(b)
|
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
73
|
|
|
|
$
|
25
|
|
|
$
|
49
|
|
|
$
|
(2)
|
|
|
$
|
71
|
|
|
|
$
|
(2)
|
|
|
5.4
|
|
Peripheral
Intervention (b)
|
|
145
|
|
|
—
|
|
|
145
|
|
|
|
1
|
|
|
146
|
|
|
—
|
|
|
147
|
|
|
|
(5)
|
|
|
2.2
|
|
Urology and Critical
Care
|
|
88
|
|
|
—
|
|
|
88
|
|
|
|
—
|
|
|
90
|
|
|
—
|
|
|
90
|
|
|
|
(2)
|
|
|
(1.0)
|
|
TOTAL
|
|
$
|
306
|
|
|
$
|
—
|
|
|
$
|
306
|
|
|
|
$
|
26
|
|
|
$
|
285
|
|
|
$
|
(2)
|
|
|
$
|
309
|
|
|
|
$
|
(9)
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,773
|
|
|
$
|
(5)
|
|
|
$
|
1,768
|
|
|
|
$
|
1,423
|
|
|
$
|
353
|
|
|
$
|
(12)
|
|
|
$
|
1,764
|
|
|
|
$
|
(69)
|
|
|
4.1
|
|
|
|
(a)
|
The amounts for the
quarters ended December 31, 2018 and 2017 include adjustments for
BD's divestiture of its Advanced Bioprocessing business. The
amounts for the quarter ended December 31, 2017 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)
|
Reflects a
reclassification of $26 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(c)
|
Amounts represent
revenues for the quarter ended December 31, 2017.
|
(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
quarter ended December 31, 2018. The total foreign currency
translation impact above includes $7 million that was calculated by
comparing local currency revenues in Argentina for the quarter
ended December 31, 2018, 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
December 31, (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
(b)
|
|
Bard Q1
(c)
|
|
Intercompany
Adjustment (d)
|
|
Divestiture
Adjustments (a)
|
|
Comparable
|
|
|
FX Impact
(e)
|
|
FXN %
Change
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
|
2017
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (b)
|
|
$
|
958
|
|
|
$
|
—
|
|
|
$
|
958
|
|
|
|
$
|
742
|
|
|
$
|
213
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
952
|
|
|
|
$
|
(22)
|
|
|
2.9
|
|
Medication Management
Solutions
|
|
624
|
|
|
—
|
|
|
624
|
|
|
|
587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
587
|
|
|
|
(3)
|
|
|
6.7
|
|
Diabetes
Care
|
|
274
|
|
|
—
|
|
|
274
|
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
|
(5)
|
|
|
0.6
|
|
Pharmaceutical
Systems
|
|
280
|
|
|
—
|
|
|
280
|
|
|
|
245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
|
(4)
|
|
|
15.7
|
|
TOTAL
|
|
$
|
2,135
|
|
|
$
|
—
|
|
|
$
|
2,135
|
|
|
|
$
|
1,852
|
|
|
$
|
213
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
2,062
|
|
|
|
$
|
(34)
|
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
393
|
|
|
$
|
—
|
|
|
$
|
393
|
|
|
|
$
|
375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
375
|
|
|
|
$
|
(11)
|
|
|
7.6
|
|
Diagnostic
Systems
|
|
382
|
|
|
—
|
|
|
382
|
|
|
|
381
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
381
|
|
|
|
(9)
|
|
|
2.7
|
|
Biosciences
|
|
281
|
|
|
(9)
|
|
|
273
|
|
|
|
289
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
269
|
|
|
|
(6)
|
|
|
3.6
|
|
TOTAL
|
|
$
|
1,056
|
|
|
$
|
(9)
|
|
|
$
|
1,047
|
|
|
|
$
|
1,045
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(20)
|
|
|
$
|
1,025
|
|
|
|
$
|
(26)
|
|
|
4.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(b)
|
|
$
|
348
|
|
|
$
|
—
|
|
|
$
|
348
|
|
|
|
$
|
177
|
|
|
$
|
153
|
|
|
$
|
—
|
|
|
$
|
(12)
|
|
|
$
|
318
|
|
|
|
$
|
(2)
|
|
|
10.0
|
|
Peripheral
Intervention (b)
|
|
337
|
|
|
—
|
|
|
337
|
|
|
|
6
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
340
|
|
|
|
(5)
|
|
|
0.6
|
|
Urology and Critical
Care
|
|
285
|
|
|
—
|
|
|
285
|
|
|
|
—
|
|
|
267
|
|
|
—
|
|
|
—
|
|
|
267
|
|
|
|
(2)
|
|
|
7.3
|
|
TOTAL
|
|
$
|
970
|
|
|
$
|
—
|
|
|
$
|
970
|
|
|
|
$
|
183
|
|
|
$
|
755
|
|
|
$
|
—
|
|
|
$
|
(12)
|
|
|
$
|
925
|
|
|
|
$
|
(9)
|
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
4,160
|
|
|
$
|
(9)
|
|
|
$
|
4,152
|
|
|
|
$
|
3,080
|
|
|
$
|
968
|
|
|
$
|
(3)
|
|
|
$
|
(33)
|
|
|
$
|
4,012
|
|
|
|
$
|
(69)
|
|
|
5.2
|
|
|
|
(a)
|
The amounts for the
quarters ended December 31, 2018 and 2017 include adjustments for
BD's divestiture of its Advanced Bioprocessing business. The
amounts for the quarter ended December 31, 2017 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)
|
Reflects a
reclassification of $183 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(c)
|
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.
|
(d)
|
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.
|
(e)
|
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 December 31, 2018. The total foreign currency
translation impact above includes $7 million that was calculated by
comparing local currency revenues in Argentina for the quarter
ended December 31, 2018, 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
December 31,
|
|
|
2018
|
|
2017
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
Earnings (Loss) per Share
|
|
$
|
2.05
|
|
|
$
|
(0.76)
|
|
|
$
|
2.81
|
|
|
$
|
(0.14)
|
|
|
$
|
2.95
|
|
|
369.7
|
%
|
|
388.2
|
%
|
Purchase accounting
adjustments ($379 million and $135 million pre-tax, respectively)
(1)
|
|
1.38
|
|
|
0.59
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Restructuring costs
($41 million and $236 million pre-tax, respectively)
(2)
|
|
0.15
|
|
|
1.03
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Integration costs
($73 million and $74 million pre-tax, respectively)
(2)
|
|
0.27
|
|
|
0.32
|
|
|
|
|
—
|
|
|
|
|
|
|
|
European regulatory
initiative-related costs ($5 million pre-tax)
(3)
|
|
0.02
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Transaction costs ($1
million and $44 million pre-tax, respectively)
(2)
|
|
—
|
|
|
0.19
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Net impact of gain on
sale of business ($(335) million pre-tax) (4)
|
|
(1.22)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Financing impacts
($50 million pre-tax) (5)
|
|
—
|
|
|
0.22
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Hurricane recovery
costs ($7 million pre-tax)
|
|
—
|
|
|
0.03
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Dilutive impact
(6)
|
|
—
|
|
|
0.28
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Impact of tax reform
and income tax benefit of special items ($17 million and $135
million,
respectively)
(7)
|
|
0.06
|
|
|
0.59
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
2.70
|
|
|
$
|
2.48
|
|
|
$
|
0.22
|
|
|
$
|
(0.15)
|
|
|
$
|
0.37
|
|
|
8.9
|
%
|
|
14.9
|
%
|
|
|
(1)
|
Includes adjustments
related to the purchase accounting for acquisitions impacting
identified intangible assets and valuation of fixed assets and
debt.
|
(2)
|
Represents
restructuring, integration and transaction costs associated with
acquisitions.
|
(3)
|
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").
|
(4)
|
Represents the
pre-tax gain recognized during the period related to BD's sale of
its Advanced Bioprocessing business.
|
(5)
|
Represents financing
impacts associated with the Bard acquisition.
|
(6)
|
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 218,997.
|
(7)
|
The amounts for the
three months ended December 31, 2018 and 2017 reflect additional
tax expense, net, of $51 million and $270 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
|
|
|
8.5% to
9.5%
|
|
~2.0%
|
|
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)
|
|
|
|
|
|
|
|
|
Divestiture
Adjustment (1)(2)
|
|
(124)
|
|
|
|
|
|
|
|
|
BDX NewCo Comparable
Revenue
|
|
$
|
16,824
|
|
|
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)
|
|
|
|
|
|
|
|
|
BD Medical Comparable
Revenue
|
|
8,826
|
|
|
5.0% to
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD Life Sciences As
Reported Revenue
|
|
$
|
4,330
|
|
|
|
|
|
|
|
|
Divestiture
Adjustment (1)
|
|
(106)
|
|
|
|
|
|
|
|
|
BD Life Sciences
Comparable Revenue
|
|
$
|
4,224
|
|
|
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
|
|
|
6.0% to
7.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
$12.05 to
12.15
|
|
~10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated FX
Impact
|
|
|
|
|
|
~3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FXN
Growth
|
|
|
|
|
|
13% - 14%
|
|
|
|
|
|
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.
|
View original
content:http://www.prnewswire.com/news-releases/bd-announces-results-for-2019-first-fiscal-quarter-reaffirms-fiscal-2019-guidance-300789246.html
SOURCE BD (Becton, Dickinson and Company)