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
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)