FRANKLIN LAKES, N.J.,
Nov. 2, 2017 /PRNewswire/ -- BD (Becton, Dickinson and
Company) (NYSE: BDX), a leading global medical technology company,
today reported quarterly revenues of $3.166
billion for the fourth fiscal quarter ended
September 30, 2017. This represents a decrease of 2.0
percent from the prior-year period, primarily due to the
divestiture of the Respiratory Solutions business that was
completed in October 2016. On a comparable, currency-neutral
basis, fourth quarter revenues grew 4.4 percent, which
includes an estimated 100 basis point adverse impact from the
previously disclosed change in the U.S. dispensing business
model. For the full fiscal year ended September 30, 2017, revenues of $12.093 billion decreased 3.1 percent from the
prior-year period, primarily due to the Respiratory Solutions
divestiture. On a comparable, currency-neutral basis, full
fiscal year revenues grew 4.5 percent, which includes an estimated
50 basis point adverse impact from the change in the U.S.
dispensing business model.
"We are very pleased with our strong fourth quarter and fiscal
2017 results," said Vincent A.
Forlenza, Chairman and CEO. "Our performance this year
demonstrates our ability to overcome multiple headwinds and deliver
on our commitments. We enter fiscal 2018 with continued
momentum in our core and look forward to the successful closing of
the C.R. Bard acquisition. We believe there are significant
opportunities ahead for BD as we continue to deliver innovative
healthcare solutions to our customers and their patients around the
world."
Fourth Quarter and Twelve-Month Fiscal 2017 Operating
Results
As reported, diluted earnings per share for the
fourth quarter were $1.24, compared
with $0.09 in the prior-year
period. This increase is primarily due to restructuring and
other charges incurred in the prior-year period related to the
attainment of cost synergies associated with the acquisition of
CareFusion. Adjusted diluted earnings per share were
$2.40, compared with $2.12 in the prior-year period, which represents
an increase of 13.2 percent. Foreign currency did not have an
impact on diluted earnings per share in the fourth quarter.
For the twelve-month period ended September 30, 2017, as
reported, diluted earnings per share were $4.60, compared with $4.49 in the prior-year period. This
represents an increase of 2.4 percent. Adjusted diluted
earnings per share were $9.48,
compared with $8.59 in the prior-year
period. This represents an increase in adjusted diluted
earnings per share of 10.4 percent, or 13.2 percent on a
currency-neutral basis.
Segment Results
In the BD Medical segment, as
reported, worldwide revenues for the quarter of $2.115 billion decreased 5.3 percent from the
prior-year period, primarily due to the aforementioned
divestiture. On a comparable, currency-neutral basis,
revenues increased 3.9 percent, which includes an estimated 160
basis point adverse impact from the change in the U.S. dispensing
business model. The segment's results reflect strong
performance in the Medication Management Solutions and Diabetes
Care units, and solid performance in the Pharmaceutical Systems
unit. Growth in the Medication and Procedural Solutions unit
reflects a tough comparison to the prior-year period.
Performance in the Medication Management Solutions unit includes
the adverse impact of the change in the U.S. dispensing business
model.
For the twelve-month period ended September 30, 2017, BD
Medical revenues were $8.105 billion
as reported, a decrease of 6.4 percent from the prior-year period
due to the aforementioned divestiture. On a comparable,
currency-neutral basis, BD Medical revenues increased 4.3 percent,
which includes an estimated 80 basis point adverse impact from the
change in the U.S. dispensing business model.
In the BD Life Sciences segment, as reported, worldwide revenues
for the quarter were $1.051 billion,
an increase of 5.5 percent over the prior-year period, or 5.4
percent on a currency-neutral basis. The segment's revenue
growth reflects strong performance across the Biosciences,
Diagnostic Systems and Preanalytical Systems units.
For the twelve-month period ended September 30, 2017, BD
Life Sciences revenues were $3.988
billion as reported, an increase of 4.2 percent over the
prior-year period, and an increase of 4.8 percent on a
currency-neutral basis.
Geographic Results
As reported, fourth quarter
revenues in the U.S. of $1.644
billion decreased 5.9 percent from the prior-year period,
primarily due to the aforementioned divestiture. On a
comparable basis, U.S. revenues increased 2.1 percent, which
includes an estimated 200 basis point adverse impact from the
change in the U.S. dispensing business model. Within the BD
Medical segment in the U.S., growth in the Medication Management
Solutions, Diabetes Care, and Pharmaceutical Systems units was
partially offset by a decline in the Medication and Procedural
Solutions unit. Performance in the Medication Management
Solutions unit reflects strong growth in the infusion business,
partially offset by the impact of the change in the U.S. dispensing
business model. Revenues in the Medication and Procedural
Solutions unit declined due to a tough comparison to the prior
year. BD Life Sciences segment results in the U.S. reflect
solid performance in the Preanalytical Systems and Biosciences
units. Revenues in the Diagnostic Systems unit declined due
to a tough comparison to the prior year.
As reported, revenues outside of the U.S. of $1.522 billion increased 2.6 percent over the
prior-year period, which reflects the impact of the aforementioned
divestiture. On a comparable, currency-neutral basis,
revenues outside of the U.S. increased 6.9 percent.
International revenue growth reflects strong performance in both
segments. Within the BD Medical segment, growth was driven by
strength in the Medication and Procedural Solutions and Medication
Management Solutions units. Growth in the BD Life Sciences
segment reflects strong performance across the Biosciences,
Diagnostic Systems and Preanalytical Systems units.
For the twelve-month period ended September 30, 2017, U.S.
revenues were $6.504 billion as
reported, a decrease of 5.6 percent from the prior-year period,
primarily due to the aforementioned divestiture. On a
comparable basis, U.S. revenues grew 3.0 percent, which includes an
estimated 100 basis point adverse impact from the change in the
U.S. dispensing business model. As reported, revenues outside
of the U.S. of $5.589 billion were
flat compared with the prior-year period, primarily due to the
aforementioned divestiture. On a comparable, currency-neutral
basis, revenues outside the U.S. grew 6.2 percent.
Fiscal 2018 Outlook for Full Year
On a stand-alone
basis, the Company expects full fiscal year 2018 revenues to
increase 5.0 to 6.0 percent as reported, or 4.0 to 5.0 percent on a
currency-neutral basis, including an estimated 50 basis point
adverse impact from the change in the U.S. dispensing business
model.
The Company expects adjusted diluted earnings per share to be
between $10.55 and $10.65 on a
stand-alone basis, which represents growth of approximately 12.0
percent including the estimated favorable impact of foreign
currency, or approximately 10.0 percent growth on a
currency-neutral basis over fiscal 2017 adjusted diluted earnings
per share of $9.48. Adjusted
diluted earnings per share excludes, among other specified items,
the non-cash amortization of intangible assets.
The fiscal 2018 revenue and adjusted diluted earnings per share
guidance presented above does not reflect any potential adverse
impact related to Hurricane Maria in Puerto Rico. The Company is in the
process of evaluating the impact, which it estimates may be up to
$40 million in revenues with a
corresponding impact to adjusted diluted earnings per share that
could be up to one percentage point of growth.
Guidance inclusive of the C.R. Bard acquisition will be provided
after the close of the transaction.
Conference Call Information
A conference call
regarding BD's fourth quarter results will be broadcast live on
BD's website, www.bd.com/investors, along with related slides, at
8:00 a.m. (ET) Thursday,
November 2, 2017. 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 Thursday,
November 9, 2017, confirmation number 92540524.
Non-GAAP Financial Measures/Financial Tables
This news
release contains certain non-GAAP financial measures.
Reconciliations of certain of these and other non-GAAP measures to
the comparable GAAP measures are included in the attached financial
tables. Estimated adjusted diluted earnings per share for
fiscal 2018 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 and litigation 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. 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 2017 presented throughout this release are adjusted for closed
divestitures. 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; a non-cash charge
resulting from a modification to dispensing lease contracts with
customers; the reversal of a litigation reserve; 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. 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 a global medical technology company
that is advancing the world of health by improving medical
discovery, diagnostics and the delivery of care. BD leads in
patient and health care worker safety and the technologies that
enable medical research and clinical laboratories. The company
provides innovative solutions that help advance medical research
and genomics, enhance the diagnosis of infectious disease and
cancer, improve medication management, promote infection
prevention, equip surgical and interventional procedures, and
support the management of diabetes. The company partners with
organizations around the world to address some of the most
challenging global health issues. BD has nearly 50,000 associates
across 50 countries who work in close collaboration with customers
and partners to help enhance outcomes, lower health care delivery
costs, increase efficiencies, improve health care safety and expand
access to health. For more information on BD, please visit
bd.com.
This press release, including the section entitled "Fiscal
2018 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: 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; 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 as a result of reduced
government funding, lower utilization rates or otherwise, or our
suppliers' ability to provide products needed for our operations;
changes in interest or foreign currency exchange rates; new or
changing laws and regulations impacting our business (including
changes in the U.S. tax code or laws impacting foreign trade) or
changes in enforcement practices with respect to such laws; the
relative strength or weakness of the flu season, 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, including without limitation,
interruptions caused by damage to our manufacturing sites in
Puerto Rico resulting from
Hurricane Maria; 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; efficacy or safety concerns relating to product recalls;
fluctuations in costs and availability of raw materials and in BD's
ability to maintain favorable supplier arrangements and
relationships; risks relating to our ability to continue to
successfully integrate CareFusion's operations in order to fully
obtain the benefits of the transaction; 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
September 30,
|
|
|
|
2017
|
|
2016
|
|
% Change
|
|
REVENUES
|
|
$
|
3,166
|
|
|
$
|
3,231
|
|
|
(2.0)
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
1,612
|
|
|
1,679
|
|
|
(3.9)
|
|
|
Selling and
administrative expense
|
|
774
|
|
|
796
|
|
|
(2.8)
|
|
|
Research and
development expense
|
|
221
|
|
|
253
|
|
|
(12.7)
|
|
|
Acquisitions and
other restructurings
|
|
111
|
|
|
407
|
|
|
(72.7)
|
|
|
Other operating
expense
|
|
5
|
|
|
—
|
|
|
100.0
|
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
2,723
|
|
|
3,135
|
|
|
(13.1)
|
|
|
OPERATING
INCOME
|
|
443
|
|
|
96
|
|
|
360.5
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(156)
|
|
|
(95)
|
|
|
64.4
|
|
|
Interest
income
|
|
45
|
|
|
7
|
|
|
545.2
|
|
|
Other (expense)
income, net
|
|
(7)
|
|
|
1
|
|
|
(791.5)
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
326
|
|
|
9
|
|
|
3,453.9
|
|
|
Income tax
benefit
|
|
(1)
|
|
|
(10)
|
|
|
(87.2)
|
|
|
NET INCOME
|
|
327
|
|
|
19
|
|
|
1,633.0
|
|
|
Preferred stock
dividends
|
|
(38)
|
|
|
—
|
|
|
100.0
|
|
|
NET INCOME APPLICABLE
TO COMMON
SHAREHOLDERS
|
|
$
|
289
|
|
|
$
|
19
|
|
|
1,432.0
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
Basic Earnings per
Share
|
|
$
|
1.27
|
|
|
$
|
0.09
|
|
|
1,311.1
|
|
|
Diluted Earnings per
Share
|
|
$
|
1.24
|
|
|
$
|
0.09
|
|
|
1,277.8
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
Basic
|
|
228,218
|
|
213,571
|
|
|
|
Diluted
|
|
232,657
|
|
217,916
|
|
|
|
BECTON DICKINSON AND
COMPANY
CONSOLIDATED INCOME
STATEMENTS
(Unaudited; Amounts
in millions, except share and per share data)
|
|
|
|
Twelve Months Ended
September 30,
|
|
|
|
2017
|
|
2016
|
|
% Change
|
|
REVENUES
|
|
$
|
12,093
|
|
|
$
|
12,483
|
|
|
(3.1)
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
6,151
|
|
|
6,492
|
|
|
(5.3)
|
|
|
Selling and
administrative expense
|
|
2,925
|
|
|
3,005
|
|
|
(2.7)
|
|
|
Research and
development expense
|
|
774
|
|
|
828
|
|
|
(6.5)
|
|
|
Acquisitions and
other restructurings
|
|
354
|
|
|
728
|
|
|
(51.3)
|
|
|
Other operating
expense
|
|
410
|
|
|
—
|
|
|
100.0
|
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
10,615
|
|
|
11,053
|
|
|
(4.0)
|
|
|
OPERATING
INCOME
|
|
1,478
|
|
|
1,430
|
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(521)
|
|
|
(388)
|
|
|
34.2
|
|
|
Interest
income
|
|
76
|
|
|
21
|
|
|
266.7
|
|
|
Other (expense)
income, net
|
|
(57)
|
|
|
11
|
|
|
(600.7)
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
976
|
|
|
1,074
|
|
|
(9.1)
|
|
|
Income tax (benefit)
provision
|
|
(124)
|
|
|
97
|
|
|
(227.3)
|
|
|
NET INCOME
|
|
1,100
|
|
|
976
|
|
|
12.6
|
|
|
Preferred stock
dividends
|
|
(70)
|
|
|
—
|
|
|
100.0
|
|
|
NET INCOME APPLICABLE
TO COMMON
SHAREHOLDERS
|
|
$
|
1,030
|
|
|
$
|
976
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
Basic Earnings per
Share
|
|
$
|
4.70
|
|
|
$
|
4.59
|
|
|
2.4
|
|
|
Diluted Earnings per
Share
|
|
$
|
4.60
|
|
|
$
|
4.49
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
Basic
|
|
218,943
|
|
212,702
|
|
|
|
Diluted
|
|
223,588
|
|
217,536
|
|
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - UNITED STATES
Three Months Ended
September 30,
(Unaudited; Amounts
in millions)
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2017
|
|
2016
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
498
|
|
|
$
|
511
|
|
|
(2.5)
|
|
Medication Management
Solutions *
|
|
440
|
|
|
428
|
|
|
3.0
|
|
Diabetes
Care
|
|
147
|
|
|
135
|
|
|
8.7
|
|
Pharmaceutical
Systems
|
|
96
|
|
|
85
|
|
|
12.9
|
|
Respiratory Solutions
*
|
|
—
|
|
|
135
|
|
|
NM
|
|
TOTAL
|
|
$
|
1,181
|
|
|
$
|
1,294
|
|
|
(8.7)
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
189
|
|
|
$
|
182
|
|
|
3.9
|
|
Diagnostic
Systems
|
|
151
|
|
|
153
|
|
|
(1.6)
|
|
Biosciences
|
|
123
|
|
|
119
|
|
|
3.7
|
|
TOTAL
|
|
$
|
463
|
|
|
$
|
454
|
|
|
2.0
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
1,644
|
|
|
$
|
1,748
|
|
|
(5.9)
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
|
NM - Not
Meaningful
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2017
|
|
2016
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
396
|
|
|
$
|
372
|
|
|
$
|
1
|
|
|
6.4
|
|
|
6.3
|
|
Medication Management
Solutions
|
|
131
|
|
|
107
|
|
|
1
|
|
|
22.9
|
|
|
21.5
|
|
Diabetes
Care
|
|
136
|
|
|
131
|
|
|
—
|
|
|
4.4
|
|
|
4.1
|
|
Pharmaceutical
Systems
|
|
271
|
|
|
265
|
|
|
5
|
|
|
2.3
|
|
|
0.4
|
|
Respiratory
Solutions
|
|
—
|
|
|
67
|
|
|
—
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
934
|
|
|
$
|
941
|
|
|
$
|
7
|
|
|
(0.7)
|
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
189
|
|
|
$
|
177
|
|
|
$
|
—
|
|
|
6.8
|
|
|
6.8
|
|
Diagnostic
Systems
|
|
208
|
|
|
189
|
|
|
—
|
|
|
10.5
|
|
|
10.7
|
|
Biosciences
|
|
191
|
|
|
177
|
|
|
1
|
|
|
7.7
|
|
|
7.3
|
|
TOTAL
|
|
$
|
588
|
|
|
$
|
542
|
|
|
$
|
—
|
|
|
8.4
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,522
|
|
|
$
|
1,483
|
|
|
$
|
8
|
|
|
2.6
|
|
|
2.1
|
|
|
NM - Not
Meaningful
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - TOTAL
Three Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2017
|
|
2016
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
894
|
|
|
$
|
882
|
|
|
$
|
1
|
|
|
1.3
|
|
|
1.2
|
|
Medication Management
Solutions *
|
|
571
|
|
|
534
|
|
|
1
|
|
|
6.9
|
|
|
6.7
|
|
Diabetes
Care
|
|
283
|
|
|
266
|
|
|
—
|
|
|
6.6
|
|
|
6.4
|
|
Pharmaceutical
Systems
|
|
367
|
|
|
350
|
|
|
5
|
|
|
4.9
|
|
|
3.4
|
|
Respiratory Solutions
*
|
|
—
|
|
|
202
|
|
|
—
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
2,115
|
|
|
$
|
2,235
|
|
|
$
|
7
|
|
|
(5.3)
|
|
|
(5.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
378
|
|
|
$
|
359
|
|
|
$
|
—
|
|
|
5.3
|
|
|
5.3
|
|
Diagnostic
Systems
|
|
359
|
|
|
342
|
|
|
—
|
|
|
5.1
|
|
|
5.2
|
|
Biosciences
|
|
314
|
|
|
296
|
|
|
1
|
|
|
6.1
|
|
|
5.8
|
|
TOTAL
|
|
$
|
1,051
|
|
|
$
|
996
|
|
|
$
|
—
|
|
|
5.5
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
3,166
|
|
|
$
|
3,231
|
|
|
$
|
8
|
|
|
(2.0)
|
|
|
(2.2)
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
|
NM - Not
Meaningful
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - UNITED STATES
Twelve Months Ended
September 30,
(Unaudited; Amounts
in millions)
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2017
|
|
2016
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
1,968
|
|
|
$
|
1,959
|
|
|
0.5
|
|
Medication Management
Solutions *
|
|
1,843
|
|
|
1,779
|
|
|
3.6
|
|
Diabetes
Care
|
|
546
|
|
|
521
|
|
|
4.9
|
|
Pharmaceutical
Systems
|
|
328
|
|
|
328
|
|
|
0.1
|
|
Respiratory Solutions
*
|
|
—
|
|
|
559
|
|
|
NM
|
|
TOTAL
|
|
$
|
4,685
|
|
|
$
|
5,144
|
|
|
(8.9)
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
741
|
|
|
$
|
715
|
|
|
3.7
|
|
Diagnostic
Systems
|
|
622
|
|
|
600
|
|
|
3.7
|
|
Biosciences
|
|
455
|
|
|
433
|
|
|
4.9
|
|
TOTAL
|
|
$
|
1,818
|
|
|
$
|
1,748
|
|
|
4.0
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
6,504
|
|
|
$
|
6,893
|
|
|
(5.6)
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
|
NM - Not
Meaningful
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - INTERNATIONAL
Twelve Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2017
|
|
2016
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
1,529
|
|
|
$
|
1,454
|
|
|
$
|
(24)
|
|
|
5.1
|
|
|
6.8
|
|
Medication Management
Solutions
|
|
452
|
|
|
419
|
|
|
(11)
|
|
|
7.9
|
|
|
10.6
|
|
Diabetes
Care
|
|
510
|
|
|
502
|
|
|
(3)
|
|
|
1.6
|
|
|
2.2
|
|
Pharmaceutical
Systems
|
|
929
|
|
|
872
|
|
|
(6)
|
|
|
6.6
|
|
|
7.3
|
|
Respiratory
Solutions
|
|
—
|
|
|
263
|
|
|
—
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
3,419
|
|
|
$
|
3,510
|
|
|
$
|
(44)
|
|
|
(2.6)
|
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
730
|
|
|
$
|
694
|
|
|
$
|
(11)
|
|
|
5.2
|
|
|
6.8
|
|
Diagnostic
Systems
|
|
756
|
|
|
701
|
|
|
(6)
|
|
|
7.9
|
|
|
8.8
|
|
Biosciences
|
|
684
|
|
|
685
|
|
|
(7)
|
|
|
(0.2)
|
|
|
0.8
|
|
TOTAL
|
|
$
|
2,170
|
|
|
$
|
2,080
|
|
|
$
|
(24)
|
|
|
4.3
|
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
5,589
|
|
|
$
|
5,590
|
|
|
$
|
(69)
|
|
|
—
|
|
|
1.2
|
|
|
NM - Not
Meaningful
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - TOTAL
Twelve Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2017
|
|
2016
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
3,497
|
|
|
$
|
3,413
|
|
|
$
|
(24)
|
|
|
2.5
|
|
|
3.2
|
|
Medication Management
Solutions *
|
|
2,295
|
|
|
2,197
|
|
|
(11)
|
|
|
4.4
|
|
|
4.9
|
|
Diabetes
Care
|
|
1,056
|
|
|
1,023
|
|
|
(3)
|
|
|
3.3
|
|
|
3.6
|
|
Pharmaceutical
Systems
|
|
1,256
|
|
|
1,199
|
|
|
(6)
|
|
|
4.8
|
|
|
5.3
|
|
Respiratory Solutions
*
|
|
—
|
|
|
822
|
|
|
—
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
8,105
|
|
|
$
|
8,654
|
|
|
$
|
(44)
|
|
|
(6.4)
|
|
|
(5.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
1,471
|
|
|
$
|
1,409
|
|
|
$
|
(11)
|
|
|
4.4
|
|
|
5.2
|
|
Diagnostic
Systems
|
|
1,378
|
|
|
1,301
|
|
|
(6)
|
|
|
5.9
|
|
|
6.4
|
|
Biosciences
|
|
1,139
|
|
|
1,119
|
|
|
(7)
|
|
|
1.8
|
|
|
2.4
|
|
TOTAL
|
|
$
|
3,988
|
|
|
$
|
3,829
|
|
|
$
|
(24)
|
|
|
4.2
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
12,093
|
|
|
$
|
12,483
|
|
|
$
|
(69)
|
|
|
(3.1)
|
|
|
(2.6)
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
|
NM - Not
Meaningful
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED
STATES
Three Months Ended
September 30,
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
C
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestiture
|
|
D=B+C
|
|
|
E=(A-D)/D
|
|
|
A
|
|
|
B
|
|
Revenue
|
|
Comparable
|
|
|
Comparable
|
|
|
2017
|
|
|
2016
|
|
Adjustment **
|
|
2016
|
|
|
%
Change
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
498
|
|
|
|
$
|
511
|
|
|
$
|
(3)
|
|
|
$
|
508
|
|
|
|
(2.0)
|
|
Medication Management
Solutions *
|
|
440
|
|
|
|
428
|
|
|
—
|
|
|
428
|
|
|
|
3.0
|
|
Diabetes
Care
|
|
147
|
|
|
|
135
|
|
|
—
|
|
|
135
|
|
|
|
8.7
|
|
Pharmaceutical
Systems
|
|
96
|
|
|
|
85
|
|
|
—
|
|
|
85
|
|
|
|
12.9
|
|
Respiratory Solutions
*
|
|
—
|
|
|
|
135
|
|
|
(135)
|
|
|
—
|
|
|
|
—
|
|
TOTAL
|
|
$
|
1,181
|
|
|
|
$
|
1,294
|
|
|
$
|
(138)
|
|
|
$
|
1,156
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
189
|
|
|
|
$
|
182
|
|
|
$
|
—
|
|
|
$
|
182
|
|
|
|
3.9
|
|
Diagnostic
Systems
|
|
151
|
|
|
|
153
|
|
|
—
|
|
|
153
|
|
|
|
(1.6)
|
|
Biosciences
|
|
123
|
|
|
|
119
|
|
|
—
|
|
|
119
|
|
|
|
3.7
|
|
TOTAL
|
|
$
|
463
|
|
|
|
$
|
454
|
|
|
$
|
—
|
|
|
$
|
454
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
1,644
|
|
|
|
$
|
1,748
|
|
|
$
|
(138)
|
|
|
$
|
1,610
|
|
|
|
2.1
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
**Excludes the
impact from the following divestitures: Respiratory, Simplist
and Spine.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
INTERNATIONAL
Three Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestiture
|
|
D=B+C
|
|
|
|
|
F=(A-D-E)/D
|
|
|
A
|
|
|
B
|
|
Revenue
|
|
Comparable
|
|
|
E
|
|
|
|
|
2017
|
|
|
2016
|
|
Adjustment **
|
|
2016
|
|
|
FX Impact
|
|
FXN %
Change
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
396
|
|
|
|
$
|
372
|
|
|
$
|
—
|
|
|
$
|
372
|
|
|
|
$
|
1
|
|
|
6.3
|
|
Medication Management
Solutions
|
|
131
|
|
|
|
107
|
|
|
—
|
|
|
107
|
|
|
|
1
|
|
|
21.5
|
|
Diabetes
Care
|
|
136
|
|
|
|
131
|
|
|
—
|
|
|
131
|
|
|
|
—
|
|
|
4.1
|
|
Pharmaceutical
Systems
|
|
271
|
|
|
|
265
|
|
|
—
|
|
|
265
|
|
|
|
5
|
|
|
0.4
|
|
Respiratory
Solutions
|
|
—
|
|
|
|
67
|
|
|
(67)
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
TOTAL
|
|
$
|
934
|
|
|
|
$
|
941
|
|
|
$
|
(67)
|
|
|
$
|
874
|
|
|
|
$
|
7
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
189
|
|
|
|
$
|
177
|
|
|
$
|
—
|
|
|
$
|
177
|
|
|
|
$
|
—
|
|
|
6.8
|
|
Diagnostic
Systems
|
|
208
|
|
|
|
189
|
|
|
—
|
|
|
189
|
|
|
|
—
|
|
|
10.7
|
|
Biosciences
|
|
191
|
|
|
|
177
|
|
|
—
|
|
|
177
|
|
|
|
1
|
|
|
7.3
|
|
TOTAL
|
|
$
|
588
|
|
|
|
$
|
542
|
|
|
$
|
—
|
|
|
$
|
542
|
|
|
|
$
|
—
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,522
|
|
|
|
$
|
1,483
|
|
|
$
|
(67)
|
|
|
$
|
1,416
|
|
|
|
$
|
8
|
|
|
6.9
|
|
|
**Excludes the
impact from the following divestitures: Respiratory, Simplist
and Spine.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
TOTAL
Three Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
C
|
|
|
|
|
|
|
F=(A-D-E)/D
|
|
|
A
|
|
|
B
|
|
Divestiture
|
|
D=B+C
|
|
|
E
|
|
Comparable
|
|
|
|
|
|
|
|
Revenue
|
|
Comparable
|
|
|
Comparable
|
|
FXN
|
|
|
2017
|
|
|
2016
|
|
Adjustment **
|
|
2016
|
|
|
FX Impact
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
894
|
|
|
|
$
|
882
|
|
|
$
|
(3)
|
|
|
$
|
880
|
|
|
|
$
|
1
|
|
|
1.5
|
|
Medication Management
Solutions *
|
|
571
|
|
|
|
534
|
|
|
—
|
|
|
534
|
|
|
|
1
|
|
|
6.7
|
|
Diabetes
Care
|
|
283
|
|
|
|
266
|
|
|
—
|
|
|
266
|
|
|
|
—
|
|
|
6.4
|
|
Pharmaceutical
Systems
|
|
367
|
|
|
|
350
|
|
|
—
|
|
|
350
|
|
|
|
5
|
|
|
3.4
|
|
Respiratory Solutions
*
|
|
—
|
|
|
|
202
|
|
|
(202)
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
TOTAL
|
|
$
|
2,115
|
|
|
|
$
|
2,235
|
|
|
$
|
(205)
|
|
|
$
|
2,030
|
|
|
|
$
|
7
|
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
378
|
|
|
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
359
|
|
|
|
$
|
—
|
|
|
5.3
|
|
Diagnostic
Systems
|
|
359
|
|
|
|
342
|
|
|
—
|
|
|
342
|
|
|
|
—
|
|
|
5.2
|
|
Biosciences
|
|
314
|
|
|
|
296
|
|
|
—
|
|
|
296
|
|
|
|
1
|
|
|
5.8
|
|
TOTAL
|
|
$
|
1,051
|
|
|
|
$
|
996
|
|
|
$
|
—
|
|
|
$
|
996
|
|
|
|
$
|
—
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
3,166
|
|
|
|
$
|
3,231
|
|
|
$
|
(205)
|
|
|
$
|
3,026
|
|
|
|
$
|
8
|
|
|
4.4
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
**Excludes the
impact from the following divestitures: Respiratory, Simplist
and Spine.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED
STATES
Twelve Months Ended
September 30,
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
C
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestiture
|
|
D=B+C
|
|
|
E=(A-D)/D
|
|
|
A
|
|
|
B
|
|
Revenue
|
|
Comparable
|
|
|
Comparable
|
|
|
2017
|
|
|
2016
|
|
Adjustment **
|
|
2016
|
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
1,968
|
|
|
|
$
|
1,959
|
|
|
$
|
(19)
|
|
|
$
|
1,939
|
|
|
|
1.5
|
|
Medication Management
Solutions *
|
|
1,843
|
|
|
|
1,779
|
|
|
—
|
|
|
1,779
|
|
|
|
3.6
|
|
Diabetes
Care
|
|
546
|
|
|
|
521
|
|
|
—
|
|
|
521
|
|
|
|
4.9
|
|
Pharmaceutical
Systems
|
|
328
|
|
|
|
328
|
|
|
—
|
|
|
328
|
|
|
|
0.1
|
|
Respiratory Solutions
*
|
|
—
|
|
|
|
559
|
|
|
(559)
|
|
|
—
|
|
|
|
—
|
|
TOTAL
|
|
$
|
4,685
|
|
|
|
$
|
5,144
|
|
|
$
|
(578)
|
|
|
$
|
4,566
|
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
741
|
|
|
|
$
|
715
|
|
|
$
|
—
|
|
|
$
|
715
|
|
|
|
3.7
|
|
Diagnostic
Systems
|
|
622
|
|
|
|
600
|
|
|
—
|
|
|
600
|
|
|
|
3.7
|
|
Biosciences
|
|
455
|
|
|
|
433
|
|
|
—
|
|
|
433
|
|
|
|
4.9
|
|
TOTAL
|
|
$
|
1,818
|
|
|
|
$
|
1,748
|
|
|
$
|
—
|
|
|
$
|
1,748
|
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
6,504
|
|
|
|
$
|
6,893
|
|
|
$
|
(578)
|
|
|
$
|
6,314
|
|
|
|
3.0
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
**Excludes the
impact from the following divestitures: Respiratory, Simplist
and Spine.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
INTERNATIONAL
Twelve Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestiture
|
|
D=B+C
|
|
|
|
|
F=(A-D-E)/D
|
|
|
A
|
|
|
B
|
|
Revenue
|
|
Comparable
|
|
|
E
|
|
FXN %
|
|
|
2017
|
|
|
2016
|
|
Adjustment **
|
|
2016
|
|
|
FX Impact
|
|
Change
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
1,529
|
|
|
|
$
|
1,454
|
|
|
$
|
—
|
|
|
$
|
1,454
|
|
|
|
$
|
(24)
|
|
|
6.8
|
|
Medication Management
Solutions
|
|
452
|
|
|
|
419
|
|
|
—
|
|
|
419
|
|
|
|
(11)
|
|
|
10.6
|
|
Diabetes
Care
|
|
510
|
|
|
|
502
|
|
|
—
|
|
|
502
|
|
|
|
(3)
|
|
|
2.2
|
|
Pharmaceutical
Systems
|
|
929
|
|
|
|
872
|
|
|
—
|
|
|
872
|
|
|
|
(6)
|
|
|
7.3
|
|
Respiratory
Solutions
|
|
—
|
|
|
|
263
|
|
|
(263)
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
TOTAL
|
|
$
|
3,419
|
|
|
|
$
|
3,510
|
|
|
$
|
(263)
|
|
|
$
|
3,247
|
|
|
|
$
|
(44)
|
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
730
|
|
|
|
$
|
694
|
|
|
$
|
—
|
|
|
$
|
694
|
|
|
|
$
|
(11)
|
|
|
6.8
|
|
Diagnostic
Systems
|
|
756
|
|
|
|
701
|
|
|
—
|
|
|
701
|
|
|
|
(6)
|
|
|
8.8
|
|
Biosciences
|
|
684
|
|
|
|
685
|
|
|
—
|
|
|
685
|
|
|
|
(7)
|
|
|
0.8
|
|
TOTAL
|
|
$
|
2,170
|
|
|
|
$
|
2,080
|
|
|
$
|
—
|
|
|
$
|
2,080
|
|
|
|
$
|
(24)
|
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
5,589
|
|
|
|
$
|
5,590
|
|
|
$
|
(263)
|
|
|
$
|
5,327
|
|
|
|
$
|
(69)
|
|
|
6.2
|
|
|
**Excludes the
impact from the following divestitures: Respiratory, Simplist
and Spine.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
TOTAL
Twelve Months Ended
September 30, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
C
|
|
|
|
|
|
|
F=(A-D-E)/D
|
|
|
A
|
|
|
B
|
|
Divestiture
|
|
D=B+C
|
|
|
E
|
|
Comparable
|
|
|
|
|
|
|
|
Revenue
|
|
Comparable
|
|
|
Comparable
|
|
FXN
|
|
|
2017
|
|
|
2016
|
|
Adjustment **
|
|
2016
|
|
|
FX Impact
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
3,497
|
|
|
|
$
|
3,413
|
|
|
$
|
(19)
|
|
|
$
|
3,393
|
|
|
|
$
|
(24)
|
|
|
3.8
|
|
Medication Management
Solutions *
|
|
2,295
|
|
|
|
2,197
|
|
|
—
|
|
|
2,197
|
|
|
|
(11)
|
|
|
4.9
|
|
Diabetes
Care
|
|
1,056
|
|
|
|
1,023
|
|
|
—
|
|
|
1,023
|
|
|
|
(3)
|
|
|
3.6
|
|
Pharmaceutical
Systems
|
|
1,256
|
|
|
|
1,199
|
|
|
—
|
|
|
1,199
|
|
|
|
(6)
|
|
|
5.3
|
|
Respiratory Solutions
*
|
|
—
|
|
|
|
822
|
|
|
(822)
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
TOTAL
|
|
$
|
8,105
|
|
|
|
$
|
8,654
|
|
|
$
|
(842)
|
|
|
$
|
7,813
|
|
|
|
$
|
(44)
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
1,471
|
|
|
|
$
|
1,409
|
|
|
$
|
—
|
|
|
$
|
1,409
|
|
|
|
$
|
(11)
|
|
|
5.2
|
|
Diagnostic
Systems
|
|
1,378
|
|
|
|
1,301
|
|
|
—
|
|
|
1,301
|
|
|
|
(6)
|
|
|
6.4
|
|
Biosciences
|
|
1,139
|
|
|
|
1,119
|
|
|
—
|
|
|
1,119
|
|
|
|
(7)
|
|
|
2.4
|
|
TOTAL
|
|
$
|
3,988
|
|
|
|
$
|
3,829
|
|
|
$
|
—
|
|
|
$
|
3,829
|
|
|
|
$
|
(24)
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
12,093
|
|
|
|
$
|
12,483
|
|
|
$
|
(842)
|
|
|
$
|
11,641
|
|
|
|
$
|
(69)
|
|
|
4.5
|
|
|
*The presentation
of prior-period amounts has been revised to conform with the
presentation of current-period amounts, which does not separately
present an immaterial adjustment for the amortization of a deferred
revenue balance write-down relating to the CareFusion
acquisition.
|
**Excludes the
impact from the following divestitures: Respiratory, Simplist
and Spine.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
|
|
|
|
Three Months Ended
September 30,
|
|
|
2017
|
|
2016
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
Earnings per Share
|
|
$
|
1.24
|
|
|
$
|
0.09
|
|
|
$
|
1.15
|
|
|
$
|
—
|
|
|
$
|
1.15
|
|
|
1,277.8
|
%
|
|
1,277.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments ($130 million and
$132 million pre-tax, respectively) (1)
|
|
0.56
|
|
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
($30 million and $328 million
pre-tax, respectively) (2)
|
|
0.13
|
|
|
1.50
|
|
|
|
|
|
|
|
|
|
|
|
Integration costs
($78 million and $77 million pre-
tax, respectively) (2)
|
|
0.34
|
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs ($2
million and $2 million pre-
tax, respectively) (2)
|
|
0.01
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs ($44
million pre-tax) (3)
|
|
0.19
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Lease contract
modification-related charge ($6
million pre-tax) (4)
|
|
0.03
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Litigation-related
item ($(1) million pre-tax) (5)
|
|
(0.01)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive impact
(6)
|
|
0.31
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Pension settlement
charges ($3 million pre-tax) (7)
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit of
special items ($(91) million
and $(99) million, respectively)
|
|
(0.39)
|
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
2.40
|
|
|
$
|
2.12
|
|
|
$
|
0.28
|
|
|
$
|
—
|
|
|
$
|
0.28
|
|
|
13.2
|
%
|
|
13.2
|
%
|
|
|
(1)
|
Includes adjustments
related to the purchase accounting for acquisitions, primarily
CareFusion, impacting identified intangible assets and valuation of
fixed
assets and debt.
|
(2)
|
Represents
integration, restructuring and transaction costs which are
associated with the acquisition of CareFusion and other portfolio
rationalization initiatives, as well as integration and transaction
costs which relate to the pending agreement to acquire
Bard.
|
(3)
|
Represents financing
costs, primarily fees paid to enter into a bridge facility,
incurred in connection with the pending agreement to acquire
Bard.
|
(4)
|
Represents an
adjustment to a non-cash charge resulting from a modification to
our dispensing equipment lease contracts with customers.
|
(5)
|
Represents an
adjustment to litigation-related reserves.
|
(6)
|
Represents the
dilutive impact of BD shares issued in May 2017, in anticipation of
the pending acquisition of Bard, and of preferred share dividends
payable on mandatory convertible preferred stock outstanding. The
quarter-to-date adjusted diluted average shares outstanding (in
thousands) is 218,632.
|
(7)
|
Represents pension
settlement charges associated with lump sum benefit payments made
from the Company's U.S. supplemental pension plan, as such payments
exceeded the service and interest components of the plan's pension
cost.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
|
|
|
|
Twelve Months Ended
September 30,
|
|
|
2017
|
|
2016
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
Earnings per Share
|
|
$
|
4.60
|
|
|
$
|
4.49
|
|
|
$
|
0.11
|
|
|
$
|
(0.23)
|
|
|
$
|
0.34
|
|
|
2.4
|
%
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments ($491 million and
$527 million pre-tax, respectively) (1)
|
|
2.20
|
|
|
2.42
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
($85 million and $526 million pre-
tax, respectively) (2)
|
|
0.38
|
|
|
2.42
|
|
|
|
|
|
|
|
|
|
|
|
Integration costs
($237 million and $192 million pre-
tax, respectively) (2)
|
|
1.06
|
|
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs
($39 million and $10 million pre-tax,
respectively) (2)
|
|
0.17
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs ($131
million pre-tax) (3)
|
|
0.58
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Losses on debt
extinguishment ($73 million pre-tax) (4)
|
|
0.33
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Lease contract
modification-related charge ($748
million pre-tax) (5)
|
|
3.34
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Litigation-related
item ($(337) million pre-tax) (6)
|
|
(1.51)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive Impact
(7)
|
|
0.54
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Pension settlement
charges ($6 million pre-tax) (8)
|
|
—
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit of
special items ($(495) million and
$(369) million, respectively)
|
|
(2.21)
|
|
|
(1.70)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
9.48
|
|
|
$
|
8.59
|
|
|
$
|
0.89
|
|
|
$
|
(0.24)
|
|
|
$
|
1.13
|
|
|
10.4
|
%
|
|
13.2
|
%
|
|
|
(1)
|
Includes adjustments
related to the purchase accounting for acquisitions, primarily
CareFusion, impacting identified intangible assets and valuation of
fixed
assets and debt.
|
(2)
|
Represents
integration, restructuring and transaction costs which are
associated with the acquisition of CareFusion and other portfolio
rationalization initiatives, as well as integration and transaction
costs which relate to the pending agreement to acquire
Bard.
|
(3)
|
Represents financing
costs, primarily fees paid to enter into a bridge facility,
incurred in connection with the pending agreement to acquire
Bard.
|
(4)
|
Represents losses
recognized upon the extinguishment of certain long-term senior
notes.
|
(5)
|
Represents a non-cash
charge resulting from a modification to our dispensing equipment
lease contracts with customers.
|
(6)
|
Largely represents
the reversal of certain reserves related to an appellate court
decision which, among other things, reversed an unfavorable
antitrust judgment in the RTI case.
|
(7)
|
Represents the
dilutive impact of BD shares issued in May 2017, in anticipation of
the pending acquisition of Bard, and of preferred share dividends
payable on mandatory convertible preferred stock outstanding. The
year-to-date adjusted diluted average shares outstanding (in
thousands) is 218,323.
|
(8)
|
Represents pension
settlement charges associated with lump sum benefit payments made
from the Company's U.S. supplemental pension plan, as such payments
exceeded the service and interest components of the plan's pension
cost.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
FY2018 OUTLOOK
RECONCILIATION
|
|
|
|
FY2017
|
|
FY2018
Outlook
|
|
|
Revenues
|
|
% Change
|
|
FX Impact
|
|
% Change
FXN
|
BDX
Revenue
|
|
$
|
12,093
|
|
|
5.0% -
6.0%
|
|
~1.0%
|
|
4.0% -
5.0%
|
|
|
|
|
|
|
|
|
|
BD Medical
Revenue
|
|
$
|
8,105
|
|
|
5.0% -
6.0%
|
|
~1.0%
|
|
4.0% -
5.0%
|
|
|
|
|
|
|
|
|
|
BD Life Sciences
Revenue
|
|
$
|
3,988
|
|
|
5.0% -
6.0%
|
|
~1.0%
|
|
4.0% -
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
FY2018
Outlook
|
|
|
|
|
Full Year FY2018
Outlook
|
|
Full Year
FY2017
|
|
% Increase
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Fully
Diluted Earnings per Share
|
|
$10.55 -
10.65
|
|
$
|
9.48
|
|
|
~12.0%
|
|
|
|
|
|
|
|
|
|
|
|
Estimated FX
Impact
|
|
|
|
|
|
~2.0%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FXN
Growth
|
|
|
|
|
|
~10.0%
|
|
|
|
|
|
|
|
|
|
|
|
FXN - Foreign
Currency Neutral
|
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-2017-fourth-fiscal-quarter-and-full-year-provides-fiscal-2018-guidance-300548069.html
SOURCE BD (Becton, Dickinson and Company)