FRANKLIN LAKES, N.J.,
Feb. 6, 2018 /PRNewswire/ -- BD (Becton, Dickinson and
Company) (NYSE: BDX), a leading global medical technology company,
today reported quarterly revenues of $3.080
billion for the first fiscal quarter ended December 31,
2017. This represents an increase of 5.4 percent from the
prior-year period, or 3.7 percent on a currency-neutral basis, and
includes an estimated 110 basis point adverse impact from the
previously disclosed change in the U.S. dispensing business
model.
"We are proud of our performance in our final stand-alone
quarter, as we continued to deliver solid, consistent results,"
said Vincent A. Forlenza, Chairman
and CEO. "We look forward to the future with confidence as we
welcome C.R. Bard to BD. Together, through our combined
capabilities and the impact we can have on our customers and their
patients, we have a tremendous opportunity to advance the world of
health."
First Quarter Fiscal 2018 Operating Results
As
reported, diluted earnings per share for the first quarter were
$(0.76), compared with $2.58 in the prior-year period. This
represents a decrease of 129.5 percent and is primarily due to
restructuring, transaction and financing costs associated with
acquisitions and additional tax expense relating to new U.S. tax
legislation, as well as a litigation reserve reversal in the
prior-year period following a favorable appellate antitrust
ruling. Adjusted diluted earnings per share were $2.48, compared with $2.33 in the prior-year period. This
represents an increase in adjusted diluted earnings per share of
6.4 percent, or 3.9 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, as
reported, worldwide revenues for the quarter of $2.035 billion increased 3.6 percent from the
prior-year period, or 1.9 percent on a currency-neutral basis,
which includes an estimated 170 basis point impact from the change
in the U.S. dispensing business model. The segment's results
reflect strong performance in the Medication and Procedural
Solutions unit and solid results in the Diabetes Care and
Pharmaceutical Systems units. Performance in the Medication
Management Solutions unit reflects the adverse impact of the change
in the U.S. dispensing business model as well as a tough comparison
due to the timing of capital placements in the prior-year
period.
In the BD Life Sciences segment, as reported, worldwide revenues
for the quarter were $1.045 billion,
an increase of 9.1 percent over the prior-year period, or 7.3
percent on a currency-neutral basis. Revenue growth reflects
strong performance across the segment. BD Life Sciences'
growth was aided by flu-related revenues in the Diagnostic Systems
unit as a result of an earlier start to the flu season in
comparison to the prior year.
Geographic Results
As reported, first quarter revenues
in the U.S. of $1.657 billion
increased 1.6 percent from the prior-year period, 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 and Procedural Solutions and
Diabetes Care units was offset by declines in the Medication
Management Solutions and Pharmaceutical Systems units.
Performance in the Medication Management Solutions unit reflects
the adverse impact of the change in the U.S. dispensing business
model as well as the aforementioned tough comparison to the
prior-year period. U.S. revenues in the Pharmaceutical
Systems unit declined due to the geography of customer
ordering patterns. BD Life Sciences segment results in the
U.S. reflect strength in the Diagnostic Systems and Preanalytical
Systems units. BD Life Sciences' growth in the U.S. was aided
by the aforementioned flu-related revenues in the Diagnostic
Systems unit as a result of an earlier start to the flu season in
comparison to the prior year.
As reported, revenues outside of the U.S. of $1.423 billion increased 10.1 percent from the
prior-year period, or 6.3 percent on a currency-neutral
basis. International revenue growth reflects solid growth in
the BD Medical segment and strong performance in the BD Life
Sciences segment. Within the BD Medical segment, growth was
driven by strength in the Pharmaceutical Systems unit, which was
aided by the geography of customer ordering patterns, and solid
results in the Medication and Procedural Solutions and Diabetes
Care units. Growth in the BD Life Sciences segment reflects
strength in the Diagnostic Systems and Biosciences units.
Fiscal 2018 Outlook for Full Year
Revenues for the
full fiscal year 2018, including the accretion from the acquisition
of C.R. Bard, are expected to increase approximately 30.0 to 31.0
percent on a reported basis. On a comparable,
currency-neutral basis that includes the revenues of C.R. Bard in
the current and prior year, revenues are expected to grow 4.5 to
5.5 percent. This includes an estimated 50 basis point
adverse impact from the change in the U.S. dispensing business
model and the estimated sales impact from Hurricane Maria in
Puerto Rico on Bard's business
during BD's first fiscal quarter.
The Company expects full fiscal year 2018 adjusted diluted
earnings per share, including the accretion from the C.R. Bard
acquisition, to be between $10.85 and
$11.00, which represents growth of
approximately 15.0 to 16.0 percent, or approximately 12.0 percent
on a currency-neutral basis.
Conference Call Information
A conference call
regarding BD's first quarter results will be broadcast live on BD's
website, www.bd.com/investors, along with related slides, at
8:00 a.m. (ET) Tuesday,
February 6, 2018. The conference call will be
available for replay on BD's website, www.bd.com/investors, or at
1-800-585-8367 (domestic) and 1-404-537-3406 (international)
through the close of business on Tuesday,
February 13, 2018, confirmation number 4282726.
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. 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 2018 presented in this release are adjusted for certain items
as detailed in the attached tables. 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; 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. As previously
announced, comparable historical revenue schedules inclusive of C.
R. Bard are available on the Investor page of BD's website,
www.bd.com/investors, for BD's 2016 and 2017 fiscal years.
These schedules have been updated to include the first quarter of
BD's fiscal year 2018.
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 improve patient
outcomes, improve the safety and efficiency of clinicians' care
delivery process, enable laboratory scientists to better diagnose
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. In 2017, BD welcomed C. R.
Bard and its products into the BD family. For more information on
BD, please visit bd.com.
***
This press release, including the section entitled "Fiscal
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: 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; the impact of the recent U.S. tax reform;
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, 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 laws impacting international 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; 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; 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
December 31,
|
|
|
|
2017
|
|
2016
|
|
% Change
|
|
REVENUES
|
|
$
|
3,080
|
|
|
$
|
2,922
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
1,530
|
|
|
1,470
|
|
|
4.0
|
|
|
Selling and
administrative expense
|
|
774
|
|
|
709
|
|
|
9.2
|
|
|
Research and
development expense
|
|
192
|
|
|
182
|
|
|
5.7
|
|
|
Acquisitions and
other restructurings
|
|
354
|
|
|
87
|
|
|
308.6
|
|
|
Other operating
income
|
|
—
|
|
|
(336)
|
|
|
(100.0)
|
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
2,850
|
|
|
2,111
|
|
|
35.0
|
|
|
OPERATING
INCOME
|
|
230
|
|
|
811
|
|
|
(71.6)
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(158)
|
|
|
(95)
|
|
|
67.7
|
|
|
Interest
income
|
|
44
|
|
|
5
|
|
|
756.8
|
|
|
Other expense,
net
|
|
(11)
|
|
|
(29)
|
|
|
(62.9)
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
105
|
|
|
692
|
|
|
(84.8)
|
|
|
Income tax
provision
|
|
241
|
|
|
131
|
|
|
84.6
|
|
|
NET (LOSS)
INCOME
|
|
(136)
|
|
|
562
|
|
|
(124.3)
|
|
|
Preferred stock
dividends
|
|
(38)
|
|
|
—
|
|
|
100.0
|
|
|
NET (LOSS) INCOME
APPLICABLE TO COMMON SHAREHOLDERS
|
|
$
|
(174)
|
|
|
$
|
562
|
|
|
(131.0)
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
Basic (Loss) Earnings
per Share
|
|
$
|
(0.76)
|
|
|
$
|
2.64
|
|
|
(128.8)
|
|
|
Diluted (Loss)
Earnings per Share
|
|
$
|
(0.76)
|
|
|
$
|
2.58
|
|
|
(129.5)
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
Basic
|
|
230,038
|
|
213,064
|
|
|
|
Diluted
|
|
230,038
|
|
217,739
|
|
|
|
BECTON DICKINSON AND
COMPANY
|
|
|
|
|
|
|
SUPPLEMENTAL REVENUE
INFORMATION
|
|
|
|
|
|
|
REVENUES BY BUSINESS
SEGMENTS AND UNITS - UNITED STATES
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2017
|
|
2016
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
527
|
|
|
$
|
495
|
|
|
6.5
|
|
Medication Management
Solutions
|
|
471
|
|
|
492
|
|
|
(4.3)
|
|
Diabetes
Care
|
|
146
|
|
|
144
|
|
|
1.3
|
|
Pharmaceutical
Systems
|
|
54
|
|
|
62
|
|
|
(14.0)
|
|
TOTAL
|
|
$
|
1,197
|
|
|
$
|
1,193
|
|
|
0.4
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
184
|
|
|
$
|
176
|
|
|
4.6
|
|
Diagnostic
Systems
|
|
167
|
|
|
154
|
|
|
8.0
|
|
Biosciences
|
|
108
|
|
|
107
|
|
|
1.7
|
|
TOTAL
|
|
$
|
459
|
|
|
$
|
437
|
|
|
5.1
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
1,657
|
|
|
$
|
1,630
|
|
|
1.6
|
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL REVENUE
INFORMATION
|
|
REVENUES BY BUSINESS
SEGMENTS AND UNITS - INTERNATIONAL
|
Three Months Ended
December 31, (continued)
|
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2017
|
|
2016
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
398
|
|
|
$
|
374
|
|
|
$
|
13
|
|
|
6.5
|
|
|
3.1
|
|
Medication Management
Solutions
|
|
116
|
|
|
109
|
|
|
6
|
|
|
6.5
|
|
|
0.6
|
|
Diabetes
Care
|
|
132
|
|
|
124
|
|
|
4
|
|
|
6.4
|
|
|
3.2
|
|
Pharmaceutical
Systems
|
|
192
|
|
|
165
|
|
|
10
|
|
|
16.4
|
|
|
10.4
|
|
TOTAL
|
|
$
|
837
|
|
|
$
|
771
|
|
|
$
|
33
|
|
|
8.6
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
191
|
|
|
$
|
179
|
|
|
$
|
6
|
|
|
6.6
|
|
|
3.4
|
|
Diagnostic
Systems
|
|
214
|
|
|
179
|
|
|
6
|
|
|
19.4
|
|
|
16.2
|
|
Biosciences
|
|
181
|
|
|
163
|
|
|
5
|
|
|
11.0
|
|
|
7.8
|
|
TOTAL
|
|
$
|
586
|
|
|
$
|
521
|
|
|
$
|
17
|
|
|
12.4
|
|
|
9.2
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,423
|
|
|
$
|
1,292
|
|
|
$
|
50
|
|
|
10.1
|
|
|
6.3
|
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL REVENUE
INFORMATION
|
REVENUES BY BUSINESS
SEGMENTS AND UNITS - TOTAL
|
Three Months Ended
December 31, (continued)
|
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2017
|
|
2016
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication and
Procedural Solutions
|
|
$
|
925
|
|
|
$
|
869
|
|
|
$
|
13
|
|
|
6.5
|
|
|
5.0
|
|
Medication Management
Solutions
|
|
587
|
|
|
601
|
|
|
6
|
|
|
(2.3)
|
|
|
(3.4)
|
|
Diabetes
Care
|
|
277
|
|
|
267
|
|
|
4
|
|
|
3.7
|
|
|
2.2
|
|
Pharmaceutical
Systems
|
|
245
|
|
|
227
|
|
|
10
|
|
|
8.0
|
|
|
3.7
|
|
TOTAL
|
|
$
|
2,035
|
|
|
$
|
1,964
|
|
|
$
|
33
|
|
|
3.6
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
375
|
|
|
$
|
355
|
|
|
$
|
6
|
|
|
5.6
|
|
|
4.0
|
|
Diagnostic
Systems
|
|
381
|
|
|
334
|
|
|
6
|
|
|
14.1
|
|
|
12.5
|
|
Biosciences
|
|
289
|
|
|
270
|
|
|
5
|
|
|
7.3
|
|
|
5.3
|
|
TOTAL
|
|
$
|
1,045
|
|
|
$
|
958
|
|
|
$
|
17
|
|
|
9.1
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
3,080
|
|
|
$
|
2,922
|
|
|
$
|
50
|
|
|
5.4
|
|
|
3.7
|
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2017
|
|
2016
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
(Loss) Earnings per Share
|
|
$
|
(0.76)
|
|
$
|
2.58
|
|
$
|
(3.34)
|
|
$
|
0.05
|
|
$
|
(3.39)
|
|
(129.5)%
|
|
(131.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments ($135
million and $126 million pre-tax,
respectively) (1)
|
|
0.59
|
|
0.58
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
($236 million and $35
million pre-tax, respectively) (2)
|
|
1.03
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
Integration costs
($74 million and $46 million pre-tax, respectively)
(2)
|
|
0.32
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
Transaction costs
($44 million and $6 million
pre-tax, respectively) (2)
|
|
0.19
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Financing costs ($50
million pre-tax) (3)
|
|
0.22
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Hurricane recovery
costs ($7 million) (4)
|
|
0.03
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Losses on debt
extinguishment ($42 million
pre-tax) (5)
|
|
—
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Litigation-related
item ($(336) million pre-
tax) (6)
|
|
—
|
|
(1.54)
|
|
|
|
|
|
|
|
|
|
|
Dilutive impact
(7)
|
|
0.28
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
of special items and
impact of tax reform ($135 million and $27
million, respectively) (8)
|
|
0.59
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
2.48
|
|
$
|
2.33
|
|
$
|
0.15
|
|
$
|
0.06
|
|
|
$
|
0.09
|
|
6.4 %
|
|
3.9 %
|
(1)
|
Includes adjustments
related to the purchase accounting for acquisitions impacting
identified intangible assets and valuation
of fixed assets and debt.
|
(2)
|
Represents
integration, restructuring and transaction costs which are
associated with the Bard and CareFusion acquisitions, as
well as restructuring and transaction costs associated with other
portfolio rationalization initiatives.
|
(3)
|
Represents financing
impacts associated with the Bard acquisition.
|
(4)
|
Represents costs
incurred as a result of hurricane-related damage to production
facilities in Puerto Rico.
|
(5)
|
Represents losses
recognized upon the extinguishment of certain long-term senior
notes.
|
(6)
|
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 the following: BD shares issued in May
2017, in anticipation of the Bard acquisition;
preferred share dividends payable on mandatory convertible
preferred stock outstanding; and BD shares issued as
consideration transferred to acquire Bard. The adjusted diluted
average shares outstanding (in thousands) was 218,997.
|
(8)
|
Includes additional
tax expense, net, of $270 million relating to new U.S. tax
legislation. An estimated one-time transition tax
payable of $561 million, payable over an eight year period with 8%
due in each of the first five years, was offset by a tax
benefit of $290 million related to the remeasurement of deferred
tax balances due to the lower corporate tax rate at which
they are expected to reverse in the future.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
FY2018 OUTLOOK
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
BD Including
Bard
|
|
|
|
|
|
|
|
|
|
|
|
FY2017
|
|
FY2018
Outlook
|
|
|
Revenues
|
|
% Change
|
|
FX Impact
|
|
% Change
FXN
|
|
|
|
|
|
|
|
|
|
BDX
Revenue
|
|
$
|
12,093
|
|
|
30.0% -
31.0%
|
|
~2.0%
|
|
28.0% -
29.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Revenue
Growth
|
|
|
|
|
|
|
|
|
|
|
FY2017
|
|
FY2018
Outlook
|
|
|
|
|
|
|
Revenues
|
|
% Change
FXN
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDX As Reported
Revenue
|
|
$
|
12,093
|
|
|
|
|
|
|
|
Divestitures Revenue
(1)
|
|
(48)
|
|
|
|
|
|
|
|
Bard As
Reported
|
|
3,875
|
|
|
|
|
|
|
|
Gore Royalty
Classification
|
|
(173)
|
|
|
|
|
|
|
|
Intercompany
Adjustment
|
|
(14)
|
|
|
|
|
|
|
|
BDX NewCo Comparable
Revenue
|
|
$
|
15,732
|
|
|
4.5% -
5.5%
|
|
|
|
|
U.S. Dispensing
Change & Bard Hurricane Impact
|
|
|
|
~0.5%
|
|
|
|
|
NewCo Revenue
Underlying
|
|
|
|
5.0% -
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD Medical As
Reported Revenue
|
|
$
|
8,105
|
|
|
|
|
|
|
|
BD BU
Re-alignment
|
|
(685)
|
|
|
|
|
|
|
|
Bard BU
Re-alignment
|
|
800
|
|
|
|
|
|
|
|
Intercompany
Adjustment
|
|
(14)
|
|
|
|
|
|
|
|
BD Medical Comparable
Revenue
|
|
$
|
8,205
|
|
|
4.0% -
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD Life Sciences As
Reported Revenue
|
|
$
|
3,988
|
|
|
4.5% -
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bard Interventional
as Reported
|
|
$
|
—
|
|
|
|
|
|
|
|
BD BU
Re-alignment
|
|
685
|
|
|
|
|
|
|
|
Bard As
Reported
|
|
3,875
|
|
|
|
|
|
|
|
Bard BU
Re-alignment
|
|
(800)
|
|
|
|
|
|
|
|
Divestitures Revenue
(1)
|
|
(48)
|
|
|
|
|
|
|
|
Gore Royalty
Classification
|
|
(173)
|
|
|
|
|
|
|
|
Bard Interventional
Comparable Revenue
|
|
$
|
3,539
|
|
|
4.5% -
5.5%
|
|
|
|
|
Hurricane
Impact
|
|
|
|
~1%
|
|
|
|
|
NewCo Interventional
Revenue Underlying
|
|
|
|
5.5% -
6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD Including
Bard
|
|
|
|
|
|
|
FY2018
Outlook
|
|
|
|
|
|
|
Full Year
FY2018
Outlook
|
|
% Increase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Fully
Diluted Earnings per Share
|
|
$10.85 -
11.00
|
|
15% - 16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated FX
Impact
|
|
|
|
~3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FXN
Growth
|
|
|
|
~12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FXN - Foreign
Currency Neutral
|
|
(1) Excludes the impact from the pending
divestitures of BD's soft tissue core needle biopsy product line
and Bard's Aspira product line of tunneled home drainage catheters
and accessories.
|
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-2018-first-fiscal-quarter-provides-fiscal-2018-guidance-updated-for-inclusion-of-bard-300593825.html
SOURCE BD (Becton, Dickinson and Company)