FRANKLIN LAKES, N.J.,
May 3, 2018 /PRNewswire/ -- BD (Becton, Dickinson and
Company) (NYSE: BDX), a leading global medical technology company,
today reported quarterly revenues of $4.222
billion for the second fiscal quarter ended March 31,
2018. This represents an increase of 42.2 percent from the
prior-year period, which is primarily due to the acquisition of C.
R. Bard. On a comparable, currency-neutral basis that
includes the revenues of C.R. Bard in the current and prior year,
revenues increased 5.7 percent over the prior-year period,
including an estimated 80 basis point adverse impact from the
previously disclosed change in the U.S. dispensing business
model.
"Our results this quarter mark a significant milestone in our
120-year history, as we welcomed C. R. Bard to BD," said
Vincent A. Forlenza, Chairman and
CEO. "We have strong momentum as we execute on the
integration of Bard, and we are on track to deliver on all of our
commitments. Together, BD and Bard will create even more
impactful healthcare solutions for our customers and their patients
around the world."
Second Quarter and Six-Month Fiscal 2018 Operating
Results
As reported, diluted earnings per share for the
second quarter were $(0.19), compared
with $1.58 in the prior-year
period. This represents a decrease of 112.0 percent and is
primarily due to purchase accounting expenses related to
acquisitions. Adjusted diluted earnings per share were
$2.65, compared with $2.30 in the prior-year period. This
represents an increase in adjusted diluted earnings per share of
15.2 percent, or 7.8 percent on a currency-neutral basis.
For the six-month period ended March 31, 2018, as reported,
diluted earnings per share were $(0.90), compared with $4.15 in the prior-year period. This
represents a decrease of 121.7 percent and is primarily due to
purchase accounting expenses, acquisition-related costs, 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 $5.15, compared with $4.63 in the prior-year period. This
represents an increase in adjusted diluted earnings per share of
11.2 percent, or 6.0 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, as
reported, worldwide revenues for the quarter of $2.172 billion increased 19.7 percent from the
prior-year period. On a comparable, currency-neutral basis,
BD Medical revenues increased 4.2 percent over the prior-year
period, including an estimated 160 basis point impact from the
change in the U.S. dispensing business model. The segment's
results were driven by performance in the Medication Delivery
Solutions, 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.
For the six-month period ended March 31, 2018, BD Medical
revenues were $4.024 billion as
reported, an increase of 11.6 percent from the prior-year
period. On a comparable, currency-neutral basis, BD Medical
revenues of $4.234 billion increased
3.3 percent over the prior-year period, including an estimated 170
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 $1.098 billion,
an increase of 11.8 percent over the prior-year period, or 7.3
percent on a currency-neutral basis. Revenue growth reflects
strong performance in the Diagnostic Systems and Biosciences
units. Growth in the Preanalytical Systems unit was
negatively impacted by a production issue in one of its product
lines which was resolved during the quarter. BD Life
Sciences' growth was aided by flu-related revenues in the
Diagnostic Systems unit as a result of a stronger flu season in
comparison to the prior year.
For the six-month period ended March 31, 2018, BD Life
Sciences revenues were $2.143 billion
as reported, an increase of 10.4 percent from the prior-year
period, or an increase of 7.3 percent on a currency-neutral
basis.
In the BD Interventional segment, as reported, worldwide
revenues for the quarter were $0.952
billion. On a comparable, currency-neutral basis,
revenues grew 7.1 percent over the prior-year period. The
segment's results reflect strong performance in the Peripheral
Intervention and Urology and Critical Care units and solid growth
in the Surgery unit.
For the six-month period ended March 31, 2018, BD
Interventional revenues were $1.135
billion as reported. On a comparable, currency-neutral
basis, BD Interventional revenues increased 4.9 percent.
Geographic Results
As reported, second quarter
revenues in the U.S. of $2.325
billion increased 42.9 percent from the prior-year
period. On a comparable basis, U.S. revenues increased 4.0
percent over the prior-year period, including an estimated 150
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 Delivery Solutions, Diabetes Care and
Pharmaceutical Systems units was partially offset by a decline in
the Medication Management Solutions unit. Performance in the
Medication Management Solutions unit reflects the adverse impact of
the change in the U.S. dispensing business model. BD Life
Sciences segment results in the U.S. reflect strength in the
Diagnostic Systems and Biosciences units. Revenues in the
Preanalytical Systems unit were negatively impacted by the
aforementioned production issue in one of its product lines.
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 a stronger flu season in comparison to the prior
year. Growth in the BD Interventional segment in the U.S. was
driven by performance across the Peripheral Intervention, Urology
and Critical Care and Surgery units.
As reported, revenues outside of the U.S. of $1.898 billion increased 41.4 percent from the
prior-year period. On a comparable, currency-neutral basis,
revenues outside of the U.S. grew 7.9 percent over the prior-year
period. International revenue growth reflects strong
performance across the BD Medical, BD Life Sciences and BD
Interventional segments.
For the six-month period ended March 31, 2018, U.S.
revenues were $3.982 billion as
reported, an increase of 22.3 percent over the prior-year
period. On a comparable basis, U.S. revenues grew 2.6 percent
over the prior-year period, including an estimated 220 basis point
adverse impact from the change in the U.S. dispensing business
model. As reported, revenues outside of the U.S. of
$3.321 billion grew 26.0 percent over
the prior-year period. On a comparable, currency-neutral
basis, revenues outside the U.S. grew 7.5 percent over the
prior-year period.
Fiscal 2018 Outlook for Full Year
The company now
expects full fiscal year 2018 revenues to increase approximately
31.0 to 31.5 percent on a reported basis. This is an
improvement from previously issued guidance of 30.0 to 31.0 percent
growth. On a comparable, currency-neutral basis, the company
is raising its revenue guidance to 5.0 to 5.5 percent growth, which
is the high end of its previous guidance range. 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 is raising its full fiscal year 2018 adjusted
diluted earnings per share guidance to be between $10.90 and $11.05
due to an increase in the estimated benefit from foreign
currency. This represents growth of approximately 15.0 to
16.5 percent over fiscal 2017 adjusted diluted earnings per share,
and is an increase from previous guidance of $10.85 to $11.00
which represented growth of approximately 15.0 to 16.0
percent. On a currency-neutral basis, the company continues
to expect full fiscal year adjusted diluted earnings per share
growth of approximately 12.0 percent.
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.
Conference Call Information
A conference call
regarding BD's second 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,
May 3, 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 Thursday,
May 10, 2018, confirmation number 2857189.
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 2018 presented throughout this release include the results of
C. R. Bard, Inc. ("Bard") in the current and prior-year periods and
are further adjusted 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 which
were previously reported in the Medical segment. Certain of
Bard's product offerings are included under the Company's Medical
segment, specifically within the new Medication Delivery Solutions
unit, which was formerly the Medical segment's Medication and
Procedural Solutions unit. Prior-year amounts have been
revised to reflect the movement of certain product offerings which
were previously reported in the Medical segment and which are now
reported in the Interventional segment, as discussed above. Current
and prior-year adjusted diluted earnings per share results exclude,
among other things, the impact of purchase accounting adjustments
(including the non-cash amortization of acquisition-related
intangible assets); integration, restructuring and transaction
costs; 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. 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. As previously announced,
comparable historical revenue schedules inclusive of 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.
Contact:
Monique N. Dolecki, Investor
Relations - 201-847-5378
Kristen Cardillo, Corporate
Communications - 201-847-5657
BECTON DICKINSON AND
COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share
data)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2018
|
|
2017
|
|
% Change
|
|
REVENUES
|
|
$
|
4,222
|
|
|
$
|
2,969
|
|
|
42.2
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
2,619
|
|
|
1,537
|
|
|
70.4
|
|
|
Selling and
administrative expense
|
|
1,057
|
|
|
724
|
|
|
46.1
|
|
|
Research and
development expense
|
|
260
|
|
|
187
|
|
|
39.3
|
|
|
Acquisitions and
other restructurings
|
|
104
|
|
|
76
|
|
|
37.2
|
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
4,040
|
|
|
2,523
|
|
|
60.1
|
|
|
OPERATING
INCOME
|
|
183
|
|
|
446
|
|
|
(59.0)
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(185)
|
|
|
(86)
|
|
|
114.3
|
|
|
Interest
income
|
|
4
|
|
|
7
|
|
|
(46.0)
|
|
|
Other income
(expense), net
|
|
4
|
|
|
(5)
|
|
|
183.6
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
6
|
|
|
362
|
|
|
(98.2)
|
|
|
Income tax
provision
|
|
18
|
|
|
18
|
|
|
3.3
|
|
|
NET (LOSS)
INCOME
|
|
(12)
|
|
|
344
|
|
|
(103.5)
|
|
|
Preferred stock
dividends
|
|
(38)
|
|
|
—
|
|
|
100.0
|
|
|
NET (LOSS) INCOME
APPLICABLE TO COMMON SHAREHOLDERS
|
|
$
|
(50)
|
|
|
$
|
344
|
|
|
(114.5)
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
Basic (Loss) Earnings
per Share
|
|
$
|
(0.19)
|
|
|
$
|
1.61
|
|
|
(111.8)
|
|
|
Diluted (Loss)
Earnings per Share
|
|
$
|
(0.19)
|
|
|
$
|
1.58
|
|
|
(112.0)
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
Basic
|
|
267,341
|
|
213,583
|
|
|
|
Diluted
|
|
267,341
|
|
217,866
|
|
|
|
BECTON DICKINSON AND
COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share
data)
|
|
|
|
Six Months Ended
March 31,
|
|
|
|
2018
|
|
2017
|
|
% Change
|
|
REVENUES
|
|
$
|
7,302
|
|
|
$
|
5,892
|
|
|
23.9
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
4,148
|
|
|
3,007
|
|
|
38.0
|
|
|
Selling and
administrative expense
|
|
1,831
|
|
|
1,432
|
|
|
27.8
|
|
|
Research and
development expense
|
|
452
|
|
|
368
|
|
|
22.7
|
|
|
Acquisitions and
other restructurings
|
|
458
|
|
|
163
|
|
|
181.7
|
|
|
Other operating
income
|
|
—
|
|
|
(336)
|
|
|
100.0
|
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
6,889
|
|
|
4,634
|
|
|
48.7
|
|
|
OPERATING
INCOME
|
|
413
|
|
|
1,257
|
|
|
(67.1)
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(343)
|
|
|
(181)
|
|
|
89.9
|
|
|
Interest
income
|
|
48
|
|
|
12
|
|
|
294.9
|
|
|
Other expense,
net
|
|
(6)
|
|
|
(35)
|
|
|
81.5
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
111
|
|
|
1,054
|
|
|
(89.4)
|
|
|
Income tax
provision
|
|
260
|
|
|
148
|
|
|
74.9
|
|
|
NET (LOSS)
INCOME
|
|
(148)
|
|
|
905
|
|
|
(116.4)
|
|
|
Preferred stock
dividends
|
|
(76)
|
|
|
—
|
|
|
100.0
|
|
|
NET (LOSS) INCOME
APPLICABLE TO COMMON SHAREHOLDERS
|
|
$
|
(224)
|
|
|
$
|
905
|
|
|
(124.8)
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
Basic (Loss) Earnings
per Share
|
|
$
|
(0.90)
|
|
|
$
|
4.24
|
|
|
(121.2)
|
|
|
Diluted (Loss)
Earnings per Share
|
|
$
|
(0.90)
|
|
|
$
|
4.15
|
|
|
(121.7)
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
Basic
|
|
248,484
|
|
213,321
|
|
|
|
Diluted
|
|
248,484
|
|
217,986
|
|
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Three Months Ended March 31,
(Unaudited; Amounts in millions)
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2018
|
|
2017
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
504
|
|
|
$
|
345
|
|
|
45.9
|
|
Medication Management
Solutions
|
|
461
|
|
|
464
|
|
|
(0.7)
|
|
Diabetes
Care
|
|
131
|
|
|
124
|
|
|
5.8
|
|
Pharmaceutical
Systems
|
|
82
|
|
|
76
|
|
|
7.9
|
|
TOTAL
|
|
$
|
1,178
|
|
|
$
|
1,009
|
|
|
16.7
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
181
|
|
|
$
|
185
|
|
|
(2.2)
|
|
Diagnostic
Systems
|
|
201
|
|
|
173
|
|
|
16.4
|
|
Biosciences
|
|
116
|
|
|
110
|
|
|
5.5
|
|
TOTAL
|
|
$
|
498
|
|
|
$
|
467
|
|
|
6.5
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
276
|
|
|
$
|
146
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
194
|
|
|
4
|
|
|
NM
|
|
Urology and Critical
Care
|
|
180
|
|
|
—
|
|
|
NM
|
|
TOTAL
|
|
$
|
649
|
|
|
$
|
150
|
|
|
NM
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
2,325
|
|
|
$
|
1,627
|
|
|
42.9
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $150 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2018
|
|
2017
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
454
|
|
|
$
|
348
|
|
|
$
|
30
|
|
|
30.7
|
|
|
22.0
|
|
Medication Management
Solutions
|
|
120
|
|
|
103
|
|
|
11
|
|
|
16.8
|
|
|
5.9
|
|
Diabetes
Care
|
|
136
|
|
|
119
|
|
|
10
|
|
|
14.0
|
|
|
5.7
|
|
Pharmaceutical
Systems
|
|
284
|
|
|
235
|
|
|
30
|
|
|
20.5
|
|
|
8.0
|
|
TOTAL
|
|
$
|
994
|
|
|
$
|
805
|
|
|
$
|
81
|
|
|
23.5
|
|
|
13.4
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
200
|
|
|
$
|
177
|
|
|
$
|
15
|
|
|
12.8
|
|
|
4.4
|
|
Diagnostic
Systems
|
|
209
|
|
|
178
|
|
|
15
|
|
|
17.7
|
|
|
9.0
|
|
Biosciences
|
|
191
|
|
|
160
|
|
|
14
|
|
|
19.7
|
|
|
11.1
|
|
TOTAL
|
|
$
|
600
|
|
|
$
|
514
|
|
|
$
|
44
|
|
|
16.6
|
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
75
|
|
|
$
|
21
|
|
|
$
|
6
|
|
|
NM
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
145
|
|
|
1
|
|
|
12
|
|
|
NM
|
|
|
NM
|
|
Urology and Critical
Care
|
|
84
|
|
|
—
|
|
|
6
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
303
|
|
|
$
|
23
|
|
|
$
|
24
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,898
|
|
|
$
|
1,342
|
|
|
$
|
149
|
|
|
41.4
|
|
|
30.2
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $23 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2018
|
|
2017
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
958
|
|
|
$
|
693
|
|
|
$
|
30
|
|
|
38.3
|
|
|
33.9
|
|
Medication Management
Solutions
|
|
581
|
|
|
567
|
|
|
11
|
|
|
2.5
|
|
|
0.5
|
|
Diabetes
Care
|
|
267
|
|
|
243
|
|
|
10
|
|
|
9.8
|
|
|
5.7
|
|
Pharmaceutical
Systems
|
|
366
|
|
|
312
|
|
|
30
|
|
|
17.4
|
|
|
7.9
|
|
TOTAL
|
|
$
|
2,172
|
|
|
$
|
1,815
|
|
|
$
|
81
|
|
|
19.7
|
|
|
15.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
381
|
|
|
$
|
363
|
|
|
$
|
15
|
|
|
5.1
|
|
|
1.0
|
|
Diagnostic
Systems
|
|
410
|
|
|
350
|
|
|
15
|
|
|
17.0
|
|
|
12.6
|
|
Biosciences
|
|
307
|
|
|
269
|
|
|
14
|
|
|
13.9
|
|
|
8.9
|
|
TOTAL
|
|
$
|
1,098
|
|
|
$
|
982
|
|
|
$
|
44
|
|
|
11.8
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
351
|
|
|
$
|
168
|
|
|
$
|
6
|
|
|
NM
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
338
|
|
|
5
|
|
|
12
|
|
|
NM
|
|
|
NM
|
|
Urology and Critical
Care
|
|
264
|
|
|
—
|
|
|
6
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
952
|
|
|
$
|
173
|
|
|
$
|
24
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
4,222
|
|
|
$
|
2,969
|
|
|
$
|
149
|
|
|
42.2
|
|
|
37.2
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $173 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Six Months Ended March 31,
(Unaudited; Amounts in millions)
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2018
|
|
2017
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
874
|
|
|
$
|
691
|
|
|
26.5
|
|
Medication Management
Solutions
|
|
932
|
|
|
956
|
|
|
(2.5)
|
|
Diabetes
Care
|
|
277
|
|
|
268
|
|
|
3.4
|
|
Pharmaceutical
Systems
|
|
136
|
|
|
139
|
|
|
(2.0)
|
|
TOTAL
|
|
$
|
2,218
|
|
|
$
|
2,053
|
|
|
8.0
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
366
|
|
|
$
|
361
|
|
|
1.2
|
|
Diagnostic
Systems
|
|
367
|
|
|
327
|
|
|
12.4
|
|
Biosciences
|
|
224
|
|
|
216
|
|
|
3.6
|
|
TOTAL
|
|
$
|
957
|
|
|
$
|
904
|
|
|
5.8
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
428
|
|
|
$
|
292
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
198
|
|
|
7
|
|
|
NM
|
|
Urology and Critical
Care
|
|
180
|
|
|
—
|
|
|
NM
|
|
TOTAL
|
|
$
|
806
|
|
|
$
|
299
|
|
|
NM
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
3,982
|
|
|
$
|
3,257
|
|
|
22.3
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $299 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2018
|
|
2017
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
826
|
|
|
$
|
697
|
|
|
$
|
42
|
|
|
18.5
|
|
|
12.5
|
|
Medication Management
Solutions
|
|
237
|
|
|
212
|
|
|
18
|
|
|
11.5
|
|
|
3.2
|
|
Diabetes
Care
|
|
267
|
|
|
243
|
|
|
14
|
|
|
10.2
|
|
|
4.4
|
|
Pharmaceutical
Systems
|
|
475
|
|
|
400
|
|
|
39
|
|
|
18.8
|
|
|
9.0
|
|
TOTAL
|
|
$
|
1,806
|
|
|
$
|
1,552
|
|
|
$
|
113
|
|
|
16.3
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
391
|
|
|
$
|
356
|
|
|
$
|
21
|
|
|
9.7
|
|
|
3.9
|
|
Diagnostic
Systems
|
|
423
|
|
|
357
|
|
|
21
|
|
|
18.5
|
|
|
12.6
|
|
Biosciences
|
|
372
|
|
|
322
|
|
|
19
|
|
|
15.3
|
|
|
9.4
|
|
TOTAL
|
|
$
|
1,186
|
|
|
$
|
1,036
|
|
|
$
|
61
|
|
|
14.5
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
99
|
|
|
$
|
44
|
|
|
$
|
7
|
|
|
NM
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
146
|
|
|
2
|
|
|
12
|
|
|
NM
|
|
|
NM
|
|
Urology and Critical
Care
|
|
84
|
|
|
—
|
|
|
6
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
329
|
|
|
$
|
47
|
|
|
$
|
25
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
3,321
|
|
|
$
|
2,635
|
|
|
$
|
199
|
|
|
26.0
|
|
|
18.5
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $47 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2018
|
|
2017
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
1,700
|
|
|
$
|
1,388
|
|
|
$
|
42
|
|
|
22.5
|
|
|
19.4
|
|
Medication Management
Solutions
|
|
1,168
|
|
|
1,168
|
|
|
18
|
|
|
—
|
|
|
(1.5)
|
|
Diabetes
Care
|
|
544
|
|
|
511
|
|
|
14
|
|
|
6.6
|
|
|
3.9
|
|
Pharmaceutical
Systems
|
|
612
|
|
|
539
|
|
|
39
|
|
|
13.5
|
|
|
6.1
|
|
TOTAL
|
|
$
|
4,024
|
|
|
$
|
3,606
|
|
|
$
|
113
|
|
|
11.6
|
|
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
756
|
|
|
$
|
718
|
|
|
$
|
21
|
|
|
5.4
|
|
|
2.5
|
|
Diagnostic
Systems
|
|
791
|
|
|
684
|
|
|
21
|
|
|
15.6
|
|
|
12.5
|
|
Biosciences
|
|
596
|
|
|
539
|
|
|
19
|
|
|
10.6
|
|
|
7.1
|
|
TOTAL
|
|
$
|
2,143
|
|
|
$
|
1,940
|
|
|
$
|
61
|
|
|
10.4
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
528
|
|
|
$
|
336
|
|
|
$
|
7
|
|
|
NM
|
|
|
NM
|
|
Peripheral
Intervention (a)
|
|
344
|
|
|
9
|
|
|
12
|
|
|
NM
|
|
|
NM
|
|
Urology and Critical
Care
|
|
264
|
|
|
—
|
|
|
6
|
|
|
NM
|
|
|
NM
|
|
TOTAL
|
|
$
|
1,135
|
|
|
$
|
346
|
|
|
$
|
25
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
7,302
|
|
|
$
|
5,892
|
|
|
$
|
199
|
|
|
23.9
|
|
|
20.6
|
|
(a)
|
The presentation of
prior-period amounts reflects a reclassification of $346 million
associated with the movement, effective on January 1, 2018, of
certain product offerings from the Medical segment to the
Interventional segment.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE
CHANGE - UNITED STATES
Three Months Ended March 31,
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
|
|
B
|
|
C=A+B
|
|
|
D
|
|
E
|
|
F
|
|
G
|
|
H=D+E+F+G
|
|
|
I=(C-H)/H
|
|
|
BD
Reported
|
|
Divestiture
Adjustments (b)
|
|
Comparable
|
|
|
BD Reported
(a)
|
|
Bard (c)
|
|
Intercompany
Adjustment (d)
|
|
Divestiture
Adjustments (b)
|
|
Comparable
|
|
|
Comparable %
Change
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
|
2017
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
504
|
|
|
$
|
—
|
|
|
$
|
504
|
|
|
|
$
|
345
|
|
|
$
|
146
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
$
|
488
|
|
|
|
3.2
|
|
Medication Management
Solutions
|
|
461
|
|
|
—
|
|
|
461
|
|
|
|
464
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
464
|
|
|
|
(0.7)
|
|
Diabetes
Care
|
|
131
|
|
|
—
|
|
|
131
|
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
|
5.8
|
|
Pharmaceutical
Systems
|
|
82
|
|
|
—
|
|
|
82
|
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
|
7.9
|
|
TOTAL
|
|
$
|
1,178
|
|
|
$
|
—
|
|
|
$
|
1,178
|
|
|
|
$
|
1,009
|
|
|
$
|
146
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
$
|
1,152
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
181
|
|
|
$
|
—
|
|
|
$
|
181
|
|
|
|
$
|
185
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
185
|
|
|
|
(2.2)
|
|
Diagnostic
Systems
|
|
201
|
|
|
—
|
|
|
201
|
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
|
16.4
|
|
Biosciences
|
|
116
|
|
|
—
|
|
|
116
|
|
|
|
110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
|
5.5
|
|
TOTAL
|
|
$
|
498
|
|
|
$
|
—
|
|
|
$
|
498
|
|
|
|
$
|
467
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
467
|
|
|
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
276
|
|
|
$
|
(5)
|
|
|
$
|
271
|
|
|
|
$
|
146
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
267
|
|
|
|
1.6
|
|
Peripheral
Intervention (a)
|
|
194
|
|
|
—
|
|
|
194
|
|
|
|
4
|
|
|
171
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|
|
10.8
|
|
Urology and Critical
Care
|
|
180
|
|
|
—
|
|
|
180
|
|
|
|
—
|
|
|
169
|
|
|
—
|
|
|
—
|
|
|
169
|
|
|
|
6.6
|
|
TOTAL
|
|
$
|
649
|
|
|
$
|
(5)
|
|
|
$
|
645
|
|
|
|
$
|
150
|
|
|
$
|
470
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
610
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
2,325
|
|
|
$
|
(5)
|
|
|
$
|
2,320
|
|
|
|
$
|
1,627
|
|
|
$
|
617
|
|
|
$
|
(4)
|
|
|
$
|
(10)
|
|
|
$
|
2,230
|
|
|
|
4.0
|
|
(a)
|
Reflects a
reclassification of $150 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(b)
|
Represents
adjustments for BD's divestiture of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
(c)
|
Amounts presented in
alignment with BD's current-period segment, organizational unit and
regional reporting structure. Also reflects the elimination
of revenues from the Peripheral Intervention unit related to a
royalty income stream, reported as revenues by Bard, which BD
reports as non-operating income in the current-year
period.
|
(d)
|
Represents the
elimination of revenues from the Medication Delivery Solutions unit
which BD previously recognized from Bard as third-party revenues
and that would be treated as intercompany revenues in the
current-year period.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE
CHANGE - INTERNATIONAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
|
|
B
|
|
C=A+B
|
|
|
D
|
|
E
|
|
F
|
|
G=D+E+F
|
|
|
H
|
|
I=(C-G-H)/G
|
|
|
BD
Reported
|
|
Divestiture
Adjustments (b)
|
|
Comparable
|
|
|
BD Reported
(a)
|
|
Bard (c)
|
|
Divestiture
Adjustments (b)
|
|
Comparable
|
|
|
FX Impact
|
|
FXN %
Change
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
2017
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
454
|
|
|
$
|
—
|
|
|
$
|
454
|
|
|
|
$
|
348
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
397
|
|
|
|
$
|
30
|
|
|
6.9
|
|
Medication Management
Solutions
|
|
120
|
|
|
—
|
|
|
120
|
|
|
|
103
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
|
11
|
|
|
5.9
|
|
Diabetes
Care
|
|
136
|
|
|
—
|
|
|
136
|
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
|
10
|
|
|
5.7
|
|
Pharmaceutical
Systems
|
|
284
|
|
|
—
|
|
|
284
|
|
|
|
235
|
|
|
—
|
|
|
—
|
|
|
235
|
|
|
|
30
|
|
|
8.0
|
|
TOTAL
|
|
$
|
994
|
|
|
$
|
—
|
|
|
$
|
994
|
|
|
|
$
|
805
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
854
|
|
|
|
$
|
81
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
200
|
|
|
$
|
—
|
|
|
$
|
200
|
|
|
|
$
|
177
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
177
|
|
|
|
$
|
15
|
|
|
4.4
|
|
Diagnostic
Systems
|
|
209
|
|
|
—
|
|
|
209
|
|
|
|
178
|
|
|
—
|
|
|
—
|
|
|
178
|
|
|
|
15
|
|
|
9.0
|
|
Biosciences
|
|
191
|
|
|
—
|
|
|
191
|
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|
|
14
|
|
|
11.1
|
|
TOTAL
|
|
$
|
600
|
|
|
$
|
—
|
|
|
$
|
600
|
|
|
|
$
|
514
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
514
|
|
|
|
$
|
44
|
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
75
|
|
|
$
|
(1)
|
|
|
$
|
74
|
|
|
|
$
|
21
|
|
|
$
|
39
|
|
|
$
|
(3)
|
|
|
$
|
58
|
|
|
|
$
|
6
|
|
|
16.1
|
|
Peripheral
Intervention (a)
|
|
145
|
|
|
—
|
|
|
145
|
|
|
|
1
|
|
|
118
|
|
|
—
|
|
|
120
|
|
|
|
12
|
|
|
11.0
|
|
Urology and Critical
Care
|
|
84
|
|
|
—
|
|
|
84
|
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
73
|
|
|
|
6
|
|
|
6.3
|
|
TOTAL
|
|
$
|
303
|
|
|
$
|
(1)
|
|
|
$
|
302
|
|
|
|
$
|
23
|
|
|
$
|
231
|
|
|
$
|
(3)
|
|
|
$
|
251
|
|
|
|
$
|
24
|
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,898
|
|
|
$
|
(1)
|
|
|
$
|
1,897
|
|
|
|
$
|
1,342
|
|
|
$
|
280
|
|
|
$
|
(3)
|
|
|
$
|
1,620
|
|
|
|
$
|
149
|
|
|
7.9
|
|
(a)
|
Reflects a
reclassification of $23 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(b)
|
Represents
adjustments for BD's divestiture of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
(c)
|
Amounts presented in
alignment with BD's current-period segment, organizational unit and
regional reporting structure.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE
CHANGE - TOTAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
|
|
B
|
|
C=A+B
|
|
|
D
|
|
E
|
|
F
|
|
G
|
|
H=D+E+F+G
|
|
|
I
|
|
J=(C-H-I)/H
|
|
|
BD
Reported
|
|
Divestiture
Adjustments (b)
|
|
Comparable
|
|
|
BD Reported
(a)
|
|
Bard (c)
|
|
Intercompany
Adjustment (d)
|
|
Divestiture
Adjustments (b)
|
|
Comparable
|
|
|
FX Impact
|
|
FXN %
Change
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
|
2017
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
958
|
|
|
$
|
—
|
|
|
$
|
958
|
|
|
|
$
|
693
|
|
|
$
|
195
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
$
|
885
|
|
|
|
$
|
30
|
|
|
4.9
|
|
Medication Management
Solutions
|
|
581
|
|
|
—
|
|
|
581
|
|
|
|
567
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
|
11
|
|
|
0.5
|
|
Diabetes
Care
|
|
267
|
|
|
—
|
|
|
267
|
|
|
|
243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
|
10
|
|
|
5.7
|
|
Pharmaceutical
Systems
|
|
366
|
|
|
—
|
|
|
366
|
|
|
|
312
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
312
|
|
|
|
30
|
|
|
7.9
|
|
TOTAL
|
|
$
|
2,172
|
|
|
$
|
—
|
|
|
$
|
2,172
|
|
|
|
$
|
1,815
|
|
|
$
|
195
|
|
|
$
|
(4)
|
|
|
$
|
—
|
|
|
$
|
2,006
|
|
|
|
$
|
81
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
381
|
|
|
$
|
—
|
|
|
$
|
381
|
|
|
|
$
|
363
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
363
|
|
|
|
$
|
15
|
|
|
1.0
|
|
Diagnostic
Systems
|
|
410
|
|
|
—
|
|
|
410
|
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350
|
|
|
|
15
|
|
|
12.6
|
|
Biosciences
|
|
307
|
|
|
—
|
|
|
307
|
|
|
|
269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
269
|
|
|
|
14
|
|
|
8.9
|
|
TOTAL
|
|
$
|
1,098
|
|
|
$
|
—
|
|
|
$
|
1,098
|
|
|
|
$
|
982
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
982
|
|
|
|
$
|
44
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
351
|
|
|
$
|
(5)
|
|
|
$
|
345
|
|
|
|
$
|
168
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
$
|
(12)
|
|
|
$
|
326
|
|
|
|
$
|
6
|
|
|
4.2
|
|
Peripheral
Intervention (a)
|
|
338
|
|
|
—
|
|
|
338
|
|
|
|
5
|
|
|
289
|
|
|
—
|
|
|
—
|
|
|
294
|
|
|
|
12
|
|
|
10.9
|
|
Urology and Critical
Care
|
|
264
|
|
|
—
|
|
|
264
|
|
|
|
—
|
|
|
242
|
|
|
—
|
|
|
—
|
|
|
242
|
|
|
|
6
|
|
|
6.5
|
|
TOTAL
|
|
$
|
952
|
|
|
$
|
(5)
|
|
|
$
|
947
|
|
|
|
$
|
173
|
|
|
$
|
701
|
|
|
$
|
—
|
|
|
$
|
(12)
|
|
|
$
|
862
|
|
|
|
$
|
24
|
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
4,222
|
|
|
$
|
(5)
|
|
|
$
|
4,217
|
|
|
|
$
|
2,969
|
|
|
$
|
897
|
|
|
$
|
(4)
|
|
|
$
|
(12)
|
|
|
$
|
3,850
|
|
|
|
$
|
149
|
|
|
5.7
|
|
(a)
|
Reflects a
reclassification of $173 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(b)
|
Represents
adjustments for BD's divestiture of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
(c)
|
Amounts presented in
alignment with BD's current-period segment, organizational unit and
regional reporting structure. Also reflects the elimination
of revenues from the Peripheral Intervention unit related to a
royalty income stream, reported as revenues by Bard, which BD
reports as non-operating income in the current-year
period.
|
(d)
|
Represents the
elimination of revenues from the Medication Delivery Solutions unit
which BD previously recognized from Bard as third-party revenues
and that would be treated as intercompany revenues in the
current-year period.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE
CHANGE - UNITED STATES
Six Months Ended March 31,
(Unaudited; Amounts in millions)
|
|
|
|
A
|
|
B
|
|
C
|
|
D
|
|
E=A+B+C+D
|
|
|
F
|
|
G
|
|
H
|
|
I
|
|
J=F+G+H+I
|
|
|
K
|
|
|
BD
Reported
|
|
Bard Q1
(b)
|
|
Presentation
Alignment Adjustments (c)
|
|
Divestiture
Adjustments (d)
|
|
Comparable
|
|
|
BD Reported
(a)
|
|
Bard (b)
|
|
Intercompany
Adjustment (c)
|
|
Divestiture
Adjustments (d)
|
|
Comparable
|
|
|
Comparable %
Change
|
|
|
2018
|
|
2018
|
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
|
2017
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
874
|
|
|
$
|
145
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
1,015
|
|
|
|
$
|
691
|
|
|
$
|
285
|
|
|
$
|
(8)
|
|
|
$
|
—
|
|
|
$
|
969
|
|
|
|
4.8
|
|
Medication Management
Solutions
|
|
932
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
932
|
|
|
|
956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
956
|
|
|
|
(2.5)
|
|
Diabetes
Care
|
|
277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268
|
|
|
|
3.4
|
|
Pharmaceutical
Systems
|
|
136
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136
|
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
|
(2.0)
|
|
TOTAL
|
|
$
|
2,218
|
|
|
$
|
145
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
2,360
|
|
|
|
$
|
2,053
|
|
|
$
|
285
|
|
|
$
|
(8)
|
|
|
$
|
—
|
|
|
$
|
2,331
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
366
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
366
|
|
|
|
$
|
361
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
361
|
|
|
|
1.2
|
|
Diagnostic
Systems
|
|
367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
367
|
|
|
|
327
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
|
12.4
|
|
Biosciences
|
|
224
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
224
|
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|
|
3.6
|
|
TOTAL
|
|
$
|
957
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
957
|
|
|
|
$
|
904
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
904
|
|
|
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
428
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
(15)
|
|
|
$
|
518
|
|
|
|
$
|
292
|
|
|
$
|
261
|
|
|
$
|
—
|
|
|
$
|
(20)
|
|
|
$
|
534
|
|
|
|
(2.9)
|
|
Peripheral
Intervention (a)
|
|
198
|
|
|
188
|
|
|
—
|
|
|
—
|
|
|
386
|
|
|
|
7
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|
350
|
|
|
|
10.3
|
|
Urology and Critical
Care
|
|
180
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
357
|
|
|
|
—
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|
343
|
|
|
|
4.0
|
|
TOTAL
|
|
$
|
806
|
|
|
$
|
470
|
|
|
$
|
—
|
|
|
$
|
(15)
|
|
|
$
|
1,261
|
|
|
|
$
|
299
|
|
|
$
|
947
|
|
|
$
|
—
|
|
|
$
|
(20)
|
|
|
$
|
1,227
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
3,982
|
|
|
$
|
614
|
|
|
$
|
(3)
|
|
|
$
|
(15)
|
|
|
$
|
4,578
|
|
|
|
$
|
3,257
|
|
|
$
|
1,232
|
|
|
$
|
(8)
|
|
|
$
|
(20)
|
|
|
$
|
4,462
|
|
|
|
2.6
|
|
(a)
|
Reflects a
reclassification of $299 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(b)
|
Amounts in 2018
represent revenues for the quarter ended December 31, 2017; amounts
in 2017 represent revenues for the quarters ended December 31, 2016
and March 31, 2017. Amounts presented in alignment with BD's
current-period segment, organizational unit and regional reporting
structure. Also reflects the elimination of revenues from the
Peripheral Intervention unit related to a royalty income stream,
reported as revenues by Bard, which BD reports 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)
|
Represents
adjustments for BD's divestiture of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE
CHANGE - INTERNATIONAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
|
|
B
|
|
C
|
|
D=A+B+C
|
|
|
E
|
|
F
|
|
G
|
|
H=E+F+G
|
|
|
I
|
|
J=(D-H-I)/H
|
|
|
BD
Reported
|
|
Bard Q1
(b)
|
|
Divestiture
Adjustments (c)
|
|
Comparable
|
|
|
BD Reported
(a)
|
|
Bard (b)
|
|
Divestiture
Adjustments (c)
|
|
Comparable
|
|
|
FX Impact
|
|
FXN %
Change
|
|
|
2018
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
2017
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
826
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
895
|
|
|
|
$
|
697
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
803
|
|
|
|
$
|
44
|
|
|
5.9
|
|
Medication Management
Solutions
|
|
237
|
|
|
—
|
|
|
—
|
|
|
237
|
|
|
|
212
|
|
|
—
|
|
|
—
|
|
|
212
|
|
|
|
18
|
|
|
3.2
|
|
Diabetes
Care
|
|
267
|
|
|
—
|
|
|
—
|
|
|
267
|
|
|
|
243
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
|
14
|
|
|
4.4
|
|
Pharmaceutical
Systems
|
|
475
|
|
|
—
|
|
|
—
|
|
|
475
|
|
|
|
400
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|
|
39
|
|
|
9.0
|
|
TOTAL
|
|
$
|
1,806
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
1,874
|
|
|
|
$
|
1,552
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
1,658
|
|
|
|
$
|
115
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
391
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
391
|
|
|
|
$
|
356
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
356
|
|
|
|
$
|
21
|
|
|
3.9
|
|
Diagnostic
Systems
|
|
423
|
|
|
—
|
|
|
—
|
|
|
423
|
|
|
|
357
|
|
|
—
|
|
|
—
|
|
|
357
|
|
|
|
21
|
|
|
12.6
|
|
Biosciences
|
|
372
|
|
|
—
|
|
|
—
|
|
|
372
|
|
|
|
322
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|
|
19
|
|
|
9.4
|
|
TOTAL
|
|
$
|
1,186
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,186
|
|
|
|
$
|
1,036
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,036
|
|
|
|
$
|
61
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
99
|
|
|
$
|
49
|
|
|
$
|
(3)
|
|
|
$
|
145
|
|
|
|
$
|
44
|
|
|
$
|
81
|
|
|
$
|
(5)
|
|
|
$
|
120
|
|
|
|
$
|
9
|
|
|
13.3
|
|
Peripheral
Intervention (a)
|
|
146
|
|
|
146
|
|
|
—
|
|
|
292
|
|
|
|
2
|
|
|
244
|
|
|
—
|
|
|
247
|
|
|
|
17
|
|
|
11.5
|
|
Urology and Critical
Care
|
|
84
|
|
|
90
|
|
|
—
|
|
|
174
|
|
|
|
—
|
|
|
160
|
|
|
—
|
|
|
160
|
|
|
|
8
|
|
|
4.1
|
|
TOTAL
|
|
$
|
329
|
|
|
$
|
285
|
|
|
$
|
(3)
|
|
|
$
|
611
|
|
|
|
$
|
47
|
|
|
$
|
485
|
|
|
$
|
(5)
|
|
|
$
|
527
|
|
|
|
$
|
33
|
|
|
9.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
3,321
|
|
|
$
|
353
|
|
|
$
|
(3)
|
|
|
$
|
3,671
|
|
|
|
$
|
2,635
|
|
|
$
|
591
|
|
|
$
|
(5)
|
|
|
$
|
3,220
|
|
|
|
$
|
209
|
|
|
7.5
|
|
(a)
|
Reflects a
reclassification of $47 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(b)
|
Amounts in 2018
represent revenues for the quarter ended December 31, 2017; amounts
in 2017 represent revenues for the quarters ended December 31, 2016
and March 31, 2017. Amounts presented in alignment with BD's
current-period segment, organizational unit and regional reporting
structure.
|
(c)
|
Represents
adjustments for BD's divestiture of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE
CHANGE - TOTAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
|
|
|
|
A
|
|
B
|
|
C
|
|
D
|
|
E=A+B+C+D
|
|
|
F
|
|
G
|
|
H
|
|
I
|
|
J=F+G+H+I
|
|
|
K
|
|
L=(E-J-K)/J
|
|
|
BD
Reported
|
|
Bard Q1
(b)
|
|
Presentation
Alignment Adjustments (c)
|
|
Divestiture
Adjustments (d)
|
|
Comparable
|
|
|
BD Reported
(a)
|
|
Bard (b)
|
|
Intercompany
Adjustment (c)
|
|
Divestiture
Adjustments (d)
|
|
Comparable
|
|
|
FX Impact
|
|
FXN %
Change
|
|
|
2018
|
|
2018
|
|
|
|
2018
|
|
|
2017
|
|
2017
|
|
|
|
2017
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions (a)
|
|
$
|
1,700
|
|
|
$
|
213
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
1,910
|
|
|
|
$
|
1,388
|
|
|
$
|
391
|
|
|
$
|
(8)
|
|
|
$
|
—
|
|
|
$
|
1,771
|
|
|
|
$
|
44
|
|
|
5.3
|
|
Medication Management
Solutions
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
|
18
|
|
|
(1.5)
|
|
Diabetes
Care
|
|
544
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
544
|
|
|
|
511
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
511
|
|
|
|
14
|
|
|
3.9
|
|
Pharmaceutical
Systems
|
|
612
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
612
|
|
|
|
539
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
539
|
|
|
|
39
|
|
|
6.1
|
|
TOTAL
|
|
$
|
4,024
|
|
|
$
|
213
|
|
|
$
|
(3)
|
|
|
$
|
—
|
|
|
$
|
4,234
|
|
|
|
$
|
3,606
|
|
|
$
|
391
|
|
|
$
|
(8)
|
|
|
$
|
—
|
|
|
$
|
3,989
|
|
|
|
$
|
115
|
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
756
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
756
|
|
|
|
$
|
718
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
718
|
|
|
|
$
|
21
|
|
|
2.5
|
|
Diagnostic
Systems
|
|
791
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
791
|
|
|
|
684
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
684
|
|
|
|
21
|
|
|
12.5
|
|
Biosciences
|
|
596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
596
|
|
|
|
539
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
539
|
|
|
|
19
|
|
|
7.1
|
|
TOTAL
|
|
$
|
2,143
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,143
|
|
|
|
$
|
1,940
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,940
|
|
|
|
$
|
61
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
(a)
|
|
$
|
528
|
|
|
$
|
153
|
|
|
$
|
—
|
|
|
$
|
(18)
|
|
|
$
|
663
|
|
|
|
$
|
336
|
|
|
$
|
342
|
|
|
$
|
—
|
|
|
$
|
(25)
|
|
|
$
|
654
|
|
|
|
$
|
9
|
|
|
0.1
|
|
Peripheral
Intervention (a)
|
|
344
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
678
|
|
|
|
9
|
|
|
587
|
|
|
—
|
|
|
—
|
|
|
597
|
|
|
|
17
|
|
|
10.8
|
|
Urology and Critical
Care
|
|
264
|
|
|
267
|
|
|
—
|
|
|
—
|
|
|
531
|
|
|
|
—
|
|
|
503
|
|
|
—
|
|
|
—
|
|
|
503
|
|
|
|
8
|
|
|
4.0
|
|
TOTAL
|
|
$
|
1,135
|
|
|
$
|
755
|
|
|
$
|
—
|
|
|
$
|
(18)
|
|
|
$
|
1,872
|
|
|
|
$
|
346
|
|
|
$
|
1,432
|
|
|
$
|
—
|
|
|
$
|
(25)
|
|
|
$
|
1,753
|
|
|
|
$
|
33
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
7,302
|
|
|
$
|
968
|
|
|
$
|
(3)
|
|
|
$
|
(18)
|
|
|
$
|
8,249
|
|
|
|
$
|
5,892
|
|
|
$
|
1,823
|
|
|
$
|
(8)
|
|
|
$
|
(25)
|
|
|
$
|
7,682
|
|
|
|
$
|
209
|
|
|
4.7
|
|
(a)
|
Reflects a
reclassification of $346 million associated with the movement,
effective on January 1, 2018, of certain product offerings from the
Medical segment to the Interventional segment.
|
(b)
|
Amounts in 2018
represent revenues for the quarter ended December 31, 2017; amounts
in 2017 represent revenues for the quarters ended December 31, 2016
and March 31, 2017. Amounts presented in alignment with BD's
current-period segment, organizational unit and regional reporting
structure. Also reflects the elimination of revenues from the
Peripheral Intervention unit related to a royalty income stream,
reported as revenues by Bard, which BD reports 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)
|
Represents
adjustments for BD's divestiture of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2018
|
|
2017
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
(Loss) Earnings per Share
|
|
$
|
(0.19)
|
|
|
$
|
1.58
|
|
|
$
|
(1.77)
|
|
|
$
|
0.16
|
|
|
$
|
(1.93)
|
|
|
(112.0)%
|
|
|
(122.2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments ($790 million and $129 million pre-tax, respectively)
(1)
|
|
2.96
|
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
($19 million and $11 million pre-tax, respectively)
(2)
|
|
0.07
|
|
|
0.05
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
Integration costs
($79 million and $63 million pre-tax, respectively)
(2)
|
|
0.29
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs ($7
million and $8 million pre-tax, respectively)
(2)
|
|
0.03
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
Hurricane recovery
costs ($5 million) (3)
|
|
0.02
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Losses on debt
extinguishment ($13 million pre-tax) (4)
|
|
0.05
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive impact
(5)
|
|
(0.06)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit of
special items ($137 million and $54 million,
respectively)
|
|
(0.51)
|
|
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
2.65
|
|
|
$
|
2.30
|
|
|
$
|
0.35
|
|
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
15.2
|
%
|
|
7.8
|
%
|
(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 $422 million recorded relative to Bard's inventory on
the acquisition date.
|
(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 costs
incurred as a result of hurricane-related damage to production
facilities in Puerto Rico.
|
(4)
|
Represents losses
recognized upon the extinguishment of certain long-term senior
notes.
|
(5)
|
Represents the
dilutive impact of share equivalents associated with share-based
plans that were excluded from the reported diluted shares
outstanding calculation because the result would have been
antidilutive. The adjusted diluted average shares outstanding
(in thousands) were 273,693.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
|
|
|
|
Six Months Ended
March 31,
|
|
|
2018
|
|
2017
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
(Loss) Earnings per Share
|
|
$
|
(0.90)
|
|
|
$
|
4.15
|
|
|
$
|
(5.05)
|
|
|
$
|
0.22
|
|
|
$
|
(5.27)
|
|
|
(121.7)
|
%
|
|
(127.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments ($925 million and $255 million pre-tax, respectively)
(1)
|
|
3.72
|
|
|
1.17
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
Restructuring costs
($255 million and $46 million pre-tax, respectively)
(2)
|
|
1.02
|
|
|
0.21
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
Integration costs
($153 million and $109 million pre-tax, respectively)
(2)
|
|
0.61
|
|
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs
($51 million and $14 million pre-tax, respectively)
(2)
|
|
0.20
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
Financing impacts
($49 million pre-tax) (3)
|
|
0.20
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Hurricane recovery
costs ($12 million pre-tax) (4)
|
|
0.05
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Losses on debt
extinguishment ($13 million and $42 million pre-tax), respectively
(5)
|
|
0.05
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
Litigation-related
item ($(336) million pre-tax) (6)
|
|
—
|
|
|
(1.54)
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive Impact
(7)
|
|
0.20
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit of
special items and impact of tax reform ($2 million and $27 million,
respectively) (8)
|
|
(0.01)
|
|
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
5.15
|
|
|
$
|
4.63
|
|
|
$
|
0.52
|
|
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
11.2
|
%
|
|
6.0
|
%
|
(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 $422 million recorded relative to Bard's inventory on
the acquisition date.
|
(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; BD shares issued as
consideration transferred to acquire Bard; and share equivalents
associated with share-based plans that were excluded from the
reported diluted shares outstanding calculation because the result
would have been antidilutive. The adjusted diluted average shares
outstanding (in thousands) was 246,179.
|
(8)
|
Includes additional
tax expense, net, of $275 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 $285 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
FY 2018 OUTLOOK RECONCILIATION
|
|
|
|
|
|
BD Including
Bard
|
|
|
|
|
|
|
|
|
|
|
|
FY2017
|
|
FY2018
Outlook
|
|
|
Revenues
|
|
% Change
|
|
FX Impact
|
|
% Change
FXN
|
|
|
|
|
|
|
|
|
|
BDX
Revenue
|
|
$
|
12,093
|
|
|
31.0% -
31.5%
|
|
~2.5%
|
|
28.5% -
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
|
|
|
5.0% -
5.5%
|
|
|
|
|
U.S. Dispensing
Change & Bard Hurricane Impact
|
|
|
|
~0.5%
|
|
|
|
|
NewCo Revenue
Underlying
|
|
|
|
5.5% -
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
FY 2018 OUTLOOK
RECONCILIATION (continued)
|
|
|
|
|
|
|
|
|
|
|
FY2017
|
|
FY2018
Outlook
|
|
|
|
|
|
|
Revenues
|
|
% Change FXN
Comparable
|
|
|
|
|
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
|
|
|
5.0% -
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$10.90 -
11.05
|
|
15% -
16.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated FX
Impact
|
|
|
|
~4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FXN
Growth
|
|
|
|
~12.0%
|
|
|
|
|
FXN - Foreign Currency Neutral
|
|
|
|
|
|
|
|
|
(1)
|
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.
|
View original
content:http://www.prnewswire.com/news-releases/bd-announces-results-for-2018-second-fiscal-quarter-raises-fiscal-2018-guidance-300641617.html
SOURCE BD (Becton, Dickinson and Company)