FRANKLIN LAKES, N.J.,
May 9, 2019 /PRNewswire/ -- BD
(Becton, Dickinson and Company) (NYSE: BDX), a leading global
medical technology company, today reported quarterly revenues of
$4.195 billion for the second fiscal
quarter ended March 31, 2019. This represents a decrease
of 0.6 percent from the prior-year period. On a comparable,
currency-neutral basis, revenues increased 3.4 percent over the
prior-year period.
"Through the second quarter we have delivered solid revenue
growth and operating performance," said Vincent A. Forlenza, chairman and CEO. "Our
revised fiscal year 2019 outlook reflects recent, near-term
regulatory and market pressures related to paclitaxel-coated
devices and foreign currency, which will affect our EPS guidance
range. We remain confident that our business is strong,
fundamentals are in-tact, and we will continue to deliver value to
our shareholders and customers around the world."
Second Quarter and Six-Month Fiscal 2019 Operating
Results
As reported, diluted earnings per share for the second quarter
were $(0.07), compared with
$(0.19) in the prior-year
period. This represents an increase of 63.2 percent.
Adjusted diluted earnings per share were $2.59, compared with $2.65 in the prior-year period. This
represents a decrease in adjusted diluted earnings per share of 2.3
percent, or an increase of 7.2 percent on a currency-neutral
basis.
For the six-month period ended March 31, 2019, as reported,
diluted earnings per share were $1.98, compared with $(0.90) in the prior-year period. This
represents an increase of 320.0 percent. Adjusted diluted
earnings per share were $5.29,
compared with $5.15 in the prior-year
period. This represents an increase in adjusted diluted
earnings per share of 2.7 percent, or 10.5 percent on a
currency-neutral basis.
Current period adjusted results exclude, among other items,
charges to record product liability reserves of $331 million and the estimated cost of a product
recall of $65 million.
Segment Results
In the BD Medical segment, as reported, worldwide revenues for
the quarter of $2.180 billion
increased 0.4 percent over the prior-year period, or 3.8 percent on
a comparable, currency-neutral basis. The segment's results
were driven by performance in the Medication Management Solutions,
Diabetes Care and Pharmaceutical Systems units. Performance
in the Medication Delivery Solutions unit reflects a tough
comparison to the prior year, as well as distributor inventory
adjustments during the quarter in the
United States.
For the six-month period ended March 31, 2019, BD Medical
revenues were $4.316 billion as
reported, which represents an increase of 7.2 percent over the
prior-year period. On a comparable, currency-neutral basis,
BD Medical revenues increased 4.5 percent.
In the BD Life Sciences segment, as reported, worldwide revenues
for the quarter of $1.052 billion
decreased 4.2 percent from the prior-year period. On a
comparable, currency-neutral basis, revenues increased 2.7
percent. Revenue growth was driven by performance in the
Biosciences and Preanalytical Systems units. Growth in the
Diagnostic Systems unit reflects a tough comparison to the strong
flu season in the prior-year period.
For the six-month period ended March 31, 2019, BD Life
Sciences revenues were $2.108 billion
as reported, which represents a decrease of 1.6 percent from the
prior-year period. On a comparable, currency-neutral basis,
BD Life Sciences revenues of $2.099
billion increased 3.7 percent.
In the BD Interventional segment, as reported, worldwide
revenues for the quarter of $0.963
billion increased 1.1 percent over the prior-year period, or
3.5 percent on a comparable, currency-neutral basis. The
segment's results were driven by performance in the Urology and
Critical Care and Peripheral Intervention units. Growth in
the Surgery unit reflects a tough comparison to the prior-year
period.
For the six-month period ended March 31, 2019, BD
Interventional revenues were $1.932
billion as reported, which represents an increase of 70.2
percent over the prior-year period. On a comparable,
currency-neutral basis, BD Interventional revenues increased 4.6
percent.
Geographic Results
As reported, second quarter revenues in the U.S. of $2.341 billion increased 0.7 percent from the
prior-year period. On a comparable basis, U.S. revenues
increased 2.2 percent over the prior-year period. Growth in
the U.S. was driven by performance in the BD Medical and BD
Interventional segments. BD Life Sciences' growth in the U.S.
reflects the aforementioned comparison to a strong flu season in
the prior year in the Diagnostic Systems unit.
As reported, revenues outside of the U.S. of $1.854 billion decreased 2.3 percent from the
prior-year period. On a comparable, currency-neutral basis,
revenues outside of the U.S. increased 4.9 percent over the
prior-year period. International revenue growth was driven by
strong performance in China and
EMA.
For the six-month period ended March 31, 2019, U.S.
revenues were $4.728 billion as
reported, which represents an increase of 18.7 percent over the
prior-year period. On a comparable basis, U.S. revenues of
$4.724 billion grew 4.1 percent over
the prior-year period. As reported, revenues outside of the
U.S. of $3.628 billion grew 9.2
percent over the prior-year period. On a comparable,
currency-neutral basis, revenues outside the U.S. of $3.623 billion grew 4.5 percent over the
prior-year period.
Fiscal 2019 Outlook for Full Year
As reported, the company expects full fiscal year 2019 revenues
to increase 8.0 to 9.0 percent, compared to 8.5 to 9.5 percent
previously communicated, due to the estimated additional negative
impact from foreign currency. The company continues to
estimate full fiscal year 2019 revenues will increase 5.0 to 6.0
percent on a comparable, currency-neutral basis.
The company expects adjusted diluted earnings per share to be
between $11.65 and $11.75, resulting in growth of approximately 12.0
percent on a currency-neutral basis. This is a decrease from
previously issued guidance of approximately 13.0 to 14.0 percent
growth, and is due to recent regulatory and market pressures
related to paclitaxel-coated devices. Including the estimated
additional unfavorable impact of foreign currency, adjusted diluted
earnings per share are expected to grow approximately 6.0 to 7.0
percent over fiscal 2018 adjusted diluted earnings per share of
$11.01.
Estimated adjusted diluted earnings per share for fiscal 2019
excludes potential charges or gains that may be recorded during the
fiscal year, such as, among other things, the non-cash amortization
of intangible assets, acquisition-related charges, and certain tax
matters. BD does not attempt to provide reconciliations of
forward-looking non-GAAP earnings guidance to the comparable GAAP
measure because the impact and timing of these potential charges or
gains is inherently uncertain and difficult to predict and is
unavailable without unreasonable efforts. In addition, the
company believes such reconciliations would imply a degree of
precision and certainty that could be confusing to investors.
Such items could have a substantial impact on GAAP measures of BD's
financial performance.
Conference Call Information
A conference call regarding BD's 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 9, 2019. The conference call will
be available for replay on BD's website, www.bd.com/investors, or
at 1-800-585-8367 (domestic) and 1-404-537-3406 (international)
through the close of business on Tuesday,
May 14, 2019, confirmation number 1284128.
Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial
measures. Reconciliations of these and other non-GAAP
measures to the comparable GAAP measures are included in the
attached financial tables. Within the attached financial
tables presented, certain columns and rows may not add due to the
use of rounded numbers. Percentages and earnings per share
amounts presented are calculated from the underlying amounts.
All "comparable" basis revenue growth rates relating to fiscal
year 2019 presented throughout this release include, where
applicable, the results of C. R. Bard, Inc. ("Bard") in the
prior-year period, and also include adjustments for certain items
as detailed in the attached tables. Beginning in the second quarter
of fiscal year 2018, the Company's organizational structure was
based upon three principal business segments: BD Medical
("Medical"), BD Life Sciences ("Life Sciences") and BD
Interventional ("Interventional"). The Interventional segment
was added upon the Company's completion of its acquisition of Bard,
and this new segment includes the majority of Bard's product
offerings and certain product offerings that were previously
reported in the Medical segment. Certain of Bard's product
offerings are included under the Company's Medical segment,
specifically within the new Medication Delivery Solutions unit,
which was formerly the Medical segment's Medication and Procedural
Solutions unit. Current and prior-year adjusted diluted
earnings per share results exclude, among other things, the impact
of purchase accounting adjustments (including the non-cash
amortization of acquisition-related intangible assets);
integration, restructuring and transaction costs; transactional and
product related impacts; and the loss on debt extinguishment.
We also provide these measures on a currency-neutral basis after
eliminating the effect of foreign currency translation, where
applicable. We calculate foreign currency-neutral percentages
by converting our current-period local currency financial results
using the prior period foreign currency exchange rates and
comparing these adjusted amounts to our current-period
results. Reconciliations of these amounts to the most
directly comparable GAAP measures are included in the tables at the
end of this release.
About BD
BD is one of the largest global medical technology companies in
the world and is advancing the world of health by improving medical
discovery, diagnostics and the delivery of care. The company
supports the heroes on the frontlines of health care by developing
innovative technology, services and solutions that help advance
both clinical therapy for patients and clinical process for health
care providers. BD and its 65,000 employees have a passion and
commitment to help enhance the safety and efficiency of clinicians'
care delivery process, enable laboratory scientists to accurately
detect disease and advance researchers' capabilities to develop the
next generation of diagnostics and therapeutics. BD has a presence
in virtually every country and partners with organizations around
the world to address some of the most challenging global health
issues. By working in close collaboration with customers, BD can
help enhance outcomes, lower costs, increase efficiencies, improve
safety and expand access to health care. For more information on
BD, please visit bd.com.
***
This press release, including the section entitled "Fiscal
2019 Outlook for Full Year", contains certain estimates and other
forward-looking statements (as defined under Federal securities
laws) regarding BD's performance, including future revenues and
earnings per share. All such statements are based upon
current expectations of BD and involve a number of business risks
and uncertainties. Actual results could vary materially from
anticipated results described, implied or projected in any
forward-looking statement. With respect to forward-looking
statements contained herein, a number of factors could cause actual
results to vary materially. These factors include, but are
not limited to: risks relating to the integration of the C.R. Bard
operations, products and employees into BD and the possibility that
the anticipated synergies and other benefits of the proposed
acquisition will not be realized or will not be realized within the
expected timeframe; new or changing laws and regulations impacting
our business (including the imposition of tariffs or changes in
laws impacting international trade) or changes in enforcement
practices with respect to such laws; fluctuations in costs and
availability of raw materials and in BD's ability to maintain
favorable supplier arrangements and relationships; legislative or
regulatory changes to the U.S. healthcare system, potential cuts in
governmental healthcare spending or measures to contain healthcare
costs, each of which could result in reduced demand for our
products or downward pricing pressure; changes in interest or
foreign currency exchange rates; adverse changes in regional,
national or foreign economic conditions, particularly in emerging
markets, including any impact on our ability to access credit
markets and finance our operations, the demand for our products and
services, or our suppliers' ability to provide products needed for
our operations; the adverse impact of cyber-attacks on our
information systems or products; competitive factors including
technological advances and new products introduced by competitors;
interruptions in our supply chain or manufacturing processes;
pricing and market pressures; difficulties inherent in product
development, delays in product introductions and uncertainty of
market acceptance of new products; adverse changes in geopolitical
conditions; increases in energy costs and their effect on, among
other things, the cost of producing BD's products; product efficacy
or safety concerns resulting in product recalls or actions being
taken by the FDA or other regulators (including the potential
impact of the recent FDA letter on the use of drug-coated
balloons); our ability to successfully integrate any businesses we
acquire; uncertainties of litigation (as described in BD's filings
with the Securities and Exchange Commission); future healthcare
reform outside the U.S., including changes in government pricing
and reimbursement policies or other cost containment reforms; and
issuance of new or revised accounting standards, as well as other
factors discussed in BD's filings with the Securities and Exchange
Commission. We do not intend to update any forward-looking
statements to reflect events or circumstances after the date hereof
except as required by applicable laws or regulations.
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,
|
|
|
2019
|
|
2018
|
|
% Change
|
REVENUES
|
|
$
|
4,195
|
|
|
$
|
4,222
|
|
|
(0.6)
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
2,221
|
|
|
2,616
|
|
|
(15.1)
|
|
Selling and
administrative expense
|
|
1,089
|
|
|
1,056
|
|
|
3.1
|
|
Research and
development expense
|
|
252
|
|
|
259
|
|
|
(2.9)
|
|
Acquisitions and
other restructurings
|
|
101
|
|
|
104
|
|
|
(3.3)
|
|
Other operating
expense, net
|
|
396
|
|
|
—
|
|
|
100.0
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
4,059
|
|
|
4,036
|
|
|
0.6
|
|
OPERATING
INCOME
|
|
136
|
|
|
186
|
|
|
(26.9)
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(171)
|
|
|
(185)
|
|
|
(7.2)
|
|
Interest
income
|
|
18
|
|
|
4
|
|
|
385.1
|
|
Other income,
net
|
|
20
|
|
|
1
|
|
|
2,058.2
|
|
INCOME BEFORE INCOME
TAXES
|
|
3
|
|
|
6
|
|
|
(50.5)
|
|
Income tax (benefit)
provision
|
|
(17)
|
|
|
18
|
|
|
(192.6)
|
|
NET INCOME
(LOSS)
|
|
20
|
|
|
(12)
|
|
|
267.8
|
|
Preferred stock
dividends
|
|
(38)
|
|
|
(38)
|
|
|
—
|
|
NET LOSS APPLICABLE
TO COMMON
SHAREHOLDERS
|
|
$
|
(18)
|
|
|
$
|
(50)
|
|
|
64.3
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
Basic Loss per
Share
|
|
$
|
(0.07)
|
|
|
$
|
(0.19)
|
|
|
63.2
|
|
Diluted Loss per
Share
|
|
$
|
(0.07)
|
|
|
$
|
(0.19)
|
|
|
63.2
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Basic
|
|
269,882
|
|
|
267,341
|
|
|
|
Diluted
|
|
269,882
|
|
|
267,341
|
|
|
|
BECTON DICKINSON AND
COMPANY
|
CONSOLIDATED INCOME
STATEMENTS
|
(Unaudited; Amounts
in millions, except share and per share data)
|
|
|
|
|
Six Months Ended
March 31,
|
|
|
2019
|
|
2018
|
|
% Change
|
REVENUES
|
|
$
|
8,355
|
|
|
$
|
7,302
|
|
|
14.4
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
4,408
|
|
|
4,143
|
|
|
6.4
|
|
Selling and
administrative expense
|
|
2,161
|
|
|
1,829
|
|
|
18.2
|
|
Research and
development expense
|
|
510
|
|
|
451
|
|
|
13.1
|
|
Acquisitions and
other restructurings
|
|
191
|
|
|
458
|
|
|
(58.2)
|
|
Other operating
expense, net
|
|
61
|
|
|
—
|
|
|
100.0
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
7,332
|
|
|
6,881
|
|
|
6.6
|
|
OPERATING
INCOME
|
|
1,024
|
|
|
422
|
|
|
142.8
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(342)
|
|
|
(343)
|
|
|
(0.3)
|
|
Interest
income
|
|
6
|
|
|
48
|
|
|
(87.9)
|
|
Other income
(expense), net
|
|
30
|
|
|
(15)
|
|
|
301.5
|
|
INCOME BEFORE INCOME
TAXES
|
|
718
|
|
|
111
|
|
|
544.7
|
|
Income tax
provision
|
|
98
|
|
|
260
|
|
|
(62.2)
|
|
NET INCOME
(LOSS)
|
|
619
|
|
|
(148)
|
|
|
517.4
|
|
Preferred stock
dividends
|
|
(76)
|
|
|
(76)
|
|
|
—
|
|
NET INCOME (LOSS)
APPLICABLE TO COMMON
SHAREHOLDERS
|
|
$
|
544
|
|
|
$
|
(224)
|
|
|
342.5
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
Basic Earnings (Loss)
per Share
|
|
$
|
2.02
|
|
|
$
|
(0.90)
|
|
|
324.4
|
|
Diluted Earnings
(Loss) per Share
|
|
$
|
1.98
|
|
|
$
|
(0.90)
|
|
|
320.0
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Basic
|
|
269,454
|
|
|
248,484
|
|
|
|
Diluted
|
|
274,429
|
|
|
248,484
|
|
|
|
BECTON DICKINSON AND
COMPANY
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
millions)
|
|
|
|
|
March 31,
2019
|
|
September 30,
2018
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Cash and
equivalents
|
|
$
|
686
|
|
|
$
|
1,140
|
|
Restricted
cash
|
|
81
|
|
|
96
|
|
Short-term
investments
|
|
10
|
|
|
17
|
|
Trade receivables,
net
|
|
2,279
|
|
|
2,319
|
|
Inventories
|
|
2,627
|
|
|
2,451
|
|
Assets held for
sale
|
|
—
|
|
|
137
|
|
Prepaid expenses and
other
|
|
1,161
|
|
|
1,251
|
|
TOTAL CURRENT
ASSETS
|
|
6,844
|
|
|
7,411
|
|
Property, plant and
equipment, net
|
|
5,473
|
|
|
5,375
|
|
Goodwill and other
intangibles, net
|
|
39,220
|
|
|
40,041
|
|
Other
Assets
|
|
1,061
|
|
|
1,078
|
|
TOTAL
ASSETS
|
|
$
|
52,598
|
|
|
$
|
53,904
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Short-term
debt
|
|
$
|
3,057
|
|
|
$
|
2,601
|
|
Other current
liabilities
|
|
4,050
|
|
|
4,615
|
|
Long-term
debt
|
|
17,556
|
|
|
18,894
|
|
Long-term employee
benefit obligations
|
|
815
|
|
|
1,056
|
|
Deferred income taxes
and other
|
|
5,810
|
|
|
5,743
|
|
Shareholders'
equity
|
|
21,309
|
|
|
20,994
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$
|
52,598
|
|
|
$
|
53,904
|
|
BECTON DICKINSON AND
COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
Six Months Ended
March 31,
|
|
|
2019
|
|
2018
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net income
(loss)
|
|
$
|
619
|
|
|
$
|
(148)
|
|
Depreciation and
amortization
|
|
1,126
|
|
|
844
|
|
Change in operating
assets and liabilities and other, net
|
|
(718)
|
|
|
322
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
|
1,027
|
|
|
1,017
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Capital
expenditures
|
|
(362)
|
|
|
(391)
|
|
Acquisitions of
businesses, net of cash acquired
|
|
—
|
|
|
(15,006)
|
|
Proceeds from
divestitures, net
|
|
477
|
|
|
100
|
|
Other, net
|
|
(85)
|
|
|
(77)
|
|
NET CASH PROVIDED BY
(USED FOR) INVESTING
ACTIVITIES
|
|
30
|
|
|
(15,373)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Change in credit
facility borrowings
|
|
—
|
|
|
380
|
|
Proceeds from
long-term debt and term loans
|
|
—
|
|
|
3,622
|
|
Payments of debt and
term loans
|
|
(905)
|
|
|
(1,833)
|
|
Dividends
paid
|
|
(491)
|
|
|
(449)
|
|
Other, net
|
|
(135)
|
|
|
(155)
|
|
NET CASH (USED FOR)
PROVIDED BY FINANCING
ACTIVITIES
|
|
(1,532)
|
|
|
1,565
|
|
Effect of exchange
rate changes on cash and equivalents
and restricted cash
|
|
5
|
|
|
29
|
|
NET DECREASE IN CASH
AND EQUIVALENTS AND
RESTRICTED CASH
|
|
(469)
|
|
|
(12,762)
|
|
OPENING CASH AND
EQUIVALENTS AND
RESTRICTED CASH
|
|
1,236
|
|
|
14,179
|
|
CLOSING CASH AND
EQUIVALENTS AND
RESTRICTED CASH
|
|
$
|
767
|
|
|
$
|
1,417
|
|
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
|
|
|
2019
|
|
2018
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
484
|
|
|
$
|
504
|
|
|
(4.0)
|
|
Medication Management
Solutions
|
|
497
|
|
|
461
|
|
|
7.9
|
|
Diabetes
Care
|
|
137
|
|
|
131
|
|
|
4.7
|
|
Pharmaceutical
Systems
|
|
93
|
|
|
82
|
|
|
12.7
|
|
TOTAL
|
|
$
|
1,211
|
|
|
$
|
1,178
|
|
|
2.8
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
171
|
|
|
$
|
181
|
|
|
(5.9)
|
|
Diagnostic
Systems
|
|
180
|
|
|
201
|
|
|
(10.5)
|
|
Biosciences
|
|
120
|
|
|
116
|
|
|
3.8
|
|
TOTAL
|
|
$
|
470
|
|
|
$
|
498
|
|
|
(5.5)
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
Surgery
|
|
$
|
271
|
|
|
$
|
276
|
|
|
(1.9)
|
|
Peripheral
Intervention
|
|
194
|
|
|
194
|
|
|
0.1
|
|
Urology and Critical
Care
|
|
195
|
|
|
180
|
|
|
8.7
|
|
TOTAL
|
|
$
|
659
|
|
|
$
|
649
|
|
|
1.6
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
2,341
|
|
|
$
|
2,325
|
|
|
0.7
|
|
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
|
|
|
2019
|
|
2018
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
446
|
|
|
$
|
454
|
|
|
$
|
(31)
|
|
|
(1.9)
|
|
|
4.9
|
|
Medication Management
Solutions
|
|
118
|
|
|
120
|
|
|
(8)
|
|
|
(1.9)
|
|
|
4.8
|
|
Diabetes
Care
|
|
133
|
|
|
136
|
|
|
(9)
|
|
|
(2.3)
|
|
|
4.4
|
|
Pharmaceutical
Systems
|
|
273
|
|
|
284
|
|
|
(15)
|
|
|
(3.8)
|
|
|
1.3
|
|
TOTAL
|
|
$
|
969
|
|
|
$
|
994
|
|
|
$
|
(63)
|
|
|
(2.5)
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
195
|
|
|
$
|
200
|
|
|
$
|
(15)
|
|
|
(2.4)
|
|
|
4.9
|
|
Diagnostic
Systems
|
|
209
|
|
|
209
|
|
|
(12)
|
|
|
—
|
|
|
5.9
|
|
Biosciences
|
|
177
|
|
|
191
|
|
|
(9)
|
|
|
(7.1)
|
|
|
(2.3)
|
|
TOTAL
|
|
$
|
582
|
|
|
$
|
600
|
|
|
$
|
(36)
|
|
|
(3.1)
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
75
|
|
|
$
|
75
|
|
|
$
|
(4)
|
|
|
0.2
|
|
|
5.7
|
|
Peripheral
Intervention
|
|
148
|
|
|
145
|
|
|
(9)
|
|
|
2.6
|
|
|
8.8
|
|
Urology and Critical
Care
|
|
80
|
|
|
84
|
|
|
(4)
|
|
|
(4.6)
|
|
|
0.2
|
|
TOTAL
|
|
$
|
303
|
|
|
$
|
303
|
|
|
$
|
(17)
|
|
|
—
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,854
|
|
|
$
|
1,898
|
|
|
$
|
(116)
|
|
|
(2.3)
|
|
|
3.8
|
|
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
|
|
|
2019
|
|
2018
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
929
|
|
|
$
|
958
|
|
|
$
|
(31)
|
|
|
(3.0)
|
|
|
0.2
|
|
Medication Management
Solutions
|
|
615
|
|
|
581
|
|
|
(8)
|
|
|
5.9
|
|
|
7.3
|
|
Diabetes
Care
|
|
270
|
|
|
267
|
|
|
(9)
|
|
|
1.1
|
|
|
4.5
|
|
Pharmaceutical
Systems
|
|
366
|
|
|
366
|
|
|
(15)
|
|
|
(0.1)
|
|
|
3.9
|
|
TOTAL
|
|
$
|
2,180
|
|
|
$
|
2,172
|
|
|
$
|
(63)
|
|
|
0.4
|
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
366
|
|
|
$
|
381
|
|
|
$
|
(15)
|
|
|
(4.1)
|
|
|
(0.2)
|
|
Diagnostic
Systems
|
|
389
|
|
|
410
|
|
|
(12)
|
|
|
(5.1)
|
|
|
(2.1)
|
|
Biosciences
|
|
297
|
|
|
307
|
|
|
(9)
|
|
|
(3.0)
|
|
|
—
|
|
TOTAL
|
|
$
|
1,052
|
|
|
$
|
1,098
|
|
|
$
|
(36)
|
|
|
(4.2)
|
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
345
|
|
|
$
|
351
|
|
|
$
|
(4)
|
|
|
(1.5)
|
|
|
(0.3)
|
|
Peripheral
Intervention
|
|
342
|
|
|
338
|
|
|
(9)
|
|
|
1.1
|
|
|
3.8
|
|
Urology and Critical
Care
|
|
275
|
|
|
264
|
|
|
(4)
|
|
|
4.5
|
|
|
6.0
|
|
TOTAL
|
|
$
|
963
|
|
|
$
|
952
|
|
|
$
|
(17)
|
|
|
1.1
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
4,195
|
|
|
$
|
4,222
|
|
|
$
|
(116)
|
|
|
(0.6)
|
|
|
2.1
|
|
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
|
|
|
2019
|
|
2018
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
1,004
|
|
|
$
|
874
|
|
|
14.9
|
|
Medication Management
Solutions
|
|
1,003
|
|
|
932
|
|
|
7.7
|
|
Diabetes
Care
|
|
282
|
|
|
277
|
|
|
2.0
|
|
Pharmaceutical
Systems
|
|
161
|
|
|
136
|
|
|
18.3
|
|
TOTAL
|
|
$
|
2,450
|
|
|
$
|
2,218
|
|
|
10.5
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
371
|
|
|
$
|
366
|
|
|
1.5
|
|
Diagnostic
Systems
|
|
355
|
|
|
367
|
|
|
(3.4)
|
|
Biosciences
|
|
228
|
|
|
224
|
|
|
1.9
|
|
TOTAL
|
|
$
|
954
|
|
|
$
|
957
|
|
|
(0.3)
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
Surgery
|
|
$
|
545
|
|
|
$
|
428
|
|
|
27.3
|
|
Peripheral
Intervention
|
|
385
|
|
|
198
|
|
|
94.4
|
|
Urology and Critical
Care
|
|
393
|
|
|
180
|
|
|
118.6
|
|
TOTAL
|
|
$
|
1,323
|
|
|
$
|
806
|
|
|
64.1
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
4,728
|
|
|
$
|
3,982
|
|
|
18.7
|
|
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
|
|
|
2019
|
|
2018
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
883
|
|
|
$
|
826
|
|
|
$
|
(51)
|
|
|
6.9
|
|
|
13.1
|
|
Medication Management
Solutions
|
|
236
|
|
|
237
|
|
|
(11)
|
|
|
(0.4)
|
|
|
4.3
|
|
Diabetes
Care
|
|
261
|
|
|
267
|
|
|
(14)
|
|
|
(2.2)
|
|
|
3.0
|
|
Pharmaceutical
Systems
|
|
485
|
|
|
475
|
|
|
(19)
|
|
|
1.9
|
|
|
5.9
|
|
TOTAL
|
|
$
|
1,865
|
|
|
$
|
1,806
|
|
|
$
|
(94)
|
|
|
3.3
|
|
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
387
|
|
|
$
|
391
|
|
|
$
|
(23)
|
|
|
(0.9)
|
|
|
5.1
|
|
Diagnostic
Systems
|
|
416
|
|
|
423
|
|
|
(19)
|
|
|
(1.8)
|
|
|
2.8
|
|
Biosciences
|
|
350
|
|
|
372
|
|
|
(14)
|
|
|
(5.8)
|
|
|
(2.0)
|
|
TOTAL
|
|
$
|
1,153
|
|
|
$
|
1,186
|
|
|
$
|
(57)
|
|
|
(2.7)
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
148
|
|
|
$
|
99
|
|
|
$
|
(6)
|
|
|
48.7
|
|
|
55.0
|
|
Peripheral
Intervention
|
|
294
|
|
|
146
|
|
|
(14)
|
|
|
101.3
|
|
|
110.9
|
|
Urology and Critical
Care
|
|
168
|
|
|
84
|
|
|
(6)
|
|
|
99.7
|
|
|
106.5
|
|
TOTAL
|
|
$
|
609
|
|
|
$
|
329
|
|
|
$
|
(26)
|
|
|
85.0
|
|
|
92.9
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
3,628
|
|
|
$
|
3,321
|
|
|
$
|
(177)
|
|
|
9.2
|
|
|
14.6
|
|
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
|
|
|
2019
|
|
2018
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
1,887
|
|
|
$
|
1,700
|
|
|
$
|
(51)
|
|
|
11.0
|
|
|
14.0
|
|
Medication Management
Solutions
|
|
1,239
|
|
|
1,168
|
|
|
(11)
|
|
|
6.0
|
|
|
7.0
|
|
Diabetes
Care
|
|
544
|
|
|
544
|
|
|
(14)
|
|
|
(0.1)
|
|
|
2.5
|
|
Pharmaceutical
Systems
|
|
646
|
|
|
612
|
|
|
(19)
|
|
|
5.6
|
|
|
8.6
|
|
TOTAL
|
|
$
|
4,316
|
|
|
$
|
4,024
|
|
|
$
|
(94)
|
|
|
7.2
|
|
|
9.6
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
758
|
|
|
$
|
756
|
|
|
$
|
(23)
|
|
|
0.3
|
|
|
3.4
|
|
Diagnostic
Systems
|
|
771
|
|
|
791
|
|
|
(19)
|
|
|
(2.5)
|
|
|
(0.1)
|
|
Biosciences
|
|
579
|
|
|
596
|
|
|
(14)
|
|
|
(2.9)
|
|
|
(0.5)
|
|
TOTAL
|
|
$
|
2,108
|
|
|
$
|
2,143
|
|
|
$
|
(57)
|
|
|
(1.6)
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
693
|
|
|
$
|
528
|
|
|
$
|
(6)
|
|
|
31.3
|
|
|
32.5
|
|
Peripheral
Intervention
|
|
679
|
|
|
344
|
|
|
(14)
|
|
|
97.3
|
|
|
101.4
|
|
Urology and Critical
Care
|
|
560
|
|
|
264
|
|
|
(6)
|
|
|
112.6
|
|
|
114.7
|
|
TOTAL
|
|
$
|
1,932
|
|
|
$
|
1,135
|
|
|
$
|
(26)
|
|
|
70.2
|
|
|
72.5
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
8,355
|
|
|
$
|
7,302
|
|
|
$
|
(177)
|
|
|
14.4
|
|
|
16.9
|
|
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
|
|
D=B+C
|
|
|
E=(A-D)/D
|
|
|
BD
Reported
|
|
|
BD
Reported
|
|
Divestiture
and Other
Adjustments
(a)
|
|
Comparable
|
|
|
Comparable
% Change
|
|
|
2019
|
|
|
2018
|
|
|
2018
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
484
|
|
|
|
$
|
504
|
|
|
$
|
(9)
|
|
|
$
|
495
|
|
|
|
(2.3)
|
|
Medication Management
Solutions
|
|
497
|
|
|
|
461
|
|
|
—
|
|
|
461
|
|
|
|
7.9
|
|
Diabetes
Care
|
|
137
|
|
|
|
131
|
|
|
—
|
|
|
131
|
|
|
|
4.7
|
|
Pharmaceutical
Systems
|
|
93
|
|
|
|
82
|
|
|
—
|
|
|
82
|
|
|
|
12.7
|
|
TOTAL
|
|
$
|
1,211
|
|
|
|
$
|
1,178
|
|
|
$
|
(9)
|
|
|
$
|
1,169
|
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
171
|
|
|
|
$
|
181
|
|
|
$
|
(12)
|
|
|
$
|
169
|
|
|
|
0.8
|
|
Diagnostic
Systems
|
|
180
|
|
|
|
201
|
|
|
—
|
|
|
201
|
|
|
|
(10.5)
|
|
Biosciences
|
|
120
|
|
|
|
116
|
|
|
(9)
|
|
|
107
|
|
|
|
12.5
|
|
TOTAL
|
|
$
|
470
|
|
|
|
$
|
498
|
|
|
$
|
(21)
|
|
|
$
|
477
|
|
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
271
|
|
|
|
$
|
276
|
|
|
$
|
(5)
|
|
|
$
|
271
|
|
|
|
(0.3)
|
|
Peripheral
Intervention
|
|
194
|
|
|
|
194
|
|
|
—
|
|
|
194
|
|
|
|
0.1
|
|
Urology and Critical
Care
|
|
195
|
|
|
|
180
|
|
|
—
|
|
|
180
|
|
|
|
8.7
|
|
TOTAL
|
|
$
|
659
|
|
|
|
$
|
649
|
|
|
$
|
(5)
|
|
|
$
|
645
|
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
2,341
|
|
|
|
$
|
2,325
|
|
|
$
|
(34)
|
|
|
$
|
2,291
|
|
|
|
2.2
|
|
|
|
|
|
(a)
|
Amounts include
adjustments for BD's divestitures of its Advanced Bioprocessing
business and soft tissue core needle biopsy product line, as well
as Bard's divestiture of its Aspira® product line.
Additionally, Medication Delivery Solutions and Preanalytical
Systems results for the quarter ended March 31, 2019 included a
total of $21 million in cumulative customer rebate and incentive
fees relating to fiscal year 2018. Accordingly, to ensure
comparability of revenue growth, the results for the quarter ended
March 31, 2018 have been adjusted to reflect these cumulative
fees. The Company records rebate and customer incentive fees
as a reduction to revenue.
|
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
|
|
D=B+C
|
|
|
E
|
|
F=(A-D-
E)/D
|
|
|
BD
Reported
|
|
|
BD
Reported
|
|
Divestiture
Adjustments
(a)
|
|
Comparable
|
|
|
FX Impact
(b)
|
|
FXN %
Change
|
|
|
2019
|
|
|
2018
|
|
|
2018
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
446
|
|
|
|
$
|
454
|
|
|
$
|
—
|
|
|
$
|
454
|
|
|
|
$
|
(32)
|
|
|
5.2
|
|
Medication Management
Solutions
|
|
118
|
|
|
|
120
|
|
|
—
|
|
|
120
|
|
|
|
(8)
|
|
|
4.8
|
|
Diabetes
Care
|
|
133
|
|
|
|
136
|
|
|
—
|
|
|
136
|
|
|
|
(10)
|
|
|
4.8
|
|
Pharmaceutical
Systems
|
|
273
|
|
|
|
284
|
|
|
—
|
|
|
284
|
|
|
|
(15)
|
|
|
1.3
|
|
TOTAL
|
|
$
|
969
|
|
|
|
$
|
994
|
|
|
$
|
—
|
|
|
$
|
994
|
|
|
|
$
|
(64)
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
195
|
|
|
|
$
|
200
|
|
|
$
|
—
|
|
|
$
|
200
|
|
|
|
$
|
(16)
|
|
|
5.8
|
|
Diagnostic
Systems
|
|
209
|
|
|
|
209
|
|
|
—
|
|
|
209
|
|
|
|
(14)
|
|
|
6.9
|
|
Biosciences
|
|
177
|
|
|
|
191
|
|
|
(13)
|
|
|
178
|
|
|
|
(10)
|
|
|
5.1
|
|
TOTAL
|
|
$
|
582
|
|
|
|
$
|
600
|
|
|
$
|
(13)
|
|
|
$
|
587
|
|
|
|
$
|
(41)
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
75
|
|
|
|
$
|
75
|
|
|
$
|
(1)
|
|
|
$
|
74
|
|
|
|
$
|
(4)
|
|
|
6.9
|
|
Peripheral
Intervention
|
|
148
|
|
|
|
145
|
|
|
—
|
|
|
145
|
|
|
|
(9)
|
|
|
8.8
|
|
Urology and Critical
Care
|
|
80
|
|
|
|
84
|
|
|
—
|
|
|
84
|
|
|
|
(4)
|
|
|
0.2
|
|
TOTAL
|
|
$
|
303
|
|
|
|
$
|
303
|
|
|
$
|
(1)
|
|
|
$
|
302
|
|
|
|
$
|
(17)
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
1,854
|
|
|
|
$
|
1,898
|
|
|
$
|
(14)
|
|
|
$
|
1,884
|
|
|
|
$
|
(122)
|
|
|
4.9
|
|
|
|
|
|
(a)
|
Amounts include
adjustments for BD's divestitures of its Advanced Bioprocessing
business and soft tissue core needle biopsy product line, as well
as Bard's divestiture of its Aspira® product line.
|
(b)
|
Under U.S. generally
accepted accounting principles and as a result of Argentina's
highly inflationary economy, the functional currency of the
Company's operations in Argentina was the U.S. dollar for the
quarter ended March 31, 2019. The total foreign currency
translation impact above includes $6 million that was calculated by
comparing local currency revenues in Argentina for the quarter
ended March 31, 2019, translated using the prior-period exchange
rate, to the reported U.S. dollar revenues for this same
period.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
TOTAL
|
Three Months Ended
March 31, (continued)
|
(Unaudited; Amounts
in millions)
|
|
|
|
|
A
|
|
|
B
|
|
C
|
|
D=B+C
|
|
|
E
|
|
F=(A-D-
E)/D
|
|
|
BD
Reported
|
|
|
BD
Reported
|
|
Divestiture
and Other
Adjustments
(a)
|
|
Comparable
|
|
|
FX Impact
(b)
|
|
FXN %
Change
|
|
|
2019
|
|
|
2018
|
|
|
2018
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
929
|
|
|
|
$
|
958
|
|
|
$
|
(9)
|
|
|
$
|
949
|
|
|
|
$
|
(32)
|
|
|
1.3
|
|
Medication Management
Solutions
|
|
615
|
|
|
|
581
|
|
|
—
|
|
|
581
|
|
|
|
(8)
|
|
|
7.3
|
|
Diabetes
Care
|
|
270
|
|
|
|
267
|
|
|
—
|
|
|
267
|
|
|
|
(10)
|
|
|
4.7
|
|
Pharmaceutical
Systems
|
|
366
|
|
|
|
366
|
|
|
—
|
|
|
366
|
|
|
|
(15)
|
|
|
3.9
|
|
TOTAL
|
|
$
|
2,180
|
|
|
|
$
|
2,172
|
|
|
$
|
(9)
|
|
|
$
|
2,164
|
|
|
|
$
|
(64)
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
366
|
|
|
|
$
|
381
|
|
|
$
|
(12)
|
|
|
$
|
369
|
|
|
|
$
|
(16)
|
|
|
3.5
|
|
Diagnostic
Systems
|
|
389
|
|
|
|
410
|
|
|
—
|
|
|
410
|
|
|
|
(14)
|
|
|
(1.6)
|
|
Biosciences
|
|
297
|
|
|
|
307
|
|
|
(22)
|
|
|
285
|
|
|
|
(10)
|
|
|
7.9
|
|
TOTAL
|
|
$
|
1,052
|
|
|
|
$
|
1,098
|
|
|
$
|
(34)
|
|
|
$
|
1,064
|
|
|
|
$
|
(41)
|
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
345
|
|
|
|
$
|
351
|
|
|
$
|
(5)
|
|
|
$
|
345
|
|
|
|
$
|
(4)
|
|
|
1.2
|
|
Peripheral
Intervention
|
|
342
|
|
|
|
338
|
|
|
—
|
|
|
338
|
|
|
|
(9)
|
|
|
3.8
|
|
Urology and Critical
Care
|
|
275
|
|
|
|
264
|
|
|
—
|
|
|
264
|
|
|
|
(4)
|
|
|
6.0
|
|
TOTAL
|
|
$
|
963
|
|
|
|
$
|
952
|
|
|
$
|
(5)
|
|
|
$
|
947
|
|
|
|
$
|
(17)
|
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
4,195
|
|
|
|
$
|
4,222
|
|
|
$
|
(48)
|
|
|
$
|
4,175
|
|
|
|
$
|
(122)
|
|
|
3.4
|
|
|
|
|
|
(a)
|
Amounts include
adjustments for BD's divestitures of its Advanced Bioprocessing
business and soft tissue core needle biopsy product line, as well
as Bard's divestiture of its Aspira® product line.
Additionally, Medication Delivery Solutions and Preanalytical
Systems results for the quarter ended March 31, 2019 included a
total of $21 million in cumulative customer rebate and incentive
fees relating to fiscal year 2018. Accordingly, to ensure
comparability of revenue growth, the results for the quarter ended
March 31, 2018 have been adjusted to reflect these cumulative
fees. The Company records rebate and customer incentive fees
as a reduction to revenue.
|
(b)
|
Under U.S. generally
accepted accounting principles and as a result of Argentina's
highly inflationary economy, the functional currency of the
Company's operations in Argentina was the U.S. dollar for the
quarter ended March 31, 2019. The total foreign currency
translation impact above includes $6 million that was calculated by
comparing local currency revenues in Argentina for the quarter
ended March 31, 2019, translated using the prior-period exchange
rate, to the reported U.S. dollar revenues for this same
period.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED
STATES
|
Six 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
(a)
|
|
Comparable
|
|
|
BD
Reported
|
|
Bard Q1
(b)
|
|
Intercompany
Adjustment
(c)
|
|
Divestiture
and Other
Adjustments
(a)
|
|
Comparable
|
|
|
Comparable
% Change
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
2018
|
|
|
|
2018
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
1,004
|
|
|
$
|
—
|
|
|
$
|
1,004
|
|
|
|
$
|
874
|
|
|
$
|
145
|
|
|
$
|
(3)
|
|
|
$
|
(9)
|
|
|
$
|
1,007
|
|
|
|
(0.3)
|
|
Medication Management
Solutions
|
|
1,003
|
|
|
—
|
|
|
1,003
|
|
|
|
932
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
932
|
|
|
|
7.7
|
|
Diabetes
Care
|
|
282
|
|
|
—
|
|
|
282
|
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
|
2.0
|
|
Pharmaceutical
Systems
|
|
161
|
|
|
—
|
|
|
161
|
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136
|
|
|
|
18.3
|
|
TOTAL
|
|
$
|
2,450
|
|
|
$
|
—
|
|
|
$
|
2,450
|
|
|
|
$
|
2,218
|
|
|
$
|
145
|
|
|
$
|
(3)
|
|
|
$
|
(9)
|
|
|
$
|
2,351
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
371
|
|
|
$
|
—
|
|
|
$
|
371
|
|
|
|
$
|
366
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(12)
|
|
|
$
|
354
|
|
|
|
5.0
|
|
Diagnostic
Systems
|
|
355
|
|
|
—
|
|
|
355
|
|
|
|
367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
367
|
|
|
|
(3.4)
|
|
Biosciences
|
|
228
|
|
|
(4)
|
|
|
225
|
|
|
|
224
|
|
|
—
|
|
|
—
|
|
|
(19)
|
|
|
205
|
|
|
|
9.6
|
|
TOTAL
|
|
$
|
954
|
|
|
$
|
(4)
|
|
|
$
|
951
|
|
|
|
$
|
957
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(31)
|
|
|
$
|
926
|
|
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
545
|
|
|
$
|
—
|
|
|
$
|
545
|
|
|
|
$
|
428
|
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
(15)
|
|
|
$
|
518
|
|
|
|
5.2
|
|
Peripheral
Intervention
|
|
385
|
|
|
—
|
|
|
385
|
|
|
|
198
|
|
|
188
|
|
|
—
|
|
|
—
|
|
|
386
|
|
|
|
(0.3)
|
|
Urology and Critical
Care
|
|
393
|
|
|
—
|
|
|
393
|
|
|
|
180
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
357
|
|
|
|
10.1
|
|
TOTAL
|
|
$
|
1,323
|
|
|
$
|
—
|
|
|
$
|
1,323
|
|
|
|
$
|
806
|
|
|
$
|
470
|
|
|
$
|
—
|
|
|
$
|
(15)
|
|
|
$
|
1,261
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
4,728
|
|
|
$
|
(4)
|
|
|
$
|
4,724
|
|
|
|
$
|
3,982
|
|
|
$
|
614
|
|
|
$
|
(3)
|
|
|
$
|
(54)
|
|
|
$
|
4,539
|
|
|
|
4.1
|
|
|
|
|
|
(a)
|
The amounts for the
six months ended March 31, 2019 and 2018 include adjustments for
BD's divestiture of its Advanced Bioprocessing business. The
amounts for the six months ended March 31, 2018 also include
adjustments for BD's divestitures of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line. Additionally, Medication Delivery Solutions and
Preanalytical Systems results for the six months ended March 31,
2019 included a total of $21 million in cumulative customer rebate
and incentive fees relating to fiscal year 2018. Accordingly,
to ensure comparability of revenue growth, the results for the six
months ended March 31, 2018 have been adjusted to reflect these
cumulative fees. The Company records rebate and customer
incentive fees as a reduction to revenue.
|
(b)
|
Amounts represent
revenues for the quarter ended December 31, 2017. BD reported
a Gore royalty amount, which was previously reported as revenues by
Bard, as non-operating income in the current-year
period.
|
(c)
|
Represents the
elimination of revenues from the Medication Delivery Solutions unit
which BD previously recognized from Bard as third-party revenues
and that would be treated as intercompany revenues in the
current-year period.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
INTERNATIONAL
|
Six 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
(a)
|
|
Comparable
|
|
|
BD
Reported
|
|
Bard Q1
(b)
|
|
Divestiture
Adjustments
(a)
|
|
Comparable
|
|
|
FX Impact
(c)
|
|
FXN %
Change
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
2018
|
|
|
2018
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
883
|
|
|
$
|
—
|
|
|
$
|
883
|
|
|
|
$
|
826
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
895
|
|
|
|
$
|
(54)
|
|
|
4.7
|
|
Medication Management
Solutions
|
|
236
|
|
|
—
|
|
|
236
|
|
|
|
237
|
|
|
—
|
|
|
—
|
|
|
237
|
|
|
|
(11)
|
|
|
4.3
|
|
Diabetes
Care
|
|
261
|
|
|
—
|
|
|
261
|
|
|
|
267
|
|
|
—
|
|
|
—
|
|
|
267
|
|
|
|
(15)
|
|
|
3.3
|
|
Pharmaceutical
Systems
|
|
485
|
|
|
—
|
|
|
485
|
|
|
|
475
|
|
|
—
|
|
|
—
|
|
|
475
|
|
|
|
(19)
|
|
|
5.9
|
|
TOTAL
|
|
$
|
1,865
|
|
|
$
|
—
|
|
|
$
|
1,865
|
|
|
|
$
|
1,806
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
1,874
|
|
|
|
$
|
(98)
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
387
|
|
|
$
|
—
|
|
|
$
|
387
|
|
|
|
$
|
391
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
391
|
|
|
|
$
|
(27)
|
|
|
6.0
|
|
Diagnostic
Systems
|
|
416
|
|
|
—
|
|
|
416
|
|
|
|
423
|
|
|
—
|
|
|
—
|
|
|
423
|
|
|
|
(24)
|
|
|
3.8
|
|
Biosciences
|
|
350
|
|
|
(5)
|
|
|
345
|
|
|
|
372
|
|
|
—
|
|
|
(23)
|
|
|
349
|
|
|
|
(16)
|
|
|
3.6
|
|
TOTAL
|
|
$
|
1,153
|
|
|
$
|
(5)
|
|
|
$
|
1,148
|
|
|
|
$
|
1,186
|
|
|
$
|
—
|
|
|
$
|
(23)
|
|
|
$
|
1,163
|
|
|
|
$
|
(67)
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
148
|
|
|
$
|
—
|
|
|
$
|
148
|
|
|
|
$
|
99
|
|
|
$
|
49
|
|
|
$
|
(3)
|
|
|
$
|
145
|
|
|
|
$
|
(6)
|
|
|
6.2
|
|
Peripheral
Intervention
|
|
294
|
|
|
—
|
|
|
294
|
|
|
|
146
|
|
|
146
|
|
|
—
|
|
|
292
|
|
|
|
(14)
|
|
|
5.4
|
|
Urology and Critical
Care
|
|
168
|
|
|
—
|
|
|
168
|
|
|
|
84
|
|
|
90
|
|
|
—
|
|
|
174
|
|
|
|
(6)
|
|
|
(0.5)
|
|
TOTAL
|
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
609
|
|
|
|
$
|
329
|
|
|
$
|
285
|
|
|
$
|
(3)
|
|
|
$
|
611
|
|
|
|
$
|
(26)
|
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
3,628
|
|
|
$
|
(5)
|
|
|
$
|
3,623
|
|
|
|
$
|
3,321
|
|
|
$
|
353
|
|
|
$
|
(26)
|
|
|
$
|
3,648
|
|
|
|
$
|
(191)
|
|
|
4.5
|
|
|
|
|
|
(a)
|
The amounts for the
six months ended March 31, 2019 and 2018 include adjustments for
BD's divestiture of its Advanced Bioprocessing business. The
amounts for the six months ended March 31, 2018 also include
adjustments for BD's divestitures of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line.
|
(b)
|
Amounts represent
revenues for the quarter ended December 31, 2017.
|
(c)
|
Under U.S. generally
accepted accounting principles and as a result of Argentina's
highly inflationary economy, the functional currency of the
Company's operations in Argentina was the U.S. dollar for the six
months ended March 31, 2019. The total foreign currency
translation impact above includes $14 million that was calculated
by comparing local currency revenues in Argentina for the six
months ended March 31, 2019, translated using the prior-period
exchange rate, to the reported U.S. dollar revenues for this same
period.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE -
TOTAL
|
Six 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
(a)
|
|
Comparable
|
|
|
BD
Reported
|
|
Bard Q1
(b)
|
|
Intercompany
Adjustment
(c)
|
|
Divestiture
and Other
Adjustments
(a)
|
|
Comparable
|
|
|
FX Impact
(d)
|
|
FXN %
Change
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
2018
|
|
|
|
2018
|
|
|
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
1,887
|
|
|
$
|
—
|
|
|
$
|
1,887
|
|
|
|
$
|
1,700
|
|
|
$
|
213
|
|
|
$
|
(3)
|
|
|
$
|
(9)
|
|
|
$
|
1,901
|
|
|
|
$
|
(54)
|
|
|
2.1
|
|
Medication Management
Solutions
|
|
1,239
|
|
|
—
|
|
|
1,239
|
|
|
|
1,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,168
|
|
|
|
(11)
|
|
|
7.0
|
|
Diabetes
Care
|
|
544
|
|
|
—
|
|
|
544
|
|
|
|
544
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
544
|
|
|
|
(15)
|
|
|
2.6
|
|
Pharmaceutical
Systems
|
|
646
|
|
|
—
|
|
|
646
|
|
|
|
612
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
612
|
|
|
|
(19)
|
|
|
8.6
|
|
TOTAL
|
|
$
|
4,316
|
|
|
$
|
—
|
|
|
$
|
4,316
|
|
|
|
$
|
4,024
|
|
|
$
|
213
|
|
|
$
|
(3)
|
|
|
$
|
(9)
|
|
|
$
|
4,226
|
|
|
|
$
|
(98)
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preanalytical
Systems
|
|
$
|
758
|
|
|
$
|
—
|
|
|
$
|
758
|
|
|
|
$
|
756
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(12)
|
|
|
$
|
744
|
|
|
|
$
|
(27)
|
|
|
5.5
|
|
Diagnostic
Systems
|
|
771
|
|
|
—
|
|
|
771
|
|
|
|
791
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
791
|
|
|
|
(24)
|
|
|
0.5
|
|
Biosciences
|
|
579
|
|
|
(9)
|
|
|
570
|
|
|
|
596
|
|
|
—
|
|
|
—
|
|
|
(42)
|
|
|
554
|
|
|
|
(16)
|
|
|
5.8
|
|
TOTAL
|
|
$
|
2,108
|
|
|
$
|
(9)
|
|
|
$
|
2,099
|
|
|
|
$
|
2,143
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(54)
|
|
|
$
|
2,089
|
|
|
|
$
|
(67)
|
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
693
|
|
|
$
|
—
|
|
|
$
|
693
|
|
|
|
$
|
528
|
|
|
$
|
153
|
|
|
$
|
—
|
|
|
$
|
(18)
|
|
|
$
|
663
|
|
|
|
$
|
(6)
|
|
|
5.4
|
|
Peripheral
Intervention
|
|
679
|
|
|
—
|
|
|
679
|
|
|
|
344
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
678
|
|
|
|
(14)
|
|
|
2.2
|
|
Urology and Critical
Care
|
|
560
|
|
|
—
|
|
|
560
|
|
|
|
264
|
|
|
267
|
|
|
—
|
|
|
—
|
|
|
531
|
|
|
|
(6)
|
|
|
6.6
|
|
TOTAL
|
|
$
|
1,932
|
|
|
$
|
—
|
|
|
$
|
1,932
|
|
|
|
$
|
1,135
|
|
|
$
|
755
|
|
|
$
|
—
|
|
|
$
|
(18)
|
|
|
$
|
1,872
|
|
|
|
$
|
(26)
|
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
8,355
|
|
|
$
|
(9)
|
|
|
$
|
8,347
|
|
|
|
$
|
7,302
|
|
|
$
|
968
|
|
|
$
|
(3)
|
|
|
$
|
(81)
|
|
|
$
|
8,186
|
|
|
|
$
|
(191)
|
|
|
4.3
|
|
|
|
|
|
(a)
|
The amounts for the
six months ended March 31, 2019 and 2018 include adjustments for
BD's divestiture of its Advanced Bioprocessing business. The
amounts for the six months ended March 31, 2018 also include
adjustments for BD's divestitures of its soft tissue core needle
biopsy product line and Bard's divestiture of its Aspira® product
line. Additionally, Medication Delivery Solutions and
Preanalytical Systems results for the six months ended March 31,
2019 included a total of $21 million in cumulative customer rebate
and incentive fees relating to fiscal year 2018. Accordingly,
to ensure comparability of revenue growth, the results for the six
months ended March 31, 2018 have been adjusted to reflect these
cumulative fees. The Company records rebate and customer
incentive fees as a reduction to revenue.
|
(b)
|
Amounts represent
revenues for the quarter ended December 31, 2017. BD reported
a Gore royalty amount, which was previously reported as revenues by
Bard, as non-operating income in the current-year
period.
|
(c)
|
Represents the
elimination of revenues from the Medication Delivery Solutions unit
which BD previously recognized from Bard as third-party revenues
and that would be treated as intercompany revenues in the
current-year period.
|
(d)
|
Under U.S. generally
accepted accounting principles and as a result of Argentina's
highly inflationary economy, the functional currency of the
Company's operations in Argentina was the U.S. dollar for the six
months ended March 31, 2019. The total foreign currency
translation impact above includes $14 million that was calculated
by comparing local currency revenues in Argentina for the six
months ended March 31, 2019, translated using the prior-period
exchange rate, to the reported U.S. dollar revenues for this same
period.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
|
(Unaudited)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2019
|
|
2018
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted Loss
per Share
|
|
$
|
(0.07)
|
|
|
$
|
(0.19)
|
|
|
$
|
0.12
|
|
|
$
|
(0.25)
|
|
|
$
|
0.37
|
|
|
63.2
|
%
|
|
194.7
|
%
|
Purchase accounting
adjustments ($379 million and $790 million pre-tax, respectively)
(1)
|
|
1.40
|
|
|
2.96
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Restructuring costs
($31 million and $19 million pre-tax, respectively)
(2)
|
|
0.12
|
|
|
0.07
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Integration costs
($70 million and $79 million pre-tax, respectively)
(2)
|
|
0.26
|
|
|
0.29
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Transaction gain/loss
and product-related matters ($396 million pre-tax)
(3)
|
|
1.47
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
European regulatory
initiative-related costs ($10 million pre-tax)
(4)
|
|
0.04
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Transaction costs ($1
million and $7 million pre-tax, respectively)
(2)
|
|
—
|
|
|
0.03
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Losses on debt
extinguishment ($1 million and $13 million pre-tax, respectively)
(5)
|
|
—
|
|
|
0.05
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Hurricane recovery
costs ($5 million pre-tax)
|
|
—
|
|
|
0.02
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Dilutive impact
(6)
|
|
(0.04)
|
|
|
(0.06)
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Impact of tax reform
and income tax benefit of special items ($160 million and $137
million, respectively)
|
|
(0.59)
|
|
|
(0.51)
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
2.59
|
|
|
$
|
2.65
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.25)
|
|
|
$
|
0.19
|
|
|
(2.3)
|
%
|
|
7.2
|
%
|
|
|
|
|
(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
restructuring, integration and transaction costs associated with
acquisitions.
|
(3)
|
Includes amounts
recorded to Other operating expense, net to record product
liability reserves of $331 million and the estimated cumulative
costs of a product recall of $65 million.
|
(4)
|
Represents initial
costs required to develop processes and systems to comply with
emerging regulations such as the European Union Medical Device
Regulation ("EUMDR") and General Data Protection Regulation
("GDPR").
|
(5)
|
Represents losses
recognized upon the extinguishment of certain long-term senior
notes.
|
(6)
|
The amount in 2019
represents the exclusion of share equivalents associated with
share-based plans from the reported diluted shares outstanding
calculation because such equivalents would have been antidilutive
due to the net loss applicable to common shareholders incurred
during the period. The amount in 2018 represents the dilutive
impact of BD shares issued in May 2017, in anticipation of the Bard
acquisition and BD shares issued as consideration transferred to
acquire Bard. The adjusted diluted average shares outstanding
(in thousands) in 2019 and 2018 were 274,287 and 273,693,
respectively.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
|
(Unaudited)
|
|
|
|
|
Six Months Ended
March 31,
|
|
|
2019
|
|
2018
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
Earnings (Loss) per Share
|
|
$
|
1.98
|
|
|
$
|
(0.90)
|
|
|
$
|
2.88
|
|
|
$
|
(0.39)
|
|
|
$
|
3.27
|
|
|
320.0
|
%
|
|
363.3
|
%
|
Purchase accounting
adjustments ($757 million and $925 million pre-tax, respectively)
(1)
|
|
2.76
|
|
|
3.72
|
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
Restructuring costs
($72 million and $255 million pre-tax, respectively)
(2)
|
|
0.26
|
|
|
1.02
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Integration costs
($143 million and $153 million pre-tax, respectively)
(2)
|
|
0.52
|
|
|
0.61
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Transaction gain/loss
and product-related matters ($61 million pre-tax)
(3)
|
|
0.22
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
European regulatory
initiative-related costs ($15 million pre-tax)
(4)
|
|
0.05
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Transaction costs ($2
million and $51 million pre-tax, respectively)
(2)
|
|
0.01
|
|
|
0.20
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Losses on debt
extinguishment ($1 million and $13 million pre-tax, respectively)
(5)
|
|
—
|
|
|
0.05
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Financing impacts
($49 million pre-tax) (6)
|
|
—
|
|
|
0.20
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Hurricane recovery
costs ($12 million pre-tax)
|
|
—
|
|
|
0.05
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Dilutive Impact
(7)
|
|
—
|
|
|
0.20
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Impact of tax reform
and income tax benefit of special items ($143 million and $2
million,
respectively) (8)
|
|
(0.52)
|
|
|
(0.01)
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
5.29
|
|
|
$
|
5.15
|
|
|
$
|
0.14
|
|
|
$
|
(0.40)
|
|
|
$
|
0.54
|
|
|
2.7
|
%
|
|
10.5
|
%
|
|
|
|
|
(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
restructuring, integration and transaction costs associated with
acquisitions.
|
(3)
|
Includes amounts
recorded to Other operating expense, net to record product
liability reserves of $331 million and the estimated cumulative
costs of a product recall of $65 million. Also includes the
pre-tax gain of $335 million recognized in Other operating
expense, net related to BD's sale of its Advanced Bioprocessing
business.
|
(4)
|
Represents initial
costs required to develop processes and systems to comply with
emerging regulations such as the EUMDR and GDPR.
|
(5)
|
Represents losses
recognized upon the extinguishment of certain long-term senior
notes.
|
(6)
|
Represents financing
impacts associated with the Bard acquisition.
|
(7)
|
Represents the
dilutive impact of BD shares issued in May 2017, in anticipation of
the Bard acquisition and BD shares issued as consideration
transferred to acquire Bard. The adjusted diluted average
shares outstanding (in thousands) was 246,179.
|
(8)
|
The amounts for the
six months ended March 31, 2019 and 2018 included additional tax
expense, net, of $20 million and $275 million, respectively,
relating to new U.S. tax legislation.
|
BECTON DICKINSON AND
COMPANY
|
SUPPLEMENTAL
INFORMATION
|
FY 2019 OUTLOOK
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2018
|
|
FY2019
Outlook
|
|
|
|
Revenues
|
|
% Change
|
|
FX Impact
|
|
% Change
FXN
|
|
|
|
|
|
|
|
|
|
|
|
BDX
Revenue
|
|
$
|
15,983
|
|
|
8.0% to
9.0%
|
|
~2.5%
|
|
10.5% to
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Revenue
Growth
|
|
|
|
|
|
|
|
|
|
|
|
BD Including
Bard
|
|
|
|
|
|
|
|
|
|
FY2018
|
|
FY2019
Outlook
|
|
|
|
|
|
|
|
Revenues
|
|
% Change FXN
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BDX As Reported
Revenue
|
|
$
|
15,983
|
|
|
|
|
|
|
|
|
Bard Q1
|
|
968
|
|
|
|
|
|
|
|
|
Intercompany
Adjustment
|
|
(3)
|
|
|
|
|
|
|
|
|
Rebate
Adjustment
|
|
(21)
|
|
|
|
|
|
|
|
|
Divestiture
Adjustment (1)(2)
|
|
(124)
|
|
|
|
|
|
|
|
|
BDX NewCo Comparable
Revenue
|
|
$
|
16,803
|
|
|
5.0% to
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FXN - Foreign
Currency Neutral
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
FY 2019 OUTLOOK
RECONCILIATION (continued)
|
|
|
|
|
|
|
|
|
|
|
|
FY2018
|
|
FY2019
Outlook
|
|
|
|
|
|
|
|
Revenues
|
|
% Change FXN
Comparable
|
|
|
|
|
|
BD Medical As
Reported Revenue
|
|
$
|
8,616
|
|
|
|
|
|
|
|
|
Bard Q1
|
|
213
|
|
|
|
|
|
|
|
|
Intercompany
Adjustment
|
|
(3)
|
|
|
|
|
|
|
|
|
Rebate
Adjustment
|
|
(9)
|
|
|
|
|
|
|
|
|
BD
Medical Comparable Revenue
|
|
8,817
|
|
|
5.0% to
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD Life Sciences As
Reported Revenue
|
|
$
|
4,330
|
|
|
|
|
|
|
|
|
Rebate
Adjustment
|
|
(12)
|
|
|
|
|
|
|
|
|
Divestiture
Adjustment (1)
|
|
(106)
|
|
|
|
|
|
|
|
|
BD Life Sciences
Comparable Revenue
|
|
$
|
4,212
|
|
|
4.0% to
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BD Interventional as
Reported Revenue
|
|
$
|
3,037
|
|
|
|
|
|
|
|
|
Bard Q1
|
|
755
|
|
|
|
|
|
|
|
|
Divestiture
Adjustment (2)
|
|
(18)
|
|
|
|
|
|
|
|
|
BD Interventional
Comparable Revenue
|
|
$
|
3,774
|
|
|
4.5% to
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FXN - Foreign
Currency Neutral
|
|
|
|
|
|
|
|
|
|
(1)
Excludes the impact from the divestiture of BD's Advanced
Bioprocessing business.
|
(2)
Excludes the impact from the divestitures of BD's soft tissue core
needle biopsy product line and Bard's Aspira product line of
tunneled home drainage catheters and
|
accessories.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
FY 2019 OUTLOOK
RECONCILIATION (continued)
|
|
|
|
|
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|
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FY2019
Outlook
|
|
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|
|
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Full Year
FY2018
|
|
Full Year
FY2019
Outlook
|
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% Increase
|
|
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Reported Fully
Diluted Earnings per Share
|
|
$
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0.60
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Purchase accounting
adjustments ($1.733 billion pre-
tax) (1)
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6.55
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Restructuring costs
($344 million pre-tax) (2)
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1.30
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Integration costs
($344 million pre-tax) (2)
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1.30
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Transaction costs
($56 million pre-tax) (3)
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0.21
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|
|
|
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|
|
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Financing impacts
($49 million pre-tax) (4)
|
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0.19
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|
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|
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Hurricane recovery
costs ($17 million pre-tax)
|
|
0.07
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|
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Losses on debt
extinguishment ($16 million pre-tax) (5)
|
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0.06
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|
|
|
|
|
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Net impact of gain on
sale of investment and asset
impairments ($(151) million pre-tax) (6)
|
|
(0.57)
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Dilutive Impact
(7)
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0.30
|
|
|
|
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Impact of tax reform
and income tax benefit of special
items ($265 million) (8)
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1.00
|
|
|
|
|
|
|
|
|
Adjusted Fully
Diluted Earnings per Share
|
|
$
|
11.01
|
|
|
$11.65 to
11.75
|
|
6.0% to
7.0%
|
|
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|
|
|
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|
Estimated FX
Impact
|
|
|
|
|
|
~5.5%
|
|
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|
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Adjusted FXN
Growth
|
|
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~12.0%
|
|
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FXN -
Foreign Currency Neutral
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|
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(1)
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Includes adjustments
related to the purchase accounting for acquisitions impacting
identified intangible assets and valuation of fixed assets and
debt. The amount in 2018 also included a fair
value step-up adjustment of $478 million recorded relative to
Bard's inventory on the acquisition date.
|
(2)
|
Represents
restructuring and integration costs associated with the Bard and
CareFusion acquisitions, as well as restructuring costs associated
with other portfolio rationalization initiatives.
|
(3)
|
Represents
transaction costs primarily associated with the Bard
acquisition.
|
(4)
|
Represents financing
impacts associated with the Bard acquisition.
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(5)
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Represents losses
recognized upon the extinguishment of certain long-term senior
notes.
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(6)
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Represents the net
amount recognized in the period related to BD's sale of its
non-controlling interest in Vyaire Medical, partially offset by $81
million of charges recorded to write down the carrying value of
certain intangible and other assets in the Biosciences unit as well
as $58 million of charges to write down the value of fixed assets
primarily in the Diabetes Care unit.
|
(7)
|
Represents the
dilutive impact of BD shares issued in May 2017, in anticipation of
the Bard acquisition and BD shares issued as consideration
transferred to acquire Bard. The adjusted diluted average
shares outstanding (in thousands) was 260,758.
|
(8)
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Includes additional
tax expense, net, of $640 million relating to new U.S. tax
legislation.
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View original
content:http://www.prnewswire.com/news-releases/bd-announces-results-for-2019-second-fiscal-quarter-updates-fiscal-2019-guidance-300846853.html
SOURCE BD (Becton, Dickinson and Company)