FRANKLIN LAKES, N.J.,
Feb. 4, 2021 /PRNewswire/ -- BD
(Becton, Dickinson and Company) (NYSE: BDX), a leading global
medical technology company, today reported quarterly revenues of
$5.315 billion for the first fiscal
quarter ended December 31, 2020. This represents an
increase of 25.8% over the prior-year period on a reported basis
and was primarily driven by the contribution of BD's COVID-19
diagnostic revenues, which totaled $867
million, contributing 20.5 percentage points to the
company's total reported revenue growth in the quarter. On a
currency-neutral basis, revenues increased 24.3%.
"BD's strong revenue and EPS growth reflect solid execution
across the company and positive momentum to start fiscal 2021,"
said Tom Polen, CEO and president of
BD. "While the market continues to be dynamic with the COVID-19
pandemic, BD has emerged as an essential partner to help the world
respond to the COVID-19 pandemic from diagnostics to devices used
in treatment to injection devices for vaccines and real-time
surveillance and reporting. I'm proud of the worldwide BD team for
their COVID-19 response efforts and support of healthcare providers
around the world. We are focused on driving our BD 2025
Grow-Simplify-Empower strategic initiatives which include bringing
new and exciting innovations to the health care markets, expanding
access globally and creating value for our shareholders. To that
end, we continue to make solid progress."
First Fiscal Quarter 2021 Operating Results
As
reported, diluted EPS for the first fiscal quarter were
$3.35, compared with $0.87 in the prior-year period, which represents
an increase of 285.1%. Adjusted diluted EPS were $4.55, compared with $2.65 in the prior-year period, which represents
an increase of 71.7%, or 73.6% on a currency-neutral basis.
Segment Results
In the BD Medical segment, worldwide
revenues for the first fiscal quarter of $2.261 billion increased 8.2% versus the
prior-year period on a reported basis and 6.9% on a
currency-neutral basis driven by growth from all four business
units. Growth in our Medication Delivery Solutions and Medication
Management Solutions business units reflect solid execution as well
as higher patient acuity and increased demand for products and
solutions used in the treatment and prevention of COVID-19. In
addition, continued demand for our pre-fillable syringe portfolio
drove continued strength in the Pharmaceutical Systems
unit. Revenue growth in Diabetes Care reflects the benefit of
the timing of orders in the U.S. as well as an easier comparison to
the prior year.
In the BD Life Sciences segment, worldwide revenues for the
quarter of $1.979 billion increased
76.2% over the prior-year period as reported, or 74.1% on a
currency-neutral basis. COVID-19 diagnostic revenues were
$867 million, which includes BD
Veritor™ Plus System revenues of $688
million, with the remaining revenues related to the BD Max™
COVID-19 tests and specimen collection and transport. There was
continued improvement in routine diagnostic testing and specimen
collection as procedure volumes recovered but remained below
pre-COVID levels. As expected, revenues in the Biosciences unit
declined, as the continued recovery in research and clinical lab
activity and the benefit from COVID-19 vaccine research was more
than offset by a difficult comparison from the prior year benefit
of licensing revenues.
In the BD Interventional segment, worldwide revenues for the
quarter of $1.075 billion increased
6.2% over the prior-year period as reported and 5.0% on a
currency-neutral basis. The segment's performance reflects
greater resiliency in both elective and routine outpatient
procedure volumes in the U.S. in the Surgery and Peripheral
Intervention business units. Volumes also benefited from
practitioners working through their patient backlog during the
quarter. Within the Surgery unit, strong growth in infection
prevention was offset by ongoing headwinds related to lower
procedures due to the pandemic. In the Peripheral Intervention
unit, solid performance was driven by our suite of peripheral
artery disease products. The Urology & Critical Care unit
delivered solid performance in acute urology and targeted
temperature monitoring.
Geographic Results
First fiscal quarter U.S. revenues
of $3.130 billion increased 28.8%
over the prior-year period. Performance in the U.S. was primarily
driven by strong sales related to COVID-19 diagnostics.
Revenues outside of the U.S. of $2.186
billion increased 21.8% from the prior-year period on a
reported basis and 18.2% on a currency-neutral basis, primarily
driven by strong performance in Europe in the BD Medical and BD Life Sciences
segments.
Recent Business Highlights
The company expanded its
solutions to address the COVID-19 pandemic while continuing to
invest in its innovation-driven growth strategy. During the first
fiscal quarter and in recent weeks:
- BD announced CE mark for BD Multitest™ 6-Color TBNK Reagent
with BD Trucount™ Tubes that in conjunction with clinical findings
and the results of other laboratory testing may help clinicians
determine the risks of intubation with mechanical ventilation and
also of mortality in COVID-19 patients, aiding in patient
management decisions. (February
3)
- The company announced a first-of-its-kind, randomized clinical
trial published in The Lancet Infectious Diseases that
outlines potential new standard-setting best practices for
peripheral IV catheters. (February
2)
- BD announced the publication of a peer-reviewed study that
shows BD's antigen test may be more selective than PCR (polymerase
chain reaction) molecular tests at detecting people who are
contagious and able to spread COVID-19 disease. The new clinical
data was published Jan. 22, 2021 in
Clinical Infectious Diseases, an official journal of the
Infectious Diseases Society of America. (January 25)
- The company launched its BD® AbSeq Immune Discovery Panel which
enables researchers to uncover up to 30 immune markers in a single
experiment. The BD® AbSeq IDP now offers researchers convenience,
reliability and flexibility as both a multiomics-enabled and
cost-efficient tool to aid in immune research and discovery.
(January 13)
- BD announced the first-ever peer-reviewed study evaluating the
outcomes using midline catheters for blood collection published in
the Journal of the Association for Vascular Access. The study
evaluated the BD PowerGlide Pro™ Midline Catheter and showed
that this option may reduce the need for direct venipuncture in
patients who have midline catheters and fewer needlesticks can
reduce complications and lead to greater patient safety and
satisfaction. (January 11)
- BD announced publication of the clinical trial results
published in Clinical and Translation Science with the BD Libertas™
Wearable Injector. BD Libertas™ is a subcutaneous ready-to-use
injector designed for drugs that have higher viscosities, such as
biologics, that is currently in final phases of development.
(December 9)
- BD announced plans to invest approximately $1.2 billion over a 4-year period to expand and
upgrade manufacturing capacity and technology for pre-fillable
syringes and advanced drug delivery systems. (December 2)
- BD announced streamlined reporting capabilities for COVID-19
data via reports generated by BD Synapsys™ to simplify mandatory
public health reporting. (November
23)
- BD acquired the Medical Business assets of CUBEX LLC, bringing
together BD's industry-leading BD Pyxis™ Automated Dispensing
Cabinets with the Medical Business of CUBEX's MedBank cloud-based
software and analytics platform to help enable patient-centered
care beyond the acute care setting. (November 12)
Corporate Responsibility
As a purpose-driven company
working to create positive societal impact, BD has a long-standing
commitment to Advancing the World of Health by expanding
access to quality health care and supporting healthy and resilient
communities throughout the world. We view sustainability as a
portfolio of complementary initiatives and actions that help us
achieve our long-term goals.
Recent and first fiscal quarter highlights:
- BD announced it surpassed 1 billion injection devices orders
for support of global COVID-19 vaccination campaigns, including
commitments from countries such as the
United States, Australia,
Canada, Germany, Netherlands, Saudi
Arabia, Spain, and the
United Kingdom, among several
others, as well as non-governmental organizations supporting
vaccine deployment for developing countries.
- BD continued to expand COVID-19 diagnostic testing
manufacturing capacity for the BD Veritor™ Plus System and BD Max™
molecular platforms.
- For the fourth consecutive year, BD has earned a spot on The
Human Rights Campaign (HRC) Foundation's Best Places to Work for
LGBTQ Equality list.
- For the second year in a row, Bloomberg has named BD to its
Gender-Equality Index (GEI) recognizing BD's commitment to
supporting gender equality through policy development,
representation and transparency.
- BD announced the first phase of its 2030+ sustainability
goals—including climate change targets. The company is committed to
reducing Scope 1 and Scope 2 greenhouse gas emissions 46% by 2030
(from a 2019 baseline) and to be carbon-neutral across direct
operations by 2040.
- BD published its inaugural cybersecurity annual report and
launched the BD Cybersecurity Trust Center, a website where
customers can access product security documentation, including
bulletins, patches and certifications.
- BD provided unconditional scientific support to The Turkish
Patient and Healthcare Worker Safety platform via live webinars to
12,000 health care professionals across Turkey on Antimicrobial Resistance and
needlestick injury prevention.
- BD donated 2.5 million insulin syringes to Direct Relief for
the Life for a Child Program in support of children with Type 1
diabetes in 25 countries, including Bolivia, Ethiopia, Ghana, Madagascar, Rwanda, Tanzania and Uganda.
Fiscal 2021 Outlook for Full Year
The COVID-19
pandemic continues to impact the global economy and health care
utilization trends. The company's fiscal 2021 outlook includes
several assumptions, including no significant change in utilization
or procedure volumes associated with COVID-19
resurgences. Management will discuss its outlook and several
assumptions on its first fiscal quarter earnings call.
The company now expects fiscal year 2021 revenues to grow 12% to
14% on an as reported basis and 10% to 12% on a currency-neutral
basis. This compares to the company's prior guidance of high
single to low double-digit revenue growth on a reported basis.
Foreign currency is expected to contribute approximately 200 basis
points to revenue growth versus the prior guidance of approximately
100 basis points.
The company expects fiscal year 2021 adjusted diluted EPS to be
between $12.75 and $12.85 compared to its prior guidance range of
between $12.40 and $12.60. The current adjusted EPS guidance
range represents growth of approximately 25% to 26% over fiscal
2020 adjusted diluted EPS of $10.20,
and includes a contribution of approximately 100 basis points from
foreign currency compared to prior guidance of about 50 basis
points. On a currency-neutral basis, adjusted diluted EPS are
expected to grow 24% to 25%.
Adjusted diluted EPS for fiscal 2021 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
EPS 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 and Presentation Materials
A
conference call regarding BD's first quarter results will be
broadcast live on BD's website, www.bd.com/investors at
8:00 a.m. (ET) Thursday, Feb. 4, 2021. The accompanying
slides will be available on BD's website,
www.bd.com/investors at 6:00 a.m.
(ET). The conference call will be available for replay
on BD's website, www.bd.com/investors, or at 1-855-859-2056
(domestic) and 1-404-537-3406 (international) through the close of
business on Thursday, Feb. 11, 2021,
confirmation number 6993448.
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.
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, as well as revenues, 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 70,000
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 or connect with us on LinkedIn at
www.linkedin.com/company/bd1/ and Twitter @BDandCo.
***
This press release, including the section entitled "Fiscal
2021 Outlook for Full Year", contains certain estimates and other
forward-looking statements (as defined under Federal securities
laws) regarding BD's future prospects and performance, including
future revenues for the fiscal first quarter and fiscal year
2021. 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 COVID-19 pandemic on our business
(including decreases in the demand for our products, any
disruptions to our operations and our supply chain and uncertainty
regarding the level of demand and pricing for our COVID-19
diagnostics testing); product efficacy or safety concerns resulting
in product recalls or actions being taken with respect to our
products; 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. or foreign healthcare systems, potential cuts in
governmental healthcare spending (including China's volume-based procurement tender
process), or governmental or private measures to contain healthcare
costs, including changes in pricing and reimbursement policies,
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, manufacturing or sterilization 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; the remediation of our infusion pump
business (including the timely submission of our 510(k) submission
related to Alaris); our ability to successfully integrate any
businesses we acquire; uncertainties of litigation and/or
investigations and/or subpoenas (as described in BD's filings with
the Securities and Exchange Commission); and issuance of new or
revised accounting standards, as well as other factors discussed in
BD's filings with the Securities and Exchange Commission. We
do not intend to update any forward-looking statements to reflect
events or circumstances after the date hereof except as required by
applicable laws or regulations.
BECTON DICKINSON AND
COMPANY
CONSOLIDATED INCOME
STATEMENTS
(Unaudited; Amounts
in millions, except share and per share data)
|
|
|
|
Three Months Ended
December 31,
|
|
|
2020
|
|
2019
|
|
% Change
|
REVENUES
|
|
$
|
5,315
|
|
|
$
|
4,225
|
|
|
25.8
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
2,583
|
|
|
2,247
|
|
|
15.0
|
|
Selling and
administrative expense
|
|
1,149
|
|
|
1,121
|
|
|
2.5
|
|
Research and
development expense
|
|
291
|
|
|
270
|
|
|
7.7
|
|
Acquisitions and
other restructurings
|
|
50
|
|
|
86
|
|
|
(41.4)
|
|
TOTAL OPERATING COSTS
AND EXPENSES
|
|
4,074
|
|
|
3,724
|
|
|
9.4
|
|
OPERATING
INCOME
|
|
1,241
|
|
|
501
|
|
|
147.6
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(118)
|
|
|
(136)
|
|
|
(12.7)
|
|
Interest
income
|
|
2
|
|
|
1
|
|
|
67.7
|
|
Other income,
net
|
|
32
|
|
|
27
|
|
|
19.1
|
|
INCOME BEFORE INCOME
TAXES
|
|
1,157
|
|
|
394
|
|
|
193.6
|
|
Income tax
provision
|
|
154
|
|
|
117
|
|
|
31.9
|
|
NET INCOME
|
|
1,003
|
|
|
278
|
|
|
261.6
|
|
Preferred stock
dividends
|
|
(23)
|
|
|
(38)
|
|
|
(40.6)
|
|
NET INCOME APPLICABLE
TO COMMON SHAREHOLDERS
|
|
$
|
981
|
|
|
$
|
240
|
|
|
309.3
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
Basic Earnings per
Share
|
|
$
|
3.38
|
|
|
$
|
0.88
|
|
|
284.1
|
|
Diluted Earnings per
Share
|
|
$
|
3.35
|
|
|
$
|
0.87
|
|
|
285.1
|
|
|
|
|
|
|
|
|
AVERAGE SHARES
OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Basic
|
|
290,590
|
|
271,102
|
|
|
Diluted
|
|
293,112
|
|
274,952
|
|
|
BECTON DICKINSON AND
COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Amounts in
millions)
|
|
|
|
December 31,
2020
|
|
September 30,
2020
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Cash and
equivalents
|
|
$
|
3,248
|
|
|
$
|
2,825
|
|
Restricted
cash
|
|
199
|
|
|
92
|
|
Short-term
investments
|
|
17
|
|
|
20
|
|
Trade receivables,
net
|
|
2,370
|
|
|
2,398
|
|
Inventories
|
|
2,814
|
|
|
2,743
|
|
Prepaid expenses and
other
|
|
889
|
|
|
891
|
|
TOTAL CURRENT
ASSETS
|
|
9,537
|
|
|
8,969
|
|
Property, plant and
equipment, net
|
|
6,096
|
|
|
5,923
|
|
Goodwill and other
intangibles, net
|
|
37,315
|
|
|
37,433
|
|
Other
Assets
|
|
1,801
|
|
|
1,687
|
|
TOTAL
ASSETS
|
|
$
|
54,748
|
|
|
$
|
54,012
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Short-term
debt
|
|
$
|
1,737
|
|
|
$
|
707
|
|
Other current
liabilities
|
|
5,284
|
|
|
5,129
|
|
Long-term
debt
|
|
16,082
|
|
|
17,224
|
|
Long-term employee
benefit obligations
|
|
1,434
|
|
|
1,435
|
|
Deferred income taxes
and other liabilities
|
|
5,549
|
|
|
5,753
|
|
Shareholders'
equity
|
|
24,663
|
|
|
23,765
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
$
|
54,748
|
|
|
$
|
54,012
|
|
BECTON DICKINSON AND
COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in
millions)
|
|
|
|
Three Months Ended
December 31,
|
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net income
|
|
$
|
1,003
|
|
|
$
|
278
|
|
Depreciation and
amortization
|
|
555
|
|
|
530
|
|
Change in operating
assets and liabilities and other, net
|
|
(25)
|
|
|
(94)
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
|
1,533
|
|
|
713
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Capital
expenditures
|
|
(246)
|
|
|
(173)
|
|
Acquisitions of
businesses, net of cash acquired
|
|
(67)
|
|
|
—
|
|
Other, net
|
|
(116)
|
|
|
(114)
|
|
NET CASH USED FOR
INVESTING ACTIVITIES
|
|
(430)
|
|
|
(287)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Change in credit
facility borrowings
|
|
—
|
|
|
210
|
|
Payments of debt and
term loans
|
|
(267)
|
|
|
(303)
|
|
Dividends
paid
|
|
(264)
|
|
|
(252)
|
|
Other, net
|
|
(61)
|
|
|
(68)
|
|
NET CASH USED FOR
FINANCING ACTIVITIES
|
|
(592)
|
|
|
(413)
|
|
Effect of exchange
rate changes on cash and equivalents and restricted cash
|
|
18
|
|
|
6
|
|
NET INCREASE IN
CASH AND EQUIVALENTS AND RESTRICTED CASH
|
|
530
|
|
|
18
|
|
OPENING CASH AND
EQUIVALENTS AND RESTRICTED CASH
|
|
2,917
|
|
|
590
|
|
CLOSING CASH AND
EQUIVALENTS AND RESTRICTED CASH
|
|
$
|
3,447
|
|
|
$
|
609
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - UNITED STATES
Three Months Ended
December 31,
(Unaudited; Amounts
in millions)
|
|
|
|
A
|
|
B
|
|
C=(A-B)/B
|
|
|
2020
|
|
2019
|
|
% Change
|
BD MEDICAL
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
568
|
|
|
$
|
520
|
|
|
9.3
|
|
Medication Management
Solutions
|
|
477
|
|
|
462
|
|
|
3.2
|
|
Diabetes
Care
|
|
150
|
|
|
139
|
|
|
7.6
|
|
Pharmaceutical
Systems
|
|
79
|
|
|
84
|
|
|
(5.3)
|
|
TOTAL
|
|
$
|
1,274
|
|
|
$
|
1,204
|
|
|
5.8
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
Integrated Diagnostic
Solutions
|
|
$
|
1,014
|
|
|
$
|
386
|
|
|
162.8
|
|
Biosciences
|
|
120
|
|
|
152
|
|
|
(21.2)
|
|
TOTAL
|
|
$
|
1,134
|
|
|
$
|
538
|
|
|
110.8
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
Surgery
|
|
$
|
262
|
|
|
$
|
256
|
|
|
2.1
|
|
Peripheral
Intervention
|
|
232
|
|
|
225
|
|
|
3.2
|
|
Urology and Critical
Care
|
|
228
|
|
|
206
|
|
|
10.5
|
|
TOTAL
|
|
$
|
722
|
|
|
$
|
688
|
|
|
5.0
|
|
|
|
|
|
|
|
|
TOTAL UNITED
STATES
|
|
$
|
3,130
|
|
|
$
|
2,430
|
|
|
28.8
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended
December 31, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2020
|
|
2019
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
440
|
|
|
$
|
428
|
|
|
$
|
7
|
|
|
2.7
|
|
|
1.1
|
|
Medication Management
Solutions
|
|
152
|
|
|
113
|
|
|
6
|
|
|
35.1
|
|
|
29.6
|
|
Diabetes
Care
|
|
136
|
|
|
129
|
|
|
2
|
|
|
4.8
|
|
|
3.0
|
|
Pharmaceutical
Systems
|
|
260
|
|
|
215
|
|
|
12
|
|
|
20.9
|
|
|
15.3
|
|
TOTAL
|
|
$
|
988
|
|
|
$
|
886
|
|
|
$
|
27
|
|
|
11.5
|
|
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Integrated Diagnostic
Solutions
|
|
$
|
653
|
|
|
$
|
414
|
|
|
$
|
19
|
|
|
57.7
|
|
|
53.1
|
|
Biosciences
|
|
192
|
|
|
171
|
|
|
6
|
|
|
12.3
|
|
|
9.1
|
|
TOTAL
|
|
$
|
845
|
|
|
$
|
585
|
|
|
$
|
24
|
|
|
44.4
|
|
|
40.3
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
70
|
|
|
$
|
70
|
|
|
$
|
2
|
|
|
1.1
|
|
|
(1.9)
|
|
Peripheral
Intervention
|
|
193
|
|
|
170
|
|
|
7
|
|
|
13.6
|
|
|
9.4
|
|
Urology and Critical
Care
|
|
89
|
|
|
85
|
|
|
3
|
|
|
5.5
|
|
|
2.1
|
|
TOTAL
|
|
$
|
353
|
|
|
$
|
325
|
|
|
$
|
12
|
|
|
8.8
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTERNATIONAL
|
|
$
|
2,186
|
|
|
$
|
1,795
|
|
|
$
|
64
|
|
|
21.8
|
|
|
18.2
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL REVENUE
INFORMATION
REVENUES BY BUSINESS
SEGMENTS AND UNITS - TOTAL
Three Months Ended
December 31, (continued)
(Unaudited; Amounts
in millions)
|
|
|
|
|
|
|
|
|
|
D=(A-B)/B
|
|
E=(A-B-C)/B
|
|
|
A
|
|
B
|
|
C
|
|
% Change
|
|
|
2020
|
|
2019
|
|
FX Impact
|
|
Reported
|
|
FXN
|
BD MEDICAL
|
|
|
|
|
|
|
|
|
|
|
Medication Delivery
Solutions
|
|
$
|
1,008
|
|
|
$
|
948
|
|
|
$
|
7
|
|
|
6.3
|
|
|
5.6
|
|
Medication Management
Solutions
|
|
630
|
|
|
575
|
|
|
6
|
|
|
9.5
|
|
|
8.4
|
|
Diabetes
Care
|
|
285
|
|
|
268
|
|
|
2
|
|
|
6.2
|
|
|
5.4
|
|
Pharmaceutical
Systems
|
|
339
|
|
|
299
|
|
|
12
|
|
|
13.5
|
|
|
9.5
|
|
TOTAL
|
|
$
|
2,261
|
|
|
$
|
2,090
|
|
|
$
|
27
|
|
|
8.2
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
BD LIFE
SCIENCES
|
|
|
|
|
|
|
|
|
|
|
Integrated Diagnostic
Solutions
|
|
$
|
1,667
|
|
|
$
|
800
|
|
|
$
|
19
|
|
|
108.4
|
|
|
106.0
|
|
Biosciences
|
|
312
|
|
|
323
|
|
|
6
|
|
|
(3.5)
|
|
|
(5.2)
|
|
TOTAL
|
|
$
|
1,979
|
|
|
$
|
1,123
|
|
|
$
|
24
|
|
|
76.2
|
|
|
74.1
|
|
|
|
|
|
|
|
|
|
|
|
|
BD
INTERVENTIONAL
|
|
|
|
|
|
|
|
|
|
|
Surgery
|
|
$
|
332
|
|
|
$
|
326
|
|
|
$
|
2
|
|
|
1.9
|
|
|
1.3
|
|
Peripheral
Intervention
|
|
426
|
|
|
395
|
|
|
7
|
|
|
7.7
|
|
|
5.9
|
|
Urology and Critical
Care
|
|
317
|
|
|
291
|
|
|
3
|
|
|
9.0
|
|
|
8.0
|
|
TOTAL
|
|
$
|
1,075
|
|
|
$
|
1,012
|
|
|
$
|
12
|
|
|
6.2
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
|
$
|
5,315
|
|
|
$
|
4,225
|
|
|
$
|
64
|
|
|
25.8
|
|
|
24.3
|
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
RECONCILIATION OF
REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
|
2020
|
|
2019
|
|
Growth
|
|
Foreign
Currency
Translation
|
|
Foreign
Currency
Neutral
Growth
|
|
Growth %
|
|
Foreign
Currency
Neutral
Growth %
|
Reported Diluted
Earnings per Share
|
|
$
|
3.35
|
|
|
$
|
0.87
|
|
|
$
|
2.48
|
|
|
$
|
(0.05)
|
|
|
$
|
2.53
|
|
|
285.1
|
%
|
|
290.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
adjustments ($353 million and $348 million pre-tax, respectively)
(1)
|
|
1.20
|
|
|
1.27
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integration costs
($33 million and $62 million pre-tax, respectively)
(2)
|
|
0.11
|
|
|
0.23
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs
($17 million and $23 million pre-tax, respectively)
(2)
|
|
0.06
|
|
|
0.08
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
gain/loss, product and other litigation-related matters ($(5)
million and $59 million pre-tax, respectively)
(3)
|
|
(0.02)
|
|
|
0.22
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
European regulatory
initiative-related costs ($26 million and $17 million pre-tax,
respectively) (4)
|
|
0.09
|
|
|
0.06
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impacts of debt
extinguishment ($11 million pre-tax)
|
|
0.04
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive Impact
(5)
|
|
(0.02)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit of
special items ($(79) million and $(22) million,
respectively)
|
|
(0.27)
|
|
|
(0.08)
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
4.55
|
|
|
$
|
2.65
|
|
|
$
|
1.90
|
|
|
$
|
(0.05)
|
|
|
$
|
1.95
|
|
|
71.7
|
%
|
|
73.6
|
%
|
|
|
(1)
|
Includes amortization
and other adjustments related to the purchase accounting for
acquisitions impacting identified intangible assets and valuation
of fixed assets and debt.
|
(2)
|
Represents
integration and restructuring costs associated with
acquisitions.
|
(3)
|
The prior-period
amount represents a charge recorded to Cost of products sold
related to the estimate of probable future product remediation
costs.
|
(4)
|
Represents costs
required to develop processes and systems to comply with
regulations such as the European Union Medical Device Regulation
("EUMDR") and General Data Protection Regulation
("GDPR").
|
(5)
|
Represents the
dilutive impact of convertible preferred shares outstanding which
were excluded from the reported diluted earnings per share
calculation because these share equivalents would have been
antidilutive. The adjusted diluted average shares outstanding (in
thousands) were 299,107.
|
BECTON DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
FY 2021 OUTLOOK
RECONCILIATION
|
|
|
|
FY2020
|
|
FY2021
Outlook
|
|
|
Revenues
|
|
% Change
|
|
FX Impact
|
|
% Change
FXN
|
BDX Revenues ($ in
millions)
|
|
$
|
17,117
|
|
|
+12% to
+14%
|
|
~+2.0%
|
|
+10% to
+12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2021
Outlook
|
|
|
Full Year
FY2020
|
|
Full Year
FY2021 Outlook
|
|
% Change
|
Reported Diluted
Earnings per Share
|
|
$
|
2.71
|
|
|
|
|
|
Purchase accounting
adjustments ($1.356 billion pre-tax) (1)
|
|
4.80
|
|
|
|
|
|
Restructuring costs
($95 million pre-tax) (2)
|
|
0.33
|
|
|
|
|
|
Integration costs
($214 million pre-tax) (2)
|
|
0.76
|
|
|
|
|
|
Transaction gain/loss
and product-related matters ($631 million pre-tax)
(3)
|
|
2.24
|
|
|
|
|
|
European regulatory
initiative-related costs ($106 million pre-tax)
(4)
|
|
0.38
|
|
|
|
|
|
Investment
gains/losses and asset impairments ($100 million pre-tax)
(5)
|
|
0.35
|
|
|
|
|
|
Impacts of debt
extinguishment ($8 million pre-tax)
|
|
0.03
|
|
|
|
|
|
Income tax benefit of
special items ($(395) million)
|
|
(1.40)
|
|
|
|
|
|
Adjusted Diluted
Earnings per Share
|
|
$
|
10.20
|
|
|
$12.75 to
$12.85
|
|
+25.0% to
+26.0%
|
|
|
|
|
|
|
|
Estimated FX
Impact
|
|
|
|
|
|
~+1.0%
|
|
|
|
|
|
|
|
Adjusted FXN
Growth
|
|
|
|
|
|
+24.0% to
+25.0%
|
|
|
(1)
|
Includes amortization
and other adjustments related to the purchase accounting for
acquisitions impacting identified intangible assets and valuation
of fixed assets and debt.
|
(2)
|
Represents
restructuring and integration costs associated with
acquisitions.
|
(3)
|
Includes amounts
recorded to Other operating (income) expense, net to record
product liability reserves, including related legal defense costs,
of $378 million. Also includes a $244 million charge recorded
to Cost of products sold related to the estimate of probable
future product remediation costs.
|
(4)
|
Represents costs
required to develop processes and systems to comply with
regulations such as the EUMDR and GDPR.
|
(5)
|
Includes charges
recorded in Cost of products sold and Research and
development expense to write down the carrying values of
certain assets.
|
Contact:
Kristen M. Stewart, CFA, Strategy
& Investor Relations - 201-847-5378
Troy Kirkpatrick, Corporate
Communications - 858-617-2361
View original
content:http://www.prnewswire.com/news-releases/bd-announces-first-fiscal-quarter-results-raises-fiscal-2021-guidance-301221866.html
SOURCE BD (Becton, Dickinson and Company)