As reported, revenues of $4.278 billion increased 41.0 percent.
- As reported, revenues of $4.278 billion increased 41.0 percent.
- On a comparable, currency-neutral basis, revenues increased 5.5 percent.
- As reported, diluted earnings per share of $2.03 increased 370.7 percent.
- As adjusted, diluted earnings per share of $2.91 increased 18.3 percent, or 11.0 percent on a currency-neutral basis.
- The company is raising full fiscal year 2018 revenue guidance, and narrowing its adjusted diluted earnings per share guidance.
- The company reaffirms that the acquisition of C.R. Bard is expected to be accretive to adjusted dilutive earnings per share on a high-single digit basis in fiscal year 2019.
FRANKLIN LAKES, N.J., Aug. 2, 2018 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $4.278 billion for the third fiscal quarter ended June 30, 2018. This represents an increase of 41.0 percent from the prior-year period, which is primarily due to the acquisition of C. R. Bard. On a comparable, currency-neutral basis that includes the revenues of C.R. Bard in the current and prior year, revenues increased 5.5 percent over the prior-year period.
"Our strong revenue growth and operating performance this quarter demonstrate that we are delivering on our strategy," said Vincent A. Forlenza, Chairman and CEO. "We are on track with the integration of C. R. Bard and continue to deliver on our financial commitments while providing innovative solutions for our customers and their patients worldwide."
Third Quarter and Nine-Month Fiscal 2018 Operating Results
As reported, diluted earnings per share for the third quarter were $2.03, compared with $(0.75) in the prior-year period. This represents an increase of 370.7 percent and is primarily due to a non-cash charge in the prior year related to the previously announced change in the U.S. dispensing business model. Adjusted diluted earnings per share were $2.91, compared with $2.46 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 18.3 percent, or 11.0 percent on a currency-neutral basis.
For the nine-month period ended June 30, 2018, as reported, diluted earnings per share were $1.27, compared with $3.36 in the prior-year period. This represents a decrease of 62.2 percent and is primarily due to purchase accounting expenses relating to acquisitions and additional tax expense relating to new U.S. tax legislation, as well as the aforementioned non-cash charge in the prior year related to the change in the U.S. dispensing model. Adjusted diluted earnings per share were $8.08, compared with $7.09 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 14.0 percent, or 8.0 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter of $2.246 billion increased 20.0 percent from the prior-year period, primarily due to the acquisition of C. R. Bard. On a comparable, currency-neutral basis, BD Medical revenues increased 5.7 percent over the prior-year period. The segment's results were driven by strong performance in the Medication Delivery Solutions and Medication Management Solutions units.
For the nine-month period ended June 30, 2018, BD Medical revenues were $6.270 billion as reported, an increase of 14.5 percent from the prior-year period. On a comparable, currency-neutral basis, BD Medical revenues of $6.480 billion increased 4.1 percent over the prior-year period, which includes an estimated 110 basis point adverse impact from the previously disclosed change in the U.S. dispensing business model.
In the BD Life Sciences segment, as reported, worldwide revenues for the quarter were $1.079 billion, an increase of 8.2 percent over the prior-year period, or 5.6 percent on a currency-neutral basis. Revenue growth reflects strong performance across the Preanalytical Systems, Diagnostic Systems and Biosciences units.
For the nine-month period ended June 30, 2018, BD Life Sciences revenues were $3.222 billion as reported, an increase of 9.7 percent from the prior-year period, or an increase of 6.7 percent on a currency-neutral basis.
In the BD Interventional segment, as reported, worldwide revenues for the quarter were $0.954 billion. On a comparable, currency-neutral basis, revenues increased 5.1 percent over the prior-year period. The segment's results reflect strong performance in the Peripheral Intervention and Urology and Critical Care units.
For the nine-month period ended June 30, 2018, BD Interventional revenues were $2.089 billion as reported. On a comparable, currency-neutral basis, BD Interventional revenues of $2.826 billion increased 4.9 percent.
Geographic Results
As reported, third quarter revenues in the U.S. of $2.338 billion increased 45.9 percent from the prior-year period, primarily due to the acquisition of C. R. Bard. On a comparable basis, U.S. revenues increased 5.9 percent over the prior-year period. Growth in the U.S. was driven by strong performance across the BD Medical and BD Life Sciences segments, and in the Peripheral Intervention and Urology and Critical Care units within the BD Interventional segment.
As reported, revenues outside of the U.S. of $1.941 billion increased 35.4 percent from the prior-year period, primarily due to the acquisition of C. R. Bard. On a comparable, currency-neutral basis, revenues outside of the U.S. increased 5.1 percent over the prior-year period. International revenue growth was driven by strong performance across the BD Life Sciences segment, as well as in the Medication Delivery Solutions and Medication Management Solutions units within the BD Medical segment, and the Surgery and Peripheral Intervention units in the BD Interventional segment.
For the nine-month period ended June 30, 2018, U.S. revenues were $6.319 billion as reported, an increase of 30.0 percent over the prior-year period. On a comparable basis, U.S. revenues of $6.916 billion increased 3.7 percent over the prior-year period, including an estimated 140 basis point adverse impact from the change in the U.S. dispensing business model. As reported, revenues outside of the U.S. of $5.261 billion increased 29.3 percent over the prior-year period. On a comparable, currency-neutral basis, revenues outside the U.S. of $5.611 billion increased 6.6 percent over the prior-year period.
Fiscal 2018 Outlook for Full Year
The company is raising its full fiscal year 2018 revenue guidance and now expects growth to exceed 31.5 percent on a reported basis, compared to previous guidance of approximately 31.0 to 31.5 percent growth. On a comparable, currency-neutral basis, the company is also raising its revenue guidance and now expects growth to exceed 5.5 percent, compared to previous guidance of 5.0 to 5.5 percent growth. Comparable revenue guidance continues to include an estimated 50 basis point adverse impact from the change in the U.S. dispensing business model and the estimated sales impact from Hurricane Maria in Puerto Rico on Bard's business during BD's first fiscal quarter.
The company is narrowing its full fiscal year 2018 adjusted diluted earnings per share guidance to a range of $10.95 to $11.05, from a range of $10.90 to $11.05 previously. This represents growth of approximately 15.5 to 16.5 percent over fiscal 2017 adjusted diluted earnings per share, and reflects the company's increased revenue outlook as well as a small decrease in the expected benefit from foreign currency. On a currency-neutral basis, the company continues to expect full fiscal year adjusted diluted earnings per share growth of approximately 12.0 percent.
Estimated adjusted diluted earnings per share for fiscal 2018 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax and litigation matters. BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of BD's financial performance.
Conference Call Information
A conference call regarding BD's third 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, August 2, 2018. The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Thursday, August 9, 2018, confirmation number 2788137.
Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
All "comparable" basis revenue growth rates relating to fiscal year 2018 presented throughout this release include the results of C. R. Bard, Inc. ("Bard") in the current and prior-year periods and are further adjusted for certain items as detailed in the attached tables. Beginning in the second quarter of fiscal year 2018, the Company's organizational structure was based upon three principal business segments: BD Medical ("Medical"), BD Life Sciences ("Life Sciences") and BD Interventional ("Interventional"). The Interventional segment was added upon the Company's completion of its acquisition of Bard, and this new segment includes the majority of Bard's product offerings and certain product offerings which were previously reported in the Medical segment. Certain of Bard's product offerings are included under the Company's Medical segment, specifically within the new Medication Delivery Solutions unit, which was formerly the Medical segment's Medication and Procedural Solutions unit. Prior-year amounts have been revised to reflect the movement of certain product offerings which were previously reported in the Medical segment and which are now reported in the Interventional segment, as discussed above. Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; the reversal of a litigation reserve; and the loss on debt extinguishment. We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release. As previously announced, comparable historical revenue schedules inclusive of Bard for BD's 2016 and 2017 fiscal years, and the first quarter of BD's 2018 fiscal year, are available on the Investor page of BD's website, www.bd.com/investors.
About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help improve patient outcomes, improve the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to better diagnose disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. In 2017, BD welcomed C. R. Bard and its products into the BD family. For more information on BD, please visit bd.com.
This press release, including the section entitled "Fiscal 2018 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of the C.R. Bard operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; the impact of the recent U.S. tax reform; legislative or regulatory changes to the U.S. healthcare system, potential cuts in governmental healthcare spending or measures to contain healthcare costs, each of which could result in reduced demand for our products or downward pricing pressure; 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, utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; 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; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; product efficacy or safety concerns resulting in product recalls or actions being taken by the FDA or other regulators; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; risks relating to our ability to continue to successfully integrate CareFusion's operations in order to fully obtain the benefits of the transaction; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform outside the U.S., including changes in government pricing and reimbursement policies or other cost containment reforms; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Three Months Ended June 30,
2018 2017 % Change
---- ---- --------
REVENUES $4,278 $3,035 41.0
Cost of products sold 2,262 1,532 47.7
Selling and administrative expense 1,081 719 50.3
Research and development expense 277 186 49.1
Acquisitions and other restructurings 146 81 81.3
Other operating expense, net - 741 (100.0)
TOTAL OPERATING COSTS AND EXPENSES 3,766 3,258 15.6
----- ----- ----
OPERATING INCOME (LOSS) 513 (223) 330.2
Interest expense (182) (184) (1.0)
Interest income 8 19 (59.4)
Other income (expense), net 308 (16) 2,063.0
-------
INCOME (LOSS) BEFORE INCOME TAXES 647 (404) 260.4
Income tax provision (benefit) 53 (271) 119.6
-----
NET INCOME (LOSS) 594 (132) 548.9
Preferred stock dividends (38) (32) 16.9
NET INCOME (LOSS) APPLICABLE TO COMMON $556 $(165) 437.6
SHAREHOLDERS
EARNINGS PER SHARE
Basic Earnings (Loss) per Share $2.08 $(0.75) 377.3
Diluted Earnings (Loss) per Share $2.03 $(0.75) 370.7
AVERAGE SHARES OUTSTANDING (in thousands)
Basic 267,836 220,807
Diluted 273,925 220,807
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Nine Months Ended June 30,
2018 2017 % Change
---- ---- --------
REVENUES $11,581 $8,927 29.7
Cost of products sold 6,410 4,539 41.2
Selling and administrative expense 2,912 2,151 35.3
Research and development expense 728 554 31.6
Acquisitions and other restructurings 604 243 148.4
Other operating expense, net - 405 (100.0)
TOTAL OPERATING COSTS AND EXPENSES 10,655 7,892 35.0
------ ----- ----
OPERATING INCOME 926 1,035 (10.5)
Interest expense (525) (364) 44.1
Interest income 55 31 80.5
Other income (expense), net 302 (51) 697.3
INCOME BEFORE INCOME TAXES 759 650 16.6
Income tax provision (benefit) 313 (123) 354.9
NET INCOME 446 773 (42.3)
Preferred stock dividends (114) (32) 250.6
NET INCOME APPLICABLE TO COMMON $332 $741 (55.2)
SHAREHOLDERS
EARNINGS PER SHARE
Basic Earnings per Share $1.30 $3.43 (62.1)
Diluted Earnings per Share $1.27 $3.36 (62.2)
AVERAGE SHARES OUTSTANDING (in thousands)
Basic 254,934 215,817
Diluted 260,860 220,406
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Three Months Ended June 30,
(Unaudited; Amounts in millions)
A B C=(A-B)/B
---
2018 2017 % Change
---- ---- --------
BD MEDICAL
----------
Medication Delivery Solutions (a) $505 $335 50.8
Medication Management 483 447 8.1
Solutions
Diabetes Care 138 132 4.7
Pharmaceutical Systems 103 93 11.6
TOTAL $1,230 $1,006 22.2
------ ------ ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $199 $191 4.2
Diagnostic Systems 151 145 4.2
Biosciences 126 115 9.7
TOTAL $476 $451 5.6
---- ---- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $259 $142 NM
Peripheral Intervention (a) 195 3 NM
Urology and Critical Care 178 - NM
--- --- ---
TOTAL $632 $145 NM
---- ---- ---
TOTAL UNITED STATES $2,338 $1,603 45.9
------ ------ ----
(a) The presentation of prior-period amounts reflects a reclassification of $145 million associated with the movement, effective on January 1, 2018, of certain
product offerings from the Medical segment to the Interventional segment.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
D=(A-B)/B E=(A-B-C)/B
--------- -----------
A B C % Change
--- --- ---
2018 2017 FX Impact Reported FXN
---- ---- --------- -------- ---
BD MEDICAL
----------
Medication Delivery Solutions (a) $471 $367 $23 28.3 22.1
Medication Management 127 109 9 17.1 9.1
Solutions
Diabetes Care 138 131 7 5.4 0.1
Pharmaceutical Systems 279 258 19 8.4 1.0
TOTAL $1,016 $864 $58 17.5 10.8
------ ---- --- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $205 $185 $8 10.7 6.2
Diagnostic Systems 211 191 10 10.7 5.7
Biosciences 188 171 8 9.7 4.9
TOTAL $603 $547 $26 10.4 5.6
---- ---- --- ---- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $77 $20 $5 NM NM
Peripheral Intervention (a) 157 1 10 NM NM
Urology and Critical Care 87 - 5 NM NM
TOTAL $322 $22 $19 NM NM
---- --- --- --- ---
TOTAL INTERNATIONAL $1,941 $1,433 $103 35.4 28.2
------ ------ ---- ---- ----
(a) The presentation of prior-period amounts reflects a reclassification of $22 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Three Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
D=(A-B)/B E=(A-B-C)/B
--------- -----------
A B C % Change
--- --- ---
2018 2017 FX Impact Reported FXN
---- ---- --------- -------- ---
BD MEDICAL
----------
Medication Delivery Solutions (a) $977 $702 $23 39.0 35.8
Medication Management 610 556 9 9.8 8.3
Solutions
Diabetes Care 276 263 7 5.1 2.4
Pharmaceutical Systems 383 350 19 9.3 3.8
TOTAL $2,246 $1,871 $58 20.0 16.9
------ ------ --- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $404 $376 $8 7.4 5.2
Diagnostic Systems 362 335 10 7.9 5.0
Biosciences 314 286 8 9.7 6.8
TOTAL $1,079 $997 $26 8.2 5.6
------ ---- --- --- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $336 $163 $5 NM NM
Peripheral Intervention (a) 353 5 10 NM NM
Urology and Critical Care 265 - 5 NM NM
TOTAL $954 $167 $19 NM NM
---- ---- --- --- ---
TOTAL REVENUES $4,278 $3,035 $103 41.0 37.6
------ ------ ---- ---- ----
(a) The presentation of prior-period amounts reflects a reclassification of $167 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Nine Months Ended June 30,
(Unaudited; Amounts in millions)
A B C=(A-B)/B
---
2018 2017 % Change
---- ---- --------
BD MEDICAL
----------
Medication Delivery Solutions (a) $1,379 $1,026 34.4
Medication Management 1,415 1,403 0.9
Solutions
Diabetes Care 415 400 3.8
Pharmaceutical Systems 239 231 3.5
TOTAL $3,448 $3,060 12.7
------ ------ ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $565 $552 2.2
Diagnostic Systems 518 471 9.9
Biosciences 350 331 5.7
TOTAL $1,433 $1,355 5.8
------ ------ ---
BD INTERVENTIONAL
-----------------
Surgery (a) $687 $434 NM
Peripheral Intervention (a) 393 10 NM
Urology and Critical Care 358 - NM
TOTAL $1,438 $444 NM
------ ---- ---
TOTAL UNITED STATES $6,319 $4,859 30.0
------ ------ ----
(a) The presentation of prior-period amounts reflects a reclassification of $444 million associated with the movement, effective on January 1, 2018, of certain
product offerings from the Medical segment to the Interventional segment.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
D=(A-B)/B E=(A-B-C)/B
--------- -----------
A B C % Change
--- --- ---
2018 2017 FX Impact Reported FXN
---- ---- --------- -------- ---
BD MEDICAL
----------
Medication Delivery Solutions (a) $1,298 $1,065 $65 21.9 15.8
Medication Management 364 321 26 13.4 5.2
Solutions
Diabetes Care 405 374 21 8.5 2.9
Pharmaceutical Systems 755 658 59 14.7 5.8
TOTAL $2,822 $2,417 $171 16.7 9.7
------ ------ ---- ---- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $595 $541 $29 10.0 4.7
Diagnostic Systems 634 548 31 15.8 10.2
Biosciences 559 494 27 13.4 7.9
TOTAL $1,789 $1,582 $87 13.1 7.6
------ ------ --- ---- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $177 $65 $12 NM NM
Peripheral Intervention (a) 303 4 22 NM NM
Urology and Critical Care 171 - 11 NM NM
TOTAL $651 $68 $45 NM NM
---- --- --- --- ---
TOTAL INTERNATIONAL $5,261 $4,068 $302 29.3 21.9
------ ------ ---- ---- ----
(a) The presentation of prior-period amounts reflects a reclassification of $68 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
D=(A-B)/B E=(A-B-C)/B
--------- -----------
A B C % Change
--- --- ---
2018 2017 FX Impact Reported FXN
---- ---- --------- -------- ---
BD MEDICAL
----------
Medication Delivery Solutions (a) $2,677 $2,091 $65 28.0 24.9
Medication Management 1,778 1,723 26 3.2 1.7
Solutions
Diabetes Care 820 773 21 6.1 3.4
Pharmaceutical Systems 994 889 59 11.8 5.2
TOTAL $6,270 $5,477 $171 14.5 11.4
------ ------ ---- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $1,160 $1,094 $29 6.1 3.4
Diagnostic Systems 1,152 1,019 31 13.1 10.1
Biosciences 910 825 27 10.3 7.0
TOTAL $3,222 $2,937 $87 9.7 6.7
------ ------ --- --- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $864 $499 $12 NM NM
Peripheral Intervention (a) 697 14 22 NM NM
Urology and Critical Care 529 - 11 NM NM
TOTAL $2,089 $513 $45 NM NM
------ ---- --- --- ---
TOTAL REVENUES $11,581 $8,927 $302 29.7 26.3
------- ------ ---- ---- ----
(a) The presentation of prior-period amounts reflects a reclassification of $513 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES
Three Months Ended June 30,
(Unaudited; Amounts in millions)
A B C D E F=B+C+D+E G=(A-F)/F
--- --- --- --- --- ---------
BD BD Bard (b) Intercompany Divestiture Comparable Comparable
Reported Reported (a) Adjustment Adjustments % Change
(c) (d)
--- ---
2018 2017 2017 2017
---- ---- ---- ----
BD MEDICAL
----------
Medication Delivery Solutions (a) $505 $335 $144 $(3) $ - $476 6.2
Medication Management Solutions 483 447 - - - 447 8.1
Diabetes Care 138 132 - - - 132 4.7
Pharmaceutical Systems 103 93 - - - 93 11.6
TOTAL $1,230 $1,006 $144 $(3) $ - $1,147 7.2
------ ------ ---- --- --- --- ------ ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $199 $191 $ - $ - $ - $191 4.2
Diagnostic Systems 151 145 - - - 145 4.2
Biosciences 126 115 - - - 115 9.7
TOTAL $476 $451 $ - $ - $ - $451 5.6
---- ---- --- --- --- --- --- --- ---- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $259 $142 $129 $ - $(9) $262 (1.4)
Peripheral Intervention (a) 195 3 178 - - 181 7.6
Urology and Critical Care 178 - 167 - - 167 6.9
TOTAL $632 $145 $474 $ - $(9) $610 3.5
---- ---- ---- --- --- --- ---- ---
TOTAL UNITED STATES $2,338 $1,603 $618 $(3) $(9) $2,208 5.9
------ ------ ---- --- --- ------ ---
(a) Reflects a reclassification of $145
million associated with the
movement, effective on January 1,
2018, of certain product offerings
from the Medical segment to the
Interventional segment.
(b) Amounts presented in alignment with
BD's current-period segment,
organizational unit and regional
reporting structure. Also reflects
the elimination of revenues from the
Peripheral Intervention unit related
to a royalty income stream, reported
as revenues by Bard, which BD
reports as non-operating income in
the current-year period.
(c) Represents the elimination of
revenues from the Medication
Delivery Solutions unit which BD
previously recognized from Bard as
third-party revenues and that would
be treated as intercompany revenues
in the current-year period.
(d) Represents adjustments for BD's
divestiture of its soft tissue core
needle biopsy product line and
Bard's divestiture of its Aspira(R)
product line.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL
SUPPLEMENTAL INFORMATION
Three Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
A B C D E=B+C+D F G=(A-E-F)/E
--- --- --- --- --- -----------
BD BD Bard (b) Divestiture Comparable FX Impact FXN %
Reported Reported (a) Adjustments Change
(c)
---
2018 2017 2017 2017
---- ---- ---- ----
BD MEDICAL
----------
Medication Delivery Solutions (a) $471 $367 $59 $ - $426 $23 5.3
Medication Management Solutions 127 109 - - 109 9 9.1
Diabetes Care 138 131 - - 131 7 0.1
Pharmaceutical Systems 279 258 - - 258 19 1.0
TOTAL $1,016 $864 $59 $ - $923 $58 3.8
------ ---- --- --- --- ---- --- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $205 $185 $ - $ - $185 $8 6.2
Diagnostic Systems 211 191 - - 191 10 5.7
Biosciences 188 171 - - 171 8 4.9
TOTAL $603 $547 $ - $ - $547 $26 5.6
---- ---- --- --- --- --- ---- --- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $77 $20 $45 $(2) $64 $5 14.4
Peripheral Intervention (a) 157 1 134 - 136 10 8.7
Urology and Critical Care 87 - 80 - 80 5 3.0
TOTAL $322 $22 $259 $(2) $279 $19 8.4
---- --- ---- --- ---- --- ---
TOTAL INTERNATIONAL $1,941 $1,433 $318 $(2) $1,749 $103 5.1
------ ------ ---- --- ------ ---- ---
(a) Reflects a reclassification of $22
million associated with the
movement, effective on January 1,
2018, of certain product offerings
from the Medical segment to the
Interventional segment.
(b) Amounts presented in alignment with
BD's current-period segment,
organizational unit and regional
reporting structure.
(c) Represents adjustments for BD's
divestiture of its soft tissue core
needle biopsy product line and
Bard's divestiture of its Aspira(R)
product line.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL
Three Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
A B C D E F=B+C+D+E G H=(A-F-G)/F
--- --- --- --- --- --------- --- -----------
BD BD Bard (b) Intercompany Divestiture Comparable FX Impact FXN %
Reported Reported (a) Adjustment Adjustments Change
(c) (d)
--- ---
2018 2017 2017 2017
---- ---- ---- ----
BD MEDICAL
----------
Medication Delivery Solutions (a) $977 $702 $203 $(3) $ - $902 $23 5.8
Medication Management 610 556 - - - 556 9 8.3
Solutions
Diabetes Care 276 263 - - - 263 7 2.4
Pharmaceutical Systems 383 350 - - - 350 19 3.8
TOTAL $2,246 $1,871 $203 $(3) $ - $2,070 $58 5.7
------ ------ ---- --- --- --- ------ --- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $404 $376 $ - $ - $ - $376 $8 5.2
Diagnostic Systems 362 335 - - - 335 10 5.0
Biosciences 314 286 - - - 286 8 6.8
TOTAL $1,079 $997 $ - $ - $ - $997 $26 5.6
------ ---- --- --- --- --- --- --- ---- --- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $336 $163 $175 $ - $(11) $326 $5 1.7
Peripheral Intervention (a) 353 5 312 - - 317 10 8.1
Urology and Critical Care 265 - 246 - - 246 5 5.6
TOTAL $954 $167 $733 $ - $(11) $889 $19 5.1
---- ---- ---- --- --- ---- ---- --- ---
TOTAL REVENUES $4,278 $3,035 $936 $(3) $(11) $3,957 $103 5.5
------ ------ ---- --- ---- ------ ---- ---
(a) Reflects a reclassification of $167
million associated with the
movement, effective on January 1,
2018, of certain product offerings
from the Medical segment to the
Interventional segment.
(b) Amounts presented in alignment with
BD's current-period segment,
organizational unit and regional
reporting structure. Also reflects
the elimination of revenues from the
Peripheral Intervention unit related
to a royalty income stream, reported
as revenues by Bard, which BD
reports as non-operating income in
the current-year period.
(c) Represents the elimination of
revenues from the Medication
Delivery Solutions unit which BD
previously recognized from Bard as
third-party revenues and that would
be treated as intercompany revenues
in the current-year period.
(d) Represents adjustments for BD's
divestiture of its soft tissue core
needle biopsy product line and
Bard's divestiture of its Aspira(R)
product line.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES
Nine Months Ended June 30,
(Unaudited; Amounts in millions)
A B C D E=A+B+C+D F G H I J=F+G+H+I K=(E-J)/J
--- --- --- --- --------- --- --- --- --- --------- ---------
BD Bard Q1 (b) Intercompany Divestiture Comparable BD Bard (b) Intercompany Divestiture Comparable Comparable
Reported Adjustment (c) Adjustments Reported (a) Adjustment Adjustments % Change
(d) (c) (d)
--- --- ---
2018 2018 2018 2017 2017 2017
---- ---- ---- ---- ---- ----
BD MEDICAL
----------
Medication Delivery Solutions (a) $1,379 $145 $(3) $ - $1,521 $1,026 $429 $(11) $ - $1,444 5.3
Medication Management 1,415 - - - 1,415 1,403 - - - 1,403 0.9
Solutions
Diabetes Care 415 - - - 415 400 - - - 400 3.8
Pharmaceutical Systems 239 - - - 239 231 - - - 231 3.5
TOTAL $3,448 $145 $(3) $ - $3,590 $3,060 $429 $(11) $ - $3,478 3.2
------ ---- --- --- --- ------ ------ ---- ---- --- --- ------ ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $565 $ - $ - $ - $565 $552 $ - $ - $ - $552 2.2
Diagnostic Systems 518 - - - 518 471 - - - 471 9.9
Biosciences 350 - - - 350 331 - - - 331 5.7
TOTAL $1,433 $ - $ - $ - $1,433 $1,355 $ - $ - $ - $1,355 5.8
------ --- --- --- --- --- --- ------ ------ --- --- --- --- --- --- ------ ---
BD INTERVENTIONAL
-----------------
Surgery (a) $687 $105 $ - $(15) $777 $434 $391 $ - $(29) $796 (2.4)
Peripheral Intervention (a) 393 188 - - 581 10 521 - - 531 9.4
Urology and Critical Care 358 177 - - 535 - 510 - - 510 4.9
TOTAL $1,438 $470 $ - $(15) $1,893 $444 $1,421 $ - $(29) $1,837 3.1
------ ---- --- --- ---- ------ ---- ------ --- --- ---- ------ ---
TOTAL UNITED STATES $6,319 $614 $(3) $(15) $6,916 $4,859 $1,850 $(11) $(29) $6,670 3.7
------ ---- --- ---- ------ ------ ------ ---- ---- ------ ---
(a) Reflects a reclassification of $444
million associated with the
movement, effective on January 1,
2018, of certain product offerings
from the Medical segment to the
Interventional segment.
(b) Amounts in 2018 represent revenues
for the quarter ended December 31,
2017; amounts in 2017 represent
revenues for the quarters ended
December 31, 2016, March 31, 2017
and June 30, 2017. Amounts
presented in alignment with BD's
current-period segment,
organizational unit and regional
reporting structure. Also reflects
the elimination of revenues from
the Peripheral Intervention unit
related to a royalty income stream,
reported as revenues by Bard, which
BD reports as non-operating income
in the current-year period.
(c) Represents the elimination of
revenues from the Medication
Delivery Solutions unit which BD
previously recognized from Bard as
third-party revenues and that
would be treated as intercompany
revenues in the current-year
period.
(d) Represents adjustments for BD's
divestiture of its soft tissue core
needle biopsy product line and
Bard's divestiture of its Aspira(R)
product line.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in millions)
A B C D=A+B+C E F G H=E+F+G I J=(D-H-
I)/H
----
BD Bard Q1 (b) Divestiture Comparable BD Bard (b) Divestiture Comparable FX Impact FXN %
Reported Adjustments Reported (a) Adjustments Change
(c) (c)
--- ---
2018 2018 2018 2017 2017 2017
---- ---- ---- ---- ---- ----
BD MEDICAL
----------
Medication Delivery Solutions (a) $1,298 $68 $ - $1,366 $1,065 $164 $ - $1,229 $67 5.7
Medication Management Solutions 364 - - 364 321 - - 321 26 5.2
Diabetes Care 405 - - 405 374 - - 374 21 2.9
Pharmaceutical Systems 755 - - 755 658 - - 658 59 5.8
TOTAL $2,822 $68 $ - $2,890 $2,417 $164 $ - $2,581 $173 5.3
------ --- --- --- ------ ------ ---- --- --- ------ ---- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $595 $ - $ - $595 $541 $ - $ - $541 $29 4.7
Diagnostic Systems 634 - - 634 548 - - 548 31 10.2
Biosciences 559 - - 559 494 - - 494 27 7.9
TOTAL $1,789 $ - $ - $1,789 $1,582 $ - $ - $1,582 $87 7.6
------ --- --- --- --- ------ ------ --- --- --- --- ------ --- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $177 $49 $(3) $222 $65 $126 $(7) $184 $13 13.7
Peripheral Intervention (a) 303 146 - 449 4 379 - 382 27 10.5
Urology and Critical Care 171 90 - 261 - 239 - 239 13 3.8
TOTAL $651 $285 $(3) $933 $68 $744 $(7) $806 $53 9.2
---- ---- --- ---- --- ---- --- ---- --- ---
TOTAL INTERNATIONAL $5,261 $353 $(3) $5,611 $4,068 $908 $(7) $4,969 $312 6.6
------ ---- --- ------ ------ ---- --- ------ ---- ---
(a) Reflects a reclassification of $68
million associated with the
movement, effective on January 1,
2018, of certain product offerings
from the Medical segment to the
Interventional segment.
(b) Amounts in 2018 represent revenues
for the quarter ended December 31,
2017; amounts in 2017 represent
revenues for the quarters ended
December 31, 2016, March 31, 2017
and June 30, 2017. Amounts
presented in alignment with BD's
current-period segment,
organizational unit and regional
reporting structure.
(c) Represents adjustments for BD's
divestiture of its soft tissue core
needle biopsy product line and
Bard's divestiture of its Aspira(R)
product line.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL
Nine Months Ended June 30, (continued)
(Unaudited; Amounts in millions
A B C D E=A+B+C+ F G H I J=F+G+H+I K L=(E-J-
D K)/J
--- ----
BD Bard Q1 Intercompany Divestiture Comparable BD Bard (b) Intercompany Divestiture Comparable FX Impact FXN %
Reported (b) Adjustment Adjustments Reported (a) Adjustment Adjustments Change
(c) (d) (c) (d)
--- --- --- ---
2018 2018 2018 2017 2017 2017
---- ---- ---- ---- ---- ----
BD MEDICAL
----------
Medication Delivery Solutions (a) $2,677 $213 $(3) $ - $2,887 $2,091 $593 $(11) $ - $2,673 $67 5.5
Medication 1,778 - - - 1,778 1,723 - - - 1,723 26 1.7
Management Solutions
Diabetes Care 820 - - - 820 773 - - - 773 21 3.4
Pharmaceutical 994 - - - 994 889 - - - 889 59 5.2
Systems
TOTAL $6,270 $213 $(3) $ - $6,480 $5,477 $593 $(11) $ - $6,059 $173 4.1
------ ---- --- --- --- ------ ------ ---- ---- --- --- ------ ---- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $1,160 $ - $ - $ - $1,160 $1,094 $ - $ - $ - $1,094 $29 3.4
Diagnostic Systems 1,152 - - - 1,152 1,019 - - - 1,019 31 10.1
Biosciences 910 - - - 910 825 - - - 825 27 7.0
TOTAL $3,222 $ - $ - $ - $3,222 $2,937 $ - $ - $ - $2,937 $87 6.7
------ --- --- --- --- --- --- ------ ------ --- --- --- --- --- --- ------ --- ---
BD INTERVENTIONAL
-----------------
Surgery (a) $864 $153 $ - $(18) $999 $499 $517 $ - $(36) $980 $13 0.6
Peripheral Intervention 697 334 - - 1,030 14 900 - - 914 27 9.9
(a)
Urology and Critical 529 267 - - 796 - 749 - - 749 13 4.6
Care
TOTAL $2,089 $755 $ - $(18) $2,826 $513 $2,166 $ - $(36) $2,643 $53 4.9
------ ---- --- --- ---- ------ ---- ------ --- --- ---- ------ --- ---
TOTAL REVENUES $11,581 $968 $(3) $(18) $12,528 $8,927 $2,759 $(11) $(36) $11,639 $312 5.0
------- ---- --- ---- ------- ------ ------ ---- ---- ------- ---- ---
(a) Reflects a reclassification of $513
million associated with the
movement, effective on January 1,
2018, of certain product offerings
from the Medical segment to the
Interventional segment.
(b) Amounts in 2018 represent revenues
for the quarter ended December 31,
2017; amounts in 2017 represent
revenues for the quarters ended
December 31, 2016, March 31, 2017
and June 30, 2017. Amounts
presented in alignment with BD's
current-period segment,
organizational unit and regional
reporting structure. Also reflects
the elimination of revenues from the
Peripheral Intervention unit related
to a royalty income stream, reported
as revenues by Bard, which BD
reports as non-operating income in
the current-year period.
(c) Represents the elimination of
revenues from the Medication
Delivery Solutions unit which BD
previously recognized from Bard as
third-party revenues and that would
be treated as intercompany revenues
in the current-year period.
(d) Represents adjustments for BD's
divestiture of its soft tissue core
needle biopsy product line and
Bard's divestiture of its Aspira(R)
product line.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
Three Months Ended June 30,
---------------------------
2018 2017 Growth Foreign Foreign Growth % Foreign
Currency Currency Currency
Translation Neutral Neutral
Growth Growth %
-------
Reported Diluted Earnings (Loss) per Share $2.03 $(0.75) $2.78 $0.16 $2.62 370.7% 349.3%
----- ------ ----- ----- ----- ----- -----
Purchase accounting adjustments ($433 million and $106 million pre-tax, respectively) (1) 1.58 0.48 -
Restructuring costs ($33 million and $8 million pre-tax, respectively) (2) 0.12 0.04 -
Integration costs ($103 million and $50 million pre-tax, respectively) (2) 0.37 0.23 -
Transaction costs ($11 million and $23 million pre-tax, respectively) (2) 0.04 0.10 -
Financing impacts ($87 million pre-tax) (3) - 0.39 -
Hurricane recovery costs ($3 million pre-tax) (4) 0.01 - -
Losses on debt extinguishment ($3 million and $31 million pre-tax, respectively) (5) 0.01 0.14 -
Net impact of gain on sale of investment and asset impairments ($(214) million pre-tax) (6) (0.78) - 0.01
Lease contract modification-related charge ($741 million pre-tax) (7) - 3.36 -
Dilutive impact (8) - 0.18 -
Income tax benefit of special items ($(130) million and $(377) million, respectively) (0.48) (1.71) -
----- ----- ---
Adjusted Diluted Earnings per Share $2.91 $2.46 $0.45 $0.18 $0.27 18.3% 11.0%
----- ----- ----- ----- ----- ---- ----
(1) Includes adjustments related to the
purchase accounting for acquisitions
impacting identified intangible
assets and valuation of fixed assets
and debt. The amount in 2018 also
included a fair value step-up
adjustment of $56 million recorded
relative to Bard's inventory on the
acquisition date.
(2) Represents restructuring, integration
and transaction costs which are
associated with the Bard and
CareFusion acquisitions, as well as
restructuring and transaction costs
associated with other portfolio
rationalization initiatives.
(3) Represents financing impacts
associated with the Bard
acquisition.
(4) Represents costs incurred as a result
of hurricane-related damage to
production facilities in Puerto
Rico.
(5) Represents losses recognized upon the
extinguishment of certain long-term
senior notes.
(6) Represents the 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.
(7) Represents a non-cash charge
resulting from a modification to our
dispensing equipment lease contracts
with customers.
(8) Represents the dilutive impact of BD
shares issued in May 2017, in
anticipation of the Bard
acquisition.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
Nine Months Ended June 30,
--------------------------
2018 2017 Growth Foreign Foreign Growth % Foreign
Currency Currency Currency
Translation Neutral Neutral
Growth Growth %
-------
Reported Diluted Earnings per Share $1.27 $3.36 $(2.09) $0.38 $(2.47) (62.2)% (73.5)%
----- ----- ------ ----- ------ ------ ------
Purchase accounting adjustments ($1.4 billion and $361 million pre-tax, respectively) (1) 5.21 1.64 0.01
Restructuring costs ($288 million and $54 million pre-tax, respectively) (2) 1.10 0.25 0.01
Integration costs ($255 million and $159 million pre-tax, respectively) (2) 0.98 0.72 0.01
Transaction costs ($61 million and $37 million pre-tax, respectively) (2) 0.23 0.17 -
Financing impacts ($49 million and $87 million pre-tax, respectively) (3) 0.19 0.40 -
Hurricane recovery costs ($15 million pre-tax) (4) 0.06 - -
Losses on debt extinguishment ($16 million and $73 million pre-tax, respectively) (5) 0.06 0.33 -
Net impact of gain on sale of investment and asset impairments ($(214) million pre-tax) (6) (0.82) - 0.01
Litigation-related item ($(336) million pre-tax) (7) - (1.52) -
Lease contract modification-related charge ($741 million pre-tax) (8) - 3.36 -
Dilutive Impact (9) 0.31 0.22 -
Income tax benefit of special items and impact of tax reform ($(133) million and $(404) million, (0.51) (1.83) (0.01)
respectively) (10)
Adjusted Diluted Earnings per Share $8.08 $7.09 $0.99 $0.42 $0.57 14.0% 8.0%
----- ----- ----- ----- ----- ---- ---
(1) Includes adjustments related to the
purchase accounting for acquisitions
impacting identified intangible
assets and valuation of fixed assets
and debt. The amount in 2018 also
included a fair value step-up
adjustment of $478 million recorded
relative to Bard's inventory on the
acquisition date.
(2) Represents restructuring, integration
and transaction costs which are
associated with the Bard and
CareFusion acquisitions, as well as
restructuring and transaction costs
associated with other portfolio
rationalization initiatives.
(3) Represents financing impacts
associated with the Bard acquisition.
(4) Represents costs incurred as a result
of hurricane-related damage to
production facilities in Puerto Rico.
(5) Represents losses recognized upon the
extinguishment of certain long-term
senior notes.
(6) Represents the 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.
(7) Represents the reversal of certain
reserves related to an appellate
court decision which, among other
things, reversed an unfavorable
antitrust judgment in the RTI case.
(8) Represents a non-cash charge
resulting from a modification to our
dispensing equipment lease contracts
with customers.
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
(9) 255,697.
Includes additional tax expense, net,
of $275 million relating to new U.S.
tax legislation. An estimated one-
time transition tax payable of $561
million, payable over an eight year
period with 8% due in each of the
first five years, was offset by a tax
benefit of $285 million related to
the remeasurement of deferred tax
balances due to the lower corporate
tax rate at which they are expected
(10) to reverse in the future.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY 2018 OUTLOOK RECONCILIATION
BD Including Bard
-----------------
FY2017 FY2018 Outlook
------ --------------
Revenues % Change FX Impact % Change FXN
-------- -------- --------- ------------
BDX Revenue $12,093 31.5%+ ~2.5% 29%+
======= ===== ==== ===
Comparable Revenue Growth
FY2017 FY2018 Outlook
------ --------------
Revenues % Change FXN
Comparable
----------
BDX As Reported Revenue $12,093
Divestitures Revenue (1) (48)
Bard As Reported 3,875
Gore Royalty Classification (173)
Intercompany Adjustment (14)
---
BDX NewCo Comparable Revenue $15,732 5.5%+
=======
U.S. Dispensing Change & Bard Hurricane Impact ~0.5%
----
NewCo Revenue Underlying 6%+
===
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY 2018 OUTLOOK RECONCILIATION (continued)
FY2017 FY2018 Outlook
------ --------------
Revenues % Change FXN
Comparable
----------
BD Medical As Reported Revenue $8,105
BD BU Re-alignment (685)
Bard BU Re-alignment 800
Intercompany Adjustment (14)
---
BD Medical Comparable Revenue $8,205 5%+
====== ===
BD Life Sciences As Reported Revenue $3,988 6%+
====== ===
Bard Interventional as Reported $ -
BD BU Re-alignment 685
Bard As Reported 3,875
Bard BU Re-alignment (800)
Divestitures Revenue (1) (48)
Gore Royalty Classification (173)
----
Bard Interventional Comparable Revenue $3,539 4.5% - 5.5%
======
Hurricane Impact ~1%
---
NewCo Interventional Revenue Underlying 5.5% - 6.5%
==========
BD Including Bard
-----------------
FY2018 Outlook
--------------
Full Year % Increase
FY2018 Outlook
--------------
Adjusted Fully Diluted Earnings per Share $10.95 - 11.05 15.5% - 16.5%
==============
Estimated FX Impact ~4%
---
Adjusted FXN Growth ~12%
FXN - Foreign National Currency
(1) Excludes the impact from the
divestitures of BD's soft
tissue core needle biopsy
product line and Bard's Aspira
product line of tunneled home
drainage catheters and
accessories.
Contact:
Monique N. Dolecki, Investor Relations - 201-847-5378
Kristen Cardillo, Corporate Communications - 201-847-5657
View original content:http://www.prnewswire.com/news-releases/bd-announces-results-for-2018-third-fiscal-quarter-raises-fiscal-2018-revenue-guidance-300690672.html
SOURCE BD (Becton, Dickinson and Company)
Company Codes: NYSE:BDX
