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August 02, 2012 at 06:00 AM EDT
BD Announces Results For 2012 Third Fiscal Quarter
-- Reported results reflect reclassification of Discovery Labware unit as discontinued operations, excluding Advanced Bioprocessing.

FRANKLIN LAKES, N.J., Aug. 2, 2012 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $1.981 billion for the third fiscal quarter ended June 30, 2012, representing an increase of 1.5 percent from the prior-year period, or 4.9 percent on a foreign currency-neutral basis. 

"We are very pleased with our third quarter results," said Vincent A. Forlenza, Chairman of the Board, Chief Executive Officer and President. "As we anticipated, our revenue and earnings growth improved this quarter, demonstrating that our strategy implementation is on track and in line with our previously communicated expectations."

Update on Agreement to Sell Discovery Labware Unit, Excluding Advanced Bioprocessing

In April 2012, the Company signed a definitive agreement to sell its BD Biosciences - Discovery Labware unit, excluding its Advanced Bioprocessing platform. The transaction is expected to be completed by the end of calendar year 2012, subject to the satisfaction of customary closing conditions, including consultations and regulatory approvals. The results of operations associated with this disposal group have been reclassified as discontinued operations for all quarters and years referred to in this release.

As illustrated on page 3 of the attached financial tables, diluted earnings per share for the third quarter of $1.59 less the $0.07 from discontinued operations resulted in earnings per share from continuing operations of $1.52.

Also included for reference in the attached financial tables are the Company's Consolidated Income Statements reflecting the reclassification change of the Discovery Labware disposal group to discontinued operations, for the first two quarters of fiscal year 2012 and for all periods in fiscal year 2011.

Third Quarter and Nine-Month Fiscal 2012 Operating Results

Reported diluted earnings per share from continuing operations for the third quarter were $1.52, representing an increase of 5.6 percent over the prior-year period. On a foreign currency-neutral basis, diluted earnings per share from continuing operations for the third quarter increased by 9.7 percent.

For the nine-month period ending June 30, 2012, reported diluted earnings per share from continuing operations were $3.95, representing a decrease of 1.7 percent over the prior- year period.  On a foreign currency-neutral basis, diluted earnings per share from continuing operations increased by 1.0 percent for this period.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $1.070 billion, representing an increase of 2.4 percent compared with the prior-year period, or 6.4 percent on a currency-neutral basis. The segment's revenue growth reflected strong sales and favorable comparisons in the Diabetes Care and Pharmaceutical Systems units. For the nine-month period ended June 30, 2012, BD Medical revenues increased 3.0 percent, or 4.8 percent on a currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $642 million, representing an increase of 1.7 percent compared with the prior-year period, or 4.7 percent on a foreign currency-neutral basis. The segment's growth was primarily driven by solid sales of Preanalytical Systems safety-engineered products and strong sales in the Women's Health and Cancer platform.  For the nine-month period ended June 30, 2012, BD Diagnostics revenues increased 3.0 percent, or 4.3 percent on a currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $268 million, representing a decrease of 2.7 percent compared with the prior-year period. On a currency-neutral basis, revenues increased by 0.2 percent.  Segment results continue to be negatively affected by weakness in the U.S. research market. For the nine-month period ended June 30, 2012, BD Biosciences revenues increased 0.2 percent, or 1.3 percent on a currency-neutral basis.

Geographic Results

Third quarter revenues in the U.S. were $837 million, representing an increase of 1.1 percent compared with the prior-year period. Revenues outside of the U.S. were $1.144 billion, representing an increase of 1.7 percent compared with the prior-year period, or an increase of 7.8 percent on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and strong sales of safety-engineered products. For the nine-month period ended June 30, 2012, revenues in the U.S. were $2.464 billion, representing an increase of 1.3 percent compared with the prior-year period. Revenues outside of the U.S. were $3.277 billion, representing an increase of 3.6 percent compared with the prior-year period, or 6.4 percent on a foreign currency-neutral basis.

Fiscal 2012 Outlook for Full Year

The Company expects reported revenue growth for the full fiscal year 2012 to be about 1 percent versus its previously disclosed guidance of 1 to 2 percent. This reflects the anticipated effects of unfavorable currency translation. On a currency-neutral basis, the Company is raising the lower end of its previously disclosed guidance of 3 to 4 percent to about 4 percent. The Company expects reported diluted earnings per share from continuing operations for the full fiscal year 2012 to be between $5.33 and $5.38. This reflects the reclassification of the Discovery Labware unit as discontinued operations and the anticipated effects of unfavorable currency translation. On a currency-neutral basis, the Company reaffirms its previously disclosed diluted earnings per share growth guidance of 4 to 5 percent, which includes the estimated impact of our recently announced agreement to acquire Safety Syringes, Inc.

Conference Call Information

A conference call regarding BD's third quarter results and its expectations for the full fiscal year 2012 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, 2012.  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, August 9, 2012, access code 96886040.

Non-GAAP Financial Measures

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.

About BD

BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world.  BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.

This press release, including the section entitled "Fiscal 2012 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 from any forward-looking statement.  These factors include, but are not limited to: adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic conditions on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; the unknown consequences of healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; changes in interest or foreign currency exchange rates; competitive factors; pricing and other market pressures; our ability to successfully integrate any businesses we acquire; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; 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
Colleen T. White, Corporate Communications – 201-847-5369








BECTON DICKINSON AND COMPANY







CONSOLIDATED INCOME STATEMENTS







(Unaudited; Amounts in thousands, except per share data)















Three Months Ended June 30,



2012


2011


% Change








REVENUES

$

1,980,530

$

1,951,889


1.5








Cost of products sold


947,395


922,652


2.7

Selling and administrative 


469,130


467,968


0.2

Research and development


114,987


114,078


0.8

TOTAL OPERATING COSTS







     AND EXPENSES


1,531,512


1,504,698


1.8








OPERATING INCOME


449,018


447,191


0.4








Interest income


6,253


11,508


(45.7)

Interest expense


(34,849)


(22,211)


56.9

Other expense, net


(1,881)


(1,318)


42.7








INCOME FROM CONTINUING OPERATIONS BEFORE







     INCOME TAXES


418,541


435,170


(3.8)








Income tax provision


106,960


113,630


(5.9)








INCOME FROM CONTINUING OPERATIONS


311,581


321,540


(3.1)








INCOME FROM DISCONTINUED OPERATIONS







   NET OF INCOME TAX PROVISION OF







   $7,288 AND $9,012, RESPECTIVELY


15,285


21,518


(29.0)








NET INCOME

$

326,866

$

343,058


(4.7)








EARNINGS PER SHARE














Basic:







Income from continuing operations

$

1.54

$

1.47


4.8

Income from discontinued operations

$

0.08

$

0.10


(20.0)

Net income 

$

1.62

$

1.57


3.2








Diluted:







Income from continuing operations

$

1.52

$

1.44


5.6

Income from discontinued operations

$

0.07

$

0.10


(30.0)

Net income (1)

$

1.59

$

1.53


3.9















AVERAGE SHARES OUTSTANDING














     Basic


202,015


218,966



     Diluted


205,290


223,567

















(1) Total per share amounts may not add due to rounding.








 

BECTON DICKINSON AND COMPANY








CONSOLIDATED INCOME STATEMENTS








(Unaudited; Amounts in thousands, except per share data)

















Nine Months Ended June 30,




2012


2011


% Change










REVENUES

$

5,741,211

$

5,595,856


2.6










Cost of products sold


2,789,044


2,654,081


5.1


Selling and administrative 


1,439,094


1,343,946


7.1


Research and development


343,968


344,989


(0.3)


TOTAL OPERATING COSTS








     AND EXPENSES


4,572,106


4,343,016


5.3










OPERATING INCOME


1,169,105


1,252,840


(6.7)










Interest income


38,379


41,294


(7.1)


Interest expense


(99,367)


(61,685)


61.1


Other income (expense), net


2,392


(8,436)


        NM 










INCOME FROM CONTINUING OPERATIONS BEFORE








     INCOME TAXES


1,110,509


1,224,013


(9.3)










Income tax provision


275,260


308,177


(10.7)










INCOME FROM CONTINUING OPERATIONS


835,249


915,836


(8.8)










INCOME FROM DISCONTINUED OPERATIONS








   NET OF INCOME TAX PROVISION OF








   $22,158 AND $26,338, RESPECTIVELY


45,635


55,179


(17.3)










NET INCOME

$

880,884

$

971,015


(9.3)










EARNINGS PER SHARE
















Basic:








Income from continuing operations

$

4.02

$

4.11


(2.2)


Income from discontinued operations

$

0.22

$

0.25


(12.0)


Net income

$

4.24

$

4.36


(2.8)










Diluted:








Income from continuing operations

$

3.95

$

4.02


(1.7)


Income from discontinued operations

$

0.22

$

0.24


(8.3)


Net income 

$

4.17

$

4.26


(2.1)


















AVERAGE SHARES OUTSTANDING
















     Basic


207,605


222,674




     Diluted


211,254


227,782












NM - Not Meaningful








 

Becton Dickinson and Company








Supplemental Income Statement Information - Fiscal 2012







Revised for discontinued operations of Discovery Labware divestiture






(Unaudited: Amounts in thousands, except per-share data)



























Amounts








reclassified to






Previously


 Discontinued


As




Reported


Operations


Revised


Quarter 1








Revenues

$

1,887,645

$

55,925

$

1,831,720


Income from Continuing Operations

$

263,010

$

14,466

$

248,544


Diluted Earnings Per Share from Continuing Operations

$

1.21

$

0.07

$

1.14










Quarter 2








Revenues

$

1,990,818

$

61,857

$

1,928,961


Income from Continuing Operations

$

290,548

$

15,424

$

275,124


Diluted Earnings Per Share from Continuing Operations

$

1.38

$

0.07

$

1.31














































Amounts








reclassified to


From 






 Discontinued


Continuing




Pro Forma


Operations


Operations


Quarter 3








Revenues

$

2,040,760

$

60,230

$

1,980,530


Income 

$

326,795

$

15,214

$

311,581


Diluted Earnings Per Share

$

1.59

$

0.07

$

1.52










YTD 








Revenues

$

5,919,224

$

178,013

$

5,741,211


Income 

$

880,353

$

45,104

$

835,249


Diluted Earnings Per Share (1)

$

4.17

$

0.21

$

3.95


























Certain quarterly amounts may not add to the year-to-date totals due to rounding.




(1) Diluted Earnings per Share may not add due to rounding.












 

Becton Dickinson and Company







Supplemental Income Statement Information - Fiscal 2011 and 2010





Revised for discontinued operations of Discovery Labware divestiture





(Unaudited: Amounts in thousands, except per-share data)


















Amounts 







reclassified to





Previously


 Discontinued


As



Reported


Operations


Revised

Fiscal 2011







Revenues

$

7,828,904

$

244,867

$

7,584,037

Income from Continuing Operations

$

1,264,852

$

63,969

$

1,200,883

Diluted Earnings Per Share from Continuing Operations

$

5.59

$

0.28

$

5.31















Fiscal 2010







Revenues

$

7,372,333

$

247,948

$

7,124,385

Income from Continuing Operations

$

1,176,340

$

61,496

$

1,114,844

Diluted Earnings Per Share from Continuing Operations

$

4.90

$

0.26

$

4.64








 

BECTON DICKINSON AND COMPANY








SUPPLEMENTAL REVENUE INFORMATION








REVENUES BY SEGMENT AND GEOGRAPHIC AREA








(Unaudited; Amounts in thousands)

















Three Months Ended June 30,




2012


2011


% Change










BD MEDICAL








   United States

$

429,621

$

416,729


3.1


   International


640,455


628,107


2.0


TOTAL

$

1,070,076

$

1,044,836


2.4










BD DIAGNOSTICS








   United States

$

315,240

$

312,802


0.8


   International


327,010


318,557


2.7


TOTAL

$

642,250

$

631,359


1.7










BD BIOSCIENCES








   United States

$

91,674

$

97,914


(6.4)


   International


176,530


177,780


(0.7)


TOTAL

$

268,204

$

275,694


(2.7)










TOTAL REVENUES








   United States

$

836,535

$

827,445


1.1


   International


1,143,995


1,124,444


1.7


TOTAL

$

1,980,530

$

1,951,889


1.5










 

BECTON DICKINSON AND COMPANY








SUPPLEMENTAL REVENUE INFORMATION








REVENUES BY SEGMENT AND GEOGRAPHIC AREA








(Unaudited; Amounts in thousands)

















Nine Months Ended June 30,




2012


2011


% Change










BD MEDICAL








   United States

$

1,262,811

$

1,220,744


3.4


   International


1,778,849


1,731,969


2.7


TOTAL

$

3,041,660

$

2,952,713


3.0










BD DIAGNOSTICS








   United States

$

945,460

$

932,269


1.4


   International


947,552


906,160


4.6


TOTAL

$

1,893,012

$

1,838,429


3.0










BD BIOSCIENCES








   United States

$

255,587

$

280,096


(8.8)


   International


550,952


524,618


5.0


TOTAL

$

806,539

$

804,714


0.2










TOTAL REVENUES








   United States

$

2,463,858

$

2,433,109


1.3


   International


3,277,353


3,162,747


3.6


TOTAL

$

5,741,211

$

5,595,856


2.6










 

BECTON DICKINSON AND COMPANY







SUPPLEMENTAL REVENUE INFORMATION







REVENUES BY BUSINESS SEGMENTS AND UNITS







Three Months Ended June 30,







(Unaudited; Amounts in thousands)















United States



2012


2011


 % Change 








BD MEDICAL







   Medical Surgical Systems

$

241,320

$

244,756


(1.4)

   Diabetes Care


110,013


100,465


9.5

   Pharmaceutical Systems


78,288


71,508


9.5

TOTAL

$

429,621

$

416,729


3.1








BD DIAGNOSTICS







   Preanalytical Systems

$

165,962

$

162,589


2.1

   Diagnostic Systems


149,278


150,213


(0.6)

TOTAL

$

315,240

$

312,802


0.8








BD BIOSCIENCES







   Cell Analysis (1)

$

91,674

$

97,914


(6.4)

TOTAL

$

91,674

$

97,914


(6.4)








TOTAL UNITED STATES

$

836,535

$

827,445


1.1






















(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.



Advanced Bioprocessing was previously reported with the Discovery Labware unit.










 

BECTON DICKINSON AND COMPANY









SUPPLEMENTAL REVENUE INFORMATION









REVENUES BY BUSINESS SEGMENTS AND UNITS








Three Months Ended June 30, (continued)








(Unaudited; Amounts in thousands)





















International







 % Change 



2012


2011


 Reported 


FXN


FX Impact












BD MEDICAL











   Medical Surgical Systems

$

290,451

$

284,262


2.2


8.4


(6.2)

   Diabetes Care


122,662


119,719


2.5


8.7


(6.2)

   Pharmaceutical Systems


227,342


224,126


1.4


8.7


(7.3)

TOTAL

$

640,455

$

628,107


2.0


8.5


(6.5)












BD DIAGNOSTICS











   Preanalytical Systems

$

167,492

$

167,737


(0.1)


6.3


(6.4)

   Diagnostic Systems


159,518


150,820


5.8


10.9


(5.1)

TOTAL

$

327,010

$

318,557


2.7


8.5


(5.8)












BD BIOSCIENCES











   Cell Analysis (1)

$

176,530

$

177,780


(0.7)


3.8


(4.5)

TOTAL

$

176,530

$

177,780


(0.7)


3.8


(4.5)












TOTAL INTERNATIONAL

$

1,143,995

$

1,124,444


1.7


7.8


(6.1)


































(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.


Advanced Bioprocessing was previously reported with the Discovery Labware unit.




 

BECTON DICKINSON AND COMPANY








SUPPLEMENTAL REVENUE INFORMATION








REVENUES BY BUSINESS SEGMENTS AND UNITS








Three Months Ended June 30, (continued)








(Unaudited; Amounts in thousands)




















Total







 % Change 



2012


2011


 Reported 


FXN


FX Impact












BD MEDICAL 











   Medical Surgical Systems

$

531,771

$

529,018


0.5


3.8


(3.3)

   Diabetes Care


232,675


220,184


5.7


9.1


(3.4)

   Pharmaceutical Systems


305,630


295,634


3.4


8.9


(5.5)

TOTAL

$

1,070,076

$

1,044,836


2.4


6.4


(4.0)












BD DIAGNOSTICS











   Preanalytical Systems

$

333,454

$

330,326


0.9


4.2


(3.3)

   Diagnostic Systems


308,796


301,033


2.6


5.1


(2.5)

TOTAL

$

642,250

$

631,359


1.7


4.7


(3.0)












BD BIOSCIENCES











   Cell Analysis (1)  

$

268,204

$

275,694


(2.7)


0.2


(2.9)

TOTAL

$

268,204

$

275,694


(2.7)


0.2


(2.9)












TOTAL REVENUES

$

1,980,530

$

1,951,889


1.5


4.9


(3.4)


































(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.


Advanced Bioprocessing was previously reported with the Discovery Labware unit.















 

BECTON DICKINSON AND COMPANY







SUPPLEMENTAL REVENUE INFORMATION







REVENUES BY BUSINESS SEGMENTS AND UNITS







Nine Months Ended June 30,







(Unaudited; Amounts in thousands)















United States



2012


2011


 % Change 








BD MEDICAL







   Medical Surgical Systems

$

727,335

$

733,582


(0.9)

   Diabetes Care


321,264


295,989


8.5

   Pharmaceutical Systems


214,212


191,173


12.1

TOTAL

$

1,262,811

$

1,220,744


3.4








BD DIAGNOSTICS







   Preanalytical Systems

$

491,532

$

481,624


2.1

   Diagnostic Systems


453,928


450,645


0.7

TOTAL

$

945,460

$

932,269


1.4








BD BIOSCIENCES







   Cell Analysis (1) 

$

255,587

$

280,096


(8.8)

TOTAL

$

255,587

$

280,096


(8.8)








TOTAL UNITED STATES

$

2,463,858

$

2,433,109


1.3






















(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.



Advanced Bioprocessing was previously reported with the Discovery Labware unit.



 

BECTON DICKINSON AND COMPANY








SUPPLEMENTAL REVENUE INFORMATION








REVENUES BY BUSINESS SEGMENTS AND UNITS








Nine Months Ended June 30, (continued)








(Unaudited; Amounts in thousands)




















International







 % Change 



2012


2011


 Reported 


FXN


FX Impact












BD MEDICAL











   Medical Surgical Systems

$

845,685

$

812,752


4.1


7.0


(2.9)

   Diabetes Care


356,575


345,837


3.1


5.7


(2.6)

   Pharmaceutical Systems


576,589


573,380


0.6


4.1


(3.5)

TOTAL

$

1,778,849

$

1,731,969


2.7


5.8


(3.1)












BD DIAGNOSTICS











   Preanalytical Systems

$

481,857

$

467,570


3.1


6.5


(3.4)

   Diagnostic Systems


465,695


438,590


6.2


8.2


(2.0)

TOTAL

$

947,552

$

906,160


4.6


7.3


(2.7)












BD BIOSCIENCES











   Cell Analysis (1) 

$

550,952

$

524,618


5.0


6.6


(1.6)

TOTAL

$

550,952

$

524,618


5.0


6.6


(1.6)












TOTAL INTERNATIONAL

$

3,277,353

$

3,162,747


3.6


6.4


(2.8)


































(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.


Advanced Bioprocessing was previously reported with the Discovery Labware unit.















 

BECTON DICKINSON AND COMPANY








SUPPLEMENTAL REVENUE INFORMATION








REVENUES BY BUSINESS SEGMENTS AND UNITS








Nine Months Ended June 30, (continued)








(Unaudited; Amounts in thousands)




















Total







 % Change 



2012


2011


 Reported 


FXN


FX Impact












BD MEDICAL 











   Medical Surgical Systems

$

1,573,020

$

1,546,334


1.7


3.3


(1.6)

   Diabetes Care


677,839


641,826


5.6


7.0


(1.4)

   Pharmaceutical Systems


790,801


764,553


3.4


6.1


(2.7)

TOTAL

$

3,041,660

$

2,952,713


3.0


4.8


(1.8)












BD DIAGNOSTICS











   Preanalytical Systems

$

973,389

$

949,194


2.5


4.2


(1.7)

   Diagnostic Systems


919,623


889,235


3.4


4.4


(1.0)

TOTAL

$

1,893,012

$

1,838,429


3.0


4.3


(1.3)












BD BIOSCIENCES











   Cell Analysis (1) 

$

806,539

$

804,714


0.2


1.3


(1.1)

TOTAL

$

806,539

$

804,714


0.2


1.3


(1.1)












TOTAL REVENUES

$

5,741,211

$

5,595,856


2.6


4.1


(1.5)


































(1) Cell Analysis consists of the Cell Analysis unit and the Advanced Bioprocessing platform.


Advanced Bioprocessing was previously reported with the Discovery Labware unit.




 

BECTON DICKINSON AND COMPANY








SUPPLEMENTAL REVENUE INFORMATION








SAFETY REVENUES








(Unaudited; Amounts in thousands)




















Three Months Ended June 30,







 % Change 



2012


2011


 Reported 


FXN


FX Impact












TOTAL SAFETY REVENUES











   United States

$

284,830

$

280,696


1.5


1.5


-

   International


215,964


198,417


8.8


15.7


(6.9)

TOTAL

$

500,794

$

479,113


4.5


7.4


(2.9)












BY SEGMENT











   BD Medical

$

240,065

$

223,460


7.4


9.8


(2.4)

   BD Diagnostics


260,729


255,653


2.0


5.3


(3.3)

TOTAL

$

500,794

$

479,113


4.5


7.4


(2.9)














































Nine Months Ended June 30,







 % Change 



2012


2011


 Reported 


FXN


FX Impact












TOTAL SAFETY REVENUES











   United States

$

858,175

$

828,002


3.6


3.6


-

   International


618,290


545,530


13.3


16.7


(3.4)

TOTAL

$

1,476,465

$

1,373,532


7.5


8.8


(1.3)












BY SEGMENT











   BD Medical

$

715,776

$

641,635


11.6


12.4


(0.8)

   BD Diagnostics


760,689


731,897


3.9


5.6


(1.7)

TOTAL

$

1,476,465

$

1,373,532


7.5


8.8


(1.3)












 

BECTON DICKINSON AND COMPANY





CONSOLIDATED INCOME STATEMENTS FISCAL 2012





Revised for discontinued operations of Discovery Labware divestiture



(Unaudited; Amounts in thousands, except per-share data)











Quarter 1


Quarter 2


Quarter 2 YTD


REVENUES

$

1,831,720

$

1,928,961

$

3,760,681










Cost of products sold


900,465


941,184


1,841,649


Selling and administrative 


482,271


487,694


969,964


Research and development


112,227


116,753


228,981


TOTAL OPERATING COSTS








     AND EXPENSES


1,494,963


1,545,631


3,040,594










OPERATING INCOME


336,757


383,330


720,087










Interest income


15,448


16,678


32,126


Interest expense


(29,378)


(35,140)


(64,518)


Other (expense) income, net


(385)


4,657


4,272










INCOME FROM CONTINUING OPERATIONS BEFORE








     INCOME TAXES


322,442


369,525


691,967










Income tax provision


73,898


94,401


168,298










INCOME FROM CONTINUING OPERATIONS


248,544


275,124


523,669










Income from Discontinued Operations








   before Income Tax


21,768


23,453


45,221










Income Tax provision 


7,327


7,544


14,871










INCOME FROM DISCONTINUED OPERATIONS


14,441


15,909


30,350










NET INCOME

$

262,985

$

291,033

$

554,019










EARNINGS PER SHARE
















Basic:








Income from continuing operations

$

1.16

$

1.33

$

2.49


Income from discontinued operations 

$

0.07

$

0.08

$

0.14


Net income 

$

1.23

$

1.41

$

2.63










Diluted:








Income from continuing operations

$

1.14

$

1.31

$

2.45


Income from discontinued operations

$

0.07

$

0.08

$

0.14


Net income 

$

1.21

$

1.39

$

2.59


















AVERAGE SHARES OUTSTANDING
















     Basic


214,300


206,426


210,385


     Diluted


217,634


209,803


213,970


















Certain quarterly amounts may not add to the year-to-date totals due to rounding.












 

BECTON DICKINSON AND COMPANY








CONSOLIDATED INCOME STATEMENTS FISCAL 2011






Revised for discontinued operations of Discovery Labware divestiture





(Unaudited; Amounts in thousands, except per-share data)














Quarter 1


Quarter 2


Quarter 3


Quarter 4


Year

REVENUES

$

1,783,353

$

1,860,614

$

1,951,889

$

1,988,181

$

7,584,037












Cost of products sold


840,166


891,262


922,652


971,041


3,625,122

Selling and administrative 


440,955


435,024


467,968


479,591


1,823,537

Research and development


113,568


117,343


114,078


124,528


469,517

TOTAL OPERATING COSTS











     AND EXPENSES


1,394,689


1,443,629


1,504,698


1,575,160


5,918,176












OPERATING INCOME


388,664


416,985


447,191


413,021


1,665,861












Interest income


15,222


14,564


11,508


1,915


43,209

Interest expense


(15,553)


(23,921)


(22,211)


(22,334)


(84,019)

Other (expense) income, net 


(4,596)


(2,522)


(1,318)


1,272


(7,164)












INCOME FROM CONTINUING OPERATIONS BEFORE











     INCOME TAXES 


383,737


405,106


435,170


393,874


1,617,887












Income tax provision 


85,291


109,256


113,630


108,827


417,004












INCOME FROM CONTINUING OPERATIONS


298,446


295,850


321,540


285,047


1,200,883












Income from Discontinued Operations











   before Income Tax


26,298


24,688


30,530


23,793


105,310












Income Tax provision


8,807


8,519


9,012


8,860


35,199












INCOME FROM DISCONTINUED OPERATIONS


17,491


16,169


21,518


14,933


70,111












NET INCOME 

$

315,937

$

312,019

$

343,058

$

299,980

$

1,270,994












EARNINGS PER SHARE






















Basic:











Income from continuing operations

$

1.31

$

1.34

$

1.47

$

1.32

$

5.43

Income from discontinued operations

$

0.08

$

0.07

$

0.10

$

0.07

$

0.32

Net income (1) 

$

1.39

$

1.41

$

1.57

$

1.38

$

5.75












Diluted:











Income from continuing operations

$

1.28

$

1.31

$

1.44

$

1.29

$

5.31

Income from discontinued operations

$

0.08

$

0.07

$

0.10

$

0.07

$

0.31

Net income (1)

$

1.36

$

1.38

$

1.53

$

1.36

$

5.62























AVERAGE SHARES OUTSTANDING






















     Basic


228,083


220,894


218,966


216,726


221,175

     Diluted


232,915


225,467


223,567


220,859


226,280












Certain quarterly amounts may not add to the year-to-date totals due to rounding.



(1) Total per share amounts may not add due to rounding.







 

BECTON DICKINSON AND COMPANY










SUPPLEMENTAL INFORMATION











Quarter-to-Date Fiscal 2012 Reconciliation - FX Impact









(Unaudited; Amounts in millions, except per share data)
























Three Months Ended June 30,



Reported


Reported


Reported Growth 


Foreign Currency


FXN


FXN 




FY2012


FY2011


$


Translation


 Change 


Growth
















REVENUES

$

1,981

$

1,952

$

29

$

(68)

$

96


4.9%
















Diluted Earnings per Share














from Continuing Operations

$

1.52

$

1.44

$

0.08

$

(0.06)

$

0.14


9.7%












































All figures rounded. Totals may not add due to rounding.







FXN = Foreign Currency Neutral








 

BECTON DICKINSON AND COMPANY









SUPPLEMENTAL INFORMATION









Year-to-Date Fiscal 2012 Reconciliation - FX Impact









(Unaudited; Amounts in millions, except per share data)
























Nine Months Ended June 30,



Reported


Reported


Reported Growth 


Foreign Currency


FXN


FXN 




FY2012


FY2011


$


Translation


 Change 


Growth
















REVENUES

$

5,741

$

5,596

$

145

$

(86)

$

232


4.1%
















Diluted Earnings per Share














from Continuing Operations

$

3.95

$

4.02

$

(0.07)

$

(0.11)

$

0.04


1.0%












































All figures rounded. Totals may not add due to rounding.







FXN = Foreign Currency Neutral









 

 

 

SOURCE BD (Becton, Dickinson and Company)

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