Press release from PR Newswire
BD Announces Results for 2010 Fourth Fiscal Quarter and Full Year
Wednesday, November 03, 2010
- Reports diluted earnings per share from continuing operations of $1.24 for the fourth quarter and $4.90 for the full fiscal year, in line with the Company?s expectations.
- States that reported earnings reflect the reclassification of the operating results and gain on the sale of the Ophthalmic Systems unit and certain platforms of the Medical Surgical Systems unit as discontinued operations.
- Announces planned stock repurchases of $1.5 billion in 2011 funded by ongoing cash flow and the issuance of debt.
- Expects full fiscal year 2011 diluted earnings per share from continuing operations to be between $5.45 and $5.55, an increase of 11 to 13 percent on an as-reported basis.
FRANKLIN LAKES, N.J., Nov. 3, 2010 /PRNewswire-FirstCall/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $1.873 billion for the fourth fiscal quarter ended September 30, 2010, representing an increase of 1.0 percent from the prior-year period, or 2.9 percent on a foreign currency-neutral basis.
For the full fiscal year ended September 30, 2010, BD reported revenues of $7.372 billion, representing an increase of 5.5 percent over the prior year, or 5.6 percent on a foreign currency-neutral basis.
The Company also plans to repurchase $1.5 billion of its common stock in 2011 and an additional $600 million in 2012. The Company plans to fund the repurchases through ongoing cash flow and the issuance of debt.
?We are proud of our accomplishments during 2010. We met our financial and operational goals despite the challenging macroeconomic climate facing our industry,? said Edward J. Ludwig, Chairman and Chief Executive Officer. ?Our solid performance has enabled us to continue to return significant value to shareholders and also to invest in key geographic expansion, new product platforms and businesses and operational excellence programs. We have confidence in our outlook for fiscal year 2011 and remain committed to serving our customers with superior healthcare products.?
Update on the Sale of Certain Assets in the BD Medical Segment
In the fourth quarter of fiscal year 2010, the Company completed the sale of the Ophthalmic Systems unit as well as the surgical blades, critical care and extended dwell catheter product platforms. The results of operations associated with the Ophthalmic Systems unit, surgical blade platform and critical care platform 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 from discontinued operations for the fourth quarter of $0.44 consisted of $0.06 from operations and $0.39 from the gain on the sale. Diluted earnings per share for the fourth quarter of $1.68 less the $0.44 from discontinued operations resulted in diluted earnings per share from continuing operations of $1.24. Diluted earnings per share from discontinued operations for the year of $0.59 consisted of $0.21 from operations and $0.38 from the gain on the sale. Diluted earnings per share for the year of $5.49 less the $0.59 from discontinued operations resulted in diluted earnings per share from continuing operations of $4.90.
Also included in the attached financial tables are the Company?s Consolidated Income Statements for the first three quarters of fiscal year 2010 and for all periods in fiscal year 2009 for reference, which reflect the reclassification change for the Ophthalmic Systems unit, surgical blade platform and critical care platform. The results of operations associated with the extended dwell catheter product platform are reported within continuing operations, as this asset group did not meet the criteria for discontinued operations.
Fourth Quarter Earnings and Analysis of the Full Fiscal Year 2010 and 2009 Earnings
Reported diluted earnings per share from continuing operations for the fourth quarter were $1.24, compared with $1.20 in the prior-year period, representing a 3.3 percent increase. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the fourth quarter increased by 1.7 percent.
For the full fiscal year ended September 30, 2010, reported diluted earnings per share from continuing operations were $4.90, compared with $4.73 in the prior fiscal year, representing an increase of 3.6 percent. Current full fiscal year results include a previously disclosed non-cash charge of $8.9 million, or $0.04 per share from continuing operations, related to healthcare reform impacting Medicare Part D reimbursements. The prior fiscal year included a $20 million, or $0.08 per share, tax benefit related to various tax settlements in multiple jurisdictions and a litigation charge of $45 million, or $0.11 per share, which were also previously disclosed. Excluding these items, adjusted diluted earnings per share from continuing operations increased by 3.8 percent to $4.94, compared with $4.76 adjusted diluted earnings per share in the prior-year period. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the fiscal year increased 9.2 percent.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $959 million, representing a decrease of 0.3 percent compared with the prior-year period. Revenues increased 2.1 percent on a foreign currency-neutral basis. Segment revenue growth reflected an unfavorable comparison to the prior year of 4.3 percentage points due to the sales related to the H1N1 flu pandemic in fiscal year 2009, partially offset by strong growth in the Diabetes Care business. For the twelve-month period ended September 30, 2010, BD Medical revenues increased 6.7 percent, or 6.2 percent on a foreign currency-neutral basis.
In the BD Diagnostics segment, worldwide revenues for the quarter were $591 million, representing an increase of 2.0 percent compared with the prior-year period, or 3.1 percent on a foreign currency-neutral basis. Segment revenue growth was negatively impacted by 2.4 percentage points due to sales related to the flu pandemic in fiscal year 2009 in addition to lower lab testing and reduced physician office visits. For the twelve-month period ended September 30, 2010, BD Diagnostics revenues increased 4.2 percent, or 4.0 percent on a foreign currency-neutral basis.
In the BD Biosciences segment, worldwide revenues for the quarter were $323 million, representing an increase of 3.5 percent compared with the prior-year period. Revenues increased 5.3 percent on a foreign currency-neutral basis, primarily driven by instrument and reagent sales in the Cell Analysis business unit. For the twelve-month period ended September 30, 2010, BD Biosciences revenues increased 4.4 percent, or 6.8 percent on a foreign currency-neutral basis.
Geographic Results
Fourth quarter revenues in the U.S. were $832 million, representing an increase of 1.4 percent compared with the prior-year period, including a negative impact of 1.8 percentage points related to the flu pandemic. Revenues outside of the U.S. were $1.041 billion, representing an increase of 0.8 percent compared with the prior-year period, or 4.2 percent on a foreign currency-neutral basis. International revenue growth was negatively impacted by 4 percentage points due to the H1N1 flu pandemic-related sales in fiscal year 2009. Revenues reflected continuing strength in emerging markets, which was partially offset by slower growth in Europe. For the twelve-month period ended September 30, 2010, revenues in the U.S. were $3.287 billion, representing an increase of 5.0 percent compared with the prior-year period. Revenues outside of the U.S. were $4.086 billion, representing an increase of 5.9 percent compared with the prior-year period, or 6.0 percent on a foreign currency-neutral basis.
Fiscal 2011 Outlook for Full Year
The Company estimates that reported revenues for the full fiscal year 2011 will increase about 4 percent. The Company also expects reported diluted earnings per share from continuing operations for fiscal year 2011 to be between $5.45 and $5.55, an increase of approximately 11 to 13 percent over fiscal year 2010. Diluted earnings per share from continuing operations for fiscal year 2011 are expected to increase 10 to 12 percent over adjusted diluted earnings per share from continuing operations, excluding specified item, of $4.94 for the fiscal year 2010.
Conference Call Information
A conference call regarding BD?s fourth quarter results and its expectations for the full fiscal year 2011 will be broadcast live on BD?s website, www.bd.com/investors, along with related slides, at 10:00 a.m. (ET) Thursday, November 4, 2010. The conference call will be available for replay on BD?s website, www.bd.com/investors, or at 1-800-642-1687 (domestic) and 1-706-645-9291 (international) through the close of business on Thursday, November 11, 2010, access code 15660232.
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 and the Form 8-K that BD filed today with the SEC.
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 2011 Outlook?, 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: the unknown consequences of the recently-enacted 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; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic downturn 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; changes in interest or foreign currency exchange rates; competitive factors; pricing and market share pressures; 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; our ability to successfully integrate any businesses we acquire; 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 thousands, except per share data) | ||||||||
Three Months Ended September 30, | ||||||||
2010 | 2009 | % Change | ||||||
REVENUES | $ | 1,873,195 | $ | 1,854,023 | 1.0 | |||
Cost of products sold | 900,933 | 890,197 | 1.2 | |||||
Selling and administrative | 438,139 | 427,008 | 2.6 | |||||
Research and development | 123,606 | 112,890 | 9.5 | |||||
TOTAL OPERATING COSTS | ||||||||
AND EXPENSES | 1,462,678 | 1,430,095 | 2.3 | |||||
OPERATING INCOME | 410,517 | 423,928 | (3.2) | |||||
Interest income | 14,594 | 14,418 | 1.2 | |||||
Interest expense | (12,278) | (13,782) | (10.9) | |||||
Other income (expense), net | 1,285 | (3,312) | NM | |||||
INCOME FROM CONTINUING OPERATIONS BEFORE | ||||||||
INCOME TAXES | 414,118 | 421,252 | (1.7) | |||||
Income tax provision | 121,065 | 126,824 | (4.5) | |||||
INCOME FROM CONTINUING OPERATIONS | 293,053 | 294,428 | (0.5) | |||||
INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $27,645 AND $7,684, RESPECTIVELY | 103,642 | 22,792 | NM | |||||
NET INCOME | $ | 396,695 | $ | 317,220 | 25.1 | |||
EARNINGS PER SHARE | ||||||||
Basic: | ||||||||
Income from continuing operations | $ | 1.27 | $ | 1.23 | 3.3 | |||
Income from discontinued operations | $ | 0.45 | $ | 0.10 | NM | |||
Net income (1) | $ | 1.71 | $ | 1.33 | 28.6 | |||
Diluted: | ||||||||
Income from continuing operations | $ | 1.24 | $ | 1.20 | 3.3 | |||
Income from discontinued operations | $ | 0.44 | $ | 0.09 | NM | |||
Net income | $ | 1.68 | $ | 1.29 | 30.2 | |||
AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 231,396 | 239,162 | ||||||
Diluted | 236,316 | 245,056 | ||||||
NM - Not Meaningful | ||||||||
(1) Total per share amounts may not add due to rounding | ||||||||
Page 1 | ||||||||
BECTON DICKINSON AND COMPANY | ||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||
(Unaudited; Amounts in thousands, except per share data) | ||||||||
Twelve Months Ended September 30, | ||||||||
2010 | 2009 | % Change | ||||||
REVENUES | $ | 7,372,333 | $ | 6,986,722 | 5.5 | |||
Cost of products sold | 3,543,183 | 3,311,676 | 7.0 | |||||
Selling and administrative | 1,721,356 | 1,680,797 | 2.4 | |||||
Research and development | 430,997 | 404,567 | 6.5 | |||||
TOTAL OPERATING COSTS | ||||||||
AND EXPENSES | 5,695,536 | 5,397,040 | 5.5 | |||||
OPERATING INCOME | 1,676,797 | 1,589,682 | 5.5 | |||||
Interest income | 35,129 | 33,148 | 6.0 | |||||
Interest expense | (51,263) | (40,389) | 26.9 | |||||
Other income (expense), net | 497 | (3,850) | NM | |||||
INCOME FROM CONTINUING OPERATIONS BEFORE | ||||||||
INCOME TAXES | 1,661,160 | 1,578,591 | 5.2 | |||||
Income tax provision | 484,820 | 411,246 | 17.9 | |||||
INCOME FROM CONTINUING OPERATIONS | 1,176,340 | 1,167,345 | 0.8 | |||||
INCOME FROM DISCONTINUED OPERATIONS NET OF INCOME TAX PROVISION OF $40,703 AND $19,975, RESPECTIVELY | 141,270 | 64,258 | NM | |||||
NET INCOME | $ | 1,317,610 | $ | 1,231,603 | 7.0 | |||
EARNINGS PER SHARE | ||||||||
Basic: | ||||||||
Income from continuing operations | $ | 5.02 | $ | 4.85 | 3.5 | |||
Income from discontinued operations | $ | 0.60 | $ | 0.27 | NM | |||
Net income | $ | 5.62 | $ | 5.12 | 9.8 | |||
Diluted: | ||||||||
Income from continuing operations | $ | 4.90 | $ | 4.73 | 3.6 | |||
Income from discontinued operations | $ | 0.59 | $ | 0.26 | NM | |||
Net income | $ | 5.49 | $ | 4.99 | 10.0 | |||
AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 234,328 | 240,479 | ||||||
Diluted | 240,136 | 246,798 | ||||||
NM - Not Meaningful | ||||||||
Page 2 | ||||||||
Becton Dickinson and Company | |||||||
Supplemental Income Statement Information - Fiscal 2010 | |||||||
Revised for discontinued operations of certain Medical segment divestitures | |||||||
(Unaudited: Amounts in thousands, except per-share data) | |||||||
Amounts | |||||||
Reclassified | |||||||
Previously | to Discontinued | As | |||||
Reported | Operations | Revised | |||||
Quarter 1 | |||||||
Revenues | $ 1,916,774 | $ 47,956 | $ 1,868,818 | ||||
Income from Continuing Operations | $ 315,978 | $ 11,885 | $ 304,093 | ||||
Diluted Earnings Per Share from Continuing Operations | $ 1.30 | $ 0.05 | $ 1.25 | ||||
Quarter 2 | |||||||
Revenues | $ 1,844,854 | $ 45,445 | $ 1,799,409 | ||||
Income from Continuing Operations | $ 297,725 | $ 12,691 | $ 285,034 | ||||
Diluted Earnings Per Share from Continuing Operations (2) | $ 1.24 | $ 0.05 | $ 1.18 | ||||
Quarter 3 | |||||||
Revenues | $ 1,878,229 | $ 47,318 | $ 1,830,911 | ||||
Income from Continuing Operations | $ 306,283 | $ 12,123 | $ 294,160 | ||||
Diluted Earnings Per Share from Continuing Operations (2) | $ 1.29 | $ 0.05 | $ 1.23 | ||||
Amounts Reclassified to | |||||||||||
Discontinued Operations | From | ||||||||||
Operations | Gain | Continuing | |||||||||
Total | Excluding Gain | on Sale | Total | Operations | |||||||
Quarter 4 (1) | |||||||||||
Revenues | $ 1,899,548 | $ 26,353 | $ - | $ 26,353 | $ 1,873,195 | ||||||
Income | $ 397,445 | $ 13,258 | $ 91,134 | $ 104,392 | $ 293,053 | ||||||
Diluted Earnings Per Share (2) | $ 1.68 | $ 0.06 | $ 0.39 | $ 0.44 | $ 1.24 | ||||||
Year (1) | |||||||||||
Revenues | $ 7,539,405 | $ 167,072 | $ - | $ 167,072 | $ 7,372,333 | ||||||
Income | $ 1,317,431 | $ 49,957 | $ 91,134 | $ 141,091 | $ 1,176,340 | ||||||
Diluted Earnings Per Share | $ 5.49 | $ 0.21 | $ 0.38 | $ 0.59 | $ 4.90 | ||||||
Certain quarterly amounts may not add to the year-to-date totals due to rounding. | |||||||||||
(1) The sale of Ophthalmic Systems unit and the surgical blades product platforms was completed on July 30, 2010 and the sale of the critical care product platform was completed on September 30, 2010. | |||||||||||
(2) Diluted Earnings Per Share may not add due to rounding. | |||||||||||
Page 3 | |||||||||||
Becton Dickinson and Company | |||||||
Supplemental Income Statement Information - Fiscal 2009 and 2008 | |||||||
Revised for discontinued operations of certain Medical segment divestitures | |||||||
(Unaudited: Amounts in thousands, except per-share data) | |||||||
Amounts | |||||||
Reclassified | |||||||
Previously | to Discontinued | As | |||||
Reported | Operations | Revised | |||||
Fiscal 2009 | |||||||
Revenues | $ 7,160,874 | $ 174,152 | $ 6,986,722 | ||||
Income from Continuing Operations | $ 1,213,054 | $ 45,709 | $ 1,167,345 | ||||
Diluted Earnings Per Share from Continuing Operations | $ 4.92 | $ 0.19 | $ 4.73 | ||||
Fiscal 2008 | |||||||
Revenues | $ 7,074,942 | $ 177,323 | $ 6,897,619 | ||||
Income from Continuing Operations | $ 1,115,867 | $ 38,113 | $ 1,077,754 | ||||
Diluted Earnings Per Share from Continuing Operations | $ 4.42 | $ 0.15 | $ 4.27 | ||||
Page 4 | |||||||
BECTON DICKINSON AND COMPANY | |||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||
REVENUES BY SEGMENT AND GEOGRAPHIC AREA | |||||||
(Unaudited; Amounts in thousands) | |||||||
Three Months Ended September 30, | |||||||
2010 | 2009 | % Change | |||||
BD MEDICAL | |||||||
United States | $ | 400,231 | $ | 392,111 | 2.1 | ||
International | 558,374 | 569,677 | (2.0) | ||||
TOTAL | $ | 958,605 | $ | 961,788 | (0.3) | ||
BD DIAGNOSTICS | |||||||
United States | $ | 307,721 | $ | 305,488 | 0.7 | ||
International | 283,743 | 274,521 | 3.4 | ||||
TOTAL | $ | 591,464 | $ | 580,009 | 2.0 | ||
BD BIOSCIENCES | |||||||
United States | $ | 124,009 | $ | 123,225 | 0.6 | ||
International | 199,117 | 189,001 | 5.4 | ||||
TOTAL | $ | 323,126 | $ | 312,226 | 3.5 | ||
TOTAL REVENUES | |||||||
United States | $ | 831,961 | $ | 820,824 | 1.4 | ||
International | 1,041,234 | 1,033,199 | 0.8 | ||||
TOTAL | $ | 1,873,195 | $ | 1,854,023 | 1.0 | ||
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BECTON DICKINSON AND COMPANY | |||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||
REVENUES BY SEGMENT AND GEOGRAPHIC AREA | |||||||
(Unaudited; Amounts in thousands) | |||||||
Twelve Months Ended September 30, | |||||||
2010 | 2009 | % Change | |||||
BD MEDICAL | |||||||
United States | $ | 1,596,336 | $ | 1,503,471 | 6.2 | ||
International | 2,200,096 | 2,053,223 | 7.2 | ||||
TOTAL | $ | 3,796,432 | $ | 3,556,694 | 6.7 | ||
BD DIAGNOSTICS | |||||||
United States | $ | 1,214,288 | $ | 1,177,543 | 3.1 | ||
International | 1,104,591 | 1,048,676 | 5.3 | ||||
TOTAL | $ | 2,318,879 | $ | 2,226,219 | 4.2 | ||
BD BIOSCIENCES | |||||||
United States | $ | 475,941 | $ | 449,151 | 6.0 | ||
International | 781,081 | 754,658 | 3.5 | ||||
TOTAL | $ | 1,257,022 | $ | 1,203,809 | 4.4 | ||
TOTAL REVENUES | |||||||
United States | $ | 3,286,565 | $ | 3,130,165 | 5.0 | ||
International | 4,085,768 | 3,856,557 | 5.9 | ||||
TOTAL | $ | 7,372,333 | $ | 6,986,722 | 5.5 | ||
Page 6 | |||||||
BECTON DICKINSON AND COMPANY | |||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS | |||||||
Three Months Ended September 30, | |||||||
(Unaudited; Amounts in thousands) | |||||||
United States | |||||||
2010 | 2009 | % Change | |||||
BD MEDICAL | |||||||
Medical Surgical Systems | $ | 256,290 | $ | 255,168 | 0.4 | ||
Diabetes Care | 98,633 | 88,590 | 11.3 | ||||
Pharmaceutical Systems | 45,308 | 48,353 | (6.3) | ||||
TOTAL | $ | 400,231 | $ | 392,111 | 2.1 | ||
BD DIAGNOSTICS | |||||||
Preanalytical Systems | $ | 162,024 | $ | 156,328 | 3.6 | ||
Diagnostic Systems | 145,697 | 149,160 | (2.3) | ||||
TOTAL | $ | 307,721 | $ | 305,488 | 0.7 | ||
BD BIOSCIENCES | |||||||
Cell Analysis | $ | 86,765 | $ | 84,179 | 3.1 | ||
Discovery Labware | 37,244 | 39,046 | (4.6) | ||||
TOTAL | $ | 124,009 | $ | 123,225 | 0.6 | ||
TOTAL UNITED STATES | $ | 831,961 | $ | 820,824 | 1.4 | ||
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BECTON DICKINSON AND COMPANY | |||||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS | |||||||||||
Three Months Ended September 30, (continued) | |||||||||||
(Unaudited; Amounts in thousands) | |||||||||||
International | |||||||||||
% Change | |||||||||||
2010 | 2009 | Reported | FXN | FX Impact | |||||||
BD MEDICAL | |||||||||||
Medical Surgical Systems | $ | 245,724 | $ | 253,384 | (3.0) | (2.2) | (0.8) | ||||
Diabetes Care | 100,468 | 92,098 | 9.1 | 12.0 | (2.9) | ||||||
Pharmaceutical Systems | 212,182 | 224,195 | (5.4) | 2.8 | (8.2) | ||||||
TOTAL | $ | 558,374 | $ | 569,677 | (2.0) | 2.1 | (4.1) | ||||
BD DIAGNOSTICS | |||||||||||
Preanalytical Systems | $ | 144,421 | $ | 138,297 | 4.4 | 7.4 | (3.0) | ||||
Diagnostic Systems | 139,322 | 136,224 | 2.3 | 4.1 | (1.8) | ||||||
TOTAL | $ | 283,743 | $ | 274,521 | 3.4 | 5.7 | (2.3) | ||||
BD BIOSCIENCES | |||||||||||
Cell Analysis | $ | 160,230 | $ | 150,055 | 6.8 | 10.4 | (3.6) | ||||
Discovery Labware | 38,887 | 38,946 | (0.2) | 0.8 | (1.0) | ||||||
TOTAL | $ | 199,117 | $ | 189,001 | 5.4 | 8.4 | (3.0) | ||||
TOTAL INTERNATIONAL | $ | 1,041,234 | $ | 1,033,199 | 0.8 | 4.2 | (3.4) | ||||
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BECTON DICKINSON AND COMPANY | |||||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS | |||||||||||
Three Months Ended September 30, (continued) | |||||||||||
(Unaudited; Amounts in thousands) | |||||||||||
Total | |||||||||||
% Change | |||||||||||
2010 | 2009 | Reported | FXN | FX Impact | |||||||
BD MEDICAL | |||||||||||
Medical Surgical Systems | $ | 502,014 | $ | 508,552 | (1.3) | (0.9) | (0.4) | ||||
Diabetes Care | 199,101 | 180,688 | 10.2 | 11.7 | (1.5) | ||||||
Pharmaceutical Systems | 257,490 | 272,548 | (5.5) | 1.2 | (6.7) | ||||||
TOTAL | $ | 958,605 | $ | 961,788 | (0.3) | 2.1 | (2.4) | ||||
BD DIAGNOSTICS | |||||||||||
Preanalytical Systems | $ | 306,445 | $ | 294,625 | 4.0 | 5.4 | (1.4) | ||||
Diagnostic Systems | 285,019 | 285,384 | (0.1) | 0.7 | (0.8) | ||||||
TOTAL | $ | 591,464 | $ | 580,009 | 2.0 | 3.1 | (1.1) | ||||
BD BIOSCIENCES | |||||||||||
Cell Analysis | $ | 246,995 | $ | 234,234 | 5.4 | 7.8 | (2.4) | ||||
Discovery Labware | 76,131 | 77,992 | (2.4) | (1.9) | (0.5) | ||||||
TOTAL | $ | 323,126 | $ | 312,226 | 3.5 | 5.3 | (1.8) | ||||
TOTAL REVENUES | $ | 1,873,195 | $ | 1,854,023 | 1.0 | 2.9 | (1.9) | ||||
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BECTON DICKINSON AND COMPANY | |||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS | |||||||
Twelve Months Ended September 30, | |||||||
(Unaudited; Amounts in thousands) | |||||||
United States | |||||||
2010 | 2009 | % Change | |||||
BD MEDICAL | |||||||
Medical Surgical Systems | $ | 1,007,322 | $ | 974,324 | 3.4 | ||
Diabetes Care | 383,783 | 351,618 | 9.1 | ||||
Pharmaceutical Systems | 205,231 | 177,529 | 15.6 | ||||
TOTAL | $ | 1,596,336 | $ | 1,503,471 | 6.2 | ||
BD DIAGNOSTICS | |||||||
Preanalytical Systems | $ | 627,421 | $ | 608,754 | 3.1 | ||
Diagnostic Systems | 586,867 | 568,789 | 3.2 | ||||
TOTAL | $ | 1,214,288 | $ | 1,177,543 | 3.1 | ||
BD BIOSCIENCES | |||||||
Cell Analysis | $ | 326,916 | $ | 303,846 | 7.6 | ||
Discovery Labware | 149,025 | 145,305 | 2.6 | ||||
TOTAL | $ | 475,941 | $ | 449,151 | 6.0 | ||
TOTAL UNITED STATES | $ | 3,286,565 | $ | 3,130,165 | 5.0 | ||
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BECTON DICKINSON AND COMPANY | |||||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS | |||||||||||
Twelve Months Ended September 30, (continued) | |||||||||||
(Unaudited; Amounts in thousands) | |||||||||||
International | |||||||||||
% Change | |||||||||||
2010 | 2009 | Reported | FXN | FX Impact | |||||||
BD MEDICAL | |||||||||||
Medical Surgical Systems | $ | 1,002,687 | $ | 914,990 | 9.6 | 6.6 | 3.0 | ||||
Diabetes Care | 401,976 | 363,319 | 10.6 | 9.1 | 1.5 | ||||||
Pharmaceutical Systems | 795,433 | 774,914 | 2.6 | 4.3 | (1.7) | ||||||
TOTAL | $ | 2,200,096 | $ | 2,053,223 | 7.2 | 6.2 | 1.0 | ||||
BD DIAGNOSTICS | |||||||||||
Preanalytical Systems | $ | 570,386 | $ | 534,677 | 6.7 | 5.8 | 0.9 | ||||
Diagnostic Systems | 534,205 | 513,999 | 3.9 | 3.9 | - | ||||||
TOTAL | $ | 1,104,591 | $ | 1,048,676 | 5.3 | 4.9 | 0.4 | ||||
BD BIOSCIENCES | |||||||||||
Cell Analysis | $ | 624,322 | $ | 600,671 | 3.9 | 7.9 | (4.0) | ||||
Discovery Labware | 156,759 | 153,987 | 1.8 | 4.5 | (2.7) | ||||||
TOTAL | $ | 781,081 | $ | 754,658 | 3.5 | 7.2 | (3.7) | ||||
TOTAL INTERNATIONAL | $ | 4,085,768 | $ | 3,856,557 | 5.9 | 6.0 | (0.1) | ||||
Page 11 | |||||||||||
BECTON DICKINSON AND COMPANY | |||||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS | |||||||||||
Twelve Months Ended September 30, (continued) | |||||||||||
(Unaudited; Amounts in thousands) | |||||||||||
Total | |||||||||||
% Change | |||||||||||
2010 | 2009 | Reported | FXN | FX Impact | |||||||
BD MEDICAL | |||||||||||
Medical Surgical Systems | $ | 2,010,009 | $ | 1,889,314 | 6.4 | 4.9 | 1.5 | ||||
Diabetes Care | 785,759 | 714,937 | 9.9 | 9.1 | 0.8 | ||||||
Pharmaceutical Systems | 1,000,664 | 952,443 | 5.1 | 6.4 | (1.3) | ||||||
TOTAL | $ | 3,796,432 | $ | 3,556,694 | 6.7 | 6.2 | 0.5 | ||||
BD DIAGNOSTICS | |||||||||||
Preanalytical Systems | $ | 1,197,807 | $ | 1,143,431 | 4.8 | 4.4 | 0.4 | ||||
Diagnostic Systems | 1,121,072 | 1,082,788 | 3.5 | 3.5 | - | ||||||
TOTAL | $ | 2,318,879 | $ | 2,226,219 | 4.2 | 4.0 | 0.2 | ||||
BD BIOSCIENCES | |||||||||||
Cell Analysis | $ | 951,238 | $ | 904,517 | 5.2 | 7.8 | (2.6) | ||||
Discovery Labware | 305,784 | 299,292 | 2.2 | 3.6 | (1.4) | ||||||
TOTAL | $ | 1,257,022 | $ | 1,203,809 | 4.4 | 6.8 | (2.4) | ||||
TOTAL REVENUES | $ | 7,372,333 | $ | 6,986,722 | 5.5 | 5.6 | (0.1) | ||||
Page 12 | |||||||||||
BECTON DICKINSON AND COMPANY | |||||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
SAFETY REVENUES | |||||||||||
(Unaudited; Amounts in thousands) | |||||||||||
Three Months Ended September 30, | |||||||||||
% Change | |||||||||||
2010 | 2009 | Reported | FXN | FX Impact | |||||||
TOTAL SAFETY REVENUES | |||||||||||
United States | $ | 282,968 | $ | 276,409 | 2.4 | 2.4 | - | ||||
International | 160,396 | 150,270 | 6.7 | 9.2 | (2.5) | ||||||
TOTAL | $ | 443,364 | $ | 426,679 | 3.9 | 4.8 | (0.9) | ||||
BY SEGMENT | |||||||||||
BD Medical | $ | 208,822 | $ | 204,536 | 2.1 | 2.7 | (0.6) | ||||
BD Diagnostics | 234,542 | 222,143 | 5.6 | 6.7 | (1.1) | ||||||
TOTAL | $ | 443,364 | $ | 426,679 | 3.9 | 4.8 | (0.9) | ||||
Twelve Months Ended September 30, | |||||||||||
% Change | |||||||||||
2010 | 2009 | Reported | FXN | FX Impact | |||||||
TOTAL SAFETY REVENUES | |||||||||||
United States | $ | 1,108,431 | $ | 1,056,797 | 4.9 | 4.9 | - | ||||
International | 621,913 | 568,106 | 9.5 | 8.1 | 1.4 | ||||||
TOTAL | $ | 1,730,344 | $ | 1,624,903 | 6.5 | 6.0 | 0.5 | ||||
BY SEGMENT | |||||||||||
BD Medical | $ | 819,084 | $ | 761,262 | 7.6 | 6.9 | 0.7 | ||||
BD Diagnostics | 911,260 | 863,641 | 5.5 | 5.2 | 0.3 | ||||||
TOTAL | $ | 1,730,344 | $ | 1,624,903 | 6.5 | 6.0 | 0.5 | ||||
Page 13 | |||||||||||
BECTON DICKINSON AND COMPANY | ||||||||||
CONSOLIDATED INCOME STATEMENTS FISCAL 2010 | ||||||||||
Revised for discontinued operations of certain Medical segment divestitures | ||||||||||
(Unaudited; Amounts in thousands, except per-share data) | ||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 3 YTD | |||||||
REVENUES | $ | 1,868,818 | $ | 1,799,409 | $ | 1,830,911 | $ | 5,499,138 | ||
Cost of products sold | 894,324 | 864,492 | 883,434 | 2,642,250 | ||||||
Selling and administrative | 445,673 | 421,076 | 416,468 | 1,283,217 | ||||||
Research and development | 99,151 | 100,193 | 108,047 | 307,391 | ||||||
TOTAL OPERATING COSTS AND EXPENSES | 1,439,148 | 1,385,761 | 1,407,949 | 4,232,858 | ||||||
OPERATING INCOME | 429,670 | 413,648 | 422,962 | 1,266,280 | ||||||
Interest income | 8,789 | 9,652 | 2,094 | 20,535 | ||||||
Interest expense | (12,987) | (12,913) | (13,085) | (38,985) | ||||||
Other (expense) income, net | (2,354) | 164 | 1,402 | (788) | ||||||
INCOME FROM CONTINUING OPERATIONS BEFORE | ||||||||||
INCOME TAXES | 423,118 | 410,551 | 413,373 | 1,247,042 | ||||||
Income tax provision | 119,025 | 125,517 | 119,213 | 363,755 | ||||||
INCOME FROM CONTINUING OPERATIONS | 304,093 | 285,034 | 294,160 | 883,287 | ||||||
Income from Discontinued Operations | ||||||||||
before Income Tax | 16,900 | 16,698 | 17,088 | 50,686 | ||||||
Income Tax provision | 4,617 | 4,101 | 4,340 | 13,058 | ||||||
INCOME FROM DISCONTINUED OPERATIONS | 12,283 | 12,597 | 12,748 | 37,628 | ||||||
NET INCOME | $ | 316,376 | $ | 297,631 | $ | 306,908 | 920,915 | |||
EARNINGS PER SHARE | ||||||||||
Basic: | ||||||||||
Income from continuing operations | $ | 1.28 | $ | 1.21 | $ | 1.26 | $ | 3.75 | ||
Income from discontinued operations | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.16 | ||
Net income (1) | $ | 1.33 | $ | 1.26 | $ | 1.32 | $ | 3.91 | ||
Diluted: | ||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.18 | $ | 1.23 | $ | 3.66 | ||
Income from discontinued operations | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.16 | ||
Net income (1) | $ | 1.30 | $ | 1.24 | $ | 1.29 | $ | 3.82 | ||
AVERAGE SHARES OUTSTANDING | ||||||||||
Basic | 237,360 | 235,325 | 233,242 | 235,316 | ||||||
Diluted | 242,965 | 240,863 | 238,319 | 241,151 | ||||||
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. | ||||||||||
Page 14 | ||||||||||
BECTON DICKINSON AND COMPANY | |||||||||||
CONSOLIDATED INCOME STATEMENTS FISCAL 2009 | |||||||||||
Revised for discontinued operations of certain Medical segment divestitures | |||||||||||
(Unaudited; Amounts in thousands, except per-share data) | |||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | |||||||
REVENUES | $ | 1,673,148 | $ | 1,683,142 | $ | 1,776,409 | $ | 1,854,023 | $ | 6,986,722 | |
Cost of products sold | 775,542 | 807,382 | 838,555 | 890,197 | 3,311,676 | ||||||
Selling and administrative | 399,668 | 430,608 | 423,513 | 427,008 | 1,680,797 | ||||||
Research and development | 96,356 | 97,700 | 97,621 | 112,890 | 404,567 | ||||||
TOTAL OPERATING COSTS AND EXPENSES | 1,271,566 | 1,335,690 | 1,359,689 | 1,430,095 | 5,397,040 | ||||||
OPERATING INCOME | 401,582 | 347,452 | 416,720 | 423,928 | 1,589,682 | ||||||
Interest income | 1,651 | 4,312 | 12,767 | 14,418 | 33,148 | ||||||
Interest expense | (7,824) | (7,495) | (11,288) | (13,782) | (40,389) | ||||||
Other income (expense), net | 9,411 | (5,701) | (4,246) | (3,312) | (3,850) | ||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 404,820 | 338,568 | 413,953 | 421,252 | 1,578,591 | ||||||
Income tax provision | 108,213 | 89,702 | 86,508 | 126,824 | 411,246 | ||||||
INCOME FROM CONTINUING OPERATIONS | 296,607 | 248,866 | 327,445 | 294,428 | 1,167,345 | ||||||
Income from Discontinued Operations before Income Tax | 20,234 | 15,944 | 17,579 | 30,476 | 84,233 | ||||||
Income Tax provision | 4,773 | 3,521 | 3,997 | 7,684 | 19,975 | ||||||
INCOME FROM DISCONTINUED OPERATIONS | 15,461 | 12,423 | 13,582 | 22,792 | 64,258 | ||||||
NET INCOME | $ | 312,068 | $ | 261,289 | $ | 341,027 | $ | 317,220 | $ | 1,231,603 | |
EARNINGS PER SHARE | |||||||||||
Basic: | |||||||||||
Income from continuing operations | $ | 1.22 | $ | 1.04 | $ | 1.36 | $ | 1.23 | $ | 4.85 | |
Income from discontinued operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.10 | $ | 0.27 | |
Net income (1) | $ | 1.29 | $ | 1.09 | $ | 1.42 | $ | 1.33 | $ | 5.12 | |
Diluted: | |||||||||||
Income from continuing operations | $ | 1.19 | $ | 1.01 | $ | 1.33 | $ | 1.20 | $ | 4.73 | |
Income from discontinued operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.09 | $ | 0.26 | |
Net income (1) | $ | 1.26 | $ | 1.06 | $ | 1.39 | $ | 1.29 | $ | 4.99 | |
AVERAGE SHARES OUTSTANDING | |||||||||||
Basic | 242,397 | 240,239 | 240,109 | 239,162 | 240,479 | ||||||
Diluted | 248,311 | 245,890 | 245,696 | 245,056 | 246,798 | ||||||
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. | |||||||||||
Page 15 | |||||||||||
BECTON DICKINSON AND COMPANY | |||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||
SAFETY REVENUES FISCAL 2010 | |||||||||
Revised for discontinued operations of certain Medical segment divestitures | |||||||||
(Unaudited; Amounts in thousands) | |||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 3 YTD | ||||||
TOTAL SAFETY REVENUES | |||||||||
United States | $ | 291,815 | $ | 263,044 | $ | 270,604 | $ | 825,463 | |
International | 155,129 | 148,537 | 157,851 | 461,517 | |||||
TOTAL | $ | 446,944 | $ | 411,581 | $ | 428,455 | $ | 1,286,980 | |
BY SEGMENT | |||||||||
BD Medical | $ | 221,174 | $ | 193,688 | $ | 195,400 | $ | 610,262 | |
BD Diagnostics | 225,770 | 217,893 | 233,055 | 676,718 | |||||
TOTAL | $ | 446,944 | $ | 411,581 | $ | 428,455 | $ | 1,286,980 | |
Page 16 | |||||||||
BECTON DICKINSON AND COMPANY | |||||||||||
SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
SAFETY REVENUES FISCAL 2009 | |||||||||||
Revised for discontinued operations of certain Medical segment divestitures | |||||||||||
(Unaudited; Amounts in thousands) | |||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Year | |||||||
TOTAL SAFETY REVENUES | |||||||||||
United States | $ | 263,865 | $ | 249,820 | $ | 266,703 | $ | 276,409 | $ | 1,056,797 | |
International | 133,499 | 136,054 | 148,283 | 150,270 | 568,106 | ||||||
TOTAL | $ | 397,364 | $ | 385,874 | $ | 414,986 | $ | 426,679 | $ | 1,624,903 | |
BY SEGMENT | |||||||||||
BD Medical | $ | 187,066 | $ | 177,721 | $ | 191,939 | $ | 204,536 | $ | 761,262 | |
BD Diagnostics | 210,298 | 208,153 | 223,047 | 222,143 | 863,641 | ||||||
TOTAL | $ | 397,364 | $ | 385,874 | $ | 414,986 | $ | 426,679 | $ | 1,624,903 | |
Page 17 | |||||||||||
Contact: | |
Zachary A. Nagle, Investor Relations ? 201-847-5453 | |
Colleen T. White, Corporate Communications ? 201-847-5369 | |
SOURCE BD (Becton, Dickinson and Company)
For further information: Zachary A. Nagle, Investor Relations, +1-201-847-5453, or Colleen T. White, Corporate Communications, +1-201-847-5369