BD Announces Results For 2019 Third Fiscal Quarter; Reaffirms Fiscal 2019 Guidance

FRANKLIN LAKES, N.J., Aug. 6, 2019 /PRNewswire/ -- BD (Becton, Dickinson and Company) BDX, a leading global medical technology company, today reported quarterly revenues of $4.350 billion for the third fiscal quarter ended June 30, 2019.  This represents an increase of 1.7 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues increased 5.7 percent over the prior-year period.

"Third quarter performance was strong. Our revenues highlight the breadth and diversity of the growth drivers in our portfolio, and we are seeing strength across all three segments," said Vincent A. Forlenza, chairman and CEO. "As anticipated, our performance has accelerated and we expect this momentum to continue. We remain confident in our outlook for fiscal year 2019 and our ability to deliver value to customers and shareholders."

Third Quarter and Nine-Month Fiscal 2019 Operating Results

As reported, diluted earnings per share for the third quarter were $1.51, compared with $2.03 in the prior-year period.  This represents a decrease of 25.6 percent.  Adjusted diluted earnings per share were $3.08, compared with $2.91 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 5.8 percent, or 14.8 percent on a currency-neutral basis.

For the nine-month period ended June 30, 2019, as reported, diluted earnings per share were $3.49, compared with $1.27 in the prior-year period.  This represents an increase of 174.8 percent.  Adjusted diluted earnings per share were $8.37, compared with $8.08 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 3.6 percent, or 11.6 percent on a currency-neutral basis.

Segment Results

In the BD Medical segment, as reported, worldwide revenues for the quarter of $2.311 billion increased 2.9 percent over the prior-year period, or 6.0 percent on a currency-neutral basis.  The segment's results were driven by performance in the Medication Management Solutions, Medication Delivery Solutions and Pharmaceutical Systems units.

For the nine-month period ended June 30, 2019, BD Medical revenues were $6.626 billion as reported, which represents an increase of 5.7 percent over the prior-year period.  On a comparable, currency-neutral basis, BD Medical revenues increased 5.0 percent.

In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of $1.058 billion decreased 2.0 percent from the prior-year period.  On a comparable, currency-neutral basis, revenues increased 5.4 percent.  Revenue growth was driven by performance across the Diagnostic Systems, Preanalytical Systems and Biosciences units.

For the nine-month period ended June 30, 2019, BD Life Sciences revenues were $3.166 billion as reported, which represents a decrease of 1.7 percent from the prior-year period.  On a comparable, currency-neutral basis, BD Life Sciences revenues of $3.157 billion increased 4.3 percent.

In the BD Interventional segment, as reported, worldwide revenues for the quarter of $0.981 billion increased 2.9 percent over the prior-year period, or 5.2 percent on a currency-neutral basis.  The segment's results were driven by performance in the Urology and Critical Care and Surgery units.

For the nine-month period ended June 30, 2019, BD Interventional revenues were $2.914 billion as reported, which represents an increase of 39.5 percent over the prior-year period.  On a comparable, currency-neutral basis, BD Interventional revenues increased 4.8 percent.

Geographic Results

As reported, third quarter revenues in the U.S. of $2.440 billion increased 4.4 percent over the prior-year period.  On a comparable basis, U.S. revenues increased 5.0 percent over the prior-year period.  Growth in the U.S. was driven by performance in the BD Medical and BD Interventional segments.

As reported, revenues outside of the U.S. of $1.910 billion decreased 1.6 percent from the prior-year period.  On a comparable, currency-neutral basis, revenues outside of the U.S. increased 6.5 percent over the prior-year period.  International revenue growth was driven by strong performance in China and EMA.

For the nine-month period ended June 30, 2019, U.S. revenues were $7.168 billion as reported, which represents an increase of 13.4 percent over the prior-year period.  On a comparable basis, U.S. revenues of $7.164 billion increased 4.4 percent over the prior-year period.  As reported, revenues outside of the U.S. of $5.538 billion increased 5.3 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues outside the U.S. of $5.533 billion increased 5.2 percent over the prior-year period.

Fiscal 2019 Outlook for Full Year

The company reaffirms its full fiscal year 2019 revenue and adjusted diluted earnings per share guidance.

As reported, the company continues to expect full fiscal year 2019 revenues to increase 8.0 to 9.0 percent.  The company continues to estimate full fiscal year 2019 revenues will increase 5.0 to 6.0 percent on a comparable, currency-neutral basis.

The company continues to expect adjusted diluted earnings per share to be between $11.65 and $11.75.  This represents growth of approximately 12.0 percent on a currency-neutral basis over fiscal 2018 adjusted diluted earnings per share of $11.01, or growth of approximately 6.0 to 7.0 percent including the estimated unfavorable impact of foreign currency.

Adjusted diluted earnings per share for fiscal 2019 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax matters.  BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts.  In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors.  Such items could have a substantial impact on GAAP measures of BD's financial performance.

Conference Call Information

A conference call regarding BD's 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) Tuesday, August 6, 2019.  The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Tuesday, August 13, 2019, confirmation number 1475284.

Non-GAAP Financial Measures/Financial Tables

This news release contains certain non-GAAP financial measures.  Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.  Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers.  Percentages and earnings per share amounts presented are calculated from the underlying amounts.

All "comparable" basis revenue growth rates relating to fiscal year 2019 presented throughout this release include, where applicable, the results of C. R. Bard, Inc. ("Bard") in the prior-year period, and also include adjustments for certain items as detailed in the attached tables. Beginning in the second quarter of fiscal year 2018, the Company's organizational structure was based upon three principal business segments: BD Medical ("Medical"), BD Life Sciences ("Life Sciences") and BD Interventional ("Interventional").  The Interventional segment was added upon the Company's completion of its acquisition of Bard, and this new segment includes the majority of Bard's product offerings and certain product offerings that were previously reported in the Medical segment.  Certain of Bard's product offerings are included under the Company's Medical segment, specifically within the new Medication Delivery Solutions unit, which was formerly the Medical segment's Medication and Procedural Solutions unit.  Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; transactional and product related impacts; and the loss on debt extinguishment.  We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable.  We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results.  Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.

About BD

BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com.

This press release, including the section entitled "Fiscal 2019 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share.  All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties.  Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement.  With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially.  These factors include, but are not limited to: risks relating to the integration of the C.R. Bard operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; new or changing laws and regulations impacting our business (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. healthcare system, potential cuts in governmental healthcare spending or measures to contain healthcare costs, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers' ability to provide products needed for our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; product efficacy or safety concerns resulting in product recalls or actions being taken by the FDA or other regulators (including the potential impact of the recent FDA letter on the use of drug-coated balloons); our ability to successfully integrate any businesses we acquire; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform outside the U.S., including changes in government pricing and reimbursement policies or other cost containment reforms; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission.  We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

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











Three Months Ended June 30,





2019



2018



% Change

REVENUES



$

4,350





$

4,278





1.7

















Cost of products sold



2,276





2,262





0.6



Selling and administrative expense



1,076





1,086





(0.9)



Research and development expense



282





277





2.1



Acquisitions and other restructurings



90





142





(37.1)



TOTAL OPERATING COSTS AND EXPENSES



3,725





3,767





(1.1)



OPERATING INCOME



626





512





22.2

















Interest expense



(156)





(182)





(14.2)



Interest income



2





8





(73.8)



Other (expense) income, net



(11)





310





(103.7)



INCOME BEFORE INCOME TAXES



460





647





(28.9)



Income tax provision



9





53





(82.7)



NET INCOME



451





594





(24.1)



Preferred stock dividends



(38)





(38)







NET INCOME APPLICABLE TO COMMON SHAREHOLDERS

$

413





$

556





(25.7)

















EARNINGS PER SHARE













Basic Earnings per Share



$

1.53





$

2.08





(26.4)



Diluted Earnings per Share



$

1.51





$

2.03





(25.6)

















AVERAGE SHARES OUTSTANDING (in thousands)













Basic



270,249



267,836





Diluted



274,336



273,925





 

 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

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











Nine Months Ended June 30,





2019



2018



% Change

REVENUES



$

12,706





$

11,581





9.7

















Cost of products sold



6,684





6,405





4.4



Selling and administrative expense



3,238





2,915





11.1



Research and development expense



792





727





8.9



Acquisitions and other restructurings



281





600





(53.2)



Other operating expense, net



61









100.0



TOTAL OPERATING COSTS AND EXPENSES



11,056





10,647





3.8



OPERATING INCOME



1,649





933





76.7

















Interest expense



(498)





(525)





(5.1)



Interest income



8





55





(86.0)



Other income, net



19





295





(93.7)



INCOME BEFORE INCOME TAXES



1,178





759





55.3



Income tax provision



107





313





(65.7)



NET INCOME



1,071





446





140.2



Preferred stock dividends



(114)





(114)







NET INCOME APPLICABLE TO COMMON SHAREHOLDERS

$

957





$

332





188.2

















EARNINGS PER SHARE













Basic Earnings per Share



$

3.55





$

1.30





173.1



Diluted Earnings per Share



$

3.49





$

1.27





174.8

















AVERAGE SHARES OUTSTANDING (in thousands)













Basic



269,719



254,934





Diluted



274,510



260,860





 

 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions)



















June 30, 2019



September 30, 2018





(Unaudited)





ASSETS









Cash and equivalents



$

523





$

1,140



Restricted cash



71





96



Short-term investments



12





17



Trade receivables, net



2,220





2,319



Inventories



2,629





2,451



Assets held for sale







137



Prepaid expenses and other



1,326





1,251



TOTAL CURRENT ASSETS



6,781





7,411



Property, plant and equipment, net



5,550





5,375



Goodwill and other intangibles, net



38,840





40,041



Other Assets



1,063





1,078



TOTAL ASSETS



$

52,233





$

53,904



LIABILITIES AND SHAREHOLDERS' EQUITY









Short-term debt



$

2,168





$

2,601



Other current liabilities



4,069





4,615



Long-term debt



18,016





18,894



Long-term employee benefit obligations



862





1,056



Deferred income taxes and other



5,621





5,743



Shareholders' equity



21,497





20,994



TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



$

52,233





$

53,904



 

 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Amounts in millions)











Nine Months Ended June 30,





2019



2018

OPERATING ACTIVITIES









Net income



$

1,071





$

446



Depreciation and amortization



1,700





1,412



Change in operating assets and liabilities and other, net



(812)





(299)



NET CASH PROVIDED BY OPERATING ACTIVITIES



1,959





1,559



INVESTING ACTIVITIES









Capital expenditures



(599)





(588)



Acquisitions of businesses, net of cash acquired







(14,998)



Proceeds from divestitures, net



477





534



Other, net



(178)





(120)



NET CASH USED FOR INVESTING ACTIVITIES



(300)





(15,173)



FINANCING ACTIVITIES









Change in credit facility borrowings



300





200



Proceeds from long-term debt and term loans



2,224





4,335



Payments of debt and term loans



(3,882)





(2,723)



Dividends paid



(737)





(687)



Other, net



(204)





(176)



NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES



(2,300)





949



Effect of exchange rate changes on cash and equivalents and restricted cash



(1)





(5)



NET DECREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH



(642)





(12,670)



OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH



1,236





14,179



CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH



$

594





$

1,509



 

 

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





2019



2018



% Change

BD MEDICAL













Medication Delivery Solutions



$

524





$

505





3.7



Medication Management Solutions



528





483





9.3



Diabetes Care



139





138





0.7



Pharmaceutical Systems



108





103





4.6



TOTAL



$

1,299





$

1,230





5.7

















BD LIFE SCIENCES













Preanalytical Systems



$

203





$

199





1.9



Diagnostic Systems



155





151





3.0



Biosciences



117





126





(7.2)



TOTAL



$

475





$

476





(0.2)

















BD INTERVENTIONAL













Surgery



$

273





$

259





5.7



Peripheral Intervention



195





195





(0.2)



Urology and Critical Care



198





178





10.9



TOTAL



$

666





$

632





5.3

















TOTAL UNITED STATES



$

2,440





$

2,338





4.4



 

 

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





2019



2018



FX Impact



Reported



FXN

BD MEDICAL





















Medication Delivery Solutions

$

460





$

471





$

(33)





(2.4)





4.5



Medication Management Solutions

129





127





(9)





1.7





8.8



Diabetes Care



136





138





(9)





(1.5)





5.0



Pharmaceutical Systems

286





279





(18)





2.5





9.0



TOTAL



$

1,011





$

1,016





$

(69)





(0.4)





6.4

























BD LIFE SCIENCES



















Preanalytical Systems

$

204





$

205





$

(16)





(0.4)





7.5



Diagnostic Systems

212





211





(14)





0.7





7.5



Biosciences



167





188





(9)





(11.1)





(6.3)



TOTAL



$

583





$

603





$

(40)





(3.4)





3.2

























BD INTERVENTIONAL



















Surgery



$

76





$

77





$

(5)





(2.0)





4.7



Peripheral Intervention

155





157





(11)





(1.5)





5.5



Urology and Critical Care

85





87





(5)





(2.4)





3.6



TOTAL



$

316





$

322





$

(21)





(1.9)





4.8

























TOTAL INTERNATIONAL

$

1,910





$

1,941





$

(130)





(1.6)





5.1



 

 

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





2019



2018



FX Impact



Reported



FXN

BD MEDICAL





















Medication Delivery Solutions

$

984





$

977





$

(33)





0.8





4.1



Medication Management Solutions

658





610





(9)





7.7





9.2



Diabetes Care



275





276





(9)





(0.4)





2.9



Pharmaceutical Systems

394





383





(18)





3.1





7.8



TOTAL



$

2,311





$

2,246





$

(69)





2.9





6.0

























BD LIFE SCIENCES



















Preanalytical Systems

$

407





$

404





$

(16)





0.7





4.7



Diagnostic Systems

368





362





(14)





1.7





5.6



Biosciences



284





314





(9)





(9.6)





(6.7)



TOTAL



$

1,058





$

1,079





$

(40)





(2.0)





1.7

























BD INTERVENTIONAL



















Surgery



$

349





$

336





$

(5)





3.9





5.4



Peripheral Intervention

350





353





(11)





(0.8)





2.3



Urology and Critical Care

283





265





(5)





6.5





8.5



TOTAL



$

981





$

954





$

(21)





2.9





5.2

























TOTAL REVENUES

$

4,350





$

4,278





$

(130)





1.7





4.7



 

 

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





2019



2018



% Change

BD MEDICAL













Medication Delivery Solutions



$

1,528





$

1,379





10.8



Medication Management Solutions



1,531





1,415





8.3



Diabetes Care



421





415





1.6



Pharmaceutical Systems



269





239





12.4



TOTAL



$

3,750





$

3,448





8.7

















BD LIFE SCIENCES













Preanalytical Systems



$

574





$

565





1.7



Diagnostic Systems



510





518





(1.5)



Biosciences



345





350





(1.4)



TOTAL



$

1,430





$

1,433





(0.2)

















BD INTERVENTIONAL













Surgery



$

819





$

687





19.2



Peripheral Intervention



580





393





47.5



Urology and Critical Care



590





358





65.0



TOTAL



$

1,989





$

1,438





38.3

















TOTAL UNITED STATES



$

7,168





$

6,319





13.4



 

 

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





2019



2018



FX Impact



Reported



FXN

BD MEDICAL





















Medication Delivery Solutions

$

1,344





$

1,298





$

(83)





3.5





10.0



Medication Management Solutions

365





364





(20)





0.3





5.9



Diabetes Care



397





405





(23)





(2.0)





3.7



Pharmaceutical Systems

771





755





(37)





2.1





7.0



TOTAL



$

2,877





$

2,822





$

(163)





2.0





7.7

























BD LIFE SCIENCES



















Preanalytical Systems

$

591





$

595





$

(40)





(0.7)





5.9



Diagnostic Systems

628





634





(34)





(0.9)





4.4



Biosciences



517





559





(23)





(7.6)





(3.4)



TOTAL



$

1,736





$

1,789





$

(97)





(2.9)





2.5

























BD INTERVENTIONAL



















Surgery



$

223





$

177





$

(11)





26.5





33.0



Peripheral Intervention

449





303





(25)





47.9





56.2



Urology and Critical Care

253





171





(11)





47.7





54.2



TOTAL



$

925





$

651





$

(47)





42.1





49.4

























TOTAL INTERNATIONAL

$

5,538





$

5,261





$

(307)





5.3





11.1



 

 

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





2019



2018



FX Impact



Reported



FXN

BD MEDICAL





















Medication Delivery Solutions



$

2,871





$

2,677





$

(83)





7.3





10.4



Medication Management Solutions



1,896





1,778





(20)





6.6





7.8



Diabetes Care



819





820





(23)





(0.2)





2.6



Pharmaceutical Systems



1,040





994





(37)





4.6





8.3



TOTAL



$

6,626





$

6,270





$

(163)





5.7





8.3

























BD LIFE SCIENCES





















Preanalytical Systems



$

1,165





$

1,160





$

(40)





0.4





3.9



Diagnostic Systems



1,138





1,152





(34)





(1.2)





1.7



Biosciences



862





910





(23)





(5.2)





(2.7)



TOTAL



$

3,166





$

3,222





$

(97)





(1.7)





1.3

























BD INTERVENTIONAL





















Surgery



$

1,042





$

864





$

(11)





20.7





22.0



Peripheral Intervention



1,029





697





(25)





47.7





51.3



Urology and Critical Care



843





529





(11)





59.4





61.5



TOTAL



$

2,914





$

2,089





$

(47)





39.5





41.7

























TOTAL REVENUES



$

12,706





$

11,581





$

(307)





9.7





12.4



 

 

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=B+C





E=(A-D)/D





BD

Reported





BD

Reported



Divestiture

and Other

Adjustments  (a)



Comparable





Comparable

% Change





2019





2018





2018





BD MEDICAL

























Medication Delivery Solutions

$

524







$

505





$





$

505







3.7



Medication Management Solutions

528







483









483







9.3



Diabetes Care



139







138









138







0.7



Pharmaceutical Systems

108







103









103







4.6



TOTAL



$

1,299







$

1,230





$





$

1,230







5.7





























BD LIFE SCIENCES























Preanalytical Systems

$

203







$

199





$





$

199







1.9



Diagnostic Systems

155







151









151







3.0



Biosciences



117







126





(14)





112







4.7



TOTAL



$

475







$

476





$

(14)





$

462







2.9





























BD INTERVENTIONAL























Surgery



$

273







$

259





$





$

259







5.7



Peripheral Intervention

195







195









195







(0.2)



Urology and Critical Care

198







178









178







10.9



TOTAL



$

666







$

632





$





$

632







5.3





























TOTAL UNITED STATES

$

2,440







$

2,338





$

(14)





$

2,323







5.0



 

(a)     

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)





































































A





B



C



D=B+C





E



F=(A-D-E)/D





BD

Reported





BD

Reported



Divestiture

Adjustments (a)



Comparable





FX Impact

(b)



FXN

% Change





2019





2018





2018







BD MEDICAL





























Medication Delivery Solutions

$

460







$

471





$





$

471







$

(33)





4.7



Medication Management Solutions

129







127









127







(9)





8.8



Diabetes Care



136







138









138







(9)





5.3



Pharmaceutical Systems

286







279









279







(18)





9.0



TOTAL



$

1,011







$

1,016





$





$

1,016







$

(70)





6.5

































BD LIFE SCIENCES



























Preanalytical Systems

$

204







$

205





$





$

205







$

(18)





8.1



Diagnostic Systems

212







211









211







(16)





8.2



Biosciences



167







188





(20)





167







(10)





5.3



TOTAL



$

583







$

603





$

(20)





$

583







$

(43)





7.4

































BD INTERVENTIONAL



























Surgery



$

76







$

77





$





$

77







$

(5)





4.7



Peripheral Intervention

155







157









157







(11)





5.5



Urology and Critical Care

85







87









87







(5)





3.6



TOTAL



$

316







$

322





$





$

322







$

(21)





4.8

































TOTAL INTERNATIONAL

$

1,910







$

1,941





$

(20)





$

1,920







$

(135)





6.5



 

(a)     

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

(b)    

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended June 30, 2019.  The total foreign currency translation impact above includes $5 million that was calculated by comparing local currency revenues in Argentina for the quarter ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

Three Months Ended June 30, (continued)

(Unaudited; Amounts in millions)













































A





B



C



D=B+C





E



F=(A-D-E)/D





BD

Reported





BD

Reported



Divestiture

and Other

Adjustments  (a)



Comparable





FX Impact

(b)



FXN

% Change





2019





2018





2018







BD MEDICAL





























Medication Delivery Solutions

$

984







$

977





$





$

977







$

(33)





4.2



Medication Management Solutions

658







610









610







(9)





9.2



Diabetes Care



275







276









276







(9)





3.0



Pharmaceutical Systems

394







383









383







(18)





7.8



TOTAL



$

2,311







$

2,246





$





$

2,246







$

(70)





6.0

































BD LIFE SCIENCES



























Preanalytical Systems

$

407







$

404





$





$

404







$

(18)





5.0



Diagnostic Systems

368







362









362







(16)





6.0



Biosciences



284







314





(35)





279







(10)





5.1



TOTAL



$

1,058







$

1,079





$

(35)





$

1,045







$

(43)





5.4

































BD INTERVENTIONAL



























Surgery



$

349







$

336





$





$

336







$

(5)





5.4



Peripheral Intervention

350







353









353







(11)





2.3



Urology and Critical Care

283







265









265







(5)





8.5



TOTAL



$

981







$

954





$





$

954







$

(21)





5.2

































TOTAL REVENUES

$

4,350







$

4,278





$

(35)





$

4,244







$

(135)





5.7



 

(a)     

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

(b)    

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended June 30, 2019.  The total foreign currency translation impact above includes $5 million that was calculated by comparing local currency revenues in Argentina for the quarter ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES

Nine Months Ended June 30,

(Unaudited; Amounts in millions)





























































A



B



C=A+B





D



E



F



G



H=D+E+F+G





I=(C-H)/H





BD

Reported



Divestiture

Adjustments

(a)



Comparable





BD

Reported



Bard Q1 (b)



Intercompany

Adjustment

(c)



Divestiture

and Other 

Adjustments

(a)



Comparable





Comparable

% Change





2019





2019





2018



2018







2018





BD MEDICAL









































Medication Delivery Solutions

$

1,528





$





$

1,528







$

1,379





$

145





$

(3)





$

(9)





$

1,512







1.0



Medication Management Solutions

1,531









1,531







1,415

















1,415







8.3



Diabetes Care



421









421







415

















415







1.6



Pharmaceutical Systems

269









269







239

















239







12.4



TOTAL



$

3,750





$





$

3,750







$

3,448





$

145





$

(3)





$

(9)





$

3,581







4.7













































BD LIFE SCIENCES







































Preanalytical Systems

$

574





$





$

574







$

565





$





$





$

(12)





$

553







3.9



Diagnostic Systems

510









510







518

















518







(1.5)



Biosciences



345





(4)





342







350













(34)





317







7.9



TOTAL



$

1,430





$

(4)





$

1,426







$

1,433





$





$





$

(46)





$

1,388







2.8













































BD INTERVENTIONAL







































Surgery



$

819





$





$

819







$

687





$

105





$





$

(15)





$

777







5.4



Peripheral Intervention

580









580







393





188













581







(0.3)



Urology and Critical Care

590









590







358





177













535







10.4



TOTAL



$

1,989





$





$

1,989







$

1,438





$

470





$





$

(15)





$

1,893







5.0













































TOTAL UNITED STATES

$

7,168





$

(4)





$

7,164







$

6,319





$

614





$

(3)





$

(69)





$

6,862







4.4



 

(a)     

The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business.  The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line.  Additionally, Medication Delivery Solutions and Preanalytical Systems results for the nine months ended June 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018.  Accordingly, to ensure comparability of revenue growth, the results for the nine months ended June 30, 2018 have been adjusted to reflect these cumulative fees.  The Company records rebate and customer incentive fees as a reduction to revenue.

(b)    

Amounts represent revenues for the quarter ended December 31, 2017.  BD reported a Gore royalty amount, which was previously reported as revenues by Bard, as non-operating income in the current-year period.

(c)     

Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)





























































A



B



C=A+B





D



E



F



G=D+E+F





H



I=(C-G-H)/G





BD

Reported



Divestiture

Adjustments

(a)



Comparable





BD

Reported



Bard Q1 (b)



Divestiture

Adjustments 

(a)



Comparable





FX Impact

(c)



FXN

% Change





2019





2019





2018



2018





2018







BD MEDICAL









































Medication Delivery Solutions

$

1,344





$





$

1,344







$

1,298





$

68





$





$

1,366







$

(87)





4.7



Medication Management Solutions

365









365







364













364







(20)





5.9



Diabetes Care



397









397







405













405







(24)





4.0



Pharmaceutical Systems

771









771







755













755







(37)





7.0



TOTAL



$

2,877





$





$

2,877







$

2,822





$

68





$





$

2,890







$

(168)





5.4













































BD LIFE SCIENCES







































Preanalytical Systems

$

591





$





$

591







$

595





$





$





$

595







$

(45)





6.8



Diagnostic Systems

628









628







634













634







(39)





5.3



Biosciences



517





(5)





512







559









(43)





516







(26)





4.2



TOTAL



$

1,736





$

(5)





$

1,731







$

1,789





$





$

(43)





$

1,746







$

(110)





5.5













































BD INTERVENTIONAL







































Surgery



$

223





$





$

223







$

177





$

49





$

(3)





$

222







$

(11)





5.7



Peripheral Intervention

449









449







303





146









449







(25)





5.5



Urology and Critical Care

253









253







171





90









261







(11)





0.9



TOTAL



$

925





$





$

925







$

651





$

285





$

(3)





$

933







$

(47)





4.2













































TOTAL INTERNATIONAL

$

5,538





$

(5)





$

5,533







$

5,261





$

353





$

(46)





$

5,568







$

(325)





5.2



 

(a)     

The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business.  The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line.

(b)    

Amounts represent revenues for the quarter ended December 31, 2017.

(c)     

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the nine months ended June 30, 2019.  The total foreign currency translation impact above includes $18 million that was calculated by comparing local currency revenues in Argentina for the nine months ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

Nine Months Ended June 30, (continued)

(Unaudited; Amounts in millions)









































































A



B



C=A+B





D



E



F



G



H=D+E+F+G





I



J=(C-H-I)/H





BD

Reported



Divestiture

Adjustments

(a)



Comparable





BD

Reported



Bard Q1 (b)



Intercompany

Adjustment

(c)



Divestiture

and Other

Adjustments 

(a)



Comparable





FX Impact

(d)



FXN

% Change





2019





2019





2018



2018







2018







BD MEDICAL













































Medication Delivery Solutions

$

2,871





$





$

2,871







$

2,677





$

213





$

(3)





$

(9)





$

2,878







$

(87)





2.8



Medication Management Solutions

1,896









1,896







1,778

















1,778







(20)





7.8



Diabetes Care



819









819







820

















820







(24)





2.8



Pharmaceutical Systems

1,040









1,040







994

















994







(37)





8.3



TOTAL



$

6,626





$





$

6,626







$

6,270





$

213





$

(3)





$

(9)





$

6,471







$

(168)





5.0

















































BD LIFE SCIENCES











































Preanalytical Systems

$

1,165





$





$

1,165







$

1,160





$





$





$

(12)





$

1,148







$

(45)





5.4



Diagnostic Systems

1,138









1,138







1,152

















1,152







(39)





2.2



Biosciences



862





(9)





854







910













(77)





833







(26)





5.6



TOTAL



$

3,166





$

(9)





$

3,157







$

3,222





$





$





$

(89)





$

3,133







$

(110)





4.3

















































BD INTERVENTIONAL











































Surgery



$

1,042





$





$

1,042







$

864





$

153





$





$

(18)





$

999







$

(11)





5.4



Peripheral Intervention

1,029









1,029







697





334













1,030







(25)





2.2



Urology and Critical Care

843









843







529





267













796







(11)





7.3



TOTAL



$

2,914





$





$

2,914







$

2,089





$

755





$





$

(18)





$

2,826







$

(47)





4.8

















































TOTAL REVENUES



$

12,706





$

(9)





$

12,697







$

11,581





$

968





$

(3)





$

(115)





$

12,430







$

(325)





4.8



 

(a)     

The amounts for the nine months ended June 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business.  The amounts for the nine months ended June 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line.  Additionally, Medication Delivery Solutions and Preanalytical Systems results for the nine months ended June 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018.  Accordingly, to ensure comparability of revenue growth, the results for the nine months ended June 30, 2018 have been adjusted to reflect these cumulative fees.  The Company records rebate and customer incentive fees as a reduction to revenue.

(b)    

Amounts represent revenues for the quarter ended December 31, 2017.  BD reported a Gore royalty amount, which was previously reported as revenues by Bard, as non-operating income in the current-year period.

(c)     

Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period.

(d)    

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the nine months ended June 30, 2019.  The total foreign currency translation impact above includes $18 million that was calculated by comparing local currency revenues in Argentina for the nine months ended June 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)

























































Three Months Ended June 30,



2019



2018



Growth



Foreign

Currency

Translation



Foreign

Currency

Neutral

Growth



Growth %



Foreign

Currency

Neutral

Growth %

Reported Diluted Earnings per Share

$

1.51



$

2.03



$

(0.52)



$

(0.25)



$

(0.27)



(25.6)

%



(13.3)

%

Purchase accounting adjustments ($378 million and $433 million pre-tax, respectively) (1)

1.38



1.58







(0.01)













Restructuring costs ($27 million and $33 million pre-tax, respectively) (2)

0.10



0.12



















Integration costs ($63 million and $103 million pre-tax, respectively) (2)

0.23



0.37



















Impacts of debt extinguishment ($52 million and $3 million pre-tax, respectively) (3)

0.19



0.01



















Net impact of gain on sale of investment and asset impairments ($30 million and $(214) million pre-tax, respectively) (4)

0.11



(0.78)



















European regulatory initiative-related costs ($14 million pre-tax) (5)

0.05





















Hurricane-related (insurance proceeds) recovery costs ($(10) million and $3 million pre-tax, respectively)

(0.04)



0.01



















Transaction costs ($11 million pre-tax) (2)



0.04



















Income tax benefit of special items and impact of tax reform ($120 million and $130 million, respectively)

(0.44)



(0.48)



















Adjusted Diluted Earnings per Share

$

3.08



$

2.91



$

0.17



$

(0.26)



$

0.43



5.8

%



14.8

%

 

(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 associated with acquisitions.

(3)

Represents the impacts recognized upon the extinguishment of certain long-term senior notes.

(4)

The amount in 2019 represented a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit.  The amount in 2018 included 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.

(5)

Represents initial costs required to develop processes and systems to comply with emerging regulations such as the European Union Medical Device Regulation ("EUMDR") and General Data Protection Regulation ("GDPR").

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)











Nine Months Ended June 30,





2019



2018



Growth



Foreign

Currency

Translation



Foreign

Currency

Neutral

Growth



Growth %



Foreign

Currency

Neutral

Growth %

Reported Diluted Earnings per Share

$

3.49





$

1.27





$

2.22





$

(0.64)





$

2.86





174.8

%



225.2

%

Purchase accounting adjustments ($1.135 billion and $1.358 billion pre-tax, respectively) (1)

4.14





5.21









(0.01)















Restructuring costs ($99 million and $288 million pre-tax, respectively) (2)

0.36





1.10























Integration costs ($206 million and $255 million pre-tax, respectively) (2)

0.75





0.98























Transaction gain/loss and product-related matters ($61 million pre-tax) (3)

0.22



























Impacts of debt extinguishment ($53 million and $16 million pre-tax, respectively) (4)

0.19





0.06























Net impact of gain on sale of investment and asset impairments ($30 million and $(214) million pre-tax, respectively) (5)

0.11





(0.82)























European regulatory initiative-related costs ($29 million pre-tax) (6)

0.11



























Hurricane-related (insurance proceeds) recovery costs ($(10) million and $15 million pre-tax, respectively)

(0.04)





0.06























Transaction costs ($1 million and $61 million pre-tax, respectively) (2)





0.23























Financing impacts ($49 million pre-tax) (7)





0.19























Dilutive Impact (8)





0.31























Income tax benefit of special items and impact of tax reform ($263 million and $133 million, respectively) (9)

(0.96)





(0.51)























Adjusted Diluted Earnings per Share

$

8.37





$

8.08





$

0.29





$

(0.65)





$

0.94





3.6

%



11.6

%

 

(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 associated with acquisitions.

(3)

Includes amounts recorded to Other operating expense, net to record product liability reserves of $331 million and the estimated cumulative costs of a product recall of $65 million.  Also includes the pre-tax gain of $336 million recognized in Other operating expense, net related to BD's sale of its Advanced Bioprocessing business.

(4)

Represents the impacts recognized upon the extinguishment of certain long-term senior notes.

(5)

The amount in 2019 represented a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit.  The amount in 2018 included 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.

(6)

Represents initial costs required to develop processes and systems to comply with emerging regulations such as the EUMDR and GDPR.

(7)

Represents financing impacts associated with the Bard acquisition.

(8)

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 255,697.

(9)

The amounts for the nine months ended June 30, 2019 and 2018 included additional tax (benefit) expense, net, of $(54) million and $275 million, respectively, relating to new U.S. tax legislation.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2019 OUTLOOK RECONCILIATION

























FY2018



FY2019 Outlook





Revenues



% Change



FX Impact



% Change FXN



















BDX Revenue



$

15,983





8.0% to 9.0%



~2.5%



10.5% to 11.5%



















Comparable Revenue Growth



















BD Including Bard

















FY2018



FY2019 Outlook













Revenues



% Change FXN

Comparable



























BDX As Reported Revenue



$

15,983















Bard Q1



968















Intercompany Adjustment



(3)















Rebate Adjustment



(21)















Divestiture Adjustment (1)(2)

(124)















BDX NewCo Comparable Revenue

$

16,803





5.0% to 6.0%



























FXN - Foreign Currency Neutral

















































































































































































BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2019 OUTLOOK RECONCILIATION (continued)













FY2018



FY2019 Outlook













Revenues



% Change FXN

Comparable









BD Medical As Reported Revenue

$

8,616















Bard Q1



213















Intercompany Adjustment



(3)















Rebate Adjustment



(9)















BD Medical Comparable Revenue

8,817





5.0% to 6.0%













































BD Life Sciences As Reported Revenue



$

4,330















Rebate Adjustment



(12)















Divestiture Adjustment (1)



(106)















BD Life Sciences Comparable Revenue

$

4,212





4.0% to 5.0%



























BD Interventional as Reported Revenue

$

3,037















Bard Q1



755















Divestiture Adjustment (2)



(18)















BD Interventional Comparable Revenue

$

3,774





4.5% to 5.5%



























FXN - Foreign Currency Neutral















(1)   Excludes the impact from the divestiture of BD's Advanced Bioprocessing business.

(2)   Excludes the impact from the divestitures of BD's soft tissue core needle biopsy product line and Bard's Aspira product line of tunneled home drainage catheters and accessories.



























































































BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2019 OUTLOOK RECONCILIATION (continued)

















FY2019 Outlook









Full Year

FY2018



Full Year

FY2019 Outlook



% Increase





Reported Fully Diluted Earnings per Share

$

0.60















Purchase accounting adjustments ($1.733 billion pre-tax) (1)

6.55















Restructuring costs ($344 million pre-tax) (2)

1.30















Integration costs ($344 million pre-tax) (2)

1.30















Transaction costs ($56 million pre-tax) (3)

0.21















Financing impacts ($49 million pre-tax) (4)

0.19















Hurricane recovery costs ($17 million pre-tax)

0.07















Losses on debt extinguishment ($16 million pre-tax) (5)

0.06















Net impact of gain on sale of investment and asset impairments ($(151) million pre-tax) (6)

(0.57)















Dilutive Impact (7)



0.30















Impact of tax reform and income tax benefit of special items ($265 million) (8)

1.00















Adjusted Fully Diluted Earnings per Share

$

11.01





$11.65 to 11.75



6.0% to 7.0%























Estimated FX Impact











~5.5%























Adjusted FXN Growth











~12.0%





 

FXN - Foreign Currency Neutral





(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 and integration costs associated with the Bard and CareFusion acquisitions, as well as restructuring costs associated with other portfolio rationalization initiatives.

(3)

Represents transaction costs primarily associated with the Bard acquisition.

(4)

Represents financing impacts associated with the Bard acquisition.

(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 as well as $58 million of charges to write down the value of fixed assets primarily in the Diabetes Care unit.

(7)

Represents the dilutive impact of BD shares issued in May 2017, in anticipation of the Bard acquisition and BD shares issued as consideration transferred to acquire Bard.  The adjusted diluted average shares outstanding (in thousands) was 260,758.

(8)

Includes additional tax expense, net, of $640 million relating to new U.S. tax legislation.

 

 

Contact:

Monique N. Dolecki, Investor Relations - 201-847-5378

Kristen Cardillo, Corporate Communications - 201-847-5657

 

Cision View original content:http://www.prnewswire.com/news-releases/bd-announces-results-for-2019-third-fiscal-quarter-reaffirms-fiscal-2019-guidance-300896655.html

SOURCE BD (Becton, Dickinson and Company)

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