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 BD Announces Results For 2015 Fourth Fiscal Quarter And Full Year; Provides Fiscal 2016 Guidance
   Wednesday, November 04, 2015 6:00:00 AM ET

BD (Becton, Dickinson and Company) (BDX ), a leading global medical technology company, today reported quarterly adjusted revenues of $3.067 billion for the fourth fiscal quarter ended September 30, 2015, an increase of 39.3 percent over the prior-year period as reported, or 49.1 percent on a currency-neutral basis. On a comparable, currency-neutral basis, fourth quarter adjusted revenues grew 5.1 percent. As reported, fourth quarter revenues were $3.059 billion. For the full fiscal year ended September 30, 2015, BD reported adjusted revenues of $10.302 billion, an increase of 22.0 percent over the prior-year period as reported, or 29.5 percent on a currency-neutral basis. On a comparable, currency-neutral basis, full fiscal year adjusted revenues grew 5.3 percent. As reported, full fiscal year revenues were $10.282 billion.

"Fiscal 2015 was a significant year for BD with the successful completion of the largest acquisition in the Company’s history," said Vincent A. Forlenza, Chairman, CEO and President. "We are very proud of our strong fourth quarter and fiscal year 2015 results, which exceeded our expectations. We enter fiscal 2016 with continued confidence in our ability to execute our strategy, deliver against our financial commitments, and return value to our shareholders."

All "comparable" basis revenue growth rates presented throughout this release include the results of CareFusion in the current and prior-year periods. For reconciliations of these revenue amounts and growth rates to the most directly comparable GAAP measures, please refer to the tables at the end of this release.

Fourth Quarter and Full Year Fiscal 2015 Operating Results Adjusted diluted earnings per share were $1.94, compared with $1.74 in the prior-year period. This represents an increase of 11.5 percent, or 21.8 percent on a currency-neutral basis. On a reported basis, diluted earnings per share for the fourth quarter were $0.84 compared with $1.53 in the prior-year period.

For the full fiscal year ended September 30, 2015, adjusted diluted earnings per share were $7.16, compared with $6.50 in the prior-year period. This represents an increase of 10.2 percent, or 21.2 percent on a currency-neutral basis. On a reported basis, diluted earnings per share were $3.35, compared with $5.99 in the prior-year period.

Current and prior-year adjusted results exclude the impact of the non-cash amortization of intangible assets and other certain specified items. These specified items are detailed in the accompanying reconciliation of reported diluted earnings per share to adjusted diluted earnings per share.

Segment Results In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.091 billion, an increase of 75.3 percent over the prior-year period as reported, or 86.6 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted Medical revenues grew 5.2 percent, which reflects strong sales across the Medication Management Solutions, Medication and Procedural Solutions, Pharmaceutical Systems, and Diabetes Care units, partially offset by a decline in the Respiratory Solutions unit. On a reported basis, Medical revenues were $2.083 billion.

For the twelve-month period ended September 30, 2015, BD Medical adjusted revenues of $6.480 billion increased 41.7 percent over the prior-year period as reported, or 50.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 5.5 percent. On a reported basis, revenues were $6.460 billion.

In the BD Life Sciences segment, worldwide revenues for the quarter were $976 million, a decrease of 3.3 percent from the prior-year period, or an increase of 4.8 percent on a currency-neutral basis. The segment’s results reflect solid growth in the Preanalytical Systems and Diagnostic Systems units, and moderate growth in the Biosciences unit.

For the twelve-month period ended September 30, 2015, BD Life Sciences revenues of $3.822 billion decreased 1.3 percent from the prior-year period, and increased 5.0 percent on a currency-neutral basis.

Geographic Results Fourth quarter adjusted revenues in the U.S. of $1.640 billion represent an increase of 88.3 percent over the prior-year period as reported. On a comparable basis, adjusted U.S. revenues increased 4.6 percent. Within the BD Medical segment, growth was driven by strong sales in the Medication Management Solutions and Medication and Procedural Solutions units, partially offset by a decline in the Respiratory Systems unit. Growth in the BD Life Sciences segment was driven by strong performance in the Biosciences unit. On a reported basis, U.S. revenues were $1.632 billion.

Revenues outside of the U.S. were $1.427 billion, representing an increase of 7.2 percent over the prior-year period, or an increase of 23.4 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 5.5 percent which reflects continued strength in Western Europe.

For the twelve-month period ended September 30, 2015, adjusted revenues in the U.S. were $5.090 billion, an increase of 49.0 percent over the prior-year period as reported. On a comparable basis, U.S. revenues grew 4.1 percent. On a reported basis, U.S. revenues were $5.069 billion. Revenues outside of the U.S. were $5.213 billion, an increase of 3.6 percent over the prior-year period as reported, or an increase of 16.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, revenues outside the U.S. grew 6.6 percent.

Fiscal 2016 Outlook for Full Year The Company estimates that currency-neutral adjusted revenues for the full fiscal year 2016, including the accretion from the acquisition of CareFusion, will increase 24.5 to 25.0 percent. Including the impact of foreign currency, adjusted revenues are expected to increase 23.0 to 23.5 percent. On a comparable, currency-neutral basis, the Company estimates organic adjusted revenues will increase 4.5 to 5.0 percent. As reported, the Company expects full fiscal year revenues to increase 23.0 to 23.5 percent.

The Company expects adjusted diluted earnings per share to be between $8.37 and $8.44 for the full fiscal year 2016 including the estimated unfavorable impact from foreign currency. This represents growth of approximately 17.0 to 18.0 percent. On a currency-neutral basis, full-year fiscal 2016 adjusted diluted earnings per share are expected to be between $8.73 and $8.80, which represents growth of 22.0 to 23.0 percent over 2015 adjusted diluted earnings per share of $7.16. Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include approximately 22.0 percentage points of accretion from the CareFusion acquisition. As reported, the Company expects full fiscal year diluted earnings per share to be between $6.57 and $6.64.

Conference Call Information A conference call regarding BD’s fourth quarter results will be broadcast live on BD’s website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Wednesday, November 4, 2015. 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 Wednesday, November 11, 2015, confirmation number 51724857.

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.

About BD BD is a leading medical technology company that partners with customers and stakeholders to address many of the world’s most pressing and evolving health needs. Our innovative solutions are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology and respiratory care; advancing cellular research and applications; enhancing the diagnosis of infectious diseases and cancers; and supporting the management of diabetes. We are more than 45,000 associates in 50 countries who strive to fulfill our purpose of "Helping all people live healthy lives" by advancing the quality, accessibility, safety and affordability of healthcare around the world. In 2015, BD welcomed CareFusion and its products into the BD family of solutions. For more information on BD, please visit www.bd.com.

***

This press release, including the section entitled "Fiscal 2016 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 CareFusion’s 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; potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers’ ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors including technological advances and new products introduced by competitors; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; increases in energy costs and their effect on, among other things, the cost of producing BD’s products; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BD’s ability to maintain favorable supplier arrangements and relationships; new or changing laws and regulations impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD’s filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BD’s filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
                                                                   Three Months Ended September 30,
                                                                       2015         2014      % Change
REVENUES                                                           $   3,059    $   2,202     38.9
Cost of products sold                                                  1,630        1,099     48.2
Selling and administrative expense                                     756          561       34.8
Research and development expense                                       196          140       39.6
Acquisition-related costs                                              182          -         NM
TOTAL OPERATING COSTS
AND EXPENSES                                                           2,764        1,801     53.5
OPERATING INCOME                                                       296          401       (26.3)
Interest expense                                                       (99)         (36)      NM
Interest income                                                        (5)          10        NM
Other (expense) income, net                                            (2)          1         NM
INCOME BEFORE INCOME TAXES                                             190          376       (49.6)
Income tax provision                                                   9            76        (88.4)
NET INCOME                                                         $   181      $   301       (39.9)
EARNINGS PER SHARE
Basic Earnings per Share                                           $   0.86     $   1.56      (44.9)
Diluted Earnings per Share                                         $   0.84     $   1.53      (45.1)
AVERAGE SHARES OUTSTANDING (in thousands)
Basic                                                                  210,985      192,332
Diluted                                                                215,719      196,460
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
                                                                   Twelve Months Ended September 30,
                                                                       2015         2014      % Change
REVENUES                                                           $   10,282   $   8,446     21.7
Cost of products sold                                                  5,587        4,145     34.8
Selling and administrative expense                                     2,563        2,145     19.5
Research and development expense                                       632          550       14.8
Acquisition-related costs                                              426          -         NM
TOTAL OPERATING COSTS
AND EXPENSES                                                           9,207        6,840     34.6
OPERATING INCOME                                                       1,074        1,606     (33.1)
Interest expense                                                       (371)        (135)     NM
Interest income                                                        15           46        (67.0)
Other income, net                                                      21           5         NM
INCOME BEFORE INCOME TAXES                                             739          1,522     (51.4)
Income tax provision                                                   44           337       (87.0)
NET INCOME                                                         $   695      $   1,185     (41.3)
EARNINGS PER SHARE
Basic Earnings per Share                                           $   3.43     $   6.13      (44.0)
Diluted Earnings per Share                                         $   3.35     $   5.99      (44.1)
AVERAGE SHARES OUTSTANDING (in thousands)
Basic                                                                  202,537      193,299
Diluted                                                                207,509      197,709
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Three Months Ended September 30,
(Unaudited; Amounts in millions)
                                     A                                    B                      C                                     D=(A-B)/B          E=(C-B)/B
                                                       As Reported                               Adjusted                              % Change
                                     2015                                 2014                   2015                                  Reported                             Adjusted
BD MEDICAL
Medication and Procedural Solutions  $                 481                $                 257  $                 481                 87.0                                 87.0
Medication Management Solutions                        390                                  -                      390                 NM                                   NM
Diabetes Care                                          130                                  123                    130                 5.7                                  5.7
Pharmaceutical Systems                                 78                                   76                     78                  2.5                                  2.5
Respiratory Solutions                                  133                                  -                      133                 NM                                   NM
Deferred Revenue Adjustment *                          (8)                                  -                      -                   NM                                   -
TOTAL                                $                 1,203              $                 456  $                 1,211               164.1                                165.8
BD LIFE SCIENCES
Preanalytical Systems                $                 173                $                 171  $                 173                 1.5                                  1.5
Diagnostic Systems                                     146                                  148                    146                 (1.8)                                (1.8)
Biosciences                                            110                                  96                     110                 14.5                                 14.5
TOTAL                                $                 429                $                 415  $                 429                 3.3                                  3.3
TOTAL UNITED STATES                  $                 1,632              $                 871  $                 1,640               87.4                                 88.3
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                     A            B            C           D=(A-B)/B  E=(A-B-C)/B
                                     As Reported               FX          % Change
                                     2015         2014         Impact      Reported         FXN
BD MEDICAL
Medication and Procedural Solutions  $     356    $     331    $   (52)    7.6              23.3
Medication Management Solutions            89           -          (14)    NM               NM
Diabetes Care                              127          141        (23)    (10.2)           6.0
Pharmaceutical Systems                     254          265        (39)    (4.0)            10.8
Respiratory Solutions                      54           -          (6)     NM               NM
TOTAL                                $     880    $     737    $   (134)   19.4             37.6
BD LIFE SCIENCES
Preanalytical Systems                $     175    $     187    $   (30)    (6.4)            9.8
Diagnostic Systems                         196          202        (29)    (2.9)            11.5
Biosciences                                176          205        (22)    (14.3)           (3.5)
TOTAL                                $     547    $     594    $   (81)    (7.9)            5.8
TOTAL INTERNATIONAL                  $     1,427  $     1,331  $   (216)   7.2              23.4
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                     A                                    B                                    C                                    D                                     E=(A-B)/B           F=(A-B-D)/B         G=(C-B)/B           H=(C-B-D)/B
                                                                                                                                                                                          % Change
                                     As Reported                                                               Adjusted                             FX                                                                                                Adjusted
                                     2015                                 2014                                 2015                                 Impact                                Reported            FXN                 Adjusted            FXN
BD MEDICAL
Medication and Procedural Solutions  $                 836                $                 588                $                 836                $                 (52)                42.3                51.2                42.3                51.2
Medication Management Solutions                        479                                  -                                    479                                  (14)                NM                  NM                  NM                  NM
Diabetes Care                                          257                                  264                                  257                                  (23)                (2.8)               5.8                 (2.8)               5.8
Pharmaceutical Systems                                 332                                  341                                  332                                  (39)                (2.6)               9.0                 (2.6)               9.0
Respiratory Solutions                                  187                                  -                                    187                                  (6)                 NM                  NM                  NM                  NM
Deferred Revenue Adjustment *                          (8)                                  -                                    -                                    -                   NM                  NM                  -                   -
TOTAL                                $                 2,083              $                 1,193              $                 2,091              $                 (134)               74.7                85.9                75.3                86.6
BD LIFE SCIENCES
Preanalytical Systems                $                 349                $                 358                $                 349                $                 (30)                (2.6)               5.8                 (2.6)               5.8
Diagnostic Systems                                     342                                  350                                  342                                  (29)                (2.4)               5.9                 (2.4)               5.9
Biosciences                                            286                                  301                                  286                                  (22)                (5.1)               2.2                 (5.1)               2.2
TOTAL                                $                 976                $                 1,009              $                 976                $                 (81)                (3.3)               4.8                 (3.3)               4.8
TOTAL REVENUES                       $                 3,059              $                 2,202              $                 3,067              $                 (216)               38.9                48.7                39.3                49.1
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Twelve Months Ended September 30,
(Unaudited; Amounts in millions)
                                     A                                    B                                    C                                     D=(A-B)/B           E=(C-B)/B
                                                       As Reported                                             Adjusted                              % Change
                                     2015                                 2014                                 2015                                  Reported            Adjusted
BD MEDICAL
Medication and Procedural Solutions  $                 1,483              $                 1,016              $                 1,483               46.0                46.0
Medication Management Solutions                        832                                  -                                    832                 NM                  NM
Diabetes Care                                          491                                  481                                  491                 2.2                 2.2
Pharmaceutical Systems                                 304                                  303                                  304                 0.3                 0.3
Respiratory Solutions                                  297                                  -                                    297                 NM                  NM
Deferred Revenue Adjustment *                          (20)                                 -                                    -                   NM                  -
TOTAL                                $                 3,386              $                 1,799              $                 3,407               88.2                89.4
BD LIFE SCIENCES
Preanalytical Systems                $                 689                $                 678                $                 689                 1.7                 1.7
Diagnostic Systems                                     592                                  573                                  592                 3.1                 3.1
Biosciences                                            402                                  366                                  402                 9.7                 9.7
TOTAL                                $                 1,683              $                 1,617              $                 1,683               4.0                 4.0
TOTAL UNITED STATES                  $                 5,069              $                 3,417              $                 5,090               48.4                49.0
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                     A            B            C             D=(A-B)/B  E=(A-B-C)/B
                                     As Reported               FX            % Change
                                     2015         2014         Impact        Reported         FXN
BD MEDICAL
Medication and Procedural Solutions  $     1,367  $     1,292  $     (147)   5.8              17.2
Medication Management Solutions            201          -            (34)    NM               NM
Diabetes Care                              521          557          (69)    (6.5)            6.0
Pharmaceutical Systems                     863          926          (124)   (6.8)            6.7
Respiratory Solutions                      122          -            (14)    NM               NM
TOTAL                                $     3,074  $     2,774  $     (389)   10.8             24.8
BD LIFE SCIENCES
Preanalytical Systems                $     701    $     734    $     (90)    (4.5)            7.8
Diagnostic Systems                         708          728          (84)    (2.8)            8.7
Biosciences                                730          793          (69)    (7.9)            0.8
TOTAL                                $     2,139  $     2,255  $     (244)   (5.1)            5.7
TOTAL INTERNATIONAL                  $     5,213  $     5,029  $     (633)   3.6              16.2
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                     A                                    B                                    C                                    D                                     E=(A-B)/B           F=(A-B-D)/B         G=(C-B)/B           H=(C-B-D)/B
                                                                                                                                                                                          % Change
                                     As Reported                                                               Adjusted                             FX                                                                                                Adjusted
                                     2015                                 2014                                 2015                                 Impact                                Reported            FXN                 Adjusted            FXN
BD MEDICAL
Medication and Procedural Solutions  $                 2,850              $                 2,307              $                 2,850              $                 (147)               23.5                29.9                23.5                29.9
Medication Management Solutions                        1,033                                -                                    1,033                                (34)                NM                  NM                  NM                  NM
Diabetes Care                                          1,012                                1,037                                1,012                                (69)                (2.4)               4.3                 (2.4)               4.3
Pharmaceutical Systems                                 1,167                                1,229                                1,167                                (124)               (5.0)               5.1                 (5.0)               5.1
Respiratory Solutions                                  419                                  -                                    419                                  (14)                NM                  NM                  NM                  NM
Deferred Revenue Adjustment *                          (20)                                 -                                    -                                    -                   NM                  NM                  -                   -
TOTAL                                $                 6,460              $                 4,573              $                 6,480              $                 (389)               41.3                49.8                41.7                50.2
BD LIFE SCIENCES
Preanalytical Systems                $                 1,391              $                 1,412              $                 1,391              $                 (90)                (1.5)               4.9                 (1.5)               4.9
Diagnostic Systems                                     1,299                                1,301                                1,299                                (84)                (0.2)               6.3                 (0.2)               6.3
Biosciences                                            1,132                                1,159                                1,132                                (69)                (2.4)               3.6                 (2.4)               3.6
TOTAL                                $                 3,822              $                 3,872              $                 3,822              $                 (244)               (1.3)               5.0                 (1.3)               5.0
TOTAL REVENUES                       $                 10,282             $                 8,446              $                 10,302             $                 (633)               21.7                29.2                22.0                29.5
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES
Three Months Ended September 30,
(Unaudited; Amounts in millions)
                                     A                                B                  C=A+B                              D                                E                    F=D+E             G=(C-F)/F
                                                                      Deferred                                              BD               CFN                  Comparable                        Comparable
                                     Reported                         Revenue            Adjusted                           Reported         Reported             Historical                        Adjusted
                                     2015                             Adjustment         2015                               2014             2014                 2014                              % Change
BD MEDICAL
Medication and Procedural Solutions  $               481              $               -  $               481              $ 257              $               199  $               456               5.4
Medication Management Solutions                      390                              -                  390                -                                346                  346               12.7
Diabetes Care                                        130                              -                  130                123                              -                    123               5.7
Pharmaceutical Systems                               78                               -                  78                 76                               -                    76                2.5
Respiratory Solutions                                133                              -                  133                -                                152                  152               (12.5)
Deferred Revenue Adjustment *                        (8)                              8                  -                  -                                -                    -                 -
TOTAL                                $               1,203            $               8  $               1,211            $ 456              $               697  $               1,152             5.1
BD LIFE SCIENCES
Preanalytical Systems                $               173              $               -  $               173              $ 171              $               -    $               171               1.5
Diagnostic Systems                                   146                              -                  146                148                              -                    148               (1.8)
Biosciences                                          110                              -                  110                96                               -                    96                14.5
TOTAL                                $               429              $               -  $               429              $ 415              $               -    $               415               3.3
TOTAL UNITED STATES                  $               1,632            $               8  $               1,640            $ 871              $               697  $               1,567             4.6
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                              A                    B                    C                      D=B+C       E             F=(A-D-E)/D
                                                                   BD                   CFN                    Comparable  Comparable    Comparable
                                              Reported             Reported             Reported               Historical  FX            FXN
                                              2015                 2014                 2014                   2014        Impact        % Change
BD MEDICAL
Medication and Procedural Solutions           $         356        $         331        $         60         $ 391         $     (52)    4.5
Medication Management Solutions                         89                   -                    97           97                (14)    5.5
Diabetes Care                                           127                  141                  -            141               (23)    6.0
Pharmaceutical Systems                                  254                  265                  -            265               (39)    10.8
Respiratory Solutions                                   54                   -                    69           69                (6)     (12.2)
TOTAL                                         $         880        $         737        $         226        $ 963         $     (134)   5.4
BD LIFE SCIENCES
Preanalytical Systems                         $         175        $         187        $         -          $ 187         $     (30)    9.8
Diagnostic Systems                                      196                  202                  -            202               (29)    11.5
Biosciences                                             176                  205                  -            205               (22)    (3.5)
TOTAL                                         $         547        $         594        $         -          $ 594         $     (81)    5.8
TOTAL INTERNATIONAL                           $         1,427      $         1,331      $         226        $ 1,557       $     (216)   5.5
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                              A                                B                  C=A+B                            D                                E                      F=D+E            G                                 H=(C-F-G)/F
                                                                                                                                                                                                                                              Comparable
                                                                               Deferred                                            BD                               CFN                    Comparable       Comparable                        Adjusted
                                              Reported                         Revenue            Adjusted                         Reported                         Reported               Historical       FX                                FXN
                                              2015                             Adjustment         2015                             2014                             2014                   2014             Impact                            % Change
BD MEDICAL
Medication and Procedural Solutions           $               836              $               -  $               836              $               588              $               258  $ 846              $               (52)              5.0
Medication Management Solutions                               479                              -                  479                              -                                443    443                              (14)              11.1
Diabetes Care                                                 257                              -                  257                              264                              -      264                              (23)              5.8
Pharmaceutical Systems                                        332                              -                  332                              341                              -      341                              (39)              9.0
Respiratory Solutions                                         187                              -                  187                              -                                220    220                              (6)               (12.4)
Deferred Revenue Adjustment *                                 (8)                              8                  -                                -                                -      -                                -                 -
TOTAL                                         $               2,083            $               8  $               2,091            $               1,193            $               922  $ 2,115            $               (134)             5.2
BD LIFE SCIENCES
Preanalytical Systems                         $               349              $               -  $               349              $               358              $               -    $ 358              $               (30)              5.8
Diagnostic Systems                                            342                              -                  342                              350                              -      350                              (29)              5.9
Biosciences                                                   286                              -                  286                              301                              -      301                              (22)              2.2
TOTAL                                         $               976              $               -  $               976              $               1,009            $               -    $ 1,009            $               (81)              4.8
TOTAL REVENUES                                $               3,059            $               8  $               3,067            $               2,202            $               922  $ 3,124            $               (216)             5.1
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES
Twelve Months Ended September 30,
(Unaudited; Amounts in millions)
                                     A                                B                   C=A+B                            D                                E=C+D                                            F                G                                H=F+G                             I=(E-H)/H
                                                                                                                                                            Comparable
                                                                      Deferred                                             CFN                              Historical                       BD                               CFN                              Comparable                        Comparable
                                     Reported                         Revenue             Adjusted                         Reported                         Adjusted                         Reported                         Reported                         Historical                        Adjusted
                                     2015                             Adjustment          2015                             1st Half 2015 **                 2015                             2014                             2014                             2014                              % Change
BD MEDICAL
Medication and Procedural Solutions  $               1,483            $               -   $               1,483            $               427              $               1,910            $               1,016            $               800              $               1,816             5.2
Medication Management Solutions                      832                              -                   832                              843                              1,675                            -                                1,607                            1,607             4.2
Diabetes Care                                        491                              -                   491                              -                                491                              481                              -                                481               2.2
Pharmaceutical Systems                               304                              -                   304                              -                                304                              303                              -                                303               0.3
Respiratory Solutions                                297                              -                   297                              333                              630                              -                                604                              604               4.3
Deferred Revenue Adjustment *                        (20)                             20                  -                                -                                -                                -                                -                                -                 -
TOTAL                                $               3,386            $               20  $               3,407            $               1,603            $               5,010            $               1,799            $               3,011            $               4,810             4.2
BD LIFE SCIENCES
Preanalytical Systems                $               689              $               -   $               689              $               -                $               689              $               678              $               -                $               678               1.7
Diagnostic Systems                                   592                              -                   592                              -                                592                              573                              -                                573               3.1
Biosciences                                          402                              -                   402                              -                                402                              366                              -                                366               9.7
TOTAL                                $               1,683            $               -   $               1,683            $               -                $               1,683            $               1,617            $               -                $               1,617             4.0
TOTAL UNITED STATES                  $               5,069            $               20  $               5,090            $               1,603            $               6,693            $               3,417            $               3,011            $               6,427             4.1
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
** For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                               A                                B                    C=A+B                D           E          F=D+E        G             H=(C-F-G)/F
                                                                                CFN                  Comparable           BD          CFN        Comparable   Comparable    Comparable
                                               Reported                         Reported             Historical           Reported    Reported   Historical   FX            FXN
                                               2015                             1st Half 2015 *      2015                 2014        2014       2014         Impact        % Change
BD MEDICAL
Medication and Procedural Solutions            $               1,367            $         117        $         1,483      $    1,292  $    240   $     1,532  $     (154)   6.9
Medication Management Solutions                                201                        208                  409             -           416         416          (55)    11.6
Diabetes Care                                                  521                        -                    521             557         -           557          (69)    6.0
Pharmaceutical Systems                                         863                        -                    863             926         -           926          (124)   6.7
Respiratory Solutions                                          122                        138                  260             -           267         267          (22)    5.8
TOTAL                                          $               3,074            $         463        $         3,536      $    2,774  $    923   $     3,697  $     (426)   7.2
BD LIFE SCIENCES
Preanalytical Systems                          $               701              $         -          $         701        $    734    $    -     $     734    $     (90)    7.8
Diagnostic Systems                                             708                        -                    708             728         -           728          (84)    8.7
Biosciences                                                    730                        -                    730             793         -           793          (69)    0.8
TOTAL                                          $               2,139            $         -          $         2,139      $    2,255  $    -     $     2,255  $     (244)   5.7
TOTAL INTERNATIONAL                            $               5,213            $         463        $         5,675      $    5,029  $    923   $     5,952  $     (669)   6.6
* For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
                                               A                                B                   C=A+B                            D                                E=C+D                            F                                G                                H=F+G                            I                                                                                                                                                     J=(E-H-I)/H
                                                                                                                                                                      Comparable                                                                                                                                                                                                                                                                                Comparable
                                                                                Deferred                                             CFN                              Historical                       BD                               CFN                              Comparable                       Comparable                                                                                                                                            Adjusted
                                               Reported                         Revenue             Adjusted                         Reported                         Adjusted                         Reported                         Reported                         Historical                       FX                                                                                                                                                    FXN
                                               2015                             Adjustment          2015                             1st Half 2015 **                 2015                             2014                             2014                             2014                             Impact                                                                                                                                                % Change
BD MEDICAL
Medication and Procedural Solutions            $               2,850            $               -   $               2,850            $               544              $               3,394            $               2,307            $               1,040            $               3,347            $               (154)                                                                                                                                 6.0
Medication Management Solutions                                1,033                            -                   1,033                            1,051                            2,084                            -                                2,023                            2,023                            (55)                                                                                                                                  5.7
Diabetes Care                                                  1,012                            -                   1,012                            -                                1,012                            1,037                            -                                1,037                            (69)                                                                                                                                  4.3
Pharmaceutical Systems                                         1,167                            -                   1,167                            -                                1,167                            1,229                            -                                1,229                            (124)                                                                                                                                 5.1
Respiratory Solutions                                          419                              -                   419                              471                              890                              -                                871                              871                              (22)                                                                                                                                  4.7
Deferred Revenue Adjustment *                                  (20)                             20                  -                                -                                -                                -                                -                                -                                -                                                                                                                                     -
TOTAL                                          $               6,460            $               20  $               6,480            $               2,066            $               8,547            $               4,573            $               3,934            $               8,507            $               (426)                                                                                                                                 5.5
BD LIFE SCIENCES
Preanalytical Systems                          $               1,391            $               -   $               1,391            $               -                $               1,391            $               1,412            $               -                $               1,412            $               (90)                                                                                                                                  4.9
Diagnostic Systems                                             1,299                            -                   1,299                            -                                1,299                            1,301                            -                                1,301                            (84)                                                                                                                                  6.3
Biosciences                                                    1,132                            -                   1,132                            -                                1,132                            1,159                            -                                1,159                            (69)                                                                                                                                  3.6
TOTAL                                          $               3,822            $               -   $               3,822            $               -                $               3,822            $               3,872            $               -                $               3,872            $               (244)                                                                                                                                 5.0
TOTAL REVENUES                                 $               10,282           $               20  $               10,302           $               2,066            $               12,368           $               8,446            $               3,934            $               12,380           $               (669)                                                                                                                                 5.3
* In accordance with U.S. GAAP business combination accounting rules, CareFusion’s deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
** For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in millions)
                                  Three Months Ended September 30,
                                  A         B         C           D=(A-B)/B   E=(A-B-C)/B
                                  As Reported         FX          % Change
                                  2015         2014   Impact      Reported    FXN
TOTAL SAFETY REVENUES
United States                     $  441    $  301    $   -       46.6        46.6
International                        303       265        (49)    14.1        32.7
TOTAL                             $  744    $  566    $   (49)    31.3        40.0
BY SEGMENT
BD Medical                        $  468    $  287    $   (26)    63.3        72.4
BD Life Sciences                     276       279        (23)    (1.4)       6.8
TOTAL                             $  744    $  566    $   (49)    31.3        40.0
                                  Twelve Months Ended September 30,
                                  A         B         C           D=(A-B)/B   E=(A-B-C)/B
                                  As Reported         FX          % Change
                                  2015         2014   Impact      Reported    FXN
TOTAL SAFETY REVENUES
United States                     $  1,471  $  1,207  $   -       21.8        21.8
International                        1,128     1,016      (142)   10.9        24.9
TOTAL                             $  2,598  $  2,223  $   (142)   16.9        23.3
BY SEGMENT
BD Medical                        $  1,501  $  1,119  $   (74)    34.1        40.7
BD Life Sciences                     1,097     1,104      (69)    (0.7)       5.6
TOTAL                             $  2,598  $  2,223  $   (142)   16.9        23.3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF SAFETY REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE
(Unaudited; Amounts in millions)
                                  Three Months Ended September 30,
                                  A                                B                      C            D=B+C        E                  F=(A-D-E)/D
                                  BD                               BD                     CFN          Comparable   Comparable         Comparable
                                  Reported                         Reported               Reported     Historical   FX                 FXN
                                  2015                             2014                   2014         2014         Impact             % Change
TOTAL SAFETY REVENUES
United States                     $               441              $          301         $     122    $     422    $     -            4.4
International                                     303                         265               45           311          (49)         13.4
TOTAL                             $               744              $          566         $     167    $     733    $     (49)         8.2
BY SEGMENT
BD Medical                        $               468              $          287         $     167    $     453    $     (26)         9.0
BD Life Sciences                                  276                         279               -            279          (23)         6.8
TOTAL                             $               744              $          566         $     167    $     733    $     (49)         8.2
                                  Twelve Months Ended September 30,
                                  A                                B                      C=A+B        D            E            F=D+E              G             H=(C-F-G)/F
                                                                   CFN                    Comparable   BD           CFN          Comparable         Comparable    Comparable
                                  Reported                         Reported               Historical   Reported     Reported     Historical         FX            FXN
                                  2015                             1st Half 2015 *        2015         2014         2014         2014               Impact        % Change
TOTAL SAFETY REVENUES
United States                     $               1,471            $          252         $     1,722  $     1,207  $     470    $     1,677        $     -       2.7
International                                     1,128                       83                1,210        1,016        172          1,188              (149)   14.4
TOTAL                             $               2,598            $          334         $     2,932  $     2,223  $     641    $     2,865        $     (149)   7.6
BY SEGMENT
BD Medical                        $               1,501            $          334         $     1,835  $     1,119  $     641    $     1,760        $     (80)    8.8
BD Life Sciences                                  1,097                       -                 1,097        1,104        -            1,104              (69)    5.6
TOTAL                             $               2,598            $          334         $     2,932  $     2,223  $     641    $     2,865        $     (149)   7.6
* For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
                                                                                                                                 Three Months Ended September 30,
                                                                                                                                                                                                                                                                                   Foreign                                                                                                                      Foreign
                                                                                                                                                                                                                                                Foreign                            Currency                                                                                                                     Currency
                                                                                                                                                                                                                                                Currency                           Neutral                                                                                                                      Neutral
                                                                                                                                 2015                                  2014                                  Growth                             Translation                        Growth                              Growth %                                                                                 Growth %
Reported Diluted Earnings per Share                                                                                              $                0.84                 $                1.53                 $                (0.69)            $                (0.17)            $                (0.52)             (45.1%)                                                                                  (34.0%)
Transaction Costs ($7 million or $4 million after-tax and $6 million or $4 million after-tax, respectively) (1)                                   0.02                                  0.02
Integration Costs ($40 million or $25 million after-tax) (1)                                                                                      0.12                                  -
Restructuring Costs ($135 million or $84 million after-tax) (1)                                                                                   0.39                                  -
Purchase Accounting Adjustments ($179 million or $125 million after-tax and $18 million or $13 million after-tax, respectively)                   0.58             (2)                  0.06             (3)                                                     (0.01)
Employee Termination Cost-related Amounts ($36 million or $23 million after-tax) (4)                                                              -                                     0.12
Research and Development Adjustment ($(4) million or $(2) million after-tax) (5)                                                                  -                                     (0.01)
Pension Settlement Charges ($3 million or $2 million after-tax) (6)                                                                               -                                     0.01
Other Specified Items, Net ($5 million or $3 million after-tax) (7)                                                                               -                                     0.02
Adjusted Diluted Earnings per Share                                                                                              $                1.94                 $                1.74                 $                0.20              $                (0.18)            $                0.38               11.5%                                                                                    21.8%
(1) Represents transaction, integration and restructuring costs associated with the CareFusion acquisition.
(2) Represents non-cash amortization expense of $152 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $27 million pre-tax to reflect CareFusion’s inventory, fixed assets, debt and deferred revenue balances at fair value as of the acquisition date.
(3) Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.
(4) Represents amounts recorded to a liability for employee termination costs associated with workforce reduction actions taken in the fourth quarter of fiscal year 2014.
(5) Represents a revision to the estimated probable loss previously recorded as a result of the decision to terminate a research and development program in the Medical segment.
(6) Represents non-cash pension settlement charges associated with lump sum benefit payments made primarily from the Company’s U.S. supplemental pension plan, as such payments exceeded the service and interest components of the plan’s pension cost in each year. The charges also included settlement losses associated with certain foreign pension plans.
(7) Represents a charge resulting from the adjustment to the carrying amount of an asset that is being held for sale.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
                                                                                                                                               Twelve Months Ended September 30,
                                                                                                                                                                                                                                                                                                       Foreign                                                                                                                                                                                                                                                                                                           Foreign
                                                                                                                                                                                                                                                          Foreign                                      Currency                                                                                                                                                                                                                                                                                                          Currency
                                                                                                                                                                                                                                                          Currency                                     Neutral                                                                                                                                                                                                                                                                                                           Neutral
                                                                                                                                               2015                                            2014          Growth                                       Translation                                  Growth                                        Growth %                                                                                                                                                                                                                                                            Growth %
Reported Diluted Earnings per Share                                                                                                            $                     3.35                      $    5.99     $                     (2.64)                 $                     (0.69)                 $                     (1.95)                  (44.1%)                                                                                                                                                                                                                                                             (32.6%)
Financing Costs ($107 million or $65 million after-tax) (1)                                                                                                          0.31                           -
Transaction Costs ($59 million or $39 million after-tax and $6 million or $4 million after-tax, respectively) (1)                                                    0.19                           0.02
Integration Costs ($95 million or $59 million after-tax) (1)                                                                                                         0.29                           -
Restructuring Costs ($271 million or $167 million after-tax) (1)                                                                                                     0.80                           -
Purchase Accounting Adjustments ($645 million or $451 million after-tax and $74 million or $51 million after-tax, respectively)                                      2.17                  (2)      0.26 (3)                                                                    (0.02)
Employee Termination Cost-related Amounts ($(5) million or $(3) million after-tax and $36 million or $23 million after-tax, respectively) (4)                        (0.01)                         0.12
Litigation-related Charge ($12 million or $7 million after-tax) (5)                                                                                                  0.04                           -
Dilutive Share Impact (6)                                                                                                                                            0.02                           -
Research and Development Charges ($26 million or $16 million after-tax) (7)                                                                                          -                              0.08
Pension Settlement Charges ($3 million or $2 million after-tax) (8)                                                                                                  -                              0.01
Other Specified Items, Net ($8 million or $6 million after-tax) (9)                                                                                                  -                              0.03
Adjusted Diluted Earnings per Share                                                                                                            $                     7.16                      $    6.50     $                     0.66                   $                     (0.72)                 $                     1.38                    10.2%                                                                                                                                                                                                                                                               21.2%
(1) Represents financing, transaction, integration and restructuring costs associated with the CareFusion acquisition.
(2) Represents non-cash amortization expense of $336 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $318 million pre-tax to reflect CareFusion’s inventory, fixed assets, debt and deferred revenue balances at fair value as of the acquisition date.  Also includes an acquisition-date accounting gain on a previously held investment in CRISI Medical Systems, Inc. of $9 million pre-tax.
(3) Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.
(4) Represents amounts recorded to a liability for employee termination costs associated with workforce reduction actions taken in the fourth quarter of fiscal year 2014.
(5) Represents a charge for plaintiff’s attorneys’ fees associated with the unfavorable verdict in the antitrust and false advertising lawsuit filed against BD by RTI.
(6) Represents the dilutive impact of BD shares issued as part of purchase consideration for CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. The year-to-date adjusted diluted average shares outstanding (in thousands) is 206,833.
(7) Includes a $6 million charge associated with the decision to terminate a research and development program in the Medical segment; the charge relates to program asset write-offs and obligations. Also includes a $20 million charge associated with the write-off of capitalized product software and, to a lesser extent, fixed assets primarily resulting from the discontinuance of an instrument product development program in the Life Sciences segment.
(8) Primarily represents non-cash pension settlement charges associated with lump sum benefit payments made primarily from the Company’s U.S. supplemental pension plan, as such payments exceeded the service and interest components of the plan’s pension cost in each year. The charges also included settlement losses associated with certain foreign pension plans.
(9) Represents the cost associated with the decision to early terminate a European distributor arrangement in the Life Sciences segment of $11 million pre-tax and a charge resulting from the adjustment to the carrying amount of an asset that is being held for sale of $5 million pre-tax, which were largely offset by a gain from a cash distribution received from the sale of a company, of which BD had a small equity ownership, of $8 million pre-tax.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2016 OUTLOOK RECONCILIATION
                                                      FY2016 Outlook
                                                           Revenues       FX Impact     FXN Basis
Full Year FY2016 Estimated Growth on a Reported Basis      23.0% - 23.5%        (1.5%)        24.5% - 25.0%
Deferred Revenue Adjustment                                NM                  NM             NM
Adjusted Full Year FY2016 Estimated Growth                 23.0% - 23.5%        (1.5%)        24.5% - 25.0%
                                                      Full Year           Full Year
                                                      FY2016              FY2015        % Increase
                                                           (estimated)
Reported Fully Diluted Earnings per Share             $    6.57 - 6.64    $    3.35           NM
Financing Costs                                            -                   0.31
Transaction Costs                                          -                   0.19
Integration Costs                                          -                   0.29
Restructuring Costs                                        -                   0.80
Purchase Accounting Adjustments                            1.80                2.17
Employee Termination Cost-related Amounts                  -                   (0.01)
Litigation-related Charge                                  -                   0.04
Dilutive Share Impact                                      -                   0.02
Adjusted Fully Diluted Earnings per Share             $    8.37 - 8.44    $    7.16           17.0% - 18.0%
FX Impact                                             $    (0.36)                             (5.0%)
Adjusted FXN Growth                                   $    8.73 - 8.80                        22.0% - 23.0%
Organic Revenues Growth
                                                                                                                       Full Year   Full Year
                                                           Q1                  Q2             Q3              Q4       FY2015      FY2016
                                                                                                                                   (estimated)
CareFusion Revenues, Reported                              16.1%               3.0%           (5.2%)          1.2%     3.3%         2.0%
FX Impact                                                  (1.4%)              (2.4%)         (3.2%)          (2.8%)   (2.5%)       (0.5%)
CareFusion Revenues, FXN                                   17.5%               5.4%           (2.0%)          4.0%     5.8%         2.5%
CareFusion Inorganic Revenues, FXN                         (7.6%)              -              (0.2%)          (0.6%)   (2.0%)       1.5%
CareFusion Organic Revenues, FXN (1)                       9.9%                5.4%           (2.2%)          3.4%     3.8%         4.0%
BD Standalone Revenues, Reported                           1.8%                (1.0%)         (4.1%)          (3.1%)   (1.7%)       3.0%
FX Impact                                                  (3.5%)              (5.9%)         (8.7%)          (8.6%)   (6.8%)       (2.0%)
BD Standalone Revenues, FXN                                5.3%                4.9%           4.7%            5.5%     5.1%         5.0%
BD Standalone Inorganic Revenues, FXN                      NM                  NM             (0.1%)          NM       NM          NM
BD Standalone Organic Revenues, FXN                        5.3%                4.9%           4.6%            5.5%     5.1%         5.0%
CareFusion Organic Revenues, FXN(1)                                                                                    3.8%         4.0%
BD Standalone Organic Revenues, FXN                                                                                    5.1%         5.0%
BD Including CareFusion Organic Revenues, FXN                                                                          4.7%        4.5%-5.0%
NM - Not Meaningful
FXN = Foreign Currency Neutral
(1) Excludes the impact from a distribution agreement change in the Respiratory Solutions business.

Contact:Monique N. Dolecki, Investor Relations - 201-847-5453Kristen Cardillo, Corporate Communications - 858-617-2317

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bd-announces-results-for-2015-fourth-fiscal-quarter-and-full-year-provides-fiscal-2016-guidance-300171925.html

SOURCE BD (Becton, Dickinson and Company)

http://rt.prnewswire.com/rt.gif?NewsItemId=NY45504&Transmission_Id=201511040600PR_NEWS_USPR_____NY45504&DateId=20151104



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