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 BD Announces Results For 2017 Second Fiscal Quarter
   Tuesday, May 02, 2017 6:00:00 AM ET

BD (Becton, Dickinson and Company) (BDX ), a leading global medical technology company, today reported quarterly revenues of $2.969 billion for the second fiscal quarter ended March 31, 2017. This represents a decrease of 3.2 percent from the prior-year period due to the divestiture of the Respiratory Solutions business that was completed in October 2016. On a comparable, currency-neutral basis, second quarter revenues grew 5.2 percent.

"We are very pleased with our strong second quarter and year-to-date performance, and move forward with strong momentum," said Vincent A. Forlenza, Chairman and CEO. "Both segments contributed to revenue growth, demonstrating the breadth and diversity of the growth drivers within our portfolio. We remain confident in our outlook for fiscal 2017 and our ability to create value for our shareholders."

Second Quarter and Six-Month Fiscal 2017 Operating Results As reported, diluted earnings per share for the second quarter were $1.58, compared with $1.56 in the prior-year period. This represents an increase of 1.3 percent. Adjusted diluted earnings per share were $2.30, compared with $2.18 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 5.5 percent, or 12.8 percent on a currency-neutral basis.

For the six-month period ended March 31, 2017, as reported, diluted earnings per share were $4.15, compared with $2.62 in the prior-year period. This represents an increase of 58.4 percent and is primarily due to a litigation reserve reversal following a favorable appellate antitrust ruling. Adjusted diluted earnings per share were $4.63, compared with $4.13 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 12.1 percent, or 16.2 percent on a currency-neutral basis.

Segment Results In the BD Medical segment, as reported, worldwide revenues for the quarter of $1.987 billion decreased 6.8 percent from the prior-year period due to the aforementioned divestiture. On a comparable, currency-neutral basis, revenues increased 4.8 percent. The segment’s results reflect strong performance in the Medication and Procedural Solutions and Medication Management Solutions units. Performance in the Pharmaceutical Systems and Diabetes Care units was negatively impacted in part by the timing of customer orders which occurred in the first fiscal quarter, earlier than initially anticipated.

Within the Medication Management Solutions unit, the Company is making some changes to its U.S. dispensing business model as it continues to reinvent the medication management process. The transformation of the dispensing business from capital placements to a value-based software business model will create a more robust and customer-focused business.

For the six-month period ended March 31, 2017, BD Medical revenues were $3.951 billion as reported, a decrease of 5.6 percent from the prior-year period due to the aforementioned divestiture. On a comparable, currency-neutral basis, BD Medical revenues increased 6.2 percent.

In the BD Life Sciences segment, as reported, worldwide revenues for the quarter were $982 million, an increase of 4.9 percent over the prior-year period, or an increase of 5.8 percent on a currency-neutral basis. The segment’s revenue growth reflects strong performance in the Diagnostic Systems and Preanalytical Systems units, and a slight decline in revenues in the Biosciences unit. BD Life Sciences’ growth was aided by flu-related revenues in the Diagnostic Systems unit as a result of a stronger flu season in comparison to the prior year.

For the six-month period ended March 31, 2017, BD Life Sciences revenues were $1.940 billion as reported, an increase of 3.8 percent over the prior-year period, and an increase of 4.5 percent on a currency-neutral basis.

Geographic Results As reported, second quarter revenues in the U.S. of $1.627 billion decreased 5.4 percent from the prior-year period due to the aforementioned divestiture. On a comparable basis, U.S. revenues increased 4.0 percent. Within the BD Medical segment, growth in the U.S. was driven by strong performance in the Medication Management Solutions and Medication and Procedural Solutions units. Growth was negatively impacted in part by the aforementioned timing of customer orders in the Diabetes Care unit, and a tough comparison to the prior-year period in the Pharmaceutical Systems unit. BD Life Sciences segment results in the U.S. reflect strength in the Diagnostics Systems and Preanalytical Systems units, and Biosciences unit revenues that were about flat compared to the prior-year period. BD Life Sciences growth was aided by flu-related revenues in the Diagnostic Systems unit as a result of a stronger flu season in comparison to the prior year.

As reported, revenues outside of the U.S. of $1.342 billion were about flat when compared with the prior-year period due to the aforementioned divestiture. On a comparable, currency-neutral basis, revenues outside of the U.S. increased 6.5 percent. International revenue growth reflects strong performance in both segments. Within the BD Medical segment, growth was driven by capital installations in the Medication Management Solutions unit, and strength in the Medication and Procedural Solutions unit. Growth in the BD Life Sciences segment reflects sales of safety-engineered products in emerging markets, and strength in the Diagnostic Systems unit.

For the six-month period ended March 31, 2017, U.S. revenues were $3.257 billion as reported, a decrease of 4.5 percent from the prior-year period due to the aforementioned divestiture. On a comparable basis, U.S. revenues grew 4.8 percent. As reported, revenues outside of the U.S. of $2.635 billion were about flat compared to the prior-year period. On a comparable, currency-neutral basis, revenues outside the U.S. grew 6.7 percent.

Fiscal 2017 Outlook for Full Year As a result of the aforementioned transformation in the U.S. dispensing business within Medication Management Solutions, the Company’s accounting for revenue recognitions will change to reflect the new dispensing business model. The Company estimates an unfavorable impact to full fiscal year 2017 of approximately $50 to $60 million to revenues and approximately $0.20 to $0.25 to adjusted earnings per share. With strong performance year-to-date, combined with its current outlook for fiscal year 2017, the Company is maintaining its full fiscal year 2017 revenue and earnings guidance as described below, which includes the impact of the dispensing business model change.

As reported, the Company continues to expect full fiscal year 2017 revenues to decrease 3.5 to 4.0 percent, primarily due to the aforementioned divestiture of the Respiratory Solutions business. The Company continues to estimate that revenues for the full fiscal year 2017 will increase 4.5 to 5.0 percent on a comparable, currency-neutral basis that excludes Respiratory Solutions and other divestitures that closed in fiscal year 2016.

As reported, the Company now expects full fiscal year 2017 diluted earnings per share to be between $7.73 and $7.83, which represents growth of approximately 72.0 to 74.0 percent. On a currency-neutral basis, the Company continues to expect full fiscal year adjusted diluted earnings per share to be between $9.70 and $9.80, which represents growth of 13.0 to 14.0 percent including an estimated 1.5 percentage points of dilution related to the Respiratory Solutions divestiture. Including the estimated negative impact from foreign currency, the Company continues to expect adjusted diluted earnings per share to be between $9.35 and $9.45, which represents growth of approximately 9.0 to 10.0 percent over fiscal 2016 adjusted diluted earnings per share of $8.59. Adjusted diluted earnings per share excludes, among other specified items, the non-cash amortization of intangible assets, and the reversal of a litigation reserve.

Conference Call Information A conference call regarding BD’s second 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, May 2, 2017. 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, May 9, 2017, confirmation number 3838563.

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 2017 presented throughout this release are adjusted for closed divestitures. Current and prior-year adjusted diluted earnings per share results exclude the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; the reversal of a litigation reserve; and the loss on debt extinguishment. We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. 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 a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures, and support the management of diabetes. The company partners with organizations around the world to address some of the most challenging global health issues. BD has nearly 50,000 associates across 50 countries who work in close collaboration with customers and partners to help enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health. For more information on BD, please visit bd.com.

***

This press release, including the section entitled "Fiscal 2017 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: 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; new or changing laws and regulations impacting our business (including changes in the U.S. tax code or laws impacting foreign trade) or changes in enforcement practices with respect to such laws; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD’s products; 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; risks relating to our ability to continue to successfully integrate CareFusion’s operations in order to fully obtain the benefits of the transaction; uncertainties of litigation (as described in BD’s filings with the Securities and Exchange Commission); future healthcare reform, 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.

Contact: Monique N. Dolecki, Investor Relations - 201-847-5378 Kristen Cardillo, Corporate Communications - 201-847-5657

BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
                                           Three Months Ended March 31,
                                           2017          2016          % Change
REVENUES                                   $     2,969   $     3,067   (3.2)
Cost of products sold                      1,537         1,584         (3.0)
Selling and administrative expense         724           732           (1.2)
Research and development expense           187           182           2.7
Acquisitions and other restructurings      76            104           (26.8)
Other operating (income) expense           --            --            --
TOTAL OPERATING COSTS AND EXPENSES         2,523         2,601         (3.0)
OPERATING INCOME                           446           466           (4.3)
Interest expense                           (86)          (99)          (12.6)
Interest income                            7             3             NM
Other (expense) income, net                (5)           6             NM
INCOME BEFORE INCOME TAXES                 362           376           (3.9)
Income tax provision                       18            38            (53.0)
NET INCOME                                 $     344     $     338     1.6
EARNINGS PER SHARE
Basic Earnings per Share                   $     1.61    $     1.59    1.3
Diluted Earnings per Share                 $     1.58    $     1.56    1.3
AVERAGE SHARES OUTSTANDING (in thousands)
Basic                                      213,583       212,469
Diluted                                    217,866       216,538
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
                                           Six Months Ended March 31,
                                           2017          2016          % Change
REVENUES                                   $     5,892   $     6,054   (2.7)
Cost of products sold                      3,007         3,162         (4.9)
Selling and administrative expense         1,432         1,480         (3.2)
Research and development expense           368           369           (0.2)
Acquisitions and other restructurings      163           225           (27.6)
Other operating (income) expense           (336)         --            NM
TOTAL OPERATING COSTS AND EXPENSES         4,634         5,236         (11.5)
OPERATING INCOME                           1,257         818           53.7
Interest expense                           (181)         (196)         (7.8)
Interest income                            12            9             35.0
Other (expense) income, net                (35)          11            NM
INCOME BEFORE INCOME TAXES                 1,054         642           64.1
Income tax provision                       148           75            98.0
NET INCOME                                 $     905     $     567     59.6
EARNINGS PER SHARE
Basic Earnings per Share                   $     4.24    $     2.67    58.8
Diluted Earnings per Share                 $     4.15    $     2.62    58.4
AVERAGE SHARES OUTSTANDING (in thousands)
Basic                                      213,321       212,077
Diluted                                    217,986       216,695
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Three Months Ended March 31,
(Unaudited; Amounts in millions)
                                     A                              B                              C=(A-B)/B
                                     2017                           2016                           % Change
BD MEDICAL
Medication and Procedural Solutions  $    495                       $    484                       2.3
Medication Management Solutions *    464                            439                            5.6
Diabetes Care                        124                            125                            (0.7)
Pharmaceutical Systems               76                             81                             (6.0)
Respiratory Solutions *              --                             149                            NM
TOTAL                                $    1,159                     $    1,278                     (9.3)
BD LIFE SCIENCES
Preanalytical Systems                $    185                       $    175                       6.0
Diagnostic Systems                   173                            156                            10.5
Biosciences                          110                            110                            (0.2)
TOTAL                                $    467                       $    441                       6.0
TOTAL UNITED STATES                  $    1,627                     $    1,719                     (5.4)
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                                      D=(A-B)/B  E=(A-B-C)/B
                                     A          B          C          % Change
                                     2017       2016       FX Impact  Reported   FXN
BD MEDICAL
Medication and Procedural Solutions  $  370     $  348     $   (6)    6.5        8.2
Medication Management Solutions      103        94         (4)        9.6        13.6
Diabetes Care                        119        118        (1)        0.7        1.7
Pharmaceutical Systems               235        229        (7)        2.6        5.6
Respiratory Solutions                --         64         --         NM         NM
TOTAL                                $  828     $  853     $   (18)   (3.0)      (0.9)
BD LIFE SCIENCES
Preanalytical Systems                $  177     $  165     $   (3)    7.1        9.1
Diagnostic Systems                   178        163        (2)        9.2        10.6
Biosciences                          160        167        (3)        (4.5)      (2.9)
TOTAL                                $  514     $  495     $   (8)    3.9        5.6
TOTAL INTERNATIONAL                  $  1,342   $  1,349   $   (26)   (0.5)      1.5
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                                                                                                     D=(A-B)/B        E=(A-B-C)/B
                                     A                               B                               C                               % Change
                                     2017                            2016                            FX Impact                       Reported         FXN
BD MEDICAL
Medication and Procedural Solutions  $              865              $              831              $              (6)              4.1              4.8
Medication Management Solutions *    567                             533                             (4)                             6.3              7.0
Diabetes Care                        243                             243                             (1)                             --               0.5
Pharmaceutical Systems               312                             311                             (7)                             0.4              2.6
Respiratory Solutions *              --                              213                             --                              NM               NM
TOTAL                                $              1,987            $              2,131            $              (18)             (6.8)            (5.9)
BD LIFE SCIENCES
Preanalytical Systems                $              363              $              340              $              (3)              6.6              7.5
Diagnostic Systems                   350                             319                             (2)                             9.8              10.5
Biosciences                          269                             277                             (3)                             (2.8)            (1.8)
TOTAL                                $              982              $              936              $              (8)              4.9              5.8
TOTAL REVENUES                       $              2,969            $              3,067            $              (26)             (3.2)            (2.4)
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Six Months Ended March 31,
(Unaudited; Amounts in millions)
                                     A                              B                              C=(A-B)/B
                                     2017                           2016                           % Change
BD MEDICAL
Medication and Procedural Solutions  $    990                       $    975                       1.6
Medication Management Solutions *    956                            878                            8.8
Diabetes Care                        268                            259                            3.4
Pharmaceutical Systems               139                            144                            (3.9)
Respiratory Solutions *              --                             287                            NM
TOTAL                                $    2,352                     $    2,544                     (7.5)
BD LIFE SCIENCES
Preanalytical Systems                $    361                       $    353                       2.5
Diagnostic Systems                   327                            305                            7.0
Biosciences                          216                            208                            3.9
TOTAL                                $    904                       $    866                       4.4
TOTAL UNITED STATES                  $    3,257                     $    3,410                     (4.5)
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                                      D=(A-B)/B  E=(A-B-C)/B
                                     A          B          C          % Change
                                     2017       2016       FX Impact  Reported   FXN
BD MEDICAL
Medication and Procedural Solutions  $  744     $  705     $   (14)   5.5        7.6
Medication Management Solutions      212        200        (8)        6.0        10.1
Diabetes Care                        243        240        (1)        1.3        1.7
Pharmaceutical Systems               400        363        (7)        10.3       12.1
Respiratory Solutions                --         134        --         NM         NM
TOTAL                                $  1,599   $  1,641   $   (30)   (2.6)      (0.7)
BD LIFE SCIENCES
Preanalytical Systems                $  356     $  331     $   (6)    7.5        9.4
Diagnostic Systems                   357        327        (2)        9.1        9.9
Biosciences                          322        344        (4)        (6.3)      (5.2)
TOTAL                                $  1,036   $  1,003   $   (13)   3.3        4.5
TOTAL INTERNATIONAL                  $  2,635   $  2,644   $   (43)   (0.4)      1.3
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                                                                                                     D=(A-B)/B        E=(A-B-C)/B
                                     A                               B                               C                               % Change
                                     2017                            2016                            FX Impact                       Reported         FXN
BD MEDICAL
Medication and Procedural Solutions  $              1,734            $              1,680            $              (14)             3.2              4.1
Medication Management Solutions *    1,168                           1,078                           (8)                             8.3              9.0
Diabetes Care                        511                             499                             (1)                             2.4              2.6
Pharmaceutical Systems               539                             507                             (7)                             6.3              7.6
Respiratory Solutions *              --                              421                             --                              NM               NM
TOTAL                                $              3,951            $              4,185            $              (30)             (5.6)            (4.9)
BD LIFE SCIENCES
Preanalytical Systems                $              718              $              684              $              (6)              4.9              5.9
Diagnostic Systems                   684                             632                             (2)                             8.1              8.5
Biosciences                          539                             552                             (4)                             (2.5)            (1.8)
TOTAL                                $              1,940            $              1,869            $              (13)             3.8              4.5
TOTAL REVENUES                       $              5,892            $              6,054            $              (43)             (2.7)            (2.0)
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES
Three Months Ended March 31,
(Unaudited; Amounts in millions)
                                                                                              C
                                                                                              Divestiture                 D=B+C                        E=(A-D)/D
                                                                                              Revenue
                                                                                              Adjustment **
                                     A                            B                                                       Comparable                   Comparable
                                                                                                                                                       % Change
                                     2017                         2016                                                    2016
BD MEDICAL
Medication and Procedural Solutions  $            495             $            484            $            (6)            $            477             3.7
Medication Management Solutions *    464                          439                         --                          439                          5.6
Diabetes Care                        124                          125                         --                          125                          (0.7)
Pharmaceutical Systems               76                           81                          --                          81                           (6.0)
Respiratory Solutions *              --                           149                         (149)                       --                           NM
TOTAL                                $            1,159           $            1,278          $            (155)          $            1,123           3.2
BD LIFE SCIENCES
Preanalytical Systems                $            185             $            175            $            --             $            175             6.0
Diagnostic Systems                   173                          156                         --                          156                          10.5
Biosciences                          110                          110                         --                          110                          (0.2)
TOTAL                                $            467             $            441            $            --             $            441             6.0
TOTAL UNITED STATES                  $            1,627           $            1,719          $            (155)          $            1,564           4.0
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
**Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                              C
                                                              Divestiture    D=B+C                   F=(A-D-E)/D
                                                              Revenue
                                                              Adjustment **
                                     A            B                          Comparable   E          FXN % Change
                                     2017         2016                       2016         FX Impact
BD MEDICAL
Medication and Procedural Solutions  $   370      $   348     $    --        $   348      $   (6)    8.2
Medication Management Solutions      103          94          --             94           (4)        13.6
Diabetes Care                        119          118         --             118          (1)        1.7
Pharmaceutical Systems               235          229         --             229          (7)        5.6
Respiratory Solutions                --           64          (64)           --           --         NM
TOTAL                                $   828      $   853     $    (64)      $   789      $   (18)   7.1
BD LIFE SCIENCES
Preanalytical Systems                $   177      $   165     $    --        $   165      $   (3)    9.1
Diagnostic Systems                   178          163         --             163          (2)        10.6
Biosciences                          160          167         --             167          (3)        (2.9)
TOTAL                                $   514      $   495     $    --        $   495      $   (8)    5.6
TOTAL INTERNATIONAL                  $   1,342    $   1,349   $    (64)      $   1,285    $   (26)   6.5
**Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                                                      C                                                                        F=(A-D-E)/D
                                     A                        B                       Divestiture             D=B+C                    E                       Comparable
                                                                                      Revenue                                                                  FXN
                                                                                      Adjustment **                                                            % Change
                                                                                                              Comparable               Comparable
                                                                                                                                       FX Impact
                                     2017                     2016                                            2016
BD MEDICAL
Medication and Procedural Solutions  $          865           $          831          $          (6)          $          825           $          (6)          5.6
Medication Management Solutions *    567                      533                     --                      533                      (4)                     7.0
Diabetes Care                        243                      243                     --                      243                      (1)                     0.5
Pharmaceutical Systems               312                      311                     --                      311                      (7)                     2.6
Respiratory Solutions *              --                       213                     (213)                   --                       --                      NM
TOTAL                                $          1,987         $          2,131        $          (219)        $          1,912         $          (18)         4.8
BD LIFE SCIENCES
Preanalytical Systems                $          363           $          340          $          --           $          340           $          (3)          7.5
Diagnostic Systems                   350                      319                     --                      319                      (2)                     10.5
Biosciences                          269                      277                     --                      277                      (3)                     (1.8)
TOTAL                                $          982           $          936          $          --           $          936           $          (8)          5.8
TOTAL REVENUES                       $          2,969         $          3,067        $          (219)        $          2,848         $          (26)         5.2
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
**Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES
Six Months Ended March 31,
(Unaudited; Amounts in millions)
                                                                                              C
                                                                                              Divestiture                 D=B+C                        E=(A-D)/D
                                                                                              Revenue
                                                                                              Adjustment **
                                     A                            B                                                       Comparable                   Comparable
                                                                                                                                                       % Change
                                     2017                         2016                                                    2016
BD MEDICAL
Medication and Procedural Solutions  $            990             $            975            $            (14)           $            961             3.0
Medication Management Solutions *    956                          878                         --                          878                          8.8
Diabetes Care                        268                          259                         --                          259                          3.4
Pharmaceutical Systems               139                          144                         --                          144                          (3.9)
Respiratory Solutions *              --                           287                         (287)                       --                           NM
TOTAL                                $            2,352           $            2,544          $            (301)          $            2,243           4.9
BD LIFE SCIENCES
Preanalytical Systems                $            361             $            353            $            --             $            353             2.5
Diagnostic Systems                   327                          305                         --                          305                          7.0
Biosciences                          216                          208                         --                          208                          3.9
TOTAL                                $            904             $            866            $            --             $            866             4.4
TOTAL UNITED STATES                  $            3,257           $            3,410          $            (301)          $            3,109           4.8
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
**Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                              C
                                                              Divestiture    D=B+C                   F=(A-D-E)/D
                                                              Revenue
                                                              Adjustment **
                                     A            B                          Comparable   E          FXN % Change
                                     2017         2016                       2016         FX Impact
BD MEDICAL
Medication and Procedural Solutions  $   744      $   705     $    --        $   705      $   (14)   7.6
Medication Management Solutions      212          200         --             200          (8)        10.1
Diabetes Care                        243          240         --             240          (1)        1.7
Pharmaceutical Systems               400          363         --             363          (7)        12.1
Respiratory Solutions                --           134         (134)          --           --         NM
TOTAL                                $   1,599    $   1,641   $    (134)     $   1,508    $   (30)   8.1
BD LIFE SCIENCES
Preanalytical Systems                $   356      $   331     $    --        $   331      $   (6)    9.4
Diagnostic Systems                   357          327         --             327          (2)        9.9
Biosciences                          322          344         --             344          (4)        (5.2)
TOTAL                                $   1,036    $   1,003   $    --        $   1,003    $   (13)   4.5
TOTAL INTERNATIONAL                  $   2,635    $   2,644   $    (134)     $   2,510    $   (43)   6.7
**Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
                                                                            C                                                                        F=(A-D-E)/D
                           A                        B                       Divestiture             D=B+C                    E                       Comparable
                                                                            Revenue                                                                  FXN
                                                                            Adjustment **                                                            % Change
                                                                                                    Comparable               Comparable
                                                                                                                             FX Impact
                           2017                     2016                                            2016
BD MEDICAL
Medication and Procedural  $          1,734         $          1,680        $          (14)         $          1,666         $          (14)         5.0
Solutions
Medication Management      1,168                    1,078                   --                      1,078                    (8)                     9.0
Solutions *
Diabetes Care              511                      499                     --                      499                      (1)                     2.5
Pharmaceutical Systems     539                      507                     --                      507                      (7)                     7.6
Respiratory Solutions *    --                       421                     (421)                   --                       --                      NM
TOTAL                      $          3,951         $          4,185        $          (434)        $          3,750         $          (30)         6.2
BD LIFE SCIENCES
Preanalytical Systems      $          718           $          684          $          --           $          684           $          (6)          5.9
Diagnostic Systems         684                      632                     --                      632                      (2)                     8.5
Biosciences                539                      552                     --                      552                      (4)                     (1.8)
TOTAL                      $          1,940         $          1,869        $          --           $          1,869         $          (13)         4.5
TOTAL REVENUES             $          5,892         $          6,054        $          (434)        $          5,619         $          (43)         5.6
*The presentation of prior-period amounts has been revised to conform with the presentation of current-period amounts, which does not separately present an immaterial adjustment for the amortization of a deferred revenue balance write-down relating to the CareFusion acquisition.
**Excludes the impact from the following divestitures:  Respiratory, Simplist and Spine.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
                                                         Three Months Ended March 31,
                                                         2017       2016       Growth    Foreign      Foreign   Growth   Foreign
                                                                                         Currency     Currency  %        Currency
                                                                                         Translation  Neutral            Neutral
                                                                                                      Growth             Growth %
Reported Diluted Earnings per Share                      $   1.58   $   1.56   $  0.02   $   (0.16)   $  0.18   1.3 %    11.5 %
Purchase Accounting Adjustments ($129 million and        0.59       0.53
$115 million pre-tax, respectively) (1)
Restructuring Costs ($11 million and $64 million pre-    0.05       0.30
tax, respectively) (2)
Integration Costs ($63 million and $40 million pre-tax,  0.29       0.18
respectively) (2)
Transaction Costs ($8 million pre-tax) (2)               0.04       --
Income Tax Benefit of Special Items ($(54) million and   (0.25)     (0.39)
$(85) million, respectively)
Adjusted Diluted Earnings per Share                      $   2.30   $   2.18   $  0.12   $   (0.16)   $  0.28   5.5 %    12.8 %
 (1) Includes adjustments related to the purchase accounting for acquisitions, primarily CareFusion, impacting identified intangible assets and valuation of fixed assets and debt.
 (2) Represents restructuring, integration, and transaction costs associated with the CareFusion acquisition and portfolio rationalization.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
                                                          Six Months Ended March 31,
                                                          2017       2016       Growth    Foreign      Foreign   Growth    Foreign
                                                                                          Currency     Currency  %         Currency
                                                                                          Translation  Neutral             Neutral
                                                                                                       Growth              Growth %
Reported Diluted Earnings per Share                       $   4.15   $   2.62   $  1.53   $   (0.17)   $  1.70   58.4 %    64.9 %
Purchase Accounting Adjustments ($255 million and         1.17       1.24
$268 million pre-tax, respectively) (1)
Restructuring Costs ($46 million and $149 million pre-    0.21       0.69
tax, respectively) (2)
Integration Costs ($109 million and $75 million pre-tax,  0.50       0.35
respectively) (2)
Transaction Costs ($14 million pre-tax) (2)               0.06       --
Litigation-related Item ($(336) million pre-tax) (3)      (1.54)     --
Loss on Debt Extinguishment ($42 million pre-tax) (4)     0.19       --
Income Tax Benefit of Special Items ($(27) million and    (0.12)     (0.76)
$(164) million, respectively)
Adjusted Diluted Earnings per Share                       $   4.63   $   4.13   $  0.50   $   (0.17)   $  0.67   12.1 %    16.2 %
 (1) Includes adjustments related to the purchase accounting for acquisitions, primarily CareFusion, impacting identified intangible assets and valuation of fixed assets and debt.
 (2) Represents restructuring, integration, and transaction costs associated with the CareFusion acquisition and portfolio rationalization.
 (3) Represents the reversal of certain reserves related to an appellate court decision which, among other things, reversed an unfavorable antitrust judgment in the RTI case.
 (4) Represents a loss recognized upon the extinguishment of certain long-term senior notes.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2017 OUTLOOK RECONCILIATION
                                           FY2016               FY2017 Outlook
                                           Revenues             % Change       FX Impact   % Change FXN
BDX As Reported Revenue                    $     12,483         (3.5% - 4.0%)   (1.5%)     (2.0% - 2.5%)
Divestitures Revenue (1)                   (843)
BDX Comparable Revenue                     $     11,639         3.0% - 3.5%     (1.5%)     4.5% - 5.0%
BD Medical As Reported Revenue             $     8,654          (6.5% - 7.0%)   (1.5%)     (5.0% - 5.5%)
Divestitures Revenue (1)                   (843)
BD Medical Comparable Revenue              $     7,811          3.0% - 3.5%     (1.5%)     4.5% - 5.0%
BD Life Sciences As Reported Revenue       $     3,829          2.5% - 3.5%     (1.5%)     4.0% - 5.0%
                                           FY2017 Outlook
                                           Full Year FY2017     Full Year      % Increase
                                           Outlook              FY2016
                                           (estimated)
Reported Fully Diluted Earnings per Share  $    7.73 - 7.83     $    4.49      NM
Purchase Accounting Adjustments            2.32                 2.42
Restructuring Costs                        0.21             (2) 2.42
Integration Costs                          0.50             (2) 0.88
Transaction Costs                          0.06             (2) 0.04
Litigation-related Item                    (1.54)           (2) --
Loss on Debt Extinguishment                0.19             (2) --
Pension Settlement Charges                 --               (2) 0.03
Income Tax Benefit of Special Items        (0.12)           (2) (1.70)
Adjusted Fully Diluted Earnings per Share  $    9.35 - 9.45     $    8.59      9% - 10%
Estimated FX Impact                        $     (0.35)                         (4.0%)
Adjusted FXN Growth                        $    9.70 - 9.80                    13% - 14%
(1)             Excludes the impact from the following divestitures: Respiratory, Simplist and Spine.
(2)             FY2017 restructuring, integration and transaction costs, litigation-related item, loss on debt extinguishment and income tax benefit of special items reflect year-to-date realized costs.
NM - Not Meaningful
FXN - Foreign Currency Neutral

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bd-announces-results-for-2017-second-fiscal-quarter-300449177.html

SOURCE BD (Becton, Dickinson and Company)

https://rt.prnewswire.com/rt.gif?NewsItemId=NY77145&Transmission_Id=201705020600PR_NEWS_USPR_____NY77145&DateId=20170502



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