Press Release

<< Back
View printer-friendly version
BD Announces Results for 2011 Fourth Fiscal Quarter and Full Year

FRANKLIN LAKES, N.J., Nov. 2, 2011 /PRNewswire via COMTEX/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.051 billion for the fourth fiscal quarter ended September 30, 2011, representing an increase of 9.5 percent from the prior-year period, or 4.0 percent on a foreign currency-neutral basis.

For the full fiscal year ended September 30, 2011, BD reported revenues of $7.829 billion, representing an increase of 6.2 percent over the prior year. On a foreign currency-neutral basis, revenues increased 2.9 percent, despite an unfavorable comparison to the prior year of about 2.0 percentage points due to strong sales related to the H1N1 flu pandemic, supplemental spending in Japan and stimulus spending in the U.S. in fiscal year 2010.

"We are pleased with our solid finish to fiscal year 2011. Despite a challenging business environment, all segments contributed to our success and growth," said Vincent A. Forlenza, Chief Executive Officer and President. "We will continue to drive operational efficiencies and make capital and R&D investments to support our innovation strategy as we look to fiscal year 2012 and beyond."

Update on the Acquisition of Carmel Pharma, AB

As announced in August 2011, the Company completed the acquisition of Carmel Pharma, AB, a Swedish company that manufactures the BD PhaSeal(TM) System. This is the leading closed-system drug transfer device for the safe handling of hazardous drugs that are packaged in vials. The financial impact of the acquisition on our fourth quarter results was in line with our guidance.

Fourth Quarter Earnings and Analysis of the Full Fiscal Year 2011 and 2010 Earnings

Reported diluted earnings per share from continuing operations for the fourth quarter were $1.36, compared with $1.24 in the prior-year period, representing a 9.7 percent increase. Current quarter results included a non-cash charge of $9 million, or $0.03 per share from continuing operations, resulting from the discontinuance of a research program within the Diagnostic Systems unit. Excluding this item, adjusted diluted earnings per share from continuing operations increased by 12.1 percent to $1.39, compared with $1.24 in the prior-year period. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the fourth quarter increased by 8.1 percent.

For the full fiscal year ended September 30, 2011, reported diluted earnings per share from continuing operations were $5.59, compared with $4.90 in the prior fiscal year, representing an increase of 14.1 percent. Excluding the aforementioned charge of $9 million, or $0.03 per share from continuing operations, and the 2010 fiscal year charge of $0.04 per share from continuing operations related to healthcare reform impacting Medicare Part D reimbursements, adjusted diluted earnings per share from continuing operations increased by 13.8 percent to $5.62, compared with $4.94 in the prior-year period. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the fiscal year increased 8.1 percent.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $1.055 billion, representing an increase of 10.0 percent compared with the prior-year period. Revenues increased 3.8 percent on a foreign currency-neutral basis. Segment revenue growth reflected strong Diabetes Care and international safety sales, along with solid sales of Pharmaceutical Systems products. For the twelve-month period ended September 30, 2011, BD Medical revenues increased 5.6 percent, or 2.3 percent on a foreign currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $642 million, representing an increase of 8.6 percent compared with the prior-year period, or 3.8 percent on a foreign currency-neutral basis. Revenues reflected solid growth in both the Women's Health and Cancer and the Infectious Disease product offerings within the Diagnostic Systems unit. For the twelve-month period ended September 30, 2011, BD Diagnostics revenues increased 7.0 percent, or 3.9 percent on a foreign currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $354 million, representing an increase of 9.6 percent compared with the prior-year period. Revenues increased 4.7 percent on a foreign currency-neutral basis, primarily driven by instrument and reagent sales in the Cell Analysis unit. For the twelve-month period ended September 30, 2011, BD Biosciences revenues increased 6.7 percent, or 3.2 percent on a foreign currency-neutral basis.

Geographic Results

Fourth quarter revenues in the U.S. were $843 million, representing an increase of 1.3 percent compared with the prior-year period. Revenues outside of the U.S. were $1.208 billion, representing an increase of 16.0 percent compared with the prior-year period, or 6.1 percent on a foreign currency-neutral basis. International revenue growth was driven by continued strength in safety sales and strong growth in emerging markets. For the twelve-month period ended September 30, 2011, revenues in the U.S. were $3.356 billion, representing an increase of 2.1 percent compared with the prior-year period. Revenues outside of the U.S. were $4.473 billion, representing an increase of 9.5 percent compared with the prior-year period, or 3.6 percent on a foreign currency-neutral basis.

Fiscal 2012 Outlook for Full Year

The Company estimates that reported revenues for the full fiscal year 2012 will increase about 1 to 3 percent, or 2 to 4 percent on a foreign currency-neutral basis. Our guidance reflects the anticipated effects of lower healthcare utilization, reduced research funding and global macroeconomic conditions. The Company expects reported diluted earnings per share from continuing operations for fiscal year 2012 to be between $5.75 and $5.85. The Company also plans to repurchase, subject to market conditions, $1.5 billion of its common stock in fiscal year 2012, and fund the repurchases through ongoing cash flow and the issuance of debt.

Conference Call Information

A conference call regarding BD's fourth quarter results and its expectations for the full fiscal year 2012 will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Wednesday, November 2, 2011. The slides will be available concurrent with the issuance of this press release at www.bd.com/investors. The conference call will be available for replay on BD's website, www.bd.com/investors, or at 855-859-2056 (domestic) and 404-537-3406 (international) through the close of business on Wednesday, November 9, 2011, access code 16826583.

Non-GAAP Financial Measures

This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.

About BD

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

This press release, including the section entitled "Fiscal 2012 Outlook", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially from any forward-looking statement. These factors include, but are not limited to: the unknown consequences of healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic downturn on our ability to access credit markets and finance our operations, the demand for our products and services 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; competitive factors; pricing and market share pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; our ability to successfully integrate any businesses we acquire; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

Contact: Monique N. Dolecki, Investor Relations - 201-847-5453 Colleen T. White, Corporate Communications - 201-847-5369

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

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



Three Months Ended September 30,



2011


2010


% Change










REVENUES

$

2,050,795

$

1,873,195


9.5








Cost of products sold


999,352


900,933


10.9


Selling and administrative


487,232


438,139


11.2


Research and development


126,054


123,606


2.0


TOTAL OPERATING COSTS








AND EXPENSES


1,612,638


1,462,678


10.3










OPERATING INCOME


438,157


410,517


6.7










Interest income


1,915


14,594


(86.9)


Interest expense


(22,334)


(12,278)


81.9


Other income, net


1,272


1,285


(1.0)










INCOME FROM CONTINUING OPERATIONS BEFORE








INCOME TAXES


419,010


414,118


1.2










Income tax provision


117,606


121,065


(2.9)










INCOME FROM CONTINUING OPERATIONS


301,404


293,053


2.8










(LOSS) INCOME FROM DISCONTINUED OPERATIONS








NET OF INCOME TAX PROVISION OF








$81 AND $27,645, RESPECTIVELY


(1,424)


103,642


NM










NET INCOME

$

299,980

$

396,695


(24.4)










EARNINGS PER SHARE
















Basic:








Income from continuing operations

$

1.39

$

1.27


9.4


(Loss) Income from discontinued operations

$

(0.01)

$

0.45


NM


Net income (1)

$

1.38

$

1.71


(19.3)










Diluted:








Income from continuing operations

$

1.36

$

1.24


9.7


(Loss) Income from discontinued operations

$

(0.01)

$

0.44


NM


Net income (1)

$

1.36

$

1.68


(19.0)


















AVERAGE SHARES OUTSTANDING
















Basic


216,726


231,396




Diluted


220,859


236,316












NM - Not Meaningful








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






















Page 1


BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

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



Twelve Months Ended September 30,



2011


2010


% Change










REVENUES

$

7,828,904

$

7,372,333


6.2








Cost of products sold


3,737,352


3,543,183


5.5


Selling and administrative


1,851,774


1,721,356


7.6


Research and development


476,496


430,997


10.6


TOTAL OPERATING COSTS








AND EXPENSES


6,065,622


5,695,536


6.5










OPERATING INCOME


1,763,282


1,676,797


5.2










Interest income


43,209


35,129


23.0


Interest expense


(84,019)


(51,263)


63.9


Other (expense) income, net


(6,209)


497


NM










INCOME FROM CONTINUING OPERATIONS BEFORE








INCOME TAXES


1,716,263


1,661,160


3.3










Income tax provision


451,411


484,820


(6.9)










INCOME FROM CONTINUING OPERATIONS


1,264,852


1,176,340


7.5










INCOME FROM DISCONTINUED OPERATIONS








NET OF INCOME TAX PROVISION OF








$792 AND $40,703, RESPECTIVELY


6,142


141,270


NM










NET INCOME

$

1,270,994

$

1,317,610


(3.5)










EARNINGS PER SHARE
















Basic:








Income from continuing operations

$

5.72

$

5.02


13.9


Income from discontinued operations

$

0.03

$

0.60


(95.0)


Net income

$

5.75

$

5.62


2.3










Diluted:








Income from continuing operations

$

5.59

$

4.90


14.1


Income from discontinued operations

$

0.03

$

0.59


(94.9)


Net income

$

5.62

$

5.49


2.4


















AVERAGE SHARES OUTSTANDING
















Basic


221,175


234,328




Diluted


226,280


240,136












NM - Not Meaningful






















Page 2


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY SEGMENT AND GEOGRAPHIC AREA

(Unaudited; Amounts in thousands)



Three Months Ended September 30,



2011


2010


% Change










BD MEDICAL








United States

$

404,301

$

400,231


1.0


International


650,290


558,374


16.5


TOTAL

$

1,054,591

$

958,605


10.0










BD DIAGNOSTICS








United States

$

313,603

$

307,721


1.9


International


328,445


283,743


15.8


TOTAL

$

642,048

$

591,464


8.6










BD BIOSCIENCES








United States

$

124,619

$

124,009


0.5


International


229,537


199,117


15.3


TOTAL

$

354,156

$

323,126


9.6










TOTAL REVENUES








United States

$

842,523

$

831,961


1.3


International


1,208,272


1,041,234


16.0


TOTAL

$

2,050,795

$

1,873,195


9.5
































Page 3


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY SEGMENT AND GEOGRAPHIC AREA

(Unaudited; Amounts in thousands)



Twelve Months Ended September 30,



2011


2010


% Change










BD MEDICAL








United States

$

1,625,044

$

1,596,336


1.8


International


2,382,260


2,200,096


8.3


TOTAL

$

4,007,304

$

3,796,432


5.6










BD DIAGNOSTICS








United States

$

1,245,872

$

1,214,288


2.6


International


1,234,605


1,104,591


11.8


TOTAL

$

2,480,477

$

2,318,879


7.0










BD BIOSCIENCES








United States

$

484,853

$

475,941


1.9


International


856,270


781,081


9.6


TOTAL

$

1,341,123

$

1,257,022


6.7










TOTAL REVENUES








United States

$

3,355,769

$

3,286,565


2.1


International


4,473,135


4,085,768


9.5


TOTAL

$

7,828,904

$

7,372,333


6.2
































Page 4


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended September 30,

(Unaudited; Amounts in thousands)



United States




2011


2010


% Change










BD MEDICAL








Medical Surgical Systems

$

246,746

$

256,290


(3.7)


Diabetes Care


104,819


98,633


6.3


Pharmaceutical Systems


52,736


45,308


16.4


TOTAL

$

404,301

$

400,231


1.0










BD DIAGNOSTICS








Preanalytical Systems

$

161,556

$

162,024


(0.3)


Diagnostic Systems


152,047


145,697


4.4


TOTAL

$

313,603

$

307,721


1.9










BD BIOSCIENCES








Cell Analysis

$

89,899

$

86,765


3.6


Discovery Labware


34,720


37,244


(6.8)


TOTAL

$

124,619

$

124,009


0.5










TOTAL UNITED STATES

$

842,523

$

831,961


1.3
































Page 5


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended September 30, (continued)

(Unaudited; Amounts in thousands)



International







% Change



2011


2010


Reported


FXN


FX Impact












BD MEDICAL











Medical Surgical Systems

$

288,653

$

245,724


17.5


7.8


9.7

Diabetes Care


119,832


100,468


19.3


7.6


11.7

Pharmaceutical Systems


241,805


212,182


14.0


2.5


11.5

TOTAL

$

650,290

$

558,374


16.5


5.8


10.7












BD DIAGNOSTICS











Preanalytical Systems

$

167,044

$

144,421


15.7


5.7


10.0

Diagnostic Systems


161,401


139,322


15.8


6.2


9.6

TOTAL

$

328,445

$

283,743


15.8


5.9


9.9












BD BIOSCIENCES











Cell Analysis

$

183,259

$

160,230


14.4


6.8


7.6

Discovery Labware


46,278


38,887


19.0


9.5


9.5

TOTAL

$

229,537

$

199,117


15.3


7.3


8.0












TOTAL INTERNATIONAL

$

1,208,272

$

1,041,234


16.0


6.1


9.9












































Page 6

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended September 30, (continued)

(Unaudited; Amounts in thousands)



Total







% Change



2011


2010


Reported


FXN


FX Impact












BD MEDICAL











Medical Surgical Systems

$

535,399

$

502,014


6.7


1.9


4.8

Diabetes Care


224,651


199,101


12.8


7.0


5.8

Pharmaceutical Systems


294,541


257,490


14.4


4.9


9.5

TOTAL

$

1,054,591

$

958,605


10.0


3.8


6.2












BD DIAGNOSTICS











Preanalytical Systems

$

328,600

$

306,445


7.2


2.5


4.7

Diagnostic Systems


313,448


285,019


10.0


5.2


4.8

TOTAL

$

642,048

$

591,464


8.6


3.8


4.8












BD BIOSCIENCES











Cell Analysis

$

273,158

$

246,995


10.6


5.7


4.9

Discovery Labware


80,998


76,131


6.4


1.6


4.8

TOTAL

$

354,156

$

323,126


9.6


4.7


4.9












TOTAL REVENUES

$

2,050,795

$

1,873,195


9.5


4.0


5.5












































Page 7

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Twelve Months Ended September 30,

(Unaudited; Amounts in thousands)



United States




2011


2010


% Change










BD MEDICAL








Medical Surgical Systems

$

980,326

$

1,007,322


(2.7)


Diabetes Care


400,809


383,783


4.4


Pharmaceutical Systems


243,909


205,231


18.8


TOTAL

$

1,625,044

$

1,596,336


1.8










BD DIAGNOSTICS








Preanalytical Systems

$

643,180

$

627,421


2.5


Diagnostic Systems


602,692


586,867


2.7


TOTAL

$

1,245,872

$

1,214,288


2.6










BD BIOSCIENCES








Cell Analysis

$

342,322

$

326,916


4.7


Discovery Labware


142,531


149,025


(4.4)


TOTAL

$

484,853

$

475,941


1.9










TOTAL UNITED STATES

$

3,355,769

$

3,286,565


2.1
































Page 8


BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Twelve Months Ended September 30, (continued)

(Unaudited; Amounts in thousands)



International







% Change



2011


2010


Reported


FXN


FX Impact












BD MEDICAL











Medical Surgical Systems

$

1,101,407

$

1,002,687


9.8


3.5


6.3

Diabetes Care


465,668


401,976


15.8


9.1


6.7

Pharmaceutical Systems


815,185


795,433


2.5


(1.9)


4.4

TOTAL

$

2,382,260

$

2,200,096


8.3


2.6


5.7












BD DIAGNOSTICS











Preanalytical Systems

$

634,613

$

570,386


11.3


4.9


6.4

Diagnostic Systems


599,992


534,205


12.3


5.8


6.5

TOTAL

$

1,234,605

$

1,104,591


11.8


5.4


6.4












BD BIOSCIENCES











Cell Analysis

$

682,123

$

624,322


9.3


4.0


5.3

Discovery Labware


174,147


156,759


11.1


4.1


7.0

TOTAL

$

856,270

$

781,081


9.6


4.0


5.6












TOTAL INTERNATIONAL

$

4,473,135

$

4,085,768


9.5


3.6


5.9












































Page 9

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Twelve Months Ended September 30, (continued)

(Unaudited; Amounts in thousands)



Total







% Change



2011


2010


Reported


FXN


FX Impact












BD MEDICAL











Medical Surgical Systems

$

2,081,733

$

2,010,009


3.6


0.4


3.2

Diabetes Care


866,477


785,759


10.3


6.8


3.5

Pharmaceutical Systems


1,059,094


1,000,664


5.8


2.4


3.4

TOTAL

$

4,007,304

$

3,796,432


5.6


2.3


3.3












BD DIAGNOSTICS











Preanalytical Systems

$

1,277,793

$

1,197,807


6.7


3.7


3.0

Diagnostic Systems


1,202,684


1,121,072


7.3


4.2


3.1

TOTAL

$

2,480,477

$

2,318,879


7.0


3.9


3.1












BD BIOSCIENCES











Cell Analysis

$

1,024,445

$

951,238


7.7


4.3


3.4

Discovery Labware


316,678


305,784


3.6


-


3.6

TOTAL

$

1,341,123

$

1,257,022


6.7


3.2


3.5












TOTAL REVENUES

$

7,828,904

$

7,372,333


6.2


2.9


3.3












































Page 10

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

SAFETY REVENUES

(Unaudited; Amounts in thousands)



Three Months Ended September 30,







% Change



2011


2010


Reported


FXN


FX Impact












TOTAL SAFETY REVENUES











United States

$

288,541

$

282,968


2.0


2.0


-

International


209,209


160,396


30.4


18.5


11.9

TOTAL

$

497,750

$

443,364


12.3


7.9


4.4












BY SEGMENT











BD Medical

$

243,521

$

208,822


16.6


12.4


4.2

BD Diagnostics


254,229


234,542


8.4


4.0


4.4

TOTAL

$

497,750

$

443,364


12.3


7.9


4.4

























































Twelve Months Ended September 30,







% Change



2011


2010


Reported


FXN


FX Impact












TOTAL SAFETY REVENUES











United States

$

1,116,543

$

1,108,431


0.7


0.7


-

International


754,739


621,913


21.4


13.6


7.8

TOTAL

$

1,871,282

$

1,730,344


8.1


5.4


2.7












BY SEGMENT











BD Medical

$

885,156

$

819,084


8.1


5.4


2.7

BD Diagnostics


986,126


911,260


8.2


5.3


2.9

TOTAL

$

1,871,282

$

1,730,344


8.1


5.4


2.7












































Page 11

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY2011 Quarter-to-Date Reconciliation

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



Three Months Ended September 30,



Reported


Impairment


Adjusted


Reported


Adjusted



FY 2011


Charge (1)


FY 2011


FY 2010


% Growth












Diluted Earnings per Share











from Continuing Operations

$

1.36

$

0.03

$

1.39

$

1.24


12.1%


































(1) Represents a non-cash impairment charge resulting from the

discontinuance of a research program within the Diagnostic Systems unit.












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






















Page 12

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY2011 Year-to-Date Reconciliation

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



Twelve Months Ended September 30,



Reported


Impairment


Adjusted


Reported




Adjusted


Adjusted



FY 2011


Charge (1)


FY 2011


FY 2010


Tax (2)


FY 2010


% Growth
















Diluted Earnings per Share















from Continuing Operations

$

5.59

$

0.03

$

5.62

$

4.90

$

0.04

$

4.94


13.8%














































(1) Represents a non-cash impairment charge resulting from the

discontinuance of a research program within the Diagnostic Systems unit.

(2) Represents a non-cash charge related to healthcare reform

impacting Medicare Part D reimbursements.
















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















Page 13

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

Quarter-to-Date Fiscal 2011 Reconciliation - FX Impact

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




Three Months Ended September 30,



Adjusted


Reported


Adjusted
Growth


Foreign
Currency


FY10 Hedge


Total


Adjusted FXN


FXN



FY 2011


FY 2010


$


Translation


Gain


FX


Change


Growth


















REVENUES

$

2,051

$

1,873

$

178

$

115

$

(11)

$

103

$

74


4.0%


















Diluted Earnings per Share

















from Continuing Operations

$

1.39

$

1.24

$

0.15

$

0.08

$

(0.03)

$

0.05

$

0.10


8.1%




















































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

FXN = Foreign Currency Neutral


































Page 14

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

Year-to-Date Fiscal 2011 Reconciliation - FX Impact

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




Twelve Months Ended September 30,



Adjusted


Adjusted


Adjusted
Growth


Foreign
Currency


FY10 Hedge


Total


Adjusted FXN


FXN



FY 2011


FY 2010


$


Translation


Loss


FX


Change


Growth


















REVENUES

$

7,829

$

7,372

$

457

$

208

$

31

$

240

$

217


2.9%


















Diluted Earnings per Share

















from Continuing Operations

$

5.62

$

4.94

$

0.68

$

0.20

$

0.08

$

0.28

$

0.40


8.1%





































































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

FXN = Foreign Currency Neutral


































Page 15

SOURCE BD (Becton, Dickinson and Company)