BD Announces Results for 2013 First Fiscal Quarter

              BD Announces Results for 2013 First Fiscal Quarter

PR Newswire

FRANKLIN LAKES, N.J., Feb. 5, 2013

FRANKLIN LAKES, N.J., Feb. 5, 2013 /PRNewswire/ --BD (Becton, Dickinson and
Company) (NYSE: BDX), a leading global medical technology company, today
reported quarterly revenues of $1.90 billion for the first fiscal quarter
ended December 31, 2012, representing an increase of 3.7 percent from the
prior-year period, or 5.2 percent on a foreign currency-neutral basis.

"We are very pleased with our start to fiscal year 2013," said Vincent A.
Forlenza, Chairman, Chief Executive Officer and President. "After two years
of significant investments in our business, we are starting to see notable
results. We are growing revenues across our three segments, driving margin
expansion and delivering a higher quality of earnings. Our positive first
quarter results give us the confidence to raise the bottom end of our guidance
range on revenues and earnings per share."

Company Completes Acquisition of Safety Syringes, Inc.
On December 24, 2012, the Company completed its acquisition of Safety
Syringes, Inc., or "SSI", a privately held California-based company that
specializes in the development of anti-needlestick devices for prefilled
syringes. SSI will be reported in the BD Medical - Pharmaceutical Systems
unit.

First Quarter Earnings
Reported diluted earnings per share from continuing operations for the first
quarter were $1.35, compared with $1.14 in the prior-year period, representing
an 18.4 percent increase. On a foreign currency-neutral basis, diluted
earnings per share from continuing operations for the first quarter increased
by 15.8 percent. Reported diluted earnings per share from continuing
operations were aided in part by the benefit of an early flu season and
favorable comparisons to the prior-year period.

Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $983
million, representing an increase of 3.5 percent compared with the prior-year
period, or an increase of 5.1 percent on a foreign currency-neutral basis. The
segment's revenue growth reflects strong sales in the Diabetes Care unit,
which partially benefitted from a favorable comparison due to lower
international sales in the prior-year period. Revenues also reflect strong
international sales of safety-engineered products, as well as solid sales in
the Medical Surgical Systems and Pharmaceutical Systems units. 

In the BD Diagnostics segment, worldwide revenues for the quarter were $652
million, representing an increase of 5.0 percent compared with the prior-year
period, or 6.1 percent on a foreign currency-neutral basis. The segment's
growth was primarily driven by international expansion, a favorable comparison
to the prior-year period in the Preanalytical Systems unit and an early flu
season.

In the BD Biosciences segment, worldwide revenues for the quarter were $265
million, representing an increase of 1.7 percent compared with the prior-year
period, or an increase of 3.3 percent on a foreign currency-neutral basis.
Segment revenue growth was driven by solid instrument placements in the U.S.,
as well as a benefit from a favorable comparison versus the prior-year period.
Prior-year results reflected reduced U.S. research funding and lower demand
for high-end instruments.

Geographic Results
First quarter revenues in the U.S. of $830 million represent an increase of
3.0 percent over the prior-year period. Revenues outside of the U.S. were
$1.07 billion, representing an increase of 4.3 percent compared with the
prior-year period, or an increase of 7.0 percent on a foreign currency-neutral
basis. International revenues reflected continued strength in emerging markets
and strong sales of safety-engineered products.

Fiscal 2013 Outlook for Full Year
The Company is raising the bottom end of its previously communicated revenue
growth guidance for the year of 3.5 to 4.5 percent to 4.0 to 4.5 percent on a
foreign currency-neutral basis. Reported revenue growth for the full fiscal
year 2013 is expected to be between 3.5 and 4.0 percent. Reported diluted
earnings per share from continuing operations for fiscal year 2013 is expected
to be between $5.69 and $5.72, representing growth of 6.0 to 6.5 percent over
adjusted 2012 diluted earnings per share of $5.37 after excluding the pension
settlement charge in 2012. On a foreign currency-neutral basis, diluted
earnings per share from continuing operations are expected to grow 7.5 to 8.0
percent over 2012 adjusted diluted earnings per share, or 10.5 to 11.0
percent, excluding the estimated impact of the medical device tax that went
into effect last month under the U.S. healthcare reform law. In line with its
previously disclosed guidance, the Company plans to repurchase, subject to
market conditions, $500 million of its common stock in fiscal year 2013.

Conference Call Information
A conference call regarding BD's first quarter results and its expectations
for the full fiscal year 2013 will be broadcast live on BD's website,
www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Tuesday,
February 5, 2013. 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,
February 12, 2013, access code 87420149.

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 nearly 30,000
associates in more than 50 countries throughout the world. The Company serves
healthcare institutions, life science researchers, clinical laboratories, the
pharmaceutical industry and the general public. For more information, please
visit www.bd.com.

This press release, including the section entitled "Fiscal 2013 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 from any forward-looking
statement. These factors include, but are not limited to: potential cuts in
healthcare spending by the U.S. government as part of deficit reduction
measures, including "sequestration", which could result in reduced demand for
our product or downward pricing pressure; 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 conditions 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; 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; 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 December 31,
                                            2012        2011       % Change
REVENUES                               $    1,900,192 $ 1,831,720  3.7
Cost of products sold                       894,063     900,465    (0.7)
Selling and administrative                 495,878     482,271    2.8
Research and development                    118,162     112,227    5.3
TOTAL OPERATING COSTS
 AND EXPENSES                           1,508,103   1,494,963  0.9
OPERATING INCOME                            392,089     336,757    16.4
Interest income                             7,922       15,448     (48.7)
Interest expense                            (35,029)    (29,378)   19.2
Other income (expense), net                 714         (385)       NM
INCOME FROM CONTINUING OPERATIONS
BEFORE
 INCOME TAXES                           365,696     322,442    13.4
Income tax provision                        95,447      73,898     29.2
INCOME FROM CONTINUING OPERATIONS           270,249     248,544    8.7
INCOME FROM DISCONTINUED OPERATIONS
 NET OF INCOME TAX PROVISION OF
 $216,336 AND $7,327, RESPECTIVELY        355,187     14,441      NM
NET INCOME                             $    625,436   $ 262,985     NM
EARNINGS PER SHARE
Basic:
Income from continuing operations      $    1.38      $ 1.16       19.0
Income from discontinued operations    $    1.81      $ 0.07        NM
Net income (1)                         $    3.18      $ 1.23        NM
Diluted:
Income from continuing operations      $    1.35      $ 1.14       18.4
Income from discontinued operations    $    1.78      $ 0.07        NM
Net income                            $    3.13      $ 1.21        NM
AVERAGE SHARES OUTSTANDING
 Basic                                  196,427     214,300
 Diluted                                199,570     217,634
NM - Not Meaningful
(1) Total per share amounts may not add due
to rounding.



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
                                    Three Months Ended December 31,
                                        2012        2011       % Change
BD MEDICAL
 United States                    $   425,366   $ 414,669    2.6
 International                        558,007     535,728    4.2
TOTAL                               $   983,373   $ 950,397    3.5
BD DIAGNOSTICS
 United States                    $   320,540   $ 311,623    2.9
 International                        331,385     309,120    7.2
TOTAL                               $   651,925   $ 620,743    5.0
BD BIOSCIENCES
 United States                    $   84,195    $ 79,926     5.3
 International                        180,699     180,654    0.0
TOTAL                               $   264,894   $ 260,580    1.7
TOTAL REVENUES
 United States                    $   830,101   $ 806,218    3.0
 International                        1,070,091   1,025,502  4.3
TOTAL                               $   1,900,192 $ 1,831,720  3.7



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended December 31,
(Unaudited; Amounts in thousands)
                                    United States
                                        2012      2011     % Change
BD MEDICAL
 Medical Surgical Systems         $   249,192 $ 248,415  0.3
 Diabetes Care                        112,404   105,526  6.5
 Pharmaceutical Systems               63,770    60,728   5.0
TOTAL                               $   425,366 $ 414,669  2.6
BD DIAGNOSTICS
 Preanalytical Systems            $   166,949 $ 162,115  3.0
 Diagnostic Systems                   153,591   149,508  2.7
TOTAL                               $   320,540 $ 311,623  2.9
BD BIOSCIENCES                      $   84,195  $ 79,926   5.3
TOTAL UNITED STATES                 $   830,101 $ 806,218  3.0



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended December 31,
(continued)
(Unaudited; Amounts in thousands)
                          International
                                                   % Change
                            2012        2011       Reported  FXN   FX Impact
BD MEDICAL
 Medical Surgical       $ 286,746   $ 273,893    4.7         7.1   (2.4)
Systems
 Diabetes Care            130,398     120,394    8.3         11.4  (3.1)
 Pharmaceutical Systems   140,863     141,441    (0.4)       3.5   (3.9)
TOTAL                     $ 558,007   $ 535,728    4.2         7.1   (2.9)
BD DIAGNOSTICS
 Preanalytical Systems  $ 167,818   $ 154,507    8.6         11.0  (2.4)
 Diagnostic Systems       163,567     154,613    5.8         7.9   (2.1)
TOTAL                     $ 331,385   $ 309,120    7.2         9.4   (2.2)
BD BIOSCIENCES           $ 180,699   $ 180,654    0.0         2.4   (2.4)
TOTAL INTERNATIONAL       $ 1,070,091 $ 1,025,502  4.3         7.0   (2.7)



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended December 31,
(continued)
(Unaudited; Amounts in thousands)
                           Total
                                                    % Change
                             2012        2011       Reported  FXN  FX Impact
BD MEDICAL
 Medical Surgical        $ 535,938   $ 522,308    2.6         3.9  (1.3)
Systems
 Diabetes Care             242,802     225,920    7.5         9.1  (1.6)
 Pharmaceutical Systems    204,633     202,169    1.2         4.0  (2.8)
TOTAL                      $ 983,373   $ 950,397    3.5         5.1  (1.6)
BD DIAGNOSTICS
 Preanalytical Systems   $ 334,767   $ 316,622    5.7         6.9  (1.2)
 Diagnostic Systems        317,158     304,121    4.3         5.3  (1.0)
TOTAL                      $ 651,925   $ 620,743    5.0         6.1  (1.1)
BD BIOSCIENCES            $ 264,894   $ 260,580    1.7         3.3  (1.6)
TOTAL REVENUES             $ 1,900,192 $ 1,831,720  3.7         5.2  (1.5)



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in thousands)
                      Three Months Ended December 31,
                                           % Change
                        2012      2011     Reported  FXN   FX Impact
TOTAL SAFETY REVENUES
 United States      $ 290,943 $ 290,612  0.1         0.1   -
 International        220,233   196,957  11.8        14.3  (2.5)
TOTAL                 $ 511,176 $ 487,569  4.8         5.9   (1.1)
BY SEGMENT
 BD Medical         $ 251,857 $ 239,783  5.0         6.0   (1.0)
 BD Diagnostics       259,319   247,786  4.7         5.7   (1.0)
TOTAL                 $ 511,176 $ 487,569  4.8         5.9   (1.1)



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
Quarter-to-Date Fiscal 2013
Reconciliation - FX Impact
(Unaudited; Amounts in millions,
except per share data)
             Three Months Ended December 31,
                                     Reported   Foreign
               Reported   Reported                            FXN       FXN
                                     Growth    Currency
               FY2013     FY2012     $          Translation   Change  Growth
REVENUES     $ 1,900    $ 1,832    $ 68       $ (27)        $ 96        5.2%
Diluted
Earnings per
Share
from
Continuing   $ 1.35     $ 1.14     $ 0.21     $ 0.03        $ 0.18      15.8%
Operations
FXN = Foreign Currency Neutral
All figures rounded. Totals may not add due
to rounding.



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2012 Total Year Reconciliation
Reported Diluted Earnings per Share
from Continuing Operations                       $    5.30
Pension Settlement Charge^(1)                         0.06
Adjusted Diluted Earnings per Share
from Continuing Operations                       $    5.37
^(1) Primarily represents a non-cash pension settlement charge associated with
lump sum benefit payments made

 from the Company'sU.S. supplemental pension plan, as such payments
exceeded the service and interest

 components of the plan's pension cost for the year.The charge also
included settlement losses associated with

 certain foreign pension plans.
All figures rounded. Totals may not add due to
rounding.



BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2013 Outlook Reconciliation
                                                        Revenues   Diluted
                                                                   EPS
Adjusted Growth                                         3.5%-4.0%  6.0%-6.5%
FX impact                                               (0.5%)     (1.5%)
Adjusted FX neutral growth                              4.0%-4.5%  7.5%-8.0%
Medical device tax impact                                          (3.0%)
Adjusted FX neutral growth, excluding the medical                  10.5%-11.0%
device tax



SOURCE BD (Becton, Dickinson and Company)

Website: http://www.bd.com
 
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