Full Press Release Details
FRANKLIN LAKES, N.J. , Aug. 4, 2022 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX ), a leading global medical technology company, today announced results for its third quarter of fiscal year 2022, which ended June 30, 2022.
"Our BD2025 strategy continues to serve as our True North and has proven to be an effective, winning strategy as reflected in our continued strong performance, even amid a challenging macro environment," said Tom Polen , chairman, CEO and president of BD. "Through our talented team's focused execution and commitment to our purpose, we are advancing our Grow-Simplify-Empower initiatives, innovation pipeline and capital deployment strategy, which are all contributing to profitable growth. Looking forward, we expect continued momentum and remain well-positioned to drive long-term growth and value for all stakeholders."
Recent Business Highlights
BD continues to advance its innovation-driven growth strategy, tuck-in M&A, and ESG initiatives.
Basis of Presentation— Continuing Operations
On April 1, 2022 , the Company completed the spin-off of its Diabetes Care business as a separate publicly traded company named Embecta Corp. ("Embecta"). The historical results of the Diabetes Care business that was contributed to Embecta in the spin-off are now accounted for as discontinued operations. Financial information presented in this release reflects BD's results on a continuing operations basis, which excludes Embecta. Prior periods have been recast to conform to this presentation.
Third Quarter Fiscal 2022 Operating Results
| Three Months Ended June 30, | Change | Foreign Currency Neutral Change 1 | ||||||
| (Millions of dollars, except per share amounts) | 2022 | 2021 | ||||||
| Revenues | $ 4,641 | $ 4,607 | 0.7 % | 3.8 % | ||||
| Base Revenues 1 | $ 4,565 | $ 4,307 | 6.0 % | 9.3 % | ||||
| Base Organic Revenue Growth 1 | 5.5 % | 8.8 % | ||||||
| Reported Diluted Earnings per Share | $ 1.28 | $ 1.32 | (3.0) % | (10.6) % | ||||
| Adjusted Diluted Earnings per Share 1 | $ 2.66 | $ 2.28 | 16.7 % | 13.2 % |
Geographic Results
| Revenues (Millions of dollars) | Three Months Ended June 30, | Reported Change | Foreign Currency Neutral Change 1 | |||||
| 2022 | 2021 | |||||||
| United States | $ 2,643 | $ 2,424 | 9.0 % | 9.0 % | ||||
| International | $ 1,998 | $ 2,182 | (8.4) % | (1.9) % | ||||
| Total Revenues | $ 4,641 | $ 4,607 | 0.7 % | 3.8 % |
Segment Results
Third fiscal quarter revenue growth across the segments was driven by strong base business performance.
| Revenues (Millions of dollars) | Three Months Ended June 30, | Reported Change | Foreign Currency Neutral Change 1 | Reported Change Base Revenues 1 | Foreign Currency Neutral Change Base Revenues 1 | |||||||
| 2022 | 2021 | |||||||||||
| BD Medical | $ 2,191 | $ 2,091 | 4.7 % | 7.9 % | 4.7 % | 7.9 % | ||||||
| BD Life Sciences | $ 1,309 | $ 1,433 | (8.7) % | (5.1) % | 8.8 % | 13.2 % | ||||||
| BD Interventional | $ 1,142 | $ 1,082 | 5.5 % | 7.9 % | 5.5 % | 7.9 % | ||||||
| Total Revenues | $ 4,641 | $ 4,607 | 0.7 % | 3.8 % | 6.0 % | 9.3 % |
The BD Medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS), and Pharmaceutical Systems (PS) business units. BD Medical revenue growth was driven by strong performance in MDS and PS.
The BD Life Sciences segment includes the Integrated Diagnostic Solutions (IDS) and Biosciences (BDB) business units. BD Life Sciences performance reflects growth in the base business of 8.8% as reported and 13.2% on a currency-neutral basis and the decline in COVID-only testing revenues.
The BD Interventional segment includes the Surgery, Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional revenue growth reflects strong performance across the segment.
Assumptions and Outlook for Full Year Fiscal 2022
The company provided the following guidance with respect to its continuing operations for fiscal 2022.
The company raised and narrowed its full-year revenue and adjusted EPS guidance ranges.
BD's outlook for fiscal 2022 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its third fiscal quarter earnings call.
Conference Call and Presentation Materials
BD will host an audio webcast today for the public, investors, analysts, and news media to discuss its third quarter results. The audio webcast will be broadcast live on BD's website, www.bd.com/investors at 8 a.m. (ET) Thursday, August 4, 2022. Accompanying slides will be available on BD's website, www.bd.com/investors at approximately 6:30 a.m. (ET) . The conference call will be available for replay on BD's website, www.bd.com/investors . Alternatively, you can dial into the replay at 1-800-839-3012 (domestic) and 1-402-220-7232 (international) through the close of business on Thursday, Aug. 11 , 2022. A confirmation number is not needed to access the replay.
Non-GAAP Financial Measures/Financial Tables
We present adjusted diluted earnings per share for the third fiscal quarter and the first nine months of fiscal year 2022, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. We also present adjusted diluted earnings per share for the full 2021 fiscal year. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, spin related charges, certain transaction gains and losses, certain legal defense and product remediation costs, certain regulatory costs, certain investment gains and losses, certain asset impairment costs, and the impact of the extinguishment of debt. In particular, current and prior-year adjusted diluted earnings per share results exclude European regulatory initiative-related costs, which represent costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation (collectively, the "New EU Medical Devices Regulations"), which represent a significant, unusual change to the existing regulatory framework. We consider the excluded European regulatory initiative-related costs to be duplicative of previously incurred costs and/or one-off costs related to establishing initial compliance with such regulatory regimes, and in each case are limited to a specific period of time. These expenses relate to establishing initial compliance with the New EU Medical Devices Regulations and include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. These costs were recorded in Cost of products sold and Research and development expense .
We also present revenue growth rates for the third fiscal quarter and the first nine months of fiscal year 2022 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year period after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior period. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to prior periods.
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.
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 75,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to any impact of the current disruptions in the global supply chain on our operations, including our ability to source raw materials and components needed to manufacture our products and inflationary pressures; the possible impact of the COVID-19 pandemic on our business and the global healthcare system (including decreases in the demand for our products, disruptions to our operations or the operations of our suppliers and customers (including the impact of employee absenteeism) and our supply chain, and factors such as vaccine utilization rates, the rate of infections, the emergence of new variants and competitive factors that could impact the demand and pricing for our COVID-19 diagnostics testing); product efficacy or safety concerns resulting in product recalls or actions being taken with respect to our products; new or changing laws and regulations impacting our business (including the imposition of tariffs, changes in tax laws, new environmental laws and regulations, or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; labor shortages and increased labor costs; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. or foreign healthcare systems, potential cuts in governmental healthcare spending (including China's volume-based procurement tender process) or governmental or private measures to contain healthcare costs, including changes in pricing and reimbursement policies, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, including inflation, deflation and fluctuations in interest rates, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; risks relating to our overall indebtedness; interruptions in our manufacturing or sterilization 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; the remediation of our infusion pump business (including risks relating to our ability to obtain regulatory clearance and market acceptance of the BD Alaris™ System); our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation and/or investigations and/or subpoenas (as described in BD's filings with the Securities and Exchange Commission ("SEC")); and the issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the SEC. In addition, we have made certain assumptions in making these forward-looking statements, particularly regarding the COVID-19 pandemic, supply chain pressures and inflation. If any of these assumptions are incorrect, BD's actual results could differ materially from those described in these forward-looking statements. The Russia and Ukraine conflict may also heighten the impact of certain of these factors described above as well as other factors discussed in BD's filings with the SEC. 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.
Contacts: Investors: Francesca DeMartino , SVP, Head of Investor Relations - 201-847-5743 Media: Troy Kirkpatrick , VP, Public Relations - 858-617-2361
| BECTON DICKINSON AND COMPANY | |||||||||||
| CONDENSED CONSOLIDATED INCOME STATEMENTS | |||||||||||
| (Unaudited; Amounts in millions, except share and per share data) | |||||||||||
| Three Months Ended June 30, | |||||||||||
| 2022 | 2021 | % Change | |||||||||
| REVENUES | $ | 4,641 | $ | 4,607 | 0.7 | ||||||
| Cost of products sold | 2,574 | 2,649 | (2.8) | ||||||||
| Selling and administrative expense | 1,149 | 1,200 | (4.2) | ||||||||
| Research and development expense | 315 | 330 | (4.4) | ||||||||
| Acquisition-related integration and restructuring expense | 55 | 24 | 133.8 | ||||||||
| Other operating expense (income), net | 11 | (88) | 112.7 | ||||||||
| TOTAL OPERATING COSTS AND EXPENSES | 4,104 | 4,114 | (0.2) | ||||||||
| OPERATING INCOME | 537 | 492 | 9.0 | ||||||||
| Interest expense | (99) | (115) | (14.3) | ||||||||
| Interest income | 5 | 2 | 118.0 | ||||||||
| Other expense, net | (21) | (1) | (2,019.9) | ||||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 421 | 378 | 11.4 | ||||||||
| Income tax provision (benefit) | 31 | (28) | 209.9 | ||||||||
| NET INCOME FROM CONTINUING OPERATIONS | 390 | 407 | (4.0) | ||||||||
| (Loss) income from discontinued operations, net of tax | (30) | 118 | (125.3) | ||||||||
| NET INCOME | 360 | 525 | (31.3) | ||||||||
| Preferred stock dividends | (23) | (23) | — | ||||||||
| NET INCOME APPLICABLE TO COMMON SHAREHOLDERS | $ | 338 | $ | 502 | (32.7) | ||||||
| BASIC EARNINGS PER SHARE | |||||||||||
| Income from Continuing Operations | 1.29 | 1.33 | (3.0) | ||||||||
| (Loss) income from Discontinued Operations | (0.10) | 0.41 | (124.4) | ||||||||
| Basic Earnings per Share | $ | 1.18 | $ | 1.73 | (31.8) | ||||||
| DILUTED EARNINGS PER SHARE | |||||||||||
| Income from Continuing Operations | 1.28 | 1.32 | (3.0) | ||||||||
| (Loss) income from Discontinued Operations | (0.10) | 0.40 | (125.0) | ||||||||
| Diluted Earnings per Share | $ | 1.18 | $ | 1.72 | (31.4) | ||||||
| AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||
| Basic | 285,441 | 289,522 | |||||||||
| Diluted | 287,297 | 291,897 |
| BECTON DICKINSON AND COMPANY | |||||||||||
| CONDENSED CONSOLIDATED INCOME STATEMENTS | |||||||||||
| (Unaudited; Amounts in millions, except share and per share data) | |||||||||||
| Nine Months Ended June 30, | |||||||||||
| 2022 | 2021 | % Change | |||||||||
| REVENUES | $ | 14,109 | $ | 14,282 | (1.2) | ||||||
| Cost of products sold | 7,709 | 7,738 | (0.4) | ||||||||
| Selling and administrative expense | 3,527 | 3,434 | 2.7 | ||||||||
| Research and development expense | 956 | 911 | 4.9 | ||||||||
| Acquisition-related integration and restructuring expense | 118 | 121 | (2.3) | ||||||||
| Other operating expense, net | 7 | 208 | (96.6) | ||||||||
| TOTAL OPERATING COSTS AND EXPENSES | 12,316 | 12,412 | (0.8) | ||||||||
| OPERATING INCOME | 1,793 | 1,870 | (4.1) | ||||||||
| Interest expense | (294) | (358) | (17.9) | ||||||||
| Interest income | 9 | 7 | 27.0 | ||||||||
| Other (expense) income, net | (45) | 22 | (304.7) | ||||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,463 | 1,541 | (5.1) | ||||||||
| Income tax provision | 115 | 92 | 25.5 | ||||||||
| NET INCOME FROM CONTINUING OPERATIONS | 1,348 | 1,450 | (7.0) | ||||||||
| Income from discontinued operations, net of tax | 144 | 378 | (62.0) | ||||||||
| NET INCOME | 1,491 | 1,827 | (18.4) | ||||||||
| Preferred stock dividends | (68) | (68) | — | ||||||||
| NET INCOME APPLICABLE TO COMMON SHAREHOLDERS | $ | 1,424 | $ | 1,760 | (19.1) | ||||||
| BASIC EARNINGS PER SHARE | |||||||||||
| Income from Continuing Operations | 4.49 | 4.76 | (5.7) | ||||||||
| Income from Discontinued Operations | 0.50 | 1.30 | (61.5) | ||||||||
| Basic Earnings per Share | $ | 4.99 | $ | 6.06 | (17.7) | ||||||
| DILUTED EARNINGS PER SHARE | |||||||||||
| Income from Continuing Operations | 4.45 | 4.72 | (5.7) | ||||||||
| Income from Discontinued Operations | 0.50 | 1.29 | (61.2) | ||||||||
| Diluted Earnings per Share | $ | 4.95 | $ | 6.00 | (17.5) | ||||||
| AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||
| Basic | 285,121 | 290,401 | |||||||||
| Diluted | 287,431 | 293,094 |
| BECTON DICKINSON AND COMPANY | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited; Amounts in millions) | ||||||||
| June 30, 2022 | September 30, 2021 | |||||||
| ASSETS | ||||||||
| Cash and equivalents | $ | 2,558 | $ | 2,283 | ||||
| Restricted cash | 202 | 109 | ||||||
| Short-term investments | 14 | 12 | ||||||
| Trade receivables, net | 2,218 | 2,350 | ||||||
| Inventories | 3,163 | 2,743 | ||||||
| Prepaid expenses and other | 1,392 | 1,048 | ||||||
| Current assets of discontinued operations | — | 293 | ||||||
| TOTAL CURRENT ASSETS | 9,547 | 8,838 | ||||||
| Property, plant and equipment, net | 6,005 | 6,003 | ||||||
| Goodwill and other intangibles, net | 35,855 | 36,658 | ||||||
| Other assets | 1,793 | 1,945 | ||||||
| Noncurrent assets of discontinued operations | — | 423 | ||||||
| TOTAL ASSETS | $ | 53,199 | $ | 53,866 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current debt obligations | $ | 1,682 | $ | 500 | ||||
| Other current liabilities | 5,398 | 5,969 | ||||||
| Current liabilities of discontinued operations | — | 157 | ||||||
| Long-term debt | 14,683 | 17,110 | ||||||
| Long-term employee benefit obligations | 1,009 | 1,228 | ||||||
| Deferred income taxes and other liabilities | 4,934 | 5,209 | ||||||
| Noncurrent liabilities of discontinued operations | — | 17 | ||||||
| Shareholders' equity | 25,493 | 23,677 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 53,199 | $ | 53,866 |
| BECTON DICKINSON AND COMPANY | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited; Amounts in millions) | ||||||||
| Nine Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net income | $ | 1,491 | $ | 1,827 | ||||
| Less: Income from discontinued operations, net of tax | 144 | 378 | ||||||
| Income from continuing operations, net of tax | 1,348 | 1,450 | ||||||
| Depreciation and amortization | 1,648 | 1,648 | ||||||
| Change in operating assets and liabilities and other, net | (1,498) | 188 | ||||||
| NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES | 1,498 | 3,285 | ||||||
| INVESTING ACTIVITIES | ||||||||
| Capital expenditures | (658) | (742) | ||||||
| Acquisitions, net of cash acquired | (450) | (283) | ||||||
| Other, net | (107) | (137) | ||||||
| NET CASH USED FOR CONTINUING INVESTING ACTIVITIES | (1,215) | (1,162) | ||||||
| FINANCING ACTIVITIES | ||||||||
| Proceeds from long-term debt | — | 1,715 | ||||||
| Distribution from Embecta Corp. | 1,266 | — | ||||||
| Net transfer of cash to Embecta upon spin-off | (265) | — | ||||||
| Payments of debt | (305) | (1,999) | ||||||
| Repurchases of common stock | — | (1,000) | ||||||
| Dividends paid | (812) | (789) | ||||||
| Other, net | (70) | (91) | ||||||
| NET CASH USED FOR CONTINUING FINANCING ACTIVITIES | (187) | (2,164) | ||||||
| DISCONTINUED OPERATIONS | ||||||||
| Net cash provided by operating activities | 163 | 411 | ||||||
| Net cash used for investing activities | (11) | (24) | ||||||
| Net cash provided by financing activities | 145 | — | ||||||
| NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 298 | 387 | ||||||
| Effect of exchange rate changes on cash and equivalents and restricted cash | (26) | 18 | ||||||
| NET INCREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH | 368 | 365 | ||||||
| OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH | 2,392 | 2,917 | ||||||
| CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH | $ | 2,759 | $ | 3,282 |
| BECTON DICKINSON AND COMPANY | |||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
| REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES | |||||||||||
| Three Months Ended June 30, | |||||||||||
| (Unaudited; Amounts in millions) | |||||||||||
| A | B | C=(A-B)/B | |||||||||
| 2022 | 2021 | % Change | |||||||||
| BD MEDICAL | |||||||||||
| Medication Delivery Solutions (a) | $ | 621 | $ | 562 | 10.5 | ||||||
| Medication Management Solutions | 463 | 459 | 0.9 | ||||||||
| Pharmaceutical Systems | 135 | 112 | 20.6 | ||||||||
| TOTAL | $ | 1,219 | $ | 1,133 | 7.6 | ||||||
| BD LIFE SCIENCES | |||||||||||
| Integrated Diagnostic Solutions | $ | 499 | $ | 435 | 14.7 | ||||||
| Biosciences | 147 | 124 | 18.7 | ||||||||
| TOTAL | $ | 646 | $ | 559 | 15.6 | ||||||
| BD INTERVENTIONAL | |||||||||||
| Surgery | $ | 274 | $ | 267 | 2.6 | ||||||
| Peripheral Intervention | 255 | 238 | 7.1 | ||||||||
| Urology and Critical Care | 248 | 227 | 9.2 | ||||||||
| TOTAL | $ | 777 | $ | 732 | 6.1 | ||||||
| TOTAL UNITED STATES FROM CONTINUING OPERATIONS | $ | 2,643 | $ | 2,424 | 9.0 |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||
| REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL | ||||||||||||||||||
| Three Months Ended June 30, (continued) | ||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||
| D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
| A | B | C | % Change | |||||||||||||||
| 2022 | 2021 | FX Impact | Reported | FXN | ||||||||||||||
| BD MEDICAL | ||||||||||||||||||
| Medication Delivery Solutions (a) | $ | 439 | $ | 456 | $ | (23) | (3.8) | 1.3 | ||||||||||
| Medication Management Solutions | 144 | 139 | (12) | 3.9 | 12.6 | |||||||||||||
| Pharmaceutical Systems (a) | 388 | 363 | (30) | 6.8 | 14.9 | |||||||||||||
| TOTAL | $ | 971 | $ | 958 | $ | (65) | 1.3 | 8.1 | ||||||||||
| BD LIFE SCIENCES | ||||||||||||||||||
| Integrated Diagnostic Solutions | $ | 461 | $ | 682 | $ | (39) | (32.3) | (26.6) | ||||||||||
| Biosciences | 201 | 192 | (13) | 4.5 | 11.2 | |||||||||||||
| TOTAL | $ | 663 | $ | 874 | $ | (52) | (24.2) | (18.3) | ||||||||||
| BD INTERVENTIONAL | ||||||||||||||||||
| Surgery | $ | 77 | $ | 69 | $ | (6) | 12.9 | 21.5 | ||||||||||
| Peripheral Intervention | 208 | 198 | (12) | 5.3 | 11.5 | |||||||||||||
| Urology and Critical Care | 79 | 83 | (8) | (5.7) | 3.5 | |||||||||||||
| TOTAL | $ | 364 | $ | 350 | $ | (26) | 4.2 | 11.5 | ||||||||||
| TOTAL INTERNATIONAL FROM CONTINUING OPERATIONS | $ | 1,998 | $ | 2,182 | $ | (142) | (8.4) | (1.9) |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||
| REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL | ||||||||||||||||||
| Three Months Ended June 30, (continued) | ||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||
| D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
| A | B | C | % Change | |||||||||||||||
| 2022 | 2021 | FX Impact | Reported | FXN | ||||||||||||||
| BD MEDICAL | ||||||||||||||||||
| Medication Delivery Solutions (a) | $ | 1,061 | $ | 1,019 | $ | (23) | 4.1 | 6.4 | ||||||||||
| Medication Management Solutions | 607 | 597 | (12) | 1.6 | 3.6 | |||||||||||||
| Pharmaceutical Systems (a) | 523 | 475 | (30) | 10.0 | 16.3 | |||||||||||||
| TOTAL | $ | 2,191 | $ | 2,091 | $ | (65) | 4.7 | 7.9 | ||||||||||
| BD LIFE SCIENCES | ||||||||||||||||||
| Integrated Diagnostic Solutions | $ | 961 | $ | 1,117 | $ | (39) | (14.0) | (10.5) | ||||||||||
| Biosciences | 348 | 316 | (13) | 10.1 | 14.2 | |||||||||||||
| TOTAL | $ | 1,309 | $ | 1,433 | $ | (52) | (8.7) | (5.1) | ||||||||||
| BD INTERVENTIONAL | ||||||||||||||||||
| Surgery | $ | 352 | $ | 336 | $ | (6) | 4.7 | 6.4 | ||||||||||
| Peripheral Intervention | 463 | 436 | (12) | 6.3 | 9.1 | |||||||||||||
| Urology and Critical Care | 326 | 310 | (8) | 5.2 | 7.7 | |||||||||||||
| TOTAL | $ | 1,142 | $ | 1,082 | $ | (26) | 5.5 | 7.9 | ||||||||||
| TOTAL REVENUES FROM CONTINUING OPERATIONS | $ | 4,641 | $ | 4,607 | $ | (142) | 0.7 | 3.8 |
| BECTON DICKINSON AND COMPANY | |||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | |||||||||||
| REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES | |||||||||||
| Nine Months Ended June 30, | |||||||||||
| (Unaudited; Amounts in millions) | |||||||||||
| A | B | C=(A-B)/B | |||||||||
| 2022 | 2021 | % Change | |||||||||
| BD MEDICAL | |||||||||||
| Medication Delivery Solutions (a) | $ | 1,831 | $ | 1,665 | 10.0 | ||||||
| Medication Management Solutions | 1,408 | 1,376 | 2.3 | ||||||||
| Pharmaceutical Systems | 363 | 292 | 24.4 | ||||||||
| TOTAL | $ | 3,602 | $ | 3,333 | 8.1 | ||||||
| BD LIFE SCIENCES | |||||||||||
| Integrated Diagnostic Solutions | $ | 1,732 | $ | 1,904 | (9.0) | ||||||
| Biosciences | 405 | 365 | 10.9 | ||||||||
| TOTAL | $ | 2,136 | $ | 2,269 | (5.8) | ||||||
| BD INTERVENTIONAL | |||||||||||
| Surgery | $ | 824 | $ | 757 | 8.9 | ||||||
| Peripheral Intervention | 712 | 692 | 2.8 | ||||||||
| Urology and Critical Care | 740 | 672 | 10.2 | ||||||||
| TOTAL | $ | 2,276 | $ | 2,120 | 7.3 | ||||||
| TOTAL UNITED STATES FROM CONTINUING OPERATIONS | $ | 8,014 | $ | 7,722 | 3.8 |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||
| REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL | ||||||||||||||||||
| Nine Months Ended June 30, (continued) | ||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||
| D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
| A | B | C | % Change | |||||||||||||||
| 2022 | 2021 | FX Impact | Reported | FXN | ||||||||||||||
| BD MEDICAL | ||||||||||||||||||
| Medication Delivery Solutions (a) | $ | 1,375 | $ | 1,382 | $ | (33) | (0.5) | 1.9 | ||||||||||
| Medication Management Solutions | 430 | 417 | (18) | 3.1 | 7.4 | |||||||||||||
| Pharmaceutical Systems (a) | 1,057 | 984 | (50) | 7.4 | 12.5 | |||||||||||||
| TOTAL | $ | 2,863 | $ | 2,783 | $ | (101) | 2.9 | 6.5 | ||||||||||
| BD LIFE SCIENCES | ||||||||||||||||||
| Integrated Diagnostic Solutions | $ | 1,524 | $ | 2,141 | $ | (68) | (28.8) | (25.6) | ||||||||||
| Biosciences | 617 | 588 | (22) | 4.9 | 8.7 | |||||||||||||
| TOTAL | $ | 2,140 | $ | 2,729 | $ | (91) | (21.6) | (18.2) | ||||||||||
| BD INTERVENTIONAL | ||||||||||||||||||
| Surgery | $ | 229 | $ | 203 | $ | (9) | 12.8 | 17.2 | ||||||||||
| Peripheral Intervention | 615 | 590 | (17) | 4.3 | 7.3 | |||||||||||||
| Urology and Critical Care | 247 | 255 | (14) | (3.0) | 2.3 | |||||||||||||
| TOTAL | $ | 1,091 | $ | 1,047 | $ | (40) | 4.2 | 8.0 | ||||||||||
| TOTAL INTERNATIONAL FROM CONTINUING OPERATIONS | $ | 6,095 | $ | 6,560 | $ | (232) | (7.1) | (3.6) |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||
| REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL | ||||||||||||||||||
| Nine Months Ended June 30, (continued) | ||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||
| D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
| A | B | C | % Change | |||||||||||||||
| 2022 | 2021 | FX Impact | Reported | FXN | ||||||||||||||
| BD MEDICAL | ||||||||||||||||||
| Medication Delivery Solutions (a) | $ | 3,207 | $ | 3,046 | $ | (33) | 5.3 | 6.3 | ||||||||||
| Medication Management Solutions | 1,838 | 1,793 | (18) | 2.5 | 3.5 | |||||||||||||
| Pharmaceutical Systems (a) | 1,420 | 1,276 | (50) | 11.3 | 15.2 | |||||||||||||
| TOTAL | $ | 6,465 | $ | 6,116 | $ | (101) | 5.7 | 7.4 | ||||||||||
| BD LIFE SCIENCES | ||||||||||||||||||
| Integrated Diagnostic Solutions | $ | 3,255 | $ | 4,045 | $ | (68) | (19.5) | (17.8) | ||||||||||
| Biosciences | 1,022 | 953 | (22) | 7.2 | 9.6 | |||||||||||||
| TOTAL | $ | 4,277 | $ | 4,998 | $ | (91) | (14.4) | (12.6) | ||||||||||
| BD INTERVENTIONAL | ||||||||||||||||||
| Surgery | $ | 1,053 | $ | 960 | $ | (9) | 9.7 | 10.6 | ||||||||||
| Peripheral Intervention | 1,327 | 1,282 | (17) | 3.5 | 4.8 | |||||||||||||
| Urology and Critical Care | 987 | 926 | (14) | 6.6 | 8.0 | |||||||||||||
| TOTAL | $ | 3,367 | $ | 3,168 | $ | (40) | 6.3 | 7.5 | ||||||||||
| TOTAL REVENUES FROM CONTINUING OPERATIONS | $ | 14,109 | $ | 14,282 | $ | (232) | (1.2) | 0.4 |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||
| RECONCILIATION OF REPORTED REVENUE CHANGE TO BASE REVENUE CHANGE | ||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||
| D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
| A | B | C | % Change | |||||||||||||||
| 2022 | 2021 | FX Impact | Reported | FXN | ||||||||||||||
| TOTAL REVENUES FROM CONTINUING OPERATIONS | $ | 4,641 | $ | 4,607 | $ | (142) | 0.7 | 3.8 | ||||||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 76 | 300 | (2) | (74.8) | (74.1) | |||||||||||||
| Base Revenues from Continuing Operations | $ | 4,565 | $ | 4,307 | $ | (140) | 6.0 | 9.3 | ||||||||||
| BD LIFE SCIENCES REVENUES | $ | 1,309 | $ | 1,433 | $ | (52) | (8.7) | (5.1) | ||||||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 76 | 300 | (2) | (74.8) | (74.1) | |||||||||||||
| Base BD Life Sciences Revenues | $ | 1,233 | $ | 1,133 | $ | (50) | 8.8 | 13.2 | ||||||||||
| Integrated Diagnostic Solutions Revenues | $ | 961 | $ | 1,117 | $ | (39) | (14.0) | (10.5) | ||||||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 76 | 300 | (2) | (74.8) | (74.1) | |||||||||||||
| Base Integrated Diagnostic Solutions Revenues | $ | 885 | $ | 817 | $ | (37) | 8.3 | 12.8 |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||
| RECONCILIATION OF REPORTED REVENUE CHANGE TO BASE REVENUE CHANGE | ||||||||||||||||||
| Nine Months Ended June 30, | ||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||
| D=(A-B)/B | E=(A-B-C)/B | |||||||||||||||||
| A | B | C | % Change | |||||||||||||||
| 2022 | 2021 | FX Impact | Reported | FXN | ||||||||||||||
| TOTAL REVENUES FROM CONTINUING OPERATIONS | $ | 14,109 | $ | 14,282 | $ | (232) | (1.2) | 0.4 | ||||||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 475 | 1,640 | (4) | (71.1) | (70.8) | |||||||||||||
| Base Revenues from Continuing Operations | $ | 13,634 | $ | 12,642 | $ | (227) | 7.8 | 9.6 | ||||||||||
| BD LIFE SCIENCES REVENUES | $ | 4,277 | $ | 4,998 | $ | (91) | (14.4) | (12.6) | ||||||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 475 | 1,640 | (4) | (71.1) | (70.8) | |||||||||||||
| Base BD Life Sciences Revenues | $ | 3,802 | $ | 3,358 | $ | (86) | 13.2 | 15.8 | ||||||||||
| Integrated Diagnostic Solutions Revenues | 3,255 | 4,045 | (68) | (19.5) | (17.8) | |||||||||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 475 | 1,640 | (4) | (71.1) | (70.8) | |||||||||||||
| Base Integrated Diagnostic Solutions Revenues | $ | 2,781 | $ | 2,405 | $ | (64) | 15.6 | 18.3 |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||||||||||||||||
| RECONCILIATION OF REPORTED REVENUE CHANGE TO BASE ORGANIC REVENUE CHANGE | ||||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||||
| (Unaudited; Amounts in millions) | ||||||||||||||||||||||||||
| F=(A-B)/B | G=(A-B-C)/B | |||||||||||||||||||||||||
| A | B | C | D=A-B | E=A-B-C | % Change | |||||||||||||||||||||
| 2022 | 2021 | FX Impact | Reported Change | FXN Change | Reported | FXN | ||||||||||||||||||||
| TOTAL BDX REVENUES FROM CONTINUING OPERATIONS | $ | 4,641 | $ | 4,607 | $ | (142) | $ | 34 | $ | 176 | 0.7 | 3.8 | ||||||||||||||
| Less: COVID-19-only diagnostics | 76 | 300 | (2) | (224) | (222) | (74.8) | (74.1) | |||||||||||||||||||
| Total BDX BASE REVENUES FROM CONTINUING OPERATIONS | $ | 4,565 | $ | 4,307 | $ | (140) | $ | 258 | $ | 398 | 6.0 | 9.3 | ||||||||||||||
| Less: Inorganic revenue contribution (1) | 20 | 20 | 0.5 | 0.5 | ||||||||||||||||||||||
| Total Base Organic Revenue Growth from Continuing Operations | $ | 238 | $ | 378 | 5.5 | 8.8 |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||||||||||||
| RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||
| 2022 | 2021 | Change | Foreign Currency Translation | Foreign Currency Neutral Change | Change % | Foreign Currency Neutral Change % | ||||||||||||||||||
| Reported Diluted Earnings per Share from Continuing Operations | $ | 1.28 | $ | 1.32 | $ | (0.04) | $ | 0.10 | $ | (0.14) | (3.0) % | (10.6) % | ||||||||||||
| Purchase accounting adjustments ($354 million and $355 million pre-tax, respectively) (1) | 1.23 | 1.22 | (0.01) | |||||||||||||||||||||
| Integration costs ($18 million and $27 million pre-tax, respectively) (2) | 0.06 | 0.09 | — | |||||||||||||||||||||
| Restructuring costs ($38 million and $(4) million pre-tax, respectively) (2) | 0.13 | (0.01) | 0.01 | |||||||||||||||||||||
| Separation-related items ($11 million pre-tax) (3) | 0.04 | — | — | |||||||||||||||||||||
| Transaction gain/loss, product and other litigation-related matters ($6 million and $(70) million pre-tax, respectively) (4) | 0.02 | (0.24) | — | |||||||||||||||||||||
| European regulatory initiative-related costs ($39 million and $32 million pre-tax, respectively) (5) | 0.14 | 0.11 | — | |||||||||||||||||||||
| Investment gains/losses and asset impairments ($4 million pre-tax) (6) | 0.01 | — | — | |||||||||||||||||||||
| Impacts of debt extinguishment ($2 million pre-tax) | 0.01 | — | — | |||||||||||||||||||||
| Income tax benefit of special items ($(76) million and $(59) million, respectively) | (0.26) | (0.20) | — | |||||||||||||||||||||
| Adjusted Diluted Earnings per Share from Continuing Operations | $ | 2.66 | $ | 2.28 | $ | 0.38 | $ | 0.08 | $ | 0.30 | 16.7 % | 13.2 % |
| (1) | Includes amortization and other adjustments related to the purchase accounting for acquisitions. |
| (2) | Represents costs associated with acquisition-related integrations and expenses associated with restructuring activities, such as simplification and cost saving initiatives. |
| (3) | Represents costs recorded to Other operating expense (income), net and incurred in connection with the separation of BD's former Diabetes Care business. |
| (4) | The amount in 2022 represents a charge of $6 million recorded to Cost of products sold to adjust the estimate of future product remediation costs. The amount in 2021 includes a gain of $88 million on a sale-leaseback transaction which was recorded to Other operating expense (income), net . |
| (5) | Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense , include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. |
| (6) | Includes non-cash (gains) losses recorded within Other expense, net relating to certain investments. |
| BECTON DICKINSON AND COMPANY | ||||||||||||||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||||||||||||||
| RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Nine Months Ended June 30, | ||||||||||||||||||||||||||
| 2022 | 2021 | Change | Foreign Currency Translation | Foreign Currency Neutral Change | Change % | Foreign Currency Neutral Change % | ||||||||||||||||||||
| Reported Diluted Earnings per Share from Continuing Operations | $ | 4.45 | $ | 4.72 | $ | (0.27) | $ | 0.30 | $ | (0.57) | (5.7) | % | (12.1) | % | ||||||||||||
| Purchase accounting adjustments ($1.074 billion and $1.055 billion pre-tax, respectively) (1) | 3.73 | 3.60 | (0.01) | |||||||||||||||||||||||
| Integration costs ($46 million and $94 million pre-tax, respectively) (2) | 0.16 | 0.32 | — | |||||||||||||||||||||||
| Restructuring costs ($72 million and $27 million pre-tax, respectively) (2) | 0.25 | 0.09 | 0.01 | |||||||||||||||||||||||
| Separation-related items ($10 million pre-tax) (3) | 0.04 | — | — | |||||||||||||||||||||||
| Transaction gain/loss, product and other litigation-related matters ($47 million and $258 million pre-tax, respectively) (4) | 0.17 | 0.88 | — | |||||||||||||||||||||||
| European regulatory initiative-related costs ($105 million and $91 million pre-tax, respectively) (5) | 0.37 | 0.31 | — | |||||||||||||||||||||||
| Investment gains/losses and asset impairments ($94 million pre-tax) (6) | 0.33 | — | (0.01) | |||||||||||||||||||||||
| Impacts of debt extinguishment ($2 million and $30 million pre-tax, respectively) | 0.01 | 0.10 | — | |||||||||||||||||||||||
| Income tax benefit of special items ($(258) million and $(262) million, respectively) | (0.90) | (0.89) | 0.01 | |||||||||||||||||||||||
| Adjusted Diluted Earnings per Share from Continuing Operations | $ | 8.60 | $ | 9.13 | $ | (0.53) | $ | 0.27 | $ | (0.80) | (5.8) | % | (8.8) | % |
| (1) | Includes amortization and other adjustments related to the purchase accounting for acquisitions. |
| (2) | Represents costs associated with acquisition-related integrations and expenses associated with restructuring activities, such as simplification and cost saving initiatives. |
| (3) | Represents costs recorded to Other operating expense, net and incurred in connection with the separation of BD's former Diabetes Care business. |
| (4) | The amounts in 2022 and 2021 include charges of $41 million and $37 million, respectively, recorded to Cost of products sold to adjust the estimate of future product remediation costs. The 2021 amount also included a gain of $88 million on a sale-leaseback transaction, as well as charges to record product liability reserves, including related legal defense costs, of $296 million. The sale-leaseback gain and product liability-related charges were recorded to Other operating expense, net . |
| (5) | Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense , include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. |
| (6) | Includes a noncash asset impairment charge of $54 million which was recorded in Cost of products sold . Also includes non-cash (gains) losses recorded within Other (expense) income, net relating to certain investments. |
| BECTON DICKINSON AND COMPANY | ||||||||
| SUPPLEMENTAL INFORMATION | ||||||||
| FY 2022 OUTLOOK RECONCILIATION | ||||||||
| Full Year FY2021 | Full Year FY2022 Outlook | |||||||
| ($ in millions) | FX Neutral % Change | Reported Revenues | ||||||
| BDX Reported Revenues from Continuing Operations | $ | 19,131 | ||||||
| Less: COVID-19-only Diagnostic Testing Revenues | 1,956 | |||||||
| Base Business Revenues from Continuing Operations | $ | 17,175 | ||||||
| FY2022 Base Business Revenue Growth | +8.75% to +9.25% | |||||||
| FY2022 COVID-19-only Diagnostic Testing Revenues | up to $500 million | |||||||
| Illustrative Foreign Currency (FX) Impact, based on FX spot rates | (~225) basis points | |||||||
| Total FY 2022 Revenues from Continuing Operations | $18.75 - $18.83 billion |
| BECTON DICKINSON AND COMPANY | ||||||||
| SUPPLEMENTAL INFORMATION | ||||||||
| FY 2022 OUTLOOK RECONCILIATION CONTINUED | ||||||||
| Full Year FY2022 Outlook | ||||||||
| Full Year FY2021 from Continuing Operations | Total Company | |||||||
| Reported Diluted Earnings per Share | $ | 5.18 | ||||||
| Purchase accounting adjustments ($1.405 billion pre-tax) (1) | 4.81 | |||||||
| Integration costs ($135 million pre-tax) (2) | 0.46 | |||||||
| Restructuring costs ($44 million pre-tax) (2) | 0.15 | |||||||
| Transaction gain/loss, product and other litigation-related matters ($272 million pre-tax) (3) | 0.93 | |||||||
| European regulatory initiative-related costs ($134 million pre-tax) (4) | 0.46 | |||||||
| Investment gains/losses and asset impairments ($(46) million pre-tax) (5) | (0.16) | |||||||
| Impacts of debt extinguishment ($185 million pre-tax) | 0.63 | |||||||
| Income tax benefit of special items ($(348) million) | (1.19) | |||||||
| Adjusted Diluted Earnings per Share | $ | 11.28 | $11.28 to $11.35 |
| (1) | Includes amortization and other adjustments related to the purchase accounting for acquisitions. |
| (2) | Represents costs associated with acquisition-related integrations and expenses associated with restructuring activities, such as simplification and cost saving initiatives. |
| (3) | Includes gains of $158 million on sale-leaseback transactions and charges of $361 million to record product liability reserves, including related legal defense costs, which were recorded to Other operating expense, net . The amount also includes charges of $56 million recorded to Cost of products sold related to the estimate of future product remediation costs. |
| (4) | Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense , include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. |
| (5) | Includes non-cash (gains) losses recorded within Other (expense) income, net relating to certain investments. |
SOURCE BD (Becton, Dickinson and Company)