BD Announces Results For 2014 Second Fiscal Quarter - Announces revenues of $2.072 billion, an increase of 3.6 percent, or 5.1 percent on a foreign currency-neutral basis.

- Reports adjusted diluted earnings per share from continuing operations of $1.53, an increase of 10.1 percent, or 15.8 percent on a foreign currency-neutral basis. Reported diluted earnings per share from continuing operations were $1.45.

FRANKLIN LAKES, N.J., May 1, 2014 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.072 billion for the second fiscal quarter ended March 31, 2014, representing an increase of 3.6 percent from the prior-year period, or 5.1 percent on a foreign currency-neutral basis.

"We are pleased with our solid second quarter and year-to-date results," said Vincent A. Forlenza, Chairman, CEO and President. "Revenues were driven by the Medical segment and continued improvement in our Biosciences segment. This consistent performance demonstrates the breadth of the growth drivers across our businesses and regions, and highlights the diversity of our portfolio."

Second Quarter and Six-Month Fiscal 2014 Operating Results

Reported diluted earnings per share from continuing operations for the second quarter were $1.45 compared with $1.39 in the prior-year period, representing a 4.3 percent increase. On a foreign currency-neutral basis, diluted earnings per share from continuing operations for the second quarter increased by 10.1 percent. Current quarter results include pre-tax charges for asset write-offs of $20 million, or $0.06 diluted earnings per share from continuing operations, and contract termination costs of $11 million, or $0.04 diluted earnings per share from continuing operations, partially offset by a pre-tax gain on investment of $8 million, or $0.03 diluted earnings per share from continuing operations. Excluding the net impact of these items, adjusted diluted earnings per share from continuing operations were $1.53. This represents an increase of 10.1 percent, or 15.8 percent on a currency-neutral basis.

For the six-month period ending March 31, 2014, diluted earnings per share from continuing operations were $2.82, compared with $2.74 in the prior-year period. This represents growth of 2.9 percent, or 9.1 percent on a currency-neutral basis.  Excluding the first quarter incremental impact of the medical device excise tax, which went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act, adjusted diluted earnings per share from continuing operations were $2.94 compared with $2.74 in the prior-year period.  This represents growth of 7.3 percent, or 13.5 percent on a currency-neutral basis.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $1.116 billion, representing an increase of 5.1 percent compared with the prior-year period, or an increase of 6.3 percent on a foreign currency-neutral basis. The segment's revenue growth reflects strong sales in the Diabetes Care unit and solid sales in the Medical Surgical Systems and Pharmaceutical Systems units.

For the six-month period ended March 31, 2014, BD Medical revenues increased 6.6 percent, or 7.4 percent on a currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $653 million, representing a decrease of 0.9 percent compared with the prior-year period, or an increase of 1.0 percent on a foreign currency-neutral basis. Solid sales in the Preanalytical Systems unit were partially offset by ongoing softness in Women's Health and Cancer in the U.S.

For the six-month period ended March 31, 2014, BD Diagnostics revenues increased 1.1 percent, or 2.6 percent on a currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $302 million, representing an increase of 8.2 percent compared with the prior-year period, or an increase of 10.2 percent on a foreign currency-neutral basis. The segment's growth was driven by continued strength in emerging markets, solid instrument placements, a favorable comparison to the prior year and a timing of orders.

For the six-month period ended March 31, 2014, BD Biosciences revenues increased 6.8 percent, or 8.0 percent on a currency-neutral basis.

Geographic Results

Second quarter revenues in the U.S. of $826 million represent an increase of 0.2 percent over the prior-year period. Revenues outside of the U.S. were $1.246 billion, representing an increase of 5.9 percent compared with the prior-year period, or an increase of 8.5 percent on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and sales of safety-engineered products.

For the six-month period ended March 31, 2014, revenues in the U.S. were $1.675 billion, representing an increase of 1.3 percent compared with the prior-year period. Revenues outside of the U.S. were $2.412 billion, representing an increase of 7.3 percent when compared with the prior-year period, or 9.2 percent on a foreign currency-neutral basis.

Fiscal 2014 Outlook for Full Year  

The Company reaffirms its previously communicated currency-neutral revenue guidance range of 4.5 to 5.0 percent. On a reported basis, the Company expects revenue growth of 4.0 to 4.5 percent. The Company is raising its previous guidance for diluted earnings per share from continuing operations for the full fiscal year 2014 to be between $6.14 and $6.17, or $6.22 and $6.25 excluding the impact of the previously mentioned second quarter adjustments. This represents growth of 7.0 to 7.5 percent over 2013 adjusted diluted earnings per share of $5.81.  On a foreign currency-neutral basis, adjusted diluted earnings per share are expected to grow about 10.0 to 10.5 percent, or 11.0 to 11.5 percent excluding the incremental impact of the medical device tax.  The Company plans to repurchase, subject to market conditions, about $450 million of its common stock in fiscal year 2014.

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) Thursday, May 1st, 2014.  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 Thursday, May 8th, 2014, confirmation number 24652897.

Non-GAAP Financial Measures/Financial Tables

This news release contains certain non-GAAP financial measures.  Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.  Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers.  Percentages and earnings per share amounts presented are calculated from the underlying amounts.

About BD

BD is a leading medical technology company that partners with customers and stakeholders to address many of the world's most pressing and evolving health needs. Our innovative solutions are focused on improving drug delivery, enhancing the diagnosis of infectious diseases and cancers, supporting the management of diabetes and advancing cellular research. We are nearly 30,000 associates in 50 countries who strive to fulfill our purpose of "Helping all people live healthy lives" by advancing the quality, accessibility, safety and affordability of healthcare around the world. For more information, please visit www.bd.com.

***

This press release, including the section entitled "Fiscal 2014 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 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; the adverse impact of cyber-attacks on our information systems; competitive factors; pricing and market 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
Alyssa J. Zeff, Corporate Communications – 201-847-4358

 








BECTON DICKINSON AND COMPANY



CONSOLIDATED INCOME STATEMENTS


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









Three Months Ended March 31,



2014


2013


% Change








REVENUES

$

2,072

$

2,000


3.6








Cost of products sold


1,019


982


3.7

Selling and administrative 


525


515


2.0

Research and development


147


122


20.0

TOTAL OPERATING COSTS







     AND EXPENSES


1,690


1,619


4.4








OPERATING INCOME


381


381


0.1








Interest income


10


12


(18.4)

Interest expense


(33)


(35)


(4.7)

Other income, net


5


2


        NM 








INCOME FROM CONTINUING OPERATIONS BEFORE







     INCOME TAXES


363


360


0.8








Income tax provision


76


84


(9.9)








INCOME FROM CONTINUING OPERATIONS


287


276


4.0








INCOME (LOSS) FROM DISCONTINUED OPERATIONS







   NET OF INCOME TAX PROVISION (BENEFIT) OF







   $0 AND $(1), RESPECTIVELY


-


-


 NM 








NET INCOME

$

287

$

276


4.2








EARNINGS PER SHARE














Basic:







Income from continuing operations

$

1.48

$

1.42


4.2

Income (loss) from discontinued operations

$

-

$

-


-

Net income

$

1.48

$

1.42


4.2








Diluted:







Income from continuing operations

$

1.45

$

1.39


4.3

Income (loss) from discontinued operations

$

-

$

-


-

Net income

$

1.45

$

1.39


4.3















AVERAGE SHARES OUTSTANDING (in thousands)














     Basic


193,609


194,609



     Diluted


197,488


198,143










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,



2014


2013


% Change








REVENUES

$

4,086

$

3,901


4.8








Cost of products sold


1,999


1,876


6.5

Selling and administrative 


1,056


1,010


4.5

Research and development


273


241


13.4

TOTAL OPERATING COSTS







     AND EXPENSES


3,327


3,127


6.4








OPERATING INCOME


759


773


(1.8)








Interest income


24


20


19.4

Interest expense


(67)


(70)


(4.5)

Other income, net


6


3


        NM 








INCOME FROM CONTINUING OPERATIONS BEFORE







     INCOME TAXES


722


726


(0.6)








Income tax provision


164


180


(9.0)








INCOME FROM CONTINUING OPERATIONS


558


546


2.2








INCOME FROM DISCONTINUED OPERATIONS







   NET OF INCOME TAX PROVISION OF







   $0 AND $215, RESPECTIVELY


-


355


        NM 








NET INCOME

$

558

$

901


(38.0)








EARNINGS PER SHARE














Basic:







Income from continuing operations

$

2.88

$

2.79


3.2

Income from discontinued operations

$

-

$

1.81


        NM 

Net income

$

2.88

$

4.61


(37.5)








Diluted:







Income from continuing operations

$

2.82

$

2.74


2.9

Income from discontinued operations

$

-

$

1.78


        NM 

Net income 

$

2.82

$

4.53


(37.7)















AVERAGE SHARES OUTSTANDING (in thousands)














     Basic


193,909


195,528



     Diluted


197,998


199,068










NM - Not Meaningful










































BECTON DICKINSON AND COMPANY





SUPPLEMENTAL REVENUE INFORMATION





REVENUES BY SEGMENT AND GEOGRAPHIC AREA





(Unaudited; Amounts in millions)















Three Months Ended March 31,



2014


2013


% Change








BD MEDICAL







   United States

$

434

$

412


5.2

   International


682


650


5.0

TOTAL

$

1,116

$

1,062


5.1








BD DIAGNOSTICS







   United States

$

301

$

322


(6.4)

   International


352


337


4.5

TOTAL

$

653

$

659


(0.9)








BD BIOSCIENCES







   United States

$

90

$

89


1.4

   International


212


191


11.4

TOTAL

$

302

$

279


8.2








TOTAL REVENUES







   United States

$

826

$

824


0.2

   International


1,246


1,177


5.9

TOTAL

$

2,072

$

2,000


3.6




































BECTON DICKINSON AND COMPANY







SUPPLEMENTAL REVENUE INFORMATION




REVENUES BY SEGMENT AND GEOGRAPHIC AREA





(Unaudited; Amounts in millions)















Six Months Ended March 31,



2014


2013


% Change








BD MEDICAL







   United States

$

875

$

838


4.5

   International


1,304


1,208


8.0

TOTAL

$

2,180

$

2,045


6.6








BD DIAGNOSTICS







   United States

$

622

$

643


(3.2)

   International


703


668


5.2

TOTAL

$

1,325

$

1,311


1.1








BD BIOSCIENCES







   United States

$

177

$

173


2.3

   International


404


371


8.9

TOTAL

$

581

$

544


6.8








TOTAL REVENUES







   United States

$

1,675

$

1,654


1.3

   International


2,412


2,247


7.3

TOTAL

$

4,086

$

3,901


4.8




































BECTON DICKINSON AND COMPANY







SUPPLEMENTAL REVENUE INFORMATION







REVENUES BY BUSINESS SEGMENTS AND UNITS







Three Months Ended March 31,







(Unaudited; Amounts in millions)















United States



2014


2013


 % Change 








BD MEDICAL







   Medical Surgical Systems

$

240

$

236


1.9

   Diabetes Care


118


107


10.3

   Pharmaceutical Systems


76


70


8.8

TOTAL

$

434

$

412


5.2








BD DIAGNOSTICS







   Preanalytical Systems

$

163

$

162


0.7

   Diagnostic Systems


138


160


(13.6)

TOTAL

$

301

$

322


(6.4)








BD BIOSCIENCES

$

90

$

89


1.4








TOTAL UNITED STATES

$

826

$

824


0.2

 

BECTON DICKINSON AND COMPANY




SUPPLEMENTAL REVENUE INFORMATION





REVENUES BY BUSINESS SEGMENTS AND UNITS




Three Months Ended March 31, (continued)




(Unaudited; Amounts in millions)


















International







 % Change 



2014


2013


 Reported 


FXN


FX Impact












BD MEDICAL











   Medical Surgical Systems

$

311

$

303


2.6


6.3


(3.7)

   Diabetes Care


133


125


6.2


10.5


(4.3)

   Pharmaceutical Systems


238


221


7.6


5.9


1.7

TOTAL

$

682

$

650


5.0


7.0


(2.0)












BD DIAGNOSTICS











   Preanalytical Systems

$

179

$

168


6.7


10.2


(3.5)

   Diagnostic Systems


173


169


2.3


6.0


(3.7)

TOTAL

$

352

$

337


4.5


8.1


(3.6)












BD BIOSCIENCES

$

212

$

191


11.4


14.3


(2.9)












TOTAL INTERNATIONAL

$

1,246

$

1,177


5.9


8.5


(2.6)
























































BECTON DICKINSON AND COMPANY






SUPPLEMENTAL REVENUE INFORMATION





REVENUES BY BUSINESS SEGMENTS AND UNITS






Three Months Ended March 31, (continued)





(Unaudited; Amounts in millions)


















Total







 % Change 



2014


2013


 Reported 


FXN


FX Impact












BD MEDICAL 











   Medical Surgical Systems

$

551

$

539


2.3


4.4


(2.1)

   Diabetes Care


251


232


8.1


10.4


(2.3)

   Pharmaceutical Systems


314


291


7.9


6.6


1.3

TOTAL

$

1,116

$

1,062


5.1


6.3


(1.2)












BD DIAGNOSTICS











   Preanalytical Systems

$

342

$

330


3.7


5.5


(1.8)

   Diagnostic Systems


311


329


(5.5)


(3.6)


(1.9)

TOTAL

$

653

$

659


(0.9)


1.0


(1.9)












BD BIOSCIENCES

$

302

$

279


8.2


10.2


(2.0)












TOTAL REVENUES

$

2,072

$

2,000


3.6


5.1


(1.5)

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION


REVENUES BY BUSINESS SEGMENTS AND UNITS




Six Months Ended March 31,



(Unaudited; Amounts in millions)











United States



2014


2013


 % Change 








BD MEDICAL







   Medical Surgical Systems

$

502

$

485


3.6

   Diabetes Care


239


219


9.3

   Pharmaceutical Systems


133


134


(0.4)

TOTAL

$

875

$

838


4.5








BD DIAGNOSTICS







   Preanalytical Systems

$

335

$

329


1.7

   Diagnostic Systems


288


314


(8.3)

TOTAL

$

622

$

643


(3.2)








BD BIOSCIENCES 

$

177

$

173


2.3








TOTAL UNITED STATES

$

1,675

$

1,654


1.3

 

BECTON DICKINSON AND COMPANY



SUPPLEMENTAL REVENUE INFORMATION




REVENUES BY BUSINESS SEGMENTS AND UNITS





Six Months Ended March 31, (continued)




(Unaudited; Amounts in millions)
















International







 % Change 



2014


2013


 Reported 


FXN


FX Impact












BD MEDICAL











   Medical Surgical Systems

$

627

$

590


6.4


9.2


(2.8)

   Diabetes Care


275


256


7.5


11.0


(3.5)

   Pharmaceutical Systems


402


362


11.0


8.5


2.5

TOTAL

$

1,304

$

1,208


8.0


9.4


(1.4)












BD DIAGNOSTICS











   Preanalytical Systems

$

355

$

336


5.7


8.2


(2.5)

   Diagnostic Systems


348


332


4.7


8.0


(3.3)

TOTAL

$

703

$

668


5.2


8.1


(2.9)












BD BIOSCIENCES

$

404

$

371


8.9


10.6


(1.7)












TOTAL INTERNATIONAL

$

2,412

$

2,247


7.3


9.2


(1.9)
























































BECTON DICKINSON AND COMPANY






SUPPLEMENTAL REVENUE INFORMATION




REVENUES BY BUSINESS SEGMENTS AND UNITS




Six Months Ended March 31, (continued)





(Unaudited; Amounts in millions)



















Total







 % Change 



2014


2013


 Reported 


FXN


FX Impact












BD MEDICAL 











   Medical Surgical Systems

$

1,130

$

1,075


5.2


6.7


(1.5)

   Diabetes Care


514


475


8.3


10.2


(1.9)

   Pharmaceutical Systems


535


496


7.9


6.1


1.8

TOTAL

$

2,180

$

2,045


6.6


7.4


(0.8)












BD DIAGNOSTICS











   Preanalytical Systems

$

690

$

665


3.7


5.0


(1.3)

   Diagnostic Systems


636


646


(1.6)


0.1


(1.7)

TOTAL

$

1,325

$

1,311


1.1


2.6


(1.5)












BD BIOSCIENCES

$

581

$

544


6.8


8.0


(1.2)












TOTAL REVENUES

$

4,086

$

3,901


4.8


5.9


(1.1)
























































BECTON DICKINSON AND COMPANY






SUPPLEMENTAL REVENUE INFORMATION


SAFETY REVENUES



(Unaudited; Amounts in millions)

















Three Months Ended March 31,







 % Change 



2014


2013


 Reported 


FXN


FX Impact












TOTAL SAFETY REVENUES











   United States

$

287

$

287


-


-


-

   International


244


227


7.3


11.2


(3.9)

TOTAL

$

531

$

514


3.2


4.9


(1.7)












BY SEGMENT











   BD Medical

$

263

$

256


2.7


4.4


(1.7)

   BD Diagnostics


268


258


3.7


5.5


(1.8)

TOTAL

$

531

$

514


3.2


4.9


(1.7)

























































Six Months Ended March 31,







 % Change 



2014


2013


 Reported 


FXN


FX Impact












TOTAL SAFETY REVENUES











   United States

$

602

$

578


4.1


4.1


-

   International


486


447


8.7


11.6


(2.9)

TOTAL

$

1,088

$

1,026


6.1


7.3


(1.2)












BY SEGMENT











   BD Medical

$

548

$

508


7.8


9.1


(1.3)

   BD Diagnostics


540


517


4.4


5.6


(1.2)

TOTAL

$

1,088

$

1,026


6.1


7.3


(1.2)

 

BECTON DICKINSON AND COMPANY



SUPPLEMENTAL INFORMATION






FY2014 Quarter-to-Date Reconciliation of Non-GAAP Financial Measures




(Unaudited)

























Three Months Ended March 31,




2014


2013


Growth


Foreign
Currency
Translation


Foreign
Currency
Neutral
Change


Growth %


Foreign
Currency
Neutral
Growth %


















Reported Diluted Earnings per Share
from Continuing Operations

$

1.45

$

1.39

$

0.06

$

(0.08)

$

0.14


4.3%


10.1%


















Write-off of capitalized product software and, to a lesser extent, fixed assets primarily resulting from the discontinuance of an instrument product development program in the Biosciences segment ($20 million or $12 million after-tax)


0.06


-




























Cost associated with the decision to early terminate a European distributor arrangement in the Diagnostics segment ($11 million or $8 million after-tax)


0.04


-




























Gain from a cash distribution received from the sale of company, in which BD had a small equity ownership ($8 million or $5 million after-tax)


(0.03)


-




























Adjusted Diluted Earnings per Share from Continuing Operations

$

1.53

$

1.39

$

0.14

$

(0.08)

$

0.22


10.1%


15.8%


















































































BECTON DICKINSON AND COMPANY









SUPPLEMENTAL INFORMATION







FY2014 Year-to-Date Reconciliation of Non-GAAP Financial Measures




(Unaudited)

































Six Months Ended March 31,




2014


2013


Growth


Foreign
Currency
Translation


Foreign
Currency
Neutral
Change


Growth %


Foreign
Currency
Neutral
Growth %


















Reported Diluted Earnings per Share from Continuing Operations

$

2.82

$

2.74

$

0.08

$

(0.17)

$

0.25


2.9%


9.1%


















Write-off of capitalized product software and, to a lesser extent, fixed assets primarily resulting from the discontinuance of an instrument product development program in the Biosciences segment ($20 million or $12 million after-tax)


0.06


-




























Cost associated with the decision to early terminate a European distributor arrangement in the Diagnostics segment ($11 million or $8 million after-tax)


0.04


-




























Gain from a cash distribution received from the sale of company, in which BD had a small equity ownership ($8 million or $5 million after-tax)


(0.03)


-




























Adjusted Diluted Earnings per Share from Continuing Operations

$

2.90

$

2.74

$

0.16

$

(0.17)

$

0.33


5.8%


12.0%


















The incremental impact in first quarter fiscal year 2014 of the medical device excise tax which went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act ($14 million or $9 million after-tax)


0.05


0.00




























Adjusted Diluted Earnings per Share from Continuing Operations without incremental first quarter fiscal year 2014 impact of Medical Device Excise Tax

$

2.94

$

2.74

$

0.20

$

(0.17)

$

0.37


7.3%


13.5%


 

BECTON DICKINSON AND COMPANY







SUPPLEMENTAL INFORMATION







FY2014 Outlook Reconciliation
















Reported







Basis


FX Impact


FXN Basis








Revenues - Full Year 2014 estimated growth


4.0% - 4.5%


(0.5%)


4.5% - 5.0%










Full Year


Full Year





2014


2013


% Increase



(estimated)





Reported Fully Diluted Earnings per Share 







from Continuing Operations

$

6.14 - 6.17

$

4.67


NM








Write-off of capitalized product software and, to a lesser extent, fixed assets primarily resulting from the discontinuance of an instrument product development program in the Biosciences segment


0.06












Cost associated with the decision to early terminate a European distributor arrangement in the Diagnostics segment


0.04












Gain from a cash distribution received from the sale of company, in which BD had a small equity ownership


(0.03)












Charge associated with the litigation settlement related to indirect purchaser antitrust class action cases




0.07










Charge associated with the unfavorable verdict returned in the antitrust and false advertising lawsuit filed against the Company by RTI




1.06










Non-cash pension settlement charge associated with lump sum benefit payments made from the Company's U.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.




0.02










Adjusted Fully Diluted Earnings per Share 







from Continuing Operations

$

6.22 - 6.25

$

5.81


7.0% - 7.5%








FX Impact






(3.0%)








Adjusted FXN Growth






10.0% - 10.5%








Represents the incremental impact of the medical device excise tax in first quarter fiscal year 2014 (tax went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act)






(1.0%)















Adjusted FXN Growth (excluding the medical device excise tax)






11.0% - 11.5%















NM - Not Meaningful







FXN = Foreign Currency Neutral







SOURCE BD (Becton, Dickinson and Company)



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