BD Announces Results for 2015 Third Fiscal Quarter and Raises EPS Guidance for Fiscal 2015
- Announces adjusted revenues of $3.133 billion, an increase of 45.2 percent, or 55.6 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 2.4 percent. As reported, revenues of $3.120 billion increased 44.6 percent.
- Adjusted diluted earnings per share of $2.05 increased 17.1 percent, or 34.3 percent on a currency-neutral basis. As reported, diluted earnings per share were $0.29.
- Expects fiscal 2015 currency-neutral adjusted revenues, including the accretion from the CareFusion acquisition, to grow 28.5 to 29.0 percent, which is the high end of its previously communicated guidance range. Including the impact of foreign currency, adjusted revenues are expected to grow 21.0 to 21.5 percent, compared to 21.0 to 22.0 percent previously communicated, due to an incrementally negative estimated impact from foreign currency. As reported, the Company expects fiscal 2015 revenues to grow 20.7 to 21.2 percent.
- Raises full-year fiscal 2015 adjusted diluted earnings per share guidance, including the accretion from the CareFusion acquisition, to $7.08 to $7.12. This represents growth of 20.0 to 21.0 percent on a currency-neutral basis. Including the incrementally negative estimated impact from foreign currency, the Company expects adjusted diluted earnings per share growth of 8.5 to 9.5 percent. As reported, the Company expects full fiscal year diluted earnings per share to be between $3.85 and $3.89.
- Reaffirms that the acquisition of CareFusion is expected to be accretive to adjusted diluted earnings per share on a high-teen percentage basis in fiscal year 2016.
PR Newswire

FRANKLIN LAKES, N.J., Aug. 6, 2015 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly adjusted revenues of $3.133 billion for the third fiscal quarter ended June 30, 2015, an increase of 45.2 percent over the prior-year period as reported, or 55.6 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 2.4 percent. As reported, revenues were $3.120 billion.

"We are pleased with our performance this quarter, which includes the results of CareFusion, and marks a historic milestone for BD," said Vincent A. Forlenza, Chairman, CEO and President. "We are progressing well with the integration of CareFusion and are on track to achieve the accretion targets we communicated for fiscal 2015 and 2016. We have confidence in our increased earnings outlook for fiscal year 2015 and remain committed to serving our customers with superior healthcare products."

All "comparable" basis revenue growth rates presented throughout this release include the results of CareFusion in the current and prior-year periods. For reconciliations of these revenue amounts and growth rates to the most directly comparable GAAP measures, please refer to the tables at the end of this release.

Third Quarter and Nine-Month Fiscal 2015 Operating Results
Adjusted diluted earnings per share were $2.05, compared with $1.75 in the prior-year period. This represents an increase of 17.1 percent, or 34.3 percent on a currency-neutral basis. Current and prior-year adjusted results exclude the impact of the non-cash amortization of intangible assets and other certain specified items. These specified items are detailed in the accompanying reconciliation of reported diluted earnings per share to adjusted diluted earnings per share. On a reported basis, diluted earnings per share for the third quarter were $0.29 compared with $1.65 in the prior-year period.

For the nine-month period ended June 30, 2015, adjusted diluted earnings per share were $5.22, compared with $4.77 in the prior-year period. This represents an increase of 9.4 percent, or 20.8 percent on a currency-neutral basis. On a reported basis, diluted earnings per share were $2.52, compared with $4.47 in the prior-year period.

Segment Results
In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.212 billion, an increase of 84.2 percent over the prior-year period as reported, or 96.5 percent on a foreign currency-neutral basis. On a comparable, currency-neutral basis, adjusted Medical revenues grew 1.6 percent, which reflects strong sales in the Medication and Procedural Solutions and Pharmaceutical Systems units, partially offset by an unfavorable comparison to the prior-year period in the Medication Management Solutions unit. On a reported basis, Medical revenues were $2.199 billion.

For the nine-month period ended June 30, 2015, BD Medical adjusted revenues of $4.389 billion increased 29.8 percent over the prior-year period as reported, or 37.4 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 5.6 percent. On a reported basis, revenues were $4.377 billion.

In the BD Life Sciences segment, worldwide revenues for the quarter were $921 million, a decrease of 3.7 percent from the prior-year period, or an increase of 4.2 percent on a currency-neutral basis. The segment's results reflect solid growth in the Preanalytical Systems and Biosciences units.

For the nine-month period ended June 30, 2015, BD Life Sciences revenues of $2.845 billion decreased 0.6 percent from the prior-year period, and increased 5.1 percent on a currency-neutral basis.

Geographic Results
Third quarter adjusted revenues in the U.S. of $1.706 billion represent an increase of 95.9 percent over the prior-year period as reported. On a comparable basis, adjusted U.S. revenues decreased 1.5 percent which reflects a decline in the BD Medical segment partially offset by solid growth in the BD Life Sciences segment. Within the BD Medical segment, the aforementioned unfavorable comparison to the prior-year period in the Medication Management Solutions unit was partially offset by solid growth in the Medication and Procedural Solutions unit. Growth in the BD Life Sciences segment was driven by strong performance in the Biosciences unit. On a reported basis, U.S. revenues were $1.693 billion.

Revenues outside of the U.S. were $1.427 billion, representing an increase of 10.9 percent over the prior-year period, or an increase of 28.4 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 6.6 percent which reflects strength in Western Europe and growth in emerging markets. The Company continues to expect growth of approximately 10 percent in emerging markets for the total fiscal year on a legacy BD basis.

For the nine-month period ended June 30, 2015, adjusted revenues in the U.S. were $3.450 billion, an increase of 35.5 percent over the prior-year period as reported, or 4.0 percent on a comparable basis. On a reported basis, U.S. revenues were $3.437 billion. Revenues outside of the U.S. were $3.785 billion, an increase of 2.4 percent over the prior-year period as reported, or an increase of 13.7 percent on a currency-neutral basis. On a comparable, currency-neutral basis, revenues outside the U.S. grew 7.0 percent.

Fiscal 2015 Outlook for Full Year
The Company expects currency-neutral adjusted revenues for the full fiscal year 2015, including the accretion from the acquisition of CareFusion, to grow 28.5 to 29.0 percent, which is at the high end of its previously communicated guidance range. Including the impact of foreign currency, adjusted revenues are expected to grow 21.0 to 21.5 percent, compared to 21.0 to 22.0 percent previously communicated due to an incrementally negative estimated impact from foreign currency. On a comparable, currency-neutral basis, the Company continues to estimate organic revenue growth to be approximately 4.5 percent. As reported, the Company expects full fiscal year revenues to grow 20.7 to 21.2 percent.

The Company is raising its full-year fiscal 2015 adjusted diluted earnings per share guidance to a range of $7.08 to $7.12. This represents growth of 20.0 to 21.0 percent on a currency-neutral basis. Including the incrementally negative estimated impact from foreign currency, the Company expects adjusted diluted earnings per share growth of 8.5 to 9.5 percent. Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include the accretion from the CareFusion acquisition. As reported, the Company expects full fiscal year diluted earnings per share to be between $3.85 and $3.89.

Conference Call Information
A conference call regarding BD's third 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, August 6, 2015. 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, August 13, 2015, confirmation number 78953246.

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 medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology and respiratory care; advancing cellular research and applications; enhancing the diagnosis of infectious diseases and cancers; and supporting the management of diabetes. We are more than 45,000 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. In 2015, BD welcomed CareFusion and its products into the BD family of solutions. For more information on BD, please visit www.bd.com.

***

This press release, including the section entitled "Fiscal 2015 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of CareFusion's operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors including technological advances and new products introduced by competitors; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; increases in energy costs and their effect on, among other things, the cost of producing BD's products; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws and regulations 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.

    BECTON DICKINSON AND COMPANY

    CONSOLIDATED INCOME STATEMENTS

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


                                                                 Three Months Ended June 30,

                                                                                       2015     2014 % Change
                                                                                       ----     ---- --------


    REVENUES                                                                         $3,120   $2,157            44.6


    Cost of products sold                                                             1,932    1,046            84.7

    Selling and administrative
     expense                                                                            764      528            44.8

    Research and development
     expense                                                                            178      137            29.9

    Acquisition-related costs                                                           108        -             NM
    -------------------------                                                           ---      ---            ---

    TOTAL OPERATING COSTS

         AND EXPENSES                                                                 2,983    1,712            74.3
         ------------                                                                 -----    -----            ----


    OPERATING INCOME                                                                    137      445          (69.2)


    Interest expense                                                                  (105)    (33)             NM

    Interest income                                                                       2       12          (84.7)

    Other income (expense), net                                                           5      (2)             NM
    ---------------------------                                                         ---      ---             ---


    INCOME BEFORE INCOME TAXES                                                           39      423          (90.8)


    Income tax (benefit) provision                                                     (23)      97              NM
    ------------------------------                                                      ---      ---             ---


    NET INCOME                                                                          $62     $326          (80.9)
    ----------                                                                          ---     ----           -----


    EARNINGS PER SHARE


    Basic Earnings per Share                                                          $0.30    $1.69          (82.2)

    Diluted Earnings per Share                                                        $0.29    $1.65          (82.4)
    --------------------------                                                        -----    -----           -----


    AVERAGE SHARES OUTSTANDING (in
     thousands)


         Basic                                                                      210,175  193,054

         Diluted                                                                    214,928  197,005
         -------                                                                    -------  -------


    NM - Not Meaningful

    BECTON DICKINSON AND COMPANY

    CONSOLIDATED INCOME STATEMENTS

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


                                                                      Nine Months Ended June 30,

                                                                                           2015     2014 % Change
                                                                                           ----     ---- --------


    REVENUES                                                                             $7,222   $6,244            15.7


    Cost of products sold                                                                 3,943    3,045            29.5

    Selling and administrative expense                                                    1,820    1,584            14.9

    Research and development expense                                                        437      410             6.5

    Acquisition-related costs                                                               244        -             NM
    -------------------------                                                               ---      ---            ---

    TOTAL OPERATING COSTS

         AND EXPENSES                                                                     6,444    5,039            27.9
         ------------                                                                     -----    -----            ----


    OPERATING INCOME                                                                        779    1,204          (35.4)


    Interest expense                                                                      (272)    (99)             NM

    Interest income                                                                          20       36          (43.3)

    Other income, net                                                                        23        4              NM
    -----------------                                                                       ---      ---             ---


    INCOME BEFORE INCOME TAXES                                                              549    1,145          (52.0)


    Income tax provision                                                                     35      261          (86.6)
    --------------------                                                                    ---      ---           -----


    NET INCOME                                                                             $514     $884          (41.8)
    ----------                                                                             ----     ----           -----


    EARNINGS PER SHARE


    Basic Earnings per Share                                                              $2.58    $4.57          (43.5)

    Diluted Earnings per Share                                                            $2.52    $4.47          (43.6)
    --------------------------                                                            -----    -----           -----


    AVERAGE SHARES OUTSTANDING (in thousands)


         Basic                                                                          199,690  193,624

         Diluted                                                                        204,236  197,813
         -------                                                                        -------  -------



    NM - Not Meaningful

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

    Three Months Ended June 30,

    (Unaudited; Amounts in millions)



                                                                                                           As Reported                    Adjusted                                 % Change
                                                                                                           -----------                                                             --------

                                                                                                2015                               2014                            2015                                     Reported                                                   Adjusted
                                                                                                ----                               ----                            ----                                    --------                                                    --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                            $479                                        $256                                          $479                                              86.7            86.7

       Medication Management Solutions                                                                                 442                                           -                                          442                                                NM             NM

       Diabetes Care                                                                                                   118                                         118                                           118                                               0.3             0.3

       Pharmaceutical Systems                                                                                           88                                          94                                            88                                             (5.8)          (5.8)

       Respiratory Solutions                                                                                           164                                           -                                          164                                                NM             NM

       Deferred Revenue Adjustment *                                                                                  (13)                                          -                                            -                                               NM              -

    TOTAL                                                                                                           $1,279                                        $468                                        $1,291                                             173.1           175.8
    -----                                                                                                           ------                                        ----                                        ------                                             -----           -----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                          $175                                        $172                                          $175                                               1.3             1.3

       Diagnostic Systems                                                                                              138                                         137                                           138                                               0.4             0.4

       Biosciences                                                                                                     102                                          93                                           102                                               9.6             9.6
       -----------                                                                                                     ---                                         ---                                           ---                                               ---

    TOTAL                                                                                                             $414                                        $403                                          $414                                               2.9             2.9
    -----                                                                                                             ----                                        ----                                          ----                                               ---             ---



    TOTAL UNITED STATES                                                                                             $1,693                                        $871                                        $1,706                                              94.4            95.9
    -------------------                                                                                             ------                                        ----                                        ------                                              ----            ----





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of
     this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

    Three Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)



                                                            As Reported        FX                 % Change
                                                            -----------                           --------

                                                                   2015          2014 Impact                Reported         FXN
                                                                   ----          ---- ------               --------         ---

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                $369               $333              $(49)  10.9        25.6

       Medication Management Solutions                                     112                  -              (20)    NM         NM

       Diabetes Care                                                       126                140               (22) (9.9)        6.1

       Pharmaceutical Systems                                              245                259               (48) (5.4)       13.0

       Respiratory Solutions                                                67                  -               (8)    NM         NM

    TOTAL                                                                 $920               $733             $(148)  25.6        45.9
    -----                                                                 ----               ----              -----   ----        ----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                              $175               $192              $(29) (8.8)        6.6

       Diagnostic Systems                                                  164                178               (25) (7.7)        6.2

       Biosciences                                                         167                184               (22) (8.9)        2.8
       -----------                                                         ---                ---

    TOTAL                                                                 $506               $553              $(76) (8.5)        5.2
    -----                                                                 ----               ----               ----   ----         ---



    TOTAL INTERNATIONAL                                                 $1,427             $1,286             $(224)  10.9        28.4
    -------------------                                                 ------             ------              -----   ----        ----

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

    Three Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)


                                                                                                                                                                                                                                                                                                                    % Change
                                                                                                                                                                                                                                                                                                                    --------

                                                                                                  As Reported                         Adjusted                          FX                                                                                                                                                                                                                      Adjusted
                                                                                                  -----------

                                                                                                         2015                               2014                                2015               Impact                                      Reported                                     FXN                                                        Adjusted                                           FXN
                                                                                                         ----                               ----                                ----               ------                                      --------                                    ---                                                        --------                                           ---

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                     $848                                            $590                                         $848                                       $(49)                                              43.8                                         52.2                                     43.8     52.2

       Medication Management Solutions                                                                                          554                                               -                                         554                                        (20)                                                NM                                          NM                                      NM      NM

       Diabetes Care                                                                                                            245                                             258                                          245                                        (22)                                             (5.2)                                         3.4                                    (5.2)     3.4

       Pharmaceutical Systems                                                                                                   333                                             353                                          333                                        (48)                                             (5.5)                                         8.0                                    (5.5)     8.0

       Respiratory Solutions                                                                                                    232                                               -                                         232                                         (8)                                                NM                                          NM                                      NM      NM

       Deferred Revenue Adjustment *                                                                                           (13)                                              -                                           -                                          -                                                NM                                          NM                                       -       -

    TOTAL                                                                                                                    $2,199                                          $1,201                                       $2,212                                      $(148)                                              83.1                                         95.5                                     84.2     96.5
    -----                                                                                                                    ------                                          ------                                       ------                                       -----                                               ----                                         ----                                     ----     ----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                   $349                                            $364                                         $349                                       $(29)                                             (4.0)                                         4.1                                    (4.0)     4.1

       Diagnostic Systems                                                                                                       302                                             315                                          302                                        (25)                                             (4.2)                                         3.7                                    (4.2)     3.7

       Biosciences                                                                                                              269                                             277                                          269                                        (22)                                             (2.7)                                         5.1                                    (2.7)     5.1
       -----------                                                                                                              ---                                             ---

    TOTAL                                                                                                                      $921                                            $956                                         $921                                       $(76)                                             (3.7)                                         4.2                                    (3.7)     4.2
    -----                                                                                                                      ----                                            ----                                         ----                                        ----                                               ----                                          ---                                     ----      ---



    TOTAL REVENUES                                                                                                           $3,120                                          $2,157                                       $3,133                                      $(224)                                              44.6                                         55.0                                     45.2     55.6
    --------------                                                                                                           ------                                          ------                                       ------                                       -----                                               ----                                         ----                                     ----     ----





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is
     typically deferred and recognized over the term of the contracts.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

    Nine Months Ended June 30,

    (Unaudited; Amounts in millions)



                                                                                                                   As Reported                    Adjusted                                     % Change
                                                                                                                   -----------                                                                 --------

                                                                                                        2015                               2014                                2015                                     Reported                                                    Adjusted
                                                                                                        ----                               ----                                ----                                    --------                                                     --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                  $1,003                                            $759                                        $1,003                                               32.1            32.1

       Medication Management Solutions                                                                                         442                                               -                                          442                                                 NM             NM

       Diabetes Care                                                                                                           361                                             358                                           361                                                1.0             1.0

       Pharmaceutical Systems                                                                                                  226                                             227                                           226                                              (0.4)          (0.4)

       Respiratory Solutions                                                                                                   164                                               -                                          164                                                 NM             NM

       Deferred Revenue Adjustment *                                                                                          (13)                                              -                                            -                                                NM              -

    TOTAL                                                                                                                   $2,183                                          $1,344                                        $2,196                                               62.5            63.4
    -----                                                                                                                   ------                                          ------                                        ------                                               ----            ----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                  $516                                            $507                                          $516                                                1.8             1.8

       Diagnostic Systems                                                                                                      446                                             425                                           446                                                4.9             4.9

       Biosciences                                                                                                             292                                             270                                           292                                                8.0             8.0
       -----------                                                                                                             ---                                             ---                                           ---                                                ---

    TOTAL                                                                                                                   $1,254                                          $1,202                                        $1,254                                                4.3             4.3
    -----                                                                                                                   ------                                          ------                                        ------                                                ---             ---



    TOTAL UNITED STATES                                                                                                     $3,437                                          $2,546                                        $3,450                                               35.0            35.5
    -------------------                                                                                                     ------                                          ------                                        ------                                               ----            ----





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down
     which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

    Nine Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)



                                                            As Reported        FX                 % Change
                                                            -----------                           --------

                                                                   2015          2014 Impact                Reported         FXN
                                                                   ----          ---- ------               --------         ---

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                              $1,011               $961              $(95)   5.2       15.1

       Medication Management Solutions                                     112                  -              (20)    NM        NM

       Diabetes Care                                                       394                415               (47) (5.2)       6.0

       Pharmaceutical Systems                                              609                661               (85) (7.9)       5.0

       Respiratory Solutions                                                67                  -               (8)    NM        NM

    TOTAL                                                               $2,193             $2,037             $(255)   7.7       20.2
    -----                                                               ------             ------              -----    ---       ----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                              $526               $547              $(60) (3.9)       7.1

       Diagnostic Systems                                                  512                526               (55) (2.7)       7.7

       Biosciences                                                         555                588               (47) (5.7)       2.4
       -----------                                                         ---                ---

    TOTAL                                                               $1,592             $1,661             $(162) (4.2)       5.6
    -----                                                               ------             ------              -----   ----        ---



    TOTAL INTERNATIONAL                                                 $3,785             $3,698             $(417)   2.4       13.7
    -------------------                                                 ------             ------              -----    ---       ----

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

    Nine Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)


                                                                                                                                                                                                                                                                                                                    % Change
                                                                                                                                                                                                                                                                                                                    --------

                                                                                                  As Reported                         Adjusted                          FX                                                                                                                                                                                                                      Adjusted
                                                                                                  -----------

                                                                                                         2015                               2014                                2015               Impact                                      Reported                                     FXN                                                        Adjusted                                           FXN
                                                                                                         ----                               ----                                ----               ------                                      --------                                    ---                                                        --------                                           ---

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                   $2,014                                          $1,720                                       $2,014                                       $(95)                                              17.1                                         22.6                                     17.1     22.6

       Medication Management Solutions                                                                                          554                                               -                                         554                                        (20)                                                NM                                          NM                                      NM      NM

       Diabetes Care                                                                                                            755                                             773                                          755                                        (47)                                             (2.3)                                         3.7                                    (2.3)     3.7

       Pharmaceutical Systems                                                                                                   835                                             888                                          835                                        (85)                                             (6.0)                                         3.6                                    (6.0)     3.6

       Respiratory Solutions                                                                                                    232                                               -                                         232                                         (8)                                                NM                                          NM                                      NM      NM

       Deferred Revenue Adjustment *                                                                                           (13)                                              -                                           -                                          -                                                NM                                          NM                                       -       -

    TOTAL                                                                                                                    $4,377                                          $3,381                                       $4,389                                      $(255)                                              29.5                                         37.0                                     29.8     37.4
    -----                                                                                                                    ------                                          ------                                       ------                                       -----                                               ----                                         ----                                     ----     ----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                 $1,042                                          $1,054                                       $1,042                                       $(60)                                             (1.1)                                         4.6                                    (1.1)     4.6

       Diagnostic Systems                                                                                                       957                                             951                                          957                                        (55)                                               0.7                                          6.4                                      0.7      6.4

       Biosciences                                                                                                              846                                             858                                          846                                        (47)                                             (1.4)                                         4.1                                    (1.4)     4.1
       -----------                                                                                                              ---                                             ---

    TOTAL                                                                                                                    $2,845                                          $2,863                                       $2,845                                      $(162)                                             (0.6)                                         5.1                                    (0.6)     5.1
    -----                                                                                                                    ------                                          ------                                       ------                                       -----                                               ----                                          ---                                     ----      ---



    TOTAL REVENUES                                                                                                           $7,222                                          $6,244                                       $7,235                                      $(417)                                              15.7                                         22.4                                     15.9     22.6
    --------------                                                                                                           ------                                          ------                                       ------                                       -----                                               ----                                         ----                                     ----     ----





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is
     typically deferred and recognized over the term of the contracts.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES

    Three Months Ended June 30,

    (Unaudited; Amounts in millions)


                                                                                                       A                                  B                            C=A+B                                        D                                                 E                                              F=D+E                              G=(C-F)/F
                                                                                                      ---                                ---                           -----                                       ---                                               ---                                             -----                              ---------

                                                                                                                                                     Deferred                                                                                    BD                                       CFN                      Comparable                           Comparable

                                                                                                   Reported                            Revenue                        Adjusted                                  Reported                      Reported                                Historical                                       Adjusted

                                                                                                        2015                          Adjustment                              2015                                          2014                      2014                                      2014                                        % Change
                                                                                                        ----                          ----------                              ----                                          ----                      ----                                      ----                                        --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                    $479                             $                 -                                         $479                                                  $256                                         $203                                $459     4.2

       Medication Management Solutions                                                                                         442                                               -                                          442                                                     -                                         488                                 488   (9.5)

       Diabetes Care                                                                                                           118                                               -                                          118                                                   118                                            -                                118     0.3

       Pharmaceutical Systems                                                                                                   88                                               -                                           88                                                    94                                            -                                 94   (5.8)

       Respiratory Solutions                                                                                                   164                                               -                                          164                                                     -                                         169                                 169   (2.9)

       Deferred Revenue Adjustment *                                                                                          (13)                                             13                                             -                                                    -                                           -                                  -      -

    TOTAL                                                                                                                   $1,279                                             $13                                        $1,291                                                  $468                                         $860                              $1,328   (2.8)
    -----                                                                                                                   ------                                             ---                                        ------                                                  ----                                         ----                              ------    ----


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                  $175                             $                 -                                         $175                                                  $172                          $                 -                               $172     1.3

       Diagnostic Systems                                                                                                      138                                               -                                          138                                                   137                                            -                                137     0.4

       Biosciences                                                                                                             102                                               -                                          102                                                    93                                            -                                 93     9.6

    TOTAL                                                                                                                     $414                             $                 -                                         $414                                                  $403                          $                 -                               $403     2.9
    -----                                                                                                                     ----                           ---               ---                                         ----                                                  ----                        ---               ---                               ----     ---



    TOTAL UNITED STATES                                                                                                     $1,693                                             $13                                        $1,706                                                  $871                                         $860                              $1,731   (1.5)
    -------------------                                                                                                     ------                                             ---                                        ------                                                  ----                                         ----                              ------    ----





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United
     States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL

    Three Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)


                                                                                                  A                B            C                       D=B+C                        E                 F=(A-D-E)/D
                                                                                                 ---              ---          ---                      -----                       ---                -----------

                                                                                                                          BD                 CFN                  Comparable                Comparable                      Comparable

                                                                                              Reported         Reported      Reported                Historical                     FX                             FXN

                                                                                                   2015              2014               2014                 2014            Impact                       % Change
                                                                                                   ----              ----               ----                 ----            ------                       --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                $369                         $333                  $62                          $396                          $(49)            5.8

       Medication Management Solutions                                                                     112                            -                 124                           124                           (20)            7.0

       Diabetes Care                                                                                       126                          140                    -                          140                           (22)            6.1

       Pharmaceutical Systems                                                                              245                          259                    -                          259                           (48)           13.0

       Respiratory Solutions                                                                                67                            -                  76                            76                            (8)            0.1

    TOTAL                                                                                                 $920                         $733                 $262                          $995                         $(148)            7.4
    -----                                                                                                 ----                         ----                 ----                          ----                          -----             ---


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                              $175                         $192        $           -                         $192                          $(29)            6.6

       Diagnostic Systems                                                                                  164                          178                    -                          178                           (25)            6.2

       Biosciences                                                                                         167                          184                    -                          184                           (22)            2.8

    TOTAL                                                                                                 $506                         $553        $           -                         $553                          $(76)            5.2
    -----                                                                                                 ----                         ----      ---         ---                         ----                           ----             ---



    TOTAL INTERNATIONAL                                                                                 $1,427                       $1,286                 $262                        $1,548                         $(224)            6.6
    -------------------                                                                                 ------                       ------                 ----                        ------                          -----             ---

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL

    Three Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)


                                                                                                       A                                  B                            C=A+B                       D                                  E                                                 F=D+E                                    G                                                    H=(C-F-G)/F
                                                                                                      ---                                ---                           -----                      ---                                ---                                                -----                                   ---                                                   -----------

                                                                                                                                                                                                                                                                                                                                                                                                                            Comparable

                                                                                                                                                     Deferred                                                                         BD                           CFN                                            Comparable                                   Comparable                                  Adjusted

                                                                                                   Reported                            Revenue                        Adjusted                 Reported                           Reported                                            Historical                                 FX                                                            FXN

                                                                                                        2015                          Adjustment                              2015                    2014                                2014                                            2014                        Impact                                           % Change
                                                                                                        ----                          ----------                              ----                    ----                                ----                                            ----                        ------                                           --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                    $848                             $                 -                                          $848                                            $590                                            $265                                                     $855                            $(49)                5.0

       Medication Management Solutions                                                                                         554                                               -                                           554                                               -                                            612                                                      612                             (20)              (6.1)

       Diabetes Care                                                                                                           245                                               -                                           245                                             258                                               -                                                     258                             (22)                3.4

       Pharmaceutical Systems                                                                                                  333                                               -                                           333                                             353                                               -                                                     353                             (48)                8.0

       Respiratory Solutions                                                                                                   232                                               -                                           232                                               -                                            245                                                      245                              (8)              (2.0)

       Deferred Revenue Adjustment *                                                                                          (13)                                             13                                              -                                              -                                              -                                                       -                               -                  -

    TOTAL                                                                                                                   $2,199                                             $13                                         $2,212                                          $1,201                                          $1,122                                                   $2,323                           $(148)                1.6
    -----                                                                                                                   ------                                             ---                                         ------                                          ------                                          ------                                                   ------                            -----                 ---


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                  $349                             $                 -                                          $349                                            $364                         $                     -                                                    $364                            $(29)                4.1

       Diagnostic Systems                                                                                                      302                                               -                                           302                                             315                                               -                                                     315                             (25)                3.7

       Biosciences                                                                                                             269                                               -                                           269                                             277                                               -                                                     277                             (22)                5.1

    TOTAL                                                                                                                     $921                             $                 -                                          $921                                            $956                         $                     -                                                    $956                            $(76)                4.2
    -----                                                                                                                     ----                           ---               ---                                          ----                                            ----                       ---                   ---                                                    ----                             ----                 ---



    TOTAL REVENUES                                                                                                          $3,120                                             $13                                         $3,133                                          $2,157                                          $1,122                                                   $3,279                           $(224)                2.4
    --------------                                                                                                          ------                                             ---                                         ------                                          ------                                          ------                                                   ------                            -----                 ---





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically
     deferred and recognized over the term of the contracts.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES

    Nine Months Ended June 30,

    (Unaudited; Amounts in millions)


                                                                                                       A                                  B                            C=A+B                         D                                 E=C+D                                                         F                                        G                            H=F+G                                          I=(E-H)/H
                                                                                                      ---                                ---                           -----                        ---                                -----                                                        ---                                      ---                           -----                                          ---------

                                                                                                                                                                                                                                                                                                        Comparable

                                                                                                                                                     Deferred                                                                           CFN                             Historical                          BD                                 CFN                         Comparable                                      Comparable

                                                                                                   Reported                            Revenue                        Adjusted                   Reported                            Adjusted                            Reported                        Reported                           Historical                                           Adjusted

                                                                                                        2015                          Adjustment                              2015               1st Half 2015
                                                                                                                                                                                                     **                                   2015                                        2014                      2014                                 2014                                            % Change
                                                                                                        ----                         ----------                              ----             --------------                              ----                                        ----                      ----                                 ----                                            --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                  $1,003                             $                 -                                           $1,003                                                    $427                                           $1,430                                             $759                                          $601        $1,360      5.2

       Medication Management Solutions                                                                                         442                                               -                                              442                                                     843                                            1,285                                                -                                        1,261         1,261      1.9

       Diabetes Care                                                                                                           361                                               -                                              361                                                       -                                             361                                              358                                             -          358      1.0

       Pharmaceutical Systems                                                                                                  226                                               -                                              226                                                       -                                             226                                              227                                             -          227    (0.4)

       Respiratory Solutions                                                                                                   164                                               -                                              164                                                     333                                              497                                                -                                          452           452      9.9

       Deferred Revenue Adjustment *                                                                                          (13)                                             13                                                 -                                                      -                                               -                                               -                                            -            -       -

    TOTAL                                                                                                                   $2,183                                             $13                                            $2,196                                                  $1,603                                           $3,799                                           $1,344                                        $2,314        $3,658      3.9
    -----                                                                                                                   ------                                             ---                                            ------                                                  ------                                           ------                                           ------                                        ------        ------      ---


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                  $516                             $                 -                                             $516                            $                          -                                            $516                                             $507                       $                     -         $507      1.8

       Diagnostic Systems                                                                                                      446                                               -                                              446                                                       -                                             446                                              425                                             -          425      4.9

       Biosciences                                                                                                             292                                               -                                              292                                                       -                                             292                                              270                                             -          270      8.0

    TOTAL                                                                                                                   $1,254                             $                 -                                           $1,254                            $                          -                                          $1,254                                           $1,202                       $                     -       $1,202      4.3
    -----                                                                                                                   ------                           ---               ---                                           ------                          ---                        ---                                          ------                                           ------                     ---                   ---       ------      ---



    TOTAL UNITED STATES                                                                                                     $3,437                                             $13                                            $3,450                                                  $1,603                                           $5,053                                           $2,546                                        $2,314        $4,860      4.0
    -------------------                                                                                                     ------                                             ---                                            ------                                                  ------                                           ------                                           ------                                        ------        ------      ---





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term
     of the contracts.


    ** For the quarters ended December 31, 2014 and March 31, 2015

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL

    Nine Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)


                                                                                                   A                  B                  C=A+B                         D                     E             F=D+E                      G                        H=(C-F-G)/F
                                                                                                  ---                ---                 -----                        ---                   ---            -----                     ---                       -----------

                                                                                                                               CFN                      Comparable            BD                     CFN                  Comparable           Comparable                           Comparable

                                                                                               Reported           Reported             Historical                  Reported              Reported        Historical                  FX                                    FXN

                                                                                                    2015         1st Half 2015
                                                                                                                       *                          2015                   2014                   2014                  2014             Impact                               % Change
                                                                                                    ----        -------------                     ----                   ----                   ----                  ----             ------                               --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                               $1,011                                    $117                           $1,128                              $961                                $181                               $1,141   $(102)   7.8

       Medication Management Solutions                                                                      112                                     208                              320                                 -                                319                                  319     (42)  13.5

       Diabetes Care                                                                                        394                                       -                             394                               415                                   -                                 415     (47)   6.0

       Pharmaceutical Systems                                                                               609                                       -                             609                               661                                   -                                 661     (85)   5.0

       Respiratory Solutions                                                                                 67                                     138                              206                                 -                                198                                  198     (16)  12.0

    TOTAL                                                                                                $2,193                                    $463                           $2,656                            $2,037                                $697                               $2,735   $(292)   7.8
    -----                                                                                                ------                                    ----                           ------                            ------                                ----                               ------    -----    ---


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                               $526                      $                -                            $526                              $547                    $              -                                $547    $(60)   7.1

       Diagnostic Systems                                                                                   512                                       -                             512                               526                                   -                                 526     (55)   7.7

       Biosciences                                                                                          555                                       -                             555                               588                                   -                                 588     (47)   2.4

    TOTAL                                                                                                $1,592                      $                -                          $1,592                            $1,661                    $              -                              $1,661   $(162)   5.6
    -----                                                                                                ------                    ---              ---                          ------                            ------                  ---            ---                              ------    -----    ---



    TOTAL INTERNATIONAL                                                                                  $3,785                                    $463                           $4,248                            $3,698                                $697                               $4,395   $(454)   7.0
    -------------------                                                                                  ------                                    ----                           ------                            ------                                ----                               ------    -----    ---





    * For the quarters ended December 31, 2014 and March 31, 2015

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL

    Nine Months Ended June 30, (continued)

    (Unaudited; Amounts in millions)


                                                                                                       A                                  B                            C=A+B                         D                                 E=C+D                                 F                               G                                 H=F+G                           I                      J=(E-H-I)/H
                                                                                                      ---                                ---                           -----                        ---                                -----                                ---                             ---                                -----                          ---                     -----------

                                                                                                                                                                                                                                                                                                        Comparable                                                                                                                                                               Comparable

                                                                                                                                                     Deferred                                                                           CFN                             Historical                          BD                                  CFN                        Comparable                 Comparable                              Adjusted

                                                                                                   Reported                            Revenue                        Adjusted                   Reported                            Adjusted                            Reported                        Reported                           Historical                         FX                                  FXN

                                                                                                        2015                          Adjustment                              2015               1st Half 2015
                                                                                                                                                                                                     **                                   2015                                        2014                      2014                                 2014                        Impact                              % Change
                                                                                                        ----                         ----------                              ----              -------------                              ----                                        ----                      ----                                 ----                        ------                              --------

    BD MEDICAL
    ----------

       Medication and Procedural Solutions                                                                                  $2,014                             $                 -                                           $2,014                                                    $544                                           $2,557                                           $1,720                                          $781                          $2,501    $(102)           6.3

       Medication Management Solutions                                                                                         554                                               -                                              554                                                   1,051                                            1,605                                                -                                        1,580                           1,580      (42)           4.2

       Diabetes Care                                                                                                           755                                               -                                              755                                                       -                                             755                                              773                                             -                            773      (47)           3.7

       Pharmaceutical Systems                                                                                                  835                                               -                                              835                                                       -                                             835                                              888                                             -                            888      (85)           3.6

       Respiratory Solutions                                                                                                   232                                               -                                              232                                                     471                                              703                                                -                                          650                             650      (16)          10.5

       Deferred Revenue Adjustment *                                                                                          (13)                                             13                                                 -                                                      -                                               -                                               -                                            -                              -        -             -

    TOTAL                                                                                                                   $4,377                                             $13                                            $4,389                                                  $2,066                                           $6,456                                           $3,381                                        $3,012                          $6,392    $(292)           5.6
    -----                                                                                                                   ------                                             ---                                            ------                                                  ------                                           ------                                           ------                                        ------                          ------     -----            ---


    BD LIFE SCIENCES
    ----------------

       Preanalytical Systems                                                                                                $1,042                             $                 -                                           $1,042                            $                          -                                          $1,042                                           $1,054                       $                     -                         $1,054     $(60)           4.6

       Diagnostic Systems                                                                                                      957                                               -                                              957                                                       -                                             957                                              951                                             -                            951      (55)           6.4

       Biosciences                                                                                                             846                                               -                                              846                                                       -                                             846                                              858                                             -                            858      (47)           4.1

    TOTAL                                                                                                                   $2,845                             $                 -                                           $2,845                            $                          -                                          $2,845                                           $2,863                       $                     -                         $2,863    $(162)           5.1
    -----                                                                                                                   ------                           ---               ---                                           ------                          ---                        ---                                          ------                                           ------                     ---                   ---                         ------     -----            ---



    TOTAL REVENUES                                                                                                          $7,222                                             $13                                            $7,235                                                  $2,066                                           $9,301                                           $6,244                                        $3,012                          $9,255    $(454)           5.4
    --------------                                                                                                          ------                                             ---                                            ------                                                  ------                                           ------                                           ------                                        ------                          ------     -----            ---





    * In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date.  The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.


    ** For the quarters ended December 31, 2014 and March 31, 2015

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    SAFETY REVENUES

    (Unaudited; Amounts in millions)



                                                 Three Months Ended June 30,
                                                 ---------------------------

                                     As Reported                  FX                        % Change
                                     -----------                                            --------

                                            2015                             2014        Impact               Reported         FXN
                                            ----                             ----        ------              --------         ---

    TOTAL SAFETY REVENUES
    ---------------------

       United States                                   $427                         $304             $     -            40.4       40.4

       International                                    304                          265                (49)            14.7       33.2
       -------------

    TOTAL                                              $731                         $569               $(49)            28.4       37.1
    -----                                              ----                         ----                ----             ----       ----


    BY SEGMENT
    ----------

       BD Medical                                      $456                         $284               $(27)            60.6       69.9

       BD Life Sciences                                 275                          285                (23)           (3.6)       4.3
       ----------------

    TOTAL                                              $731                         $569               $(49)            28.4       37.1
    -----                                              ----                         ----                ----             ----       ----






                                                  Nine Months Ended June 30,
                                                  --------------------------

                                     As Reported                  FX                        % Change
                                     -----------                                            --------

                                            2015                             2014        Impact               Reported         FXN
                                            ----                             ----        ------              --------         ---

    TOTAL SAFETY REVENUES
    ---------------------

       United States                                 $1,030                         $906             $     -            13.6       13.6

       International                                    825                          751                (93)             9.8       22.2
       -------------

    TOTAL                                            $1,855                       $1,657               $(93)            11.9       17.5
    -----                                            ------                       ------                ----             ----       ----


    BY SEGMENT
    ----------

       BD Medical                                    $1,033                         $832               $(47)            24.1       29.8

       BD Life Sciences                                 822                          825                (46)           (0.4)       5.1
       ----------------

    TOTAL                                            $1,855                       $1,657               $(93)            11.9       17.5
    -----                                            ------                       ------                ----             ----       ----

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF SAFETY REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE

    (Unaudited; Amounts in millions)


                                                                                                Three Months Ended June 30,
                                                                                                 ---------------------------

                                                                                 A                  B                                    C                           D=B+C                    E                             F=(A-D-E)/D
                                                                                ---                ---                                  ---                          -----                   ---                            -----------

                                                                                BD                 BD                                   CFN                       Comparable              Comparable                               Comparable

                                                                                                Reported                              Reported                    Historical                  FX                                      FXN

                                                                             Reported

                                                                                  2015                  2014                                      2014                     2014                 Impact                                  % Change
                                                                                  ----                  ----                                      ----                     ----                 ------                                  --------

    TOTAL SAFETY REVENUES
    ---------------------

       United States                                                                     $427                                                    $304                                $119                               $424                           $                -                            0.9

       International                                                                      304                                                     265                                  46                                311                                         (49)                           13.5
       -------------                                                                      ---                                                     ---

    TOTAL                                                                                $731                                                    $569                                $165                               $735                                        $(49)                            6.2
    -----                                                                                ----                                                    ----                                ----                               ----                                         ----                             ---


    BY SEGMENT
    ----------

       BD Medical                                                                        $456                                                    $284                                $165                               $450                                        $(27)                            7.4

       BD Life Sciences                                                                   275                                                     285                                   -                               285                                         (23)                            4.3
       ----------------                                                                   ---                                                     ---

    TOTAL                                                                                $731                                                    $569                                $165                               $735                                        $(49)                            6.2
    -----                                                                                ----                                                    ----                                ----                               ----                                         ----                             ---





                                                                                                                 Nine Months Ended June 30,
                                                                                                                 --------------------------

                                                                                 A                  B                                  C=A+B                           D                      E               F=D+E                            G                          H=(C-F-G)/F
                                                                                ---                ---                                 -----                          ---                    ---              -----                           ---                         -----------

                                                                                                                    CFN                                Comparable               BD                     CFN                  Comparable                   Comparable                     Comparable

                                                                             Reported           Reported                             Historical                    Reported               Reported         Historical                         FX                              FXN

                                                                                  2015         1st Half 2015
                                                                                                    *                                           2015                     2014                     2014                  2014                    Impact                         % Change
                                                                                  ----        -------------                                     ----                     ----                     ----                  ----                    ------                         --------

    TOTAL SAFETY REVENUES
    ---------------------

       United States                                                                   $1,030                                                    $252                              $1,281                               $906                                         $348                          $1,254 $      -   2.2

       International                                                                      825                                                      83                                 908                                751                                          127                             878     (99)  14.8
       -------------                                                                      ---                                                     ---                                 ---                                ---                                          ---                             ---

    TOTAL                                                                              $1,855                                                    $334                              $2,189                             $1,657                                         $475                          $2,132    $(99)   7.3
    -----                                                                              ------                                                    ----                              ------                             ------                                         ----                          ------     ----    ---


    BY SEGMENT
    ----------

       BD Medical                                                                      $1,033                                                    $334                              $1,367                               $832                                         $475                          $1,307    $(54)   8.7

       BD Life Sciences                                                                   822                                                       -                                822                                825                                            -                            825     (46)   5.1
       ----------------                                                                   ---                                                     ---                                ---                                ---                                          ---                            ---

    TOTAL                                                                              $1,855                                                    $334                              $2,189                             $1,657                                         $475                          $2,132    $(99)   7.3
    -----                                                                              ------                                                    ----                              ------                             ------                                         ----                          ------     ----    ---



    * For the quarters ended December 31, 2014 and March 31, 2015

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

    (Unaudited)


                                                                                                                                                                                                                                                      Three Months Ended June 30,
                                                                                                                                                                                                                                                  ---------------------------

                                                                                                                                                                                                                                                                                                                                                                                                        Foreign                                     Foreign

                                                                                                                                                                                                                                                                                                                                                              Foreign                          Currency                                          Currency

                                                                                                                                                                                                                                                                                                                                                             Currency                           Neutral                                           Neutral

                                                                                                                                                                                                         2015                                  2014                          Growth                      Translation                              Growth                                                 Growth %           Growth %
                                                                                                                                                                                                         ----                                  ----                          ------                      -----------                              ------                                                  -------             -------


    Reported Diluted Earnings per Share                                                                                                                                                                                     $0.29                                              $1.65                                              $(1.36)                                             $(0.29)                     $(1.07)             (82.4%)               (64.8%)
                                                                                                                                                                                                                            -----                                              -----                                               ------                                               ------                       ------               ------                 ------


    Financing Costs ($5 million or $3 million after-tax) (1)                                                                                                                                                                 0.01                                                  -


    Transaction Costs ($9 million or $6 million after-tax) (1)                                                                                                                                                               0.03                                                  -


    Integration Costs ($24 million or $15 million after-tax) (1)                                                                                                                                                             0.07                                                  -


    Restructuring Costs ($75 million or $47 million after-tax) (1)                                                                                                                                                           0.22                                                  -


    Purchase Accounting Adjustments ($439 million or $311 million after-tax and $19 million or $13 million after-tax, respectively)                                                                                          1.45           (2)           0.07                    (3)                                                           (0.01)


    Employee Termination Cost-related Amounts ($5 million or $3 million after-tax) (4)                                                                                                                                     (0.01)                                                 -


    Research and Development Charges ($9 million or $6 million after-tax) (5)                                                                                                                                                   -                                              0.03


    Adjusted Diluted Earnings per Share                                                                                                                                                                                     $2.05                                              $1.75                                                $0.30                                              $(0.30)                       $0.60                17.1%                 34.3%
                                                                                                                                                                                                                            -----                                              -----                                                -----                                               ------                        -----                 ----                   ----





    (1) Represents financing, transaction, integration and restructuring costs associated with the CareFusion acquisition.


    (2) Represents non-cash amortization expense of $148 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $291 million pre-tax to reflect CareFusion's inventory, fixed assets, debt and deferred revenue balances at fair value as of the acquisition date.


    (3) Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.


    (4) Represents an adjustment to the liability for employee termination costs recorded relative to workforce reduction actions taken in the fourth quarter of fiscal year 2014.


    (5) Represents a charge associated with the decision to terminate a research and development program in the Medical segment; the charge relates to program asset write-offs and obligations.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

    (Unaudited)


                                                                                                                                                                                                                                                  Nine Months Ended June 30,
                                                                                                                                                                                                                                              --------------------------

                                                                                                                                                                                                                                                                                                                                                                                                        Foreign                                                     Foreign

                                                                                                                                                                                                                                                                                                                                                      Foreign                             Currency                                                                Currency

                                                                                                                                                                                                                                                                                                                                                     Currency                             Neutral                                                                 Neutral

                                                                                                                                                                                                       2015                                2014                         Growth                     Translation                             Growth                                                        Growth %                            Growth %
                                                                                                                                                                                                       ----                                ----                         ------                     -----------                             ------                                                         -------                              -------


    Reported Diluted Earnings per Share                                                                                                                                                                                      $2.52                                            $4.47                                            $(1.95)                                           $(0.52)                                           $(1.43)             (43.6%)              (32.0%)
                                                                                                                                                                                                                             -----                                            -----                                             ------                                             ------                                             ------               ------                ------


    Financing Costs ($107 million or $65 million after-tax) (1)                                                                                                                                                           0.32                                                -


    Transaction Costs ($52 million or $35 million after-tax) (1)                                                                                                                                                          0.17                                                -


    Integration Costs ($55 million or $34 million after-tax) (1)                                                                                                                                                          0.17                                                -


    Restructuring Costs ($136 million or $83 million after-tax) (1)                                                                                                                                                       0.41                                                -


    Purchase Accounting Adjustments ($466 million or $326 million after-tax and $56 million or $38 million after-tax, respectively)                                                                                       1.60          (2)           0.19                   (3)                                                        (0.02)


    Employee Termination Cost-related Amounts ($5 million or $3 million after-tax) (4)                                                                                                                                  (0.01)                                               -


    Litigation-related Charge ($12 million or $7 million after-tax) (5)                                                                                                                                                   0.04                                                -


    Dilutive Share Impact (6)                                                                                                                                                                                                 0.02                                                -


    Research and Development Charges ($29 million or $18 million after-tax) (7)                                                                                                                                              -                                            0.09


    Other Specified Items, Net ($2 million or $2 million after-tax) (8)                                                                                                                                                      -                                            0.01


    Adjusted Diluted Earnings per Share                                                                                                                                                                                      $5.22                                            $4.77                                              $0.45                                            $(0.54)                                             $0.99                 9.4%                20.8%
                                                                                                                                                                                                                             -----                                            -----                                              -----                                             ------                                              -----                  ---                  ----





    (1) Represents financing, transaction, integration and restructuring costs associated with the CareFusion acquisition.


    (2) Represents non-cash amortization expense of $184 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $291 million pre-tax to reflect CareFusion's inventory, fixed assets, debt and deferred revenue balances at fair value as of the acquisition date.  Also includes an acquisition-date accounting
     gain on a previously held investment in CRISI Medical Systems, Inc. of $9 million pre-tax.


    (3) Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.


    (4) Represents an adjustment to the liability for employee termination costs recorded relative to workforce reduction actions taken in the fourth quarter of fiscal year 2014.


    (5) Represents a charge for plaintiff's attorneys' fees associated with the unfavorable verdict in the antitrust and false advertising lawsuit filed against BD by RTI.


    (6) Represents the dilutive impact of BD shares issued as part of purchase consideration for CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. The year-to-date adjusted diluted average shares outstanding (in thousands) is 203,332.


    (7) Includes a $9 million charge associated with the decision to terminate a research and development program in the Medical segment; the charge relates to program asset write-offs and obligations. Also includes a $20 million charge associated with the 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 Life Sciences segment.


    (8) Represents the cost associated with the decision to early terminate a European distributor arrangement in the Life Sciences segment of $11 million pre-tax, which was largely offset by a gain from a cash distribution received from the sale of a company, of which BD had a small equity ownership, of $8 million pre-tax.

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

    FY2015 OUTLOOK RECONCILIATION



                                                                                                                                              BD Standalone                                                                                                                                       BD Including CareFusion Accretion
                                                                                                                                              -------------                                                                                                                                       ---------------------------------

                                                                                                                                                  Revenues                           FX Impact                             FXN Basis                                                                                                                                              Revenues                                           FX Impact          FXN Basis
                                                                                                                                                  --------                           ---------                             ---------                                                                                                                                              --------                                           ---------          ---------


    Full Year FY2015 Estimated Growth on a Reported Basis                                                                                     ~(2.0%)                                               ~(7.0%)                                                                  ~5.0%                                                                                                                               20.7% - 21.2%                    ~(7.5%)                28.2% - 28.7%

    Deferred Revenue Adjustment                                                                                                                                -                                                   -                                                                -                                                                                                                                        ~0.3%                      NM                            ~0.3%

    Adjusted Full Year FY2015 Estimated Growth                                                                                                ~(2.0%)                                               ~(7.0%)                                                                  ~5.0%                                                                                                                               21.0% - 21.5%                    ~(7.5%)                28.5% - 29.0%


                                                                                                                                                  Full Year                          Full Year                                                                                                                                                                             Full Year                            Full Year

                                                                                                                                                   FY 2015                            FY 2014                              % Increase                                                                                                                  FY 2015                            FY 2014                                      % Increase
                                                                                                                                                   -------                            -------                              ----------                                                                                                                  -------                            -------                                      ----------

                                                                                                                                                 (estimated)                                                                                                                                                                                                                                      (estimated)


    Reported Fully Diluted Earnings per Share                                                                                   $            6.19 - 6.26                                                       $5.99                                               NM                                                                                                                          $            3.85 - 3.89                                          $5.99     NM


    Financing Costs                                                                                                                                             -                                                0.02                                                                                                                                                                                                           0.32                                0.02


    Transaction Costs                                                                                                                                           -                                                   -                                                                                                                                                                                                          0.17                                   -


    Integration Costs                                                                                                                                           -                                                   -                                                                                                                                                                                                          0.17                                   -


    Restructuring Costs                                                                                                                                         -                                                   -                                                                                                                                                                                                          0.41                                   -


    Purchase Accounting Adjustments                                                                                                                        0.18                                                 0.26                                                                                                                                                                                                           2.11                                0.26


    Employee Termination Cost-related Amounts                                                                                                            (0.01)                                                   -                                                                                                                                                                                                        (0.01)                                  -


    Litigation-related Charge                                                                                                                               0.04                                                    -                                                                                                                                                                                                          0.04                                   -


    Dilutive Share Impact                                                                                                                                        -                                                   -                                                                                                                                                                                                          0.02                                   -


    Non-acquisition Related Employee Termination Costs                                                                                                        -                                                0.12                                                                                                                                                                                                              -                               0.12


    Research and Development Charges (1)                                                                                                                      -                                                0.08                                                                                                                                                                                                              -                               0.08


    Pension Settlement Charge                                                                                                                                  -                                                0.01                                                                                                                                                                                                              -                               0.01


    Other Specified Items, Net (2)                                                                                                                             -                                                0.03                                                                                                                                                                                                              -                               0.03


    Adjusted Fully Diluted Earnings per Share                                                                                   $            6.40 - 6.47                                                       $6.50                                        (1.5%) - (0.5%)                                                                                                                   $            7.08 - 7.12                                          $6.50             8.5% - 9.5%
                                                                                                                              ===            ===========                                                       =====                                                                                                                                                                         ===            ===========                                          =====


    FX Impact                                                                                                                                                                                                                                                                  (10.5%)                                                                                                                                                                                                (11.5%)


    Adjusted FXN Growth                                                                                                                                                                                                                                                  9.0% - 10.0%                                                                                                                                                                                         20.0% - 21.0%


    (1) Includes a 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 Life Sciences segment and a charge associated with the decision to terminate a research and development program in the Medical segment.


    (2) Includes the cost associated with the decision to early terminate a European distributor arrangement in the Life Sciences segment. Also includes a charge resulting from the adjustment to the carrying amount of an asset that is being held for sale, and a gain from a cash distribution received from the sale of a company, of which BD had a small equity ownership.



    Organic Revenues Growth

                                                                                                                                                                                                                                                                                                                                                                                                                Full Year

                                                                                                                                                     Q1                                                     Q2                                                        Q3                                          Q3                                     Q4                                                      FY2015
                                                                                                                                                                                                                                                                                                                 YTD
                                                                                                                                                                                                                                                                                                                 ---

                                                                                                                                                                                                                                                                                                                                                     (estimated)                                               (estimated)


    CareFusion Revenues, Reported                                                                                                                         16.1%                                                3.0%                                                           (5.2%)                               3.9%                                       ~0.0%                                                        ~3.0%

    FX Impact                                                                                                                                              (1.4%)                                              (2.4%)                                                           (3.2%)                             (2.4%)                           ~(3.5%)                                                  ~(2.5%)
                                                                                                                                                            -----                                                -----                                                             -----                               -----                            ------                                                    ------

    CareFusion Revenues, FXN                                                                                                                               17.5%                                                5.4%                                                           (2.0%)                               6.3%                                       ~3.5%                                                        ~5.5%

    CareFusion Inorganic Revenues, FXN                                                                                                                   (7.6%)                                                   -                                                           (0.2%)                             (2.4%)                           ~(0.5%)                                                  ~(2.0%)
                                                                                                                                                          -----                                                  ---                                                            -----                               -----                            ------                                                    ------

    CareFusion Organic Revenues, FXN                                                                                                                       9.9%                                                5.4%                                                           (2.2%)                               3.9%                                       ~3.0%                                                        ~3.5%


    BD Standalone Revenues, Reported                                                                                                                       1.8%                                              (1.0%)                                                           (4.1%)                             (1.2%)                           ~(3.5%)                                                  ~(2.0%)

    FX Impact                                                                                                                                                 (3.5%)                                              (5.9%)                                                           (8.7%)                             (6.1%)                           ~(8.5%)                                                  ~(7.0%)
                                                                                                                                                               -----                                                -----                                                             -----                               -----                            ------                                                    ------

    BD Standalone Revenues, FXN                                                                                                                            5.3%                                                4.9%                                                             4.7%                               5.0%                                       ~5.0%                                                        ~5.0%

    BD Standalone Inorganic Revenues, FXN                                                                                                        NM                                                     NM                                                                    (0.1%)                             (0.1%)                              NM                                                        NM
                                                                                                                                                ---                                                    ---                                                                     -----                               -----                              ---                                                       ---

    BD Standalone Organic Revenues, FXN                                                                                                                    5.3%                                                4.9%                                                             4.6%                               4.9%                                       ~5.0%                                                        ~5.0%


    CareFusion Organic Revenues, FXN                                                                                                                                                                                                                                                                                                                                                                                        ~3.5%

    BD Standalone Organic Revenues, FXN                                                                                                                                                                                                                                                                                                                                                                                     ~5.0%
                                                                                                                                                                                                                                                                                                                                                                                                                             ----

    BD Including CareFusion Organic Revenues, FXN                                                                                                                                                                                                                                                                                                                                                                           ~4.5%



    NM - Not Meaningful

    FXN = Foreign Currency Neutral

Contact:
Monique N. Dolecki, Investor Relations - 201-847-5453
Kristen Cardillo, Corporate Communications - 858-617-2317

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bd-announces-results-for-2015-third-fiscal-quarter-and-raises-eps-guidance-for-fiscal-2015-300124630.html

SOURCE BD (Becton, Dickinson and Company)