BD Announces Results For 2014 Second Fiscal Quarter
- Announces revenues of $2.072 billion, an increase of 3.6 percent, or 5.1 percent on a foreign currency-neutral basis.
- Reports adjusted diluted earnings per share from continuing operations of $1.53, an increase of 10.1 percent, or 15.8 percent on a foreign currency-neutral basis. Reported diluted earnings per share from continuing operations were $1.45.
PR Newswire

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

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

Second Quarter and Six-Month Fiscal 2014 Operating Results

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

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

Segment Results

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

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

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

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

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

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

Geographic Results

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

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

Fiscal 2014 Outlook for Full Year

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

Conference Call Information

A conference call regarding BD's second quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday, May 1(st), 2014. The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Thursday, May 8(th), 2014, confirmation number 24652897.

Non-GAAP Financial Measures/Financial Tables

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

About BD

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

***

This press release, including the section entitled "Fiscal 2014 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially from any forward-looking statement. These factors include, but are not limited to: potential cuts in healthcare spending by the U.S. government as part of deficit reduction measures which could result in reduced demand for our product or downward pricing pressure; the unknown consequences of healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic conditions on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors; pricing and market pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

Contact:
Monique N. Dolecki, Investor Relations - 201-847-5453
Alyssa J. Zeff, Corporate Communications - 201-847-4358


    BECTON DICKINSON AND COMPANY

    CONSOLIDATED INCOME STATEMENTS

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


                                                  Three Months Ended
                                                      March 31,

                                                 2014           2013      % Change
                                                 ----           ----      --------


    REVENUES                                   $2,072         $2,000            3.6


    Cost of products
     sold                                       1,019            982            3.7

    Selling and
     administrative                               525            515            2.0

    Research and
     development                                  147            122           20.0
    ------------                                  ---            ---           ----

    TOTAL OPERATING
     COSTS

         AND EXPENSES                           1,690          1,619            4.4
         ------------                           -----          -----            ---


    OPERATING INCOME                              381            381            0.1


    Interest income                                10             12          (18.4)

    Interest expense                              (33)           (35)          (4.7)

    Other income, net                               5              2             NM
    -----------------                             ---            ---            ---


    INCOME FROM
     CONTINUING
     OPERATIONS
     BEFORE

         INCOME TAXES                             363            360            0.8


    Income tax
     provision                                     76             84           (9.9)
    ----------                                    ---            ---           ----


    INCOME FROM
     CONTINUING
     OPERATIONS                                   287            276            4.0


    INCOME (LOSS)
     FROM
     DISCONTINUED
     OPERATIONS

       NET OF INCOME TAX
        PROVISION
        (BENEFIT) OF

             $0 AND $(1), RESPECTIVELY    -              -             NM
             -------------------------  ---            ---            ---


    NET INCOME                                   $287           $276            4.2
    ----------                                   ----           ----            ---


    EARNINGS PER
     SHARE


    Basic:

    Income from
     continuing
     operations                                 $1.48          $1.42            4.2

    Income (loss)
     from
     discontinued
     operations                           $         -    $         -              -

    Net income                                  $1.48          $1.42            4.2


    Diluted:

    Income from
     continuing
     operations                                 $1.45          $1.39            4.3

    Income (loss)
     from
     discontinued
     operations                           $         -    $         -              -

    Net income                                  $1.45          $1.39            4.3



    AVERAGE SHARES
     OUTSTANDING (in
     thousands)


         Basic                                193,609        194,609

         Diluted                              197,488        198,143
         -------                              -------        -------


    NM -Not
     Meaningful






    BECTON DICKINSON
     AND COMPANY

    CONSOLIDATED
     INCOME
     STATEMENTS

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


                                                   Six Months Ended
                                                      March 31,

                                                 2014           2013      % Change
                                                 ----           ----      --------


    REVENUES                                   $4,086         $3,901            4.8


    Cost of products
     sold                                       1,999          1,876            6.5

    Selling and
     administrative                             1,056          1,010            4.5

    Research and
     development                                  273            241           13.4
    ------------                                  ---            ---           ----

    TOTAL OPERATING
     COSTS

         AND EXPENSES                           3,327          3,127            6.4
         ------------                           -----          -----            ---


    OPERATING INCOME                              759            773           (1.8)


    Interest income                                24             20           19.4

    Interest expense                              (67)           (70)          (4.5)

    Other income, net                               6              3             NM
    -----------------                             ---            ---            ---


    INCOME FROM
     CONTINUING
     OPERATIONS
     BEFORE

         INCOME TAXES                             722            726           (0.6)


    Income tax
     provision                                    164            180           (9.0)
    ----------                                    ---            ---           ----


    INCOME FROM
     CONTINUING
     OPERATIONS                                   558            546            2.2


    INCOME FROM
     DISCONTINUED
     OPERATIONS

       NET OF INCOME TAX
        PROVISION OF

             $0 AND $215, RESPECTIVELY    -            355             NM
             -------------------------  ---            ---            ---


    NET INCOME                                   $558           $901          (38.0)
    ----------                                   ----           ----          -----


    EARNINGS PER
     SHARE


    Basic:

    Income from
     continuing
     operations                                 $2.88          $2.79            3.2

    Income from
     discontinued
     operations                           $         -          $1.81             NM

    Net income                                  $2.88          $4.61          (37.5)


    Diluted:

    Income from
     continuing
     operations                                 $2.82          $2.74            2.9

    Income from
     discontinued
     operations                           $         -          $1.78             NM

    Net income                                  $2.82          $4.53          (37.7)



    AVERAGE SHARES
     OUTSTANDING (in
     thousands)


         Basic                                193,909        195,528

         Diluted                              197,998        199,068
         -------                              -------        -------


    NM -Not
     Meaningful






    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY SEGMENT AND GEOGRAPHIC
     AREA

    (Unaudited;
     Amounts in
     millions)


                                                  Three Months Ended
                                                      March 31,

                                                 2014           2013      % Change
                                                 ----           ----      --------


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

       United States                             $434           $412            5.2

       International                              682            650            5.0
       -------------                              ---            ---

    TOTAL                                      $1,116         $1,062            5.1
    -----                                      ------         ------            ---


    BD DIAGNOSTICS
    --------------

       United States                             $301           $322           (6.4)

       International                              352            337            4.5
       -------------                              ---            ---

    TOTAL                                        $653           $659           (0.9)
    -----                                        ----           ----           ----


    BD BIOSCIENCES
    --------------

       United States                              $90            $89            1.4

       International                              212            191           11.4
       -------------                              ---            ---

    TOTAL                                        $302           $279            8.2
    -----                                        ----           ----            ---


    TOTAL REVENUES
    --------------

       United States                             $826           $824            0.2

       International                            1,246          1,177            5.9
       -------------                            -----          -----

    TOTAL                                      $2,072         $2,000            3.6
    -----                                      ------         ------            ---






    BECTON DICKINSON
     AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY SEGMENT AND GEOGRAPHIC
     AREA

    (Unaudited;
     Amounts in
     millions)


                                                   Six Months Ended
                                                      March 31,

                                                 2014           2013      % Change
                                                 ----           ----      --------


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

       United States                             $875           $838            4.5

       International                            1,304          1,208            8.0
       -------------                            -----          -----

    TOTAL                                      $2,180         $2,045            6.6
    -----                                      ------         ------            ---


    BD DIAGNOSTICS
    --------------

       United States                             $622           $643           (3.2)

       International                              703            668            5.2
       -------------                              ---            ---

    TOTAL                                      $1,325         $1,311            1.1
    -----                                      ------         ------            ---


    BD BIOSCIENCES
    --------------

       United States                             $177           $173            2.3

       International                              404            371            8.9
       -------------                              ---            ---

    TOTAL                                        $581           $544            6.8
    -----                                        ----           ----            ---


    TOTAL REVENUES
    --------------

       United States                           $1,675         $1,654            1.3

       International                            2,412          2,247            7.3
       -------------                            -----          -----

    TOTAL                                      $4,086         $3,901            4.8
    -----                                      ------         ------            ---






    BECTON DICKINSON
     AND COMPANY

    SUPPLEMENTAL
     REVENUE
     INFORMATION

    REVENUES BY
     BUSINESS
     SEGMENTS AND
     UNITS

    Three Months
     Ended March 31,

    (Unaudited;
     Amounts in
     millions)


                                                    United States
                                                    -------------

                                                 2014           2013      % Change
                                                 ----           ----      --------


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

       Medical
        Surgical
        Systems                                  $240           $236            1.9

       Diabetes Care                              118            107           10.3

       Pharmaceutical
        Systems                                    76             70            8.8

    TOTAL                                        $434           $412            5.2
    -----                                        ----           ----            ---


    BD DIAGNOSTICS
    --------------

       Preanalytical
        Systems                                  $163           $162            0.7

       Diagnostic
        Systems                                   138            160          (13.6)
       ----------                                 ---            ---

    TOTAL                                        $301           $322           (6.4)
    -----                                        ----           ----           ----


    BD BIOSCIENCES                                $90            $89            1.4
    --------------                                ---            ---            ---


    TOTAL UNITED
     STATES                                      $826           $824            0.2
    ------------                                 ----           ----            ---

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS

    Three Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)


                                                                   International
                                                                   -------------

                                                                                               % Change
                                                                                              --------

                                             2014        2013          Reported        FXN       FX Impact
                                             ----        ----         --------         ---       ---------


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

       Medical Surgical
        Systems                                     $311        $303              2.6       6.3            (3.7)

       Diabetes Care                                 133         125              6.2      10.5            (4.3)

       Pharmaceutical
        Systems                                      238         221              7.6       5.9             1.7
                                                                                                            ---

    TOTAL                                           $682        $650              5.0       7.0            (2.0)
    -----                                           ----        ----              ---       ---            ----


    BD DIAGNOSTICS
    --------------

       Preanalytical
        Systems                                     $179        $168              6.7      10.2            (3.5)

       Diagnostic Systems                            173         169              2.3       6.0            (3.7)
       ------------------

    TOTAL                                           $352        $337              4.5       8.1            (3.6)
    -----                                           ----        ----              ---       ---            ----


    BD BIOSCIENCES                                  $212        $191             11.4      14.3            (2.9)
    --------------                                  ----        ----             ----       ---            ----


    TOTAL
     INTERNATIONAL                                $1,246      $1,177              5.9       8.5            (2.6)
    --------------                                  ----        ----              ---       ---            ----






    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS

    Three Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)


                                                                       Total
                                                                       -----

                                                                                               % Change
                                                                                              --------

                                             2014        2013          Reported        FXN       FX Impact
                                             ----        ----         --------         ---       ---------


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

       Medical Surgical
        Systems                                     $551        $539              2.3       4.4            (2.1)

       Diabetes Care                                 251         232              8.1      10.4            (2.3)

       Pharmaceutical
        Systems                                      314         291              7.9       6.6             1.3

    TOTAL                                         $1,116      $1,062              5.1       6.3            (1.2)
    -----                                           ----        ----              ---       ---            ----


    BD DIAGNOSTICS
    --------------

       Preanalytical
        Systems                                     $342        $330              3.7       5.5            (1.8)

       Diagnostic Systems                            311         329             (5.5)     (3.6)           (1.9)
       ------------------

    TOTAL                                           $653        $659             (0.9)      1.0            (1.9)
    -----                                           ----        ----             ----       ---            ----


    BD BIOSCIENCES                                  $302        $279              8.2      10.2            (2.0)
    --------------                                  ----        ----              ---       ---            ----


    TOTAL REVENUES                                $2,072      $2,000              3.6       5.1            (1.5)
    --------------                                  ----        ----              ---       ---            ----

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS

    Six Months Ended March 31,

    (Unaudited; Amounts in millions)


                                            United States
                                            -------------

                                              2014        2013  % Change
                                              ----        ---- --------


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

       Medical Surgical Systems               $502        $485       3.6

       Diabetes Care                           239         219       9.3

       Pharmaceutical Systems                  133         134      (0.4)

    TOTAL                                     $875        $838       4.5
    -----                                     ----        ----       ---


    BD DIAGNOSTICS
    --------------

       Preanalytical Systems                  $335        $329       1.7

       Diagnostic Systems                      288         314      (8.3)
       ------------------                      ---         ---

    TOTAL                                     $622        $643      (3.2)
    -----                                     ----        ----      ----


    BD BIOSCIENCES                            $177        $173       2.3
    --------------                            ----        ----       ---


    TOTAL UNITED STATES                     $1,675      $1,654       1.3
    -------------------                       ----        ----       ---

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS

    Six Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)


                                                                  International
                                                                  -------------

                                                                                                   % Change
                                                                                                  --------

                                            2014        2013           Reported            FXN       FX Impact
                                            ----        ----          --------             ---       ---------


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

       Medical Surgical
        Systems                                    $627         $590                  6.4       9.2            (2.8)

       Diabetes Care                                275          256                  7.5      11.0            (3.5)

       Pharmaceutical
        Systems                                     402          362                 11.0       8.5             2.5

    TOTAL                                        $1,304       $1,208                  8.0       9.4            (1.4)
    -----                                          ----         ----                  ---       ---            ----


    BD DIAGNOSTICS
    --------------

       Preanalytical
        Systems                                    $355         $336                  5.7       8.2            (2.5)

       Diagnostic Systems                           348          332                  4.7       8.0            (3.3)
       ------------------

    TOTAL                                          $703         $668                  5.2       8.1            (2.9)
    -----                                          ----         ----                  ---       ---            ----


    BD BIOSCIENCES                                 $404         $371                  8.9      10.6            (1.7)
    --------------                                 ----         ----                  ---       ---            ----


    TOTAL
     INTERNATIONAL                               $2,412       $2,247                  7.3       9.2            (1.9)
    --------------                                 ----         ----                  ---       ---            ----






    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    REVENUES BY BUSINESS SEGMENTS AND UNITS

    Six Months Ended March 31, (continued)

    (Unaudited; Amounts in millions)


                                                                      Total
                                                                      -----

                                                                                                   % Change
                                                                                                  --------

                                            2014        2013           Reported            FXN       FX Impact
                                            ----        ----          --------             ---       ---------


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

       Medical Surgical
        Systems                                  $1,130       $1,075                  5.2       6.7            (1.5)

       Diabetes Care                                514          475                  8.3      10.2            (1.9)

       Pharmaceutical
        Systems                                     535          496                  7.9       6.1             1.8

    TOTAL                                        $2,180       $2,045                  6.6       7.4            (0.8)
    -----                                          ----         ----                  ---       ---            ----


    BD DIAGNOSTICS
    --------------

       Preanalytical
        Systems                                    $690         $665                  3.7       5.0            (1.3)

       Diagnostic Systems                           636          646                 (1.6)      0.1            (1.7)
       ------------------

    TOTAL                                        $1,325       $1,311                  1.1       2.6            (1.5)
    -----                                          ----         ----                  ---       ---            ----


    BD BIOSCIENCES                                 $581         $544                  6.8       8.0            (1.2)
    --------------                                 ----         ----                  ---       ---            ----


    TOTAL REVENUES                               $4,086       $3,901                  4.8       5.9            (1.1)
    --------------                                 ----         ----                  ---       ---            ----






    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL REVENUE INFORMATION

    SAFETY REVENUES

    (Unaudited; Amounts in millions)


                                                           Three Months Ended March 31,
                                                           ----------------------------

                                                                                                   % Change
                                                                                                  --------

                                            2014        2013           Reported            FXN       FX Impact
                                            ----        ----          --------             ---       ---------


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

       United States                               $287         $287                    -         -               -

       International                                244          227                  7.3      11.2            (3.9)
       -------------                                ---          ---                  ---                      ----

    TOTAL                                          $531         $514                  3.2       4.9            (1.7)
    -----                                          ----         ----                  ---       ---            ----


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

       BD Medical                                  $263         $256                  2.7       4.4            (1.7)

       BD Diagnostics                               268          258                  3.7       5.5            (1.8)
       --------------                               ---          ---                  ---                      ----

    TOTAL                                          $531         $514                  3.2       4.9            (1.7)
    -----                                          ----         ----                  ---       ---            ----






                                                            Six Months Ended March 31,
                                                            --------------------------

                                                                                                   % Change
                                                                                                  --------

                                            2014        2013           Reported            FXN       FX Impact
                                            ----        ----          --------             ---       ---------


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

       United States                               $602         $578                  4.1       4.1               -

       International                                486          447                  8.7      11.6            (2.9)
       -------------                                ---          ---                  ---                      ----

    TOTAL                                        $1,088       $1,026                  6.1       7.3            (1.2)
    -----                                          ----         ----                  ---       ---            ----


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

       BD Medical                                  $548         $508                  7.8       9.1            (1.3)

       BD Diagnostics                               540          517                  4.4       5.6            (1.2)
       --------------                               ---          ---                  ---                      ----

    TOTAL                                        $1,088       $1,026                  6.1       7.3            (1.2)
    -----                                          ----         ----                  ---       ---            ----

    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

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

    (Unaudited)


                                                                                                        Three Months Ended March 31,
                                                                                                        ----------------------------

                                                                          2014        2013       Growth          Foreign              Foreign        Growth %      Foreign
                                                                                                                 Currency             Currency                      Currency
                                                                                                               Translation            Neutral                       Neutral
                                                                                                                                       Change                       Growth %
                                                                                                                                       ------                        -------


    Reported Diluted Earnings per Share                                         $1.45      $1.39        $0.06                 $(0.08)          $0.14           4.3%          10.1%
    from Continuing Operations



    Write-off of capitalized product software and, to a
     lesser extent, fixed assets primarily resulting from the
     discontinuance of an instrument product development
     program in the Biosciences segment ($20 million or $12
     million after-tax)                                                   0.06           -


    Cost associated with the decision to early terminate a
     European distributor arrangement in the Diagnostics
     segment ($11 million or $8 million after-tax)                        0.04           -


    Gain from a cash distribution received from the sale of
     company, in which BD had a small equity ownership ($8
     million or $5 million after-tax)                                    (0.03)          -


    Adjusted Diluted Earnings per Share from Continuing
     Operations                                                                 $1.53      $1.39        $0.14                 $(0.08)          $0.22          10.1%          15.8%







    BECTON DICKINSON AND COMPANY

    SUPPLEMENTAL INFORMATION

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

    (Unaudited)


                                                                                                         Six Months Ended March 31,
                                                                                                         --------------------------

                                                                          2014        2013       Growth          Foreign              Foreign        Growth %      Foreign
                                                                                                                 Currency             Currency                      Currency
                                                                                                               Translation            Neutral                       Neutral
                                                                                                                                       Change                       Growth %
                                                                                                                                       ------                        -------


    Reported Diluted Earnings per Share from Continuing
     Operations                                                                 $2.82      $2.74        $0.08                 $(0.17)          $0.25           2.9%           9.1%



    Write-off of capitalized product software and, to a
     lesser extent, fixed assets primarily resulting from the
     discontinuance of an instrument product development
     program in the Biosciences segment ($20 million or $12
     million after-tax)                                                   0.06           -


    Cost associated with the decision to early terminate a
     European distributor arrangement in the Diagnostics
     segment ($11 million or $8 million after-tax)                        0.04           -


    Gain from a cash distribution received from the sale of
     company, in which BD had a small equity ownership ($8
     million or $5 million after-tax)                                    (0.03)          -


    Adjusted Diluted Earnings per Share from Continuing
     Operations                                                                 $2.90      $2.74        $0.16                 $(0.17)          $0.33           5.8%          12.0%



    The incremental impact in first quarter fiscal year 2014
     of the medical device excise tax which went into effect
     in January 2013 under the U.S. Patient Protection and
     Affordable Care Act ($14 million or $9 million after-
     tax)                                                                 0.05        0.00


    Adjusted Diluted Earnings per Share from Continuing
     Operations without incremental first quarter fiscal
     year 2014 impact of Medical Device Excise Tax                              $2.94      $2.74        $0.20                 $(0.17)          $0.37           7.3%          13.5%

    BECTON
     DICKINSON AND
     COMPANY

    SUPPLEMENTAL
     INFORMATION

    FY2014 Outlook
     Reconciliation


                                           Reported

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


    Revenues -Full
     Year 2014
     estimated
     growth                                     4.0% - 4.5%          (0.5%)         4.5% - 5.0%


                                          Full Year          Full Year

                                                       2014            2013 % Increase
                                                       ----            ---- ----------

                                         (estimated)

    Reported Fully
     Diluted
     Earnings per
     Share

    from Continuing
     Operations                  $              6.14 - 6.17           $4.67     NM


    Write-off of
     capitalized    of an
     product        instrument
     software and,  product
     to a lesser    development
     extent, fixed  program in the
     assets         Biosciences
     primarily      segment
     resulting from
     the
     discontinuance                                    0.06


    Cost associated
     with the
     decision to
     early
     terminate a
     European
     distributor
     arrangement in
     the
     Diagnostics
     segment                                           0.04


    Gain from a
     cash
     distribution
     received from
     the sale of
     company, in
     which BD had a
     small equity
     ownership                                        (0.03)


    Charge
     associated
     with the
     litigation
     settlement
     related to
     indirect
     purchaser
     antitrust
     class action
     cases                                                             0.07


    Charge
     associated     Company by RTI
     with the
     unfavorable
     verdict
     returned in
     the antitrust
     and false
     advertising
     lawsuit filed
     against the                                                       1.06


    Non-cash
     pension        pension plan,  The charge
     settlement     as such        also included
     charge         payments       settlement
     associated     exceeded the   losses
     with lump sum  service and    associated
     benefit        interest       with certain
     payments made  components of  foreign
     from the       the plan's     pension plans.
     Company's U.S. pension cost
     supplemental                                                      0.02


    Adjusted Fully
     Diluted
     Earnings per
     Share

    from Continuing
     Operations                  $              6.22 - 6.25           $5.81          7.0% - 7.5%
                                                ===========           =====


    FX Impact                                                                              (3.0%)


    Adjusted FXN
     Growth                                                                        10.0% - 10.5%


    Represents the
     incremental    Patient
     impact of the  Protection and
     medical device Affordable
     excise tax in  Care Act)
     first quarter
     fiscal year
     2014 (tax went
     into effect in
     January 2013
     under the U.S.                                                                        (1.0%)



    Adjusted FXN
     Growth
     (excluding the
     medical device
     excise tax)                                                                   11.0% - 11.5%



    NM -Not
     Meaningful

    FXN = Foreign
     Currency
     Neutral

SOURCE BD (Becton, Dickinson and Company)