STOCK TITAN
  1. Home
  2. News
  3. BDX

BD Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
earnings
Rhea-AI Summary

BD (BDX) reported strong Q4 and FY2024 results with Q4 revenue reaching $5.4 billion, up 6.9% as reported. Fourth quarter GAAP and adjusted diluted EPS from continuing operations grew 173.6% and 11.4% to $1.45 and $3.81 respectively. Full-year revenue reached $20.2 billion, with organic growth of 5.0%. FY2024 cash from continuing operations increased 28.5% to $3.8 billion, while Free Cash Flow grew 47.4% to $3.1 billion. The company provided FY2025 guidance projecting organic growth of 4.0% to 4.5% and adjusted diluted EPS growth of approximately 10% at midpoint.

BD (BDX) ha riportato risultati solidi per il quarto trimestre e l'intero anno fiscale 2024, con un fatturato nel quarto trimestre che ha raggiunto 5,4 miliardi di dollari, in aumento del 6,9% rispetto all'anno precedente. L'utile per azione diluito GAAP e l'utile per azione diluito rettificato delle operazioni continuative sono cresciuti rispettivamente del 173,6% e dell'11,4%, raggiungendo $1,45 e $3,81. Il fatturato dell'anno fiscale 2024 ha raggiunto 20,2 miliardi di dollari, con una crescita organica del 5,0%. Il flusso di cassa dalle operazioni continuative per l'anno fiscale 2024 è aumentato del 28,5%, arrivando a 3,8 miliardi di dollari, mentre il flusso di cassa libero è cresciuto del 47,4%, raggiungendo 3,1 miliardi di dollari. La società ha fornito indicazioni per l'anno fiscale 2025, prevedendo una crescita organica del 4,0% al 4,5% e una crescita dell'utile per azione diluito rettificato di circa il 10% al punto intermedio.

BD (BDX) informó resultados sólidos para el cuarto trimestre y el año fiscal 2024, con ingresos del cuarto trimestre que alcanzaron 5.4 mil millones de dólares, un aumento del 6.9% en comparación con el año anterior. Las ganancias por acción diluida GAAP y las ganancias por acción diluida ajustada de las operaciones continuas crecieron un 173.6% y un 11.4% hasta $1.45 y $3.81, respectivamente. Los ingresos del año fiscal 2024 alcanzaron 20.2 mil millones de dólares, con un crecimiento orgánico del 5.0%. El flujo de efectivo de las operaciones continuas del año fiscal 2024 aumentó un 28.5% a 3.8 mil millones de dólares, mientras que el flujo de efectivo libre creció un 47.4% a 3.1 mil millones de dólares. La empresa proporcionó orientaciones para el año fiscal 2025, proyectando un crecimiento orgánico del 4.0% al 4.5% y un crecimiento de las ganancias por acción diluida ajustada de aproximadamente el 10% en el punto medio.

BD (BDX)는 2024 회계연도 4분기 및 전체 연도 실적이 강력하다고 보고했습니다. 4분기 수익은 54억 달러에 이르렀으며, 이는 6.9% 증가한 수치입니다. GAAP 및 조정 후 희석 주당 순이익(EPS)은 지속적 운영에서 각각 173.6% 및 11.4% 증가하여 $1.45 및 $3.81에 도달했습니다. 2024 회계연도 전체 수익은 202억 달러에 이르렀으며, 유기적 성장은 5.0%였습니다. 2024 회계연도 지속적 운영으로부터의 현금흐름은 28.5% 증가하여 38억 달러에 도달했고, 자유 현금 흐름은 47.4% 증가하여 31억 달러에 이르렀습니다. 회사는 2025 회계연도에 대한 가이던스를 제공하며 유기적 성장은 4.0%에서 4.5% 사이로, 조정된 희석 EPS는 중간 지점에서 약 10% 성장할 것으로 예상하고 있습니다.

BD (BDX) a rapporté de solides résultats pour le quatrième trimestre et l'année fiscale 2024, avec un chiffre d'affaires au quatrième trimestre atteignant 5,4 milliards de dollars, en hausse de 6,9 % par rapport à l'année précédente. Le bénéfice par action dilué selon les PCGR et le bénéfice par action dilué ajusté des opérations continues ont augmenté respectivement de 173,6 % et de 11,4 %, pour atteindre 1,45 $ et 3,81 $. Le chiffre d'affaires de l'année fiscale 2024 a atteint 20,2 milliards de dollars, avec une croissance organique de 5,0 %. Le flux de trésorerie provenant des opérations continues pour l'année fiscale 2024 a augmenté de 28,5 %, atteignant 3,8 milliards de dollars, tandis que le flux de trésorerie disponible a augmenté de 47,4 %, atteignant 3,1 milliards de dollars. L'entreprise a fourni des prévisions pour l'année fiscale 2025, projetant une croissance organique de 4,0 % à 4,5 % et une croissance du bénéfice par action dilué ajusté d'environ 10 % à la valeur médiane.

BD (BDX) hat starke Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 gemeldet, wobei die Einnahmen im vierten Quartal 5,4 Milliarden US-Dollar erreichten, was einem Anstieg von 6,9% entspricht. Der GAAP- und der bereinigte verwässerte Gewinn pro Aktie (EPS) aus fortgeführten Aktivitäten wuchsen um 173,6% bzw. 11,4% auf $1,45 und $3,81. Der Gesamtumsatz des Geschäftsjahres 2024 betrug 20,2 Milliarden US-Dollar und wies ein organisches Wachstum von 5,0% auf. Der Cashflow aus fortgeführten Aktivitäten im Geschäftsjahr 2024 stieg um 28,5% auf 3,8 Milliarden US-Dollar, während der freie Cashflow um 47,4% auf 3,1 Milliarden US-Dollar zunahm. Das Unternehmen gab eine Prognose für das Geschäftsjahr 2025 ab, die ein organisches Wachstum von 4,0% bis 4,5% und ein Wachstum des bereinigten verwässerten EPS von etwa 10% im Mittelwert prognostiziert.

Positive
  • Q4 revenue increased 6.9% to $5.4 billion
  • Q4 adjusted EPS grew 11.4% to $3.81
  • FY24 organic revenue growth of 5.0%
  • Free Cash Flow increased 47.4% to $3.1 billion
  • FY24 cash from operations up 28.5% to $3.8 billion
  • Projected FY25 adjusted EPS growth of ~10%
Negative
  • None.

Insights

BD's Q4 and FY24 results demonstrate robust financial performance with significant improvements across key metrics. Q4 revenue reached $5.4 billion, up 6.9%, while full-year revenue hit $20.2 billion. The company's operational efficiency is evident in the 28.5% increase in operating cash flow to $3.8 billion and 47.4% growth in Free Cash Flow to $3.1 billion.

The FY25 guidance suggests continued momentum, projecting organic growth of 4.0-4.5% and adjusted EPS growth of ~10%. The acquisition of Edwards Lifesciences' Critical Care portfolio strategically positions BD in higher-growth segments. The strong cash flow generation provides flexibility for further strategic investments while maintaining shareholder returns.

The medical technology sector transformation through AI, automation and biologics presents significant growth opportunities for BD. Their strategic focus on these emerging technologies, coupled with the Critical Care acquisition, strengthens their market position. The 6.2% organic growth in Q4 outperforms industry averages, indicating market share gains. The company's operational excellence initiatives are delivering tangible results, as evidenced by margin expansion and robust cash flow generation. The FY25 guidance, including 8.9-9.4% GAAP growth, reflects confidence in sustained momentum and successful execution of strategic initiatives.

Strong Growth and Margin Execution Drives Performance in Quarter

  • Q4 revenue of $5.4 billion increased 6.9% as reported, 7.4% currency-neutral and 6.2% organic
  • Q4 GAAP and adjusted diluted EPS from continuing operations of $1.45 and $3.81 grew 173.6% and 11.4%, respectively
  • FY24 revenue of $20.2 billion increased 4.2% as reported and currency neutral, 4.6% adjusted currency-neutral, and 5.0% organic
  • FY24 GAAP and adjusted diluted EPS from continuing operations of $5.93 and $13.14 grew 16.3% and 7.6%, respectively
  • FY24 cash from continuing operations grew 28.5% to $3.8 billion and Free Cash Flow grew 47.4% to $3.1 billion, increasing $0.9 billion and $1.0 billion since the prior year, respectively
  • Company issues FY25 revenue guidance including GAAP growth of 8.9% to 9.4%, adjusted currency-neutral growth of 8.8% to 9.3% and organic growth of 4.0% to 4.5%
  • Company issues FY25 adjusted diluted EPS guidance of $14.25 to $14.601, which reflects growth of about 10% at the midpoint

FRANKLIN LAKES, N.J., Nov. 7, 2024 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its fiscal 2024 fourth quarter and full year which ended September 30, 2024.

"In FY24, our team advanced our strategy, continuing to shift our portfolio into higher-growth areas through new innovations and the acquisition of Edwards Lifesciences' Critical Care product group, while leveraging our BD Excellence system to exceed our margin expansion, earnings and cash flow goals," said Tom Polen, chairman, CEO and president of BD. "Our growth strategy remains focused on delivering solutions for our customers that leverage significant shifts in technology, like biologics, AI and automation, that are revolutionizing patient care. Combined with accelerated operational performance through BD Excellence and strong capital deployment, we are poised to deliver continued value creation for our shareholders." 

1 BD does not attempt to provide reconciliations of forward-looking adjusted diluted EPS guidance to the comparable GAAP measure. See the discussion below under "Assumptions and Outlook for Full Year Fiscal 2025."

Recent Business and Corporate Sustainability Highlights

  • The company completed the acquisition of Critical Care from Edwards Lifesciences, expanding BD's portfolio of smart connected care solutions with monitoring technologies, including advanced AI-enabled clinical decision tools. The combination of leading monitoring and infusion platforms enables future innovation opportunities for closed-loop monitoring and treatment by integrating combined company data sets and interoperability capabilities.
  • BD celebrated 75 years of U.S. manufacturing excellence in Nebraska where its Columbus site produces billions of vital medical supplies each year and where, for the first nine months of 2024, it boosted domestic syringe production to help improve supply continuity to health care providers and their patients.
  • BD Life Sciences:
    • The Integrated Diagnostic Solutions business unit announced Health Canada approval of the BD Onclarity™ HPV Assay for human papillomavirus (HPV) testing for the use with self-collected vaginal specimens at home. 
    • The Biosciences business unit announced a new robotics solution to automate and standardize single-cell research with the commercial launch of the first in a family of high-throughput, robotics-compatible reagent kits for use with the Hamilton Robotics Liquid-Handler, helping accelerate lab work leading to genomic sequencing.
  • BD Medical:
    • The Medication Delivery Solutions business unit announced:
      • The launch of the new BD® Intraosseous Vascular Access System, enabling access in seconds for rapid delivery of fluids or medication in critical emergency situations.
      • New data that shows BD MaxPlus™ and BD MaxZero™ Needle-free Connectors demonstrate better clinical outcomes with lower rate of central line bloodstream infections, fewer occlusions and cost savings.
    • The Medication Management Solutions business unit announced new data that reveals the use of advanced artificial intelligence in BD HealthSight™ Diversion Management software is highly effective in detecting indicators of controlled substance diversion in the operating room.
    • The Pharmaceutical Systems business unit announced:
      • The latest capacity expansion of the BD Neopak™ Glass Prefillable Syringe platform, a significant milestone that enables unprecedented large-scale production of advanced BD glass syringes to serve the growing market for biologic therapies.
      • The commercial release of the BD Neopak™ XtraFlow™ Glass Prefillable Syringe with features that enhance the injection experience for the next generation of biologics, expanding the usability of the BD Neopak™ platform.
      • These expansions add to BD's leadership in offering a broad range of injection solutions to enable delivery of treatments such as GLP-1s, antibodies and other next generation treatments for chronic disease.
  • Named a Best Place to Work for Disability Inclusion for the sixth consecutive year following its top score on the Disability Equality Index.
  • Named among the 100 Best Corporate Citizens of 2024 by 3BL, ranking second in the health care equipment and services industry.

Fourth Quarter Fiscal 2024 Operating Results



Three Months Ended
September 30,


Change


Foreign Currency
Neutral Change1


Organic Revenue
Change1,2

(Millions of dollars, except per share amounts)


2024


2023




Revenues


$   5,437


$   5,087


6.9 %


7.4 %


6.2 %












Reported Diluted Earnings per Share from Continuing Operations


$     1.45


$     0.53


173.6 %


198.1 %



Adjusted Diluted Earnings per Share from Continuing Operations1


$     3.81


$     3.42


11.4 %


15.2 %




1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables.

2Organic Revenue growth denotes foreign currency neutral revenues further adjusted for the impact to revenues from acquisitions and divestitures during the first 12 months post-acquisition/divestiture.

Geographic Results

Revenues (Millions of dollars)


Three Months Ended
September 30,


Reported Change


Foreign Currency
Neutral Change1



2024


2023



United States


$                3,117


$                2,879


8.3 %


8.3 %










International


$                2,320


$                2,209


5.1 %


6.3 %










Total Revenues


$                5,437


$                5,087


6.9 %


7.4 %


1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables.

Segment Results

Revenues (Millions of dollars)


Three Months Ended
September 30,


Reported Change


Foreign Currency
Neutral Change1


Organic Revenue

Change1,2



2024


2023




BD Medical


$      2,837


$      2,554


11.1 %


11.5 %


8.6 %












BD Life Sciences


$      1,340


$      1,330


0.7 %


1.4 %


1.4 %












BD Interventional


$      1,260


$      1,203


4.7 %


5.4 %


6.6 %












Total Revenues


$      5,437


$      5,087


6.9 %


7.4 %


6.2 %


1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in the attached financial tables.

2Organic Revenue growth denotes foreign currency neutral revenues further adjusted for the impact to revenues from acquisitions and divestitures during the first 12 months post-acquisition/divestiture. 

The BD Medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS) and Pharmaceutical Systems (PS) business units, and the Advanced Patient Monitoring (APM) business unit, which was formed upon the closing of the acquisition of Critical Care from Edwards Lifesciences. The segment's performance includes the revenues of APM from September 3, 2024 to September 30, 2024. BD Medical organic revenue growth was led by MMS.

  • MDS performance reflects strong volume growth across the portfolio with increased share in Vascular Access Management and hypodermic products.
  • MMS performance reflects high double-digit growth in Infusion driven by BD Alaris™ and higher utilization of infusion sets that was partially offset by the prior-year comparison in Dispensing Solutions.
  • PS performance reflects double-digit growth in Biologics, including GLP-1s, that was partially offset by expected transitory market dynamics including customer inventory de-stocking in anti-coagulants and vaccines.

The BD Life Sciences segment includes the Integrated Diagnostic Solutions (IDS) and Biosciences (BDB) business units. BD Life Sciences revenue growth was driven by IDS.

  • IDS performance reflects strong growth in Specimen Management driven by broad volume strength, and double-digit growth in BD MAX™ IVD and BD COR™ that was partially offset by the prior-year comparison in Microbiology.
  • BDB performance reflects transitory market dynamics that resulted in lower market demand for research instruments partially offset by strong growth in clinical solutions that was driven by the FACSLyric™ Clinical Cell Analyzer and cancer reagents.

The BD Interventional segment includes the Surgery, Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional organic revenue growth was driven by performance across the segment.

  • Surgery performance reflects double-digit growth in Infection Prevention and Phasix™ hernia resorbable scaffold that was partially offset by a tough prior-year comparison in Advanced Repair & Reconstruction. The unit's performance also reflects the impact from the divestiture of the Surgical Instrumentation platform.
  • PI performance reflects double-digit growth in the Peripheral Vascular Disease portfolio and strong growth in End Stage Kidney Disease that was partially offset by a decline in U.S. Oncology due to prior year distributor stocking.
  • UCC performance reflects strong double-digit growth in the PureWick™ franchise with continued adoption of both the Male and Female portfolios.

Assumptions and Outlook for Full Year Fiscal 2025
The company provided the following guidance with respect to fiscal 2025. GAAP revenue growth of 8.9% to 9.4% and currency-neutral adjusted revenue growth of 8.8% to 9.3% include the newly acquired APM business. The company's organic revenue growth guidance of 4.0% to 4.5% includes absorbing an impact about 125 basis points from an expected decline in revenues in China and Bioscience and Pharma market dynamics.


Fiscal 2025 Guidance as of
November 7, 2024

GAAP Revenues

~$21.9 to $22.1 billion

GAAP Revenue Growth

8.9% to 9.4%

Adjusted Revenue Growth (FXN)

8.8% to 9.3%

Organic Revenue Growth (FXN)

4.0% to 4.5%



Adjusted Diluted EPS

$14.25 to $14.60

Adjusted Diluted EPS Growth

~8.5% to 11.0%

BD's outlook for fiscal 2025 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its fourth fiscal quarter earnings call. 

The company's expected adjusted diluted EPS for fiscal 2025 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, spin-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted non-GAAP EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD's financial performance. We also present our estimated adjusted revenue growth and organic revenue growth for our 2025 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying earnings performance for our 2025 fiscal year in relation to our underlying 2024 fiscal year performance.

Conference Call and Presentation Materials
BD will host an audio webcast today for the public, investors, analysts, and news media to discuss its fourth quarter results. The audio webcast will be broadcast live on BD's website, www.bd.com/investors at 8 a.m. (ET) Thursday, November 7, 2024. Accompanying slides will be available on BD's website, www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD's website, www.bd.com/investors. Alternatively, you can dial into the replay at 800-839-1337 (domestic) and 402-220-0489 (international) through the close of business on Thursday, November 14, 2024. A confirmation number is not needed to access the replay.

Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures. These include adjusted revenues, revenue growth rates on a currency-neutral, adjusted, and organic basis, adjusted diluted earnings per share from continuing operations, and free cash flow. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period to period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results, and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.

We present adjusted revenues for the full fiscal year 2024 after eliminating the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, which substantially relate to years prior to the current fiscal year, because we believe these items affect the comparability of the periods presented to prior periods.

We also present adjusted diluted earnings per share from continuing operations for the fourth quarter and full fiscal year 2024, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. Adjusted diluted earnings per share from continuing operations includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, transaction and financing costs, spin-off related costs, certain regulatory costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. In particular, current and prior-year adjusted diluted earnings per share from continuing operations results exclude European regulatory initiative-related costs, which represent costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation (collectively, the "New EU Medical Devices Regulations"), which represent a significant, unusual change to the existing regulatory framework. We consider the excluded European regulatory initiative-related costs to be duplicative of previously incurred costs and/or one-off costs related to establishing initial compliance with such regulatory regimes, and in each case are limited to a specific period of time. These expenses relate to establishing initial compliance with the New EU Medical Devices Regulations and include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. These costs were recorded in Cost of products sold and Research and development expense.

We also present revenue growth rates for the fourth quarter and full fiscal year 2024 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share from continuing operations compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior periods. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior periods. 

We also present free cash flow for the full fiscal year 2024 over the corresponding prior period, which is net cash provided by continuing operating activities less capital expenditures, to provide a view of the Company's ability to generate cash for use in acquisitions and other investing and financing activities. Free cash flow is not a measure of cash available for discretionary expenditures given that we have certain non-discretionary obligations such as debt service that are not deducted from the measure. We believe the presentation of results of free cash flow in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior period.

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 one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its more than 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and on X (formerly known as Twitter) @BDandCo.

***

This press release and accompanying audio webcast on November 7, 2024 contain certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, future revenues, margins, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions 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 such forward-looking statements, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to macroeconomic conditions and their impact on our operations and healthcare spending generally, including any impact of disruptions in the global transportation networks or other aspects of our supply chain on our ability to source raw materials, components and energy sources needed to produce our products, labor constraints or disputes, inflationary pressures, currency rate fluctuations, and increased interest rates and borrowing costs; conditions in international markets, including geopolitical developments such as the evolving situations in Russia and Ukraine, the Middle East and Asia, which could adversely impact our operations; competitive factors including technological advances and new products or novel medical therapies introduced by competitors; product efficacy or safety concerns or non-compliance with applicable regulatory requirements (such as non-compliance of our products with registration requirements resulting from modifications to such products, or other factors, including with respect to BD Alaris™ pumps and related sets and BD Vacutainer™) resulting in product recalls, lost revenue or other actions being taken with respect to products in the field or the ability to continue selling new products to customers; changes to legislation or regulations impacting the U.S. or foreign healthcare systems, changes in medical practices or in patient preferences, potential cuts in governmental research or other healthcare spending, or governmental or private measures to contain healthcare costs, such as China's volume-based procurement tender process or changes in pricing and reimbursement policies, which could result in reduced demand for our products or downward pricing pressure; the adverse impact on our business or products of past, current or future information and technology system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal proceedings, liability, expense or reputational damage arising in connection with any such events; increased labor costs and labor shortages or disputes; new or changing laws and regulations impacting our business (including the imposition of tariffs, sanctions, changes in tax laws, new environmental laws and regulations (such as those related to climate change or materials of concern), new cybersecurity, artificial intelligence or privacy laws, or changes in laws impacting international trade or anti-corruption and bribery, or changes in reporting requirements or enforcement practices with respect to such laws; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; increases in energy costs and their effect on, among other things, the cost of producing BD's products; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations; risks relating to our overall indebtedness; the possible impact of public health crises on our business and the global healthcare system, which could decrease demand for our products, disrupt our operations or the operations of our customers and companies within our supply chain, or increase transportation costs; interruptions in our manufacturing or sterilization processes or those of our third-party providers, including any restrictions placed on the use of ethylene oxide for sterilization; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; the overall timing of the replacement or remediation of the BD Alaris™ Infusion System and return to market in the U.S., which may be impacted by, among other things, customer readiness, supply continuity and our continued engagement with the FDA; our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation, investigations, subpoenas, settlements, fines, penalties and/or other sanctions (as described in BD's filings with the Securities and Exchange Commission ("SEC")); and the issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the SEC. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

Contacts:
Investors: Adam Reiffe, Sr. Director, Investor Relations - 201-847-6927
Media: Troy Kirkpatrick, VP, Public Relations - 858-617-2361

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS

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

 



Three Months Ended September 30,



2024


2023


% Change

REVENUES


$

5,437



$

5,087



6.9









Cost of products sold


2,922



3,386



(13.7)


Selling and administrative expense


1,256



1,137



10.4


Research and development expense


302



281



7.7


Integration, restructuring and transaction expense


170



138



23.2


Other operating expense (income), net


137



(203)



167.3


TOTAL OPERATING COSTS AND EXPENSES


4,787



4,738



1.0


OPERATING INCOME


650



349



86.4









Interest expense


(155)



(114)



36.3


Interest income


56



9



493.7


Other expense, net


(9)



(63)



85.1


INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES


542



181



198.8


Income tax provision


121



27



342.5


NET INCOME FROM CONTINUING OPERATIONS


421



154



173.2


Loss from Discontinued Operations, Net of Tax


—



(46)



100.0


NET INCOME APPLICABLE TO COMMON SHAREHOLDERS


$

421



$

108



290.1









BASIC EARNINGS PER SHARE







Income from Continuing Operations


1.45



0.53



173.6


Loss from Discontinued Operations


—



(0.16)



100.0


Basic Earnings per Share


$

1.45



$

0.37



291.9









DILUTED EARNINGS PER SHARE







Income from Continuing Operations


1.45



0.53



173.6


Loss from Discontinued Operations


—



(0.16)



100.0


Diluted Earnings per Share


$

1.45



$

0.37



291.9









AVERAGE SHARES OUTSTANDING (in thousands)







Basic


289,607


290,590



Diluted


290,602


292,701



 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS

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

 



Twelve Months Ended September 30,



2024


2023


% Change

REVENUES


$

20,178



$

19,372



4.2









Cost of products sold


11,025



11,202



(1.6)


Selling and administrative expense


4,857



4,719



2.9


Research and development expense


1,190



1,237



(3.8)


Integration, restructuring and transaction expense


458



313



46.2


Other operating expense (income), net


222



(210)



206.0


TOTAL OPERATING COSTS AND EXPENSES


17,752



17,261



2.8


OPERATING INCOME


2,425



2,111



14.9









Interest expense


(528)



(452)



16.7


Interest income


163



49



233.5


Other expense, net


(28)



(46)



38.3


INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES


2,033



1,662



22.3


Income tax provision


307



132



133.0


NET INCOME FROM CONTINUING OPERATIONS


1,726



1,530



12.8


Loss from Discontinued Operations, Net of Tax


—



(46)



100.0


NET INCOME


1,726



1,484



16.3


Preferred stock dividends


—



(60)



(100.0)


NET INCOME APPLICABLE TO COMMON SHAREHOLDERS


$

1,726



$

1,424



21.2









BASIC EARNINGS PER SHARE







Income from Continuing Operations


5.96



5.14



16.0


Loss from Discontinued Operations


—



(0.16)



100.0


Basic Earnings per Share


$

5.96



$

4.97



19.9









DILUTED EARNINGS PER SHARE







Income from Continuing Operations


5.93



5.10



16.3


Loss from Discontinued Operations


—



(0.16)



100.0


Diluted Earnings per Share


$

5.93



$

4.94



20.0









AVERAGE SHARES OUTSTANDING (in thousands)







Basic


289,763


286,282



Diluted


291,009


288,392



 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Amounts in millions)

 



September 30, 2024


September 30, 2023

ASSETS





Cash and equivalents


$

1,717



$

1,416


Restricted cash


139



65


Short-term investments


445



8


Trade receivables, net


3,033



2,534


Inventories


3,843



3,273


Prepaid expenses and other


1,292



1,380


TOTAL CURRENT ASSETS


10,468



8,676


Property, plant and equipment, net


6,821



6,557


Goodwill and other intangibles, net


37,383



35,469


Other assets


2,615



2,078


TOTAL ASSETS


$

57,286



$

52,780


LIABILITIES AND SHAREHOLDERS' EQUITY





Current debt obligations


$

2,170



$

1,141


Other current liabilities


6,777



5,500


Long-term debt


17,940



14,738


Long-term employee benefit obligations


942



1,023


Deferred income taxes and other liabilities


3,546



4,582


Shareholders' equity


25,911



25,796


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

57,286



$

52,780


 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Amounts in millions)

 





Twelve Months Ended September 30,



2024


2023

OPERATING ACTIVITIES





Net income


$

1,726



$

1,484


Less: Loss from discontinued operations, net of tax


—



(46)


Income from continuing operations, net of tax


1,726



1,530


Depreciation and amortization


2,286



2,288


Change in operating assets and liabilities and other, net


(168)



(828)


NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES


3,844



2,990


INVESTING ACTIVITIES





Capital expenditures


(725)



(874)


Acquisitions, net of cash acquired


(3,924)



—


Proceeds from divestiture, net


—



540


Purchases of investments, net


(421)



—


Other, net


(444)



(382)


NET CASH USED FOR CONTINUING INVESTING ACTIVITIES


(5,514)



(716)


FINANCING ACTIVITIES





Change in short-term debt


400



(230)


Proceeds from long-term debt


4,517



1,662


Payments of debt


(1,142)



(2,155)


Repurchases of common stock


(500)



—


Dividends paid


(1,100)



(1,114)


Other, net


(89)



(120)


NET CASH PROVIDED BY (USED FOR) CONTINUING FINANCING ACTIVITIES


2,087



(1,956)


Net cash used for operating activities of discontinued operations


(46)



(1)


Effect of exchange rate changes on cash and equivalents and restricted cash


4



5


NET INCREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH


375



322


OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH


1,481



1,159


CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH


$

1,856



$

1,481


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Three Months Ended September 30,

(Unaudited; Amounts in millions)










A 


B 


C=(A-B)/B



2024


2023


% Change

BD MEDICAL







Medication Delivery Solutions


$

689



$

656



5.0


Medication Management Solutions


744



602



23.6


Pharmaceutical Systems


187



188



(0.4)


Advanced Patient Monitoring


47



—



NM


TOTAL


$

1,667



$

1,447



15.3









BD LIFE SCIENCES







Integrated Diagnostic Solutions


$

448



$

447



0.2


Biosciences


151



159



(5.2)


TOTAL


$

598



$

606



(1.2)









BD INTERVENTIONAL







Surgery


$

279



$

279



(0.1)


Peripheral Intervention


267



268



(0.4)


Urology and Critical Care


306



279



9.4


TOTAL


$

851



$

826



3.0









TOTAL UNITED STATES


$

3,117



$

2,879



8.3



"NM" denotes that the percentage change is not meaningful.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Three Months Ended September 30, (continued)

(Unaudited; Amounts in millions)













D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2024


2023


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

458



$

442



$

(8)



3.6



5.5


Medication Management Solutions


195



194



(1)



0.3



0.6


Pharmaceutical Systems


490



471



(2)



4.0



4.4


Advanced Patient Monitoring


27



—



—



NM



NM


TOTAL


$

1,170



$

1,107



$

(11)



5.6



6.6













BD LIFE SCIENCES











Integrated Diagnostic Solutions


$

495



$

479



$

(7)



3.4



4.9


Biosciences


247



246



(1)



0.4



1.0


TOTAL


$

742



$

724



$

(9)



2.4



3.6













BD INTERVENTIONAL











Surgery


$

89



$

87



$

(2)



3.2



5.0


Peripheral Intervention


235



214



(4)



9.7



11.5


Urology and Critical Care


84



76



(2)



11.0



13.8


TOTAL


$

409



$

377



$

(8)



8.5



10.5













TOTAL INTERNATIONAL


$

2,320



$

2,209



$

(27)



5.1



6.3



"NM" denotes that the percentage change is not meaningful.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Three Months Ended September 30, (continued)

(Unaudited; Amounts in millions)




















D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2024


2023


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

1,147



$

1,098



$

(8)



4.4



5.2


Medication Management Solutions


939



796



(1)



17.9



18.0


Pharmaceutical Systems


677



659



(2)



2.7



3.0


Advanced Patient Monitoring


74



—



—



NM



NM


TOTAL


$

2,837



$

2,554



$

(11)



11.1



11.5













BD LIFE SCIENCES











Integrated Diagnostic Solutions


$

943



$

926



$

(7)



1.8



2.6


Biosciences


397



405



(1)



(1.8)



(1.4)


TOTAL


$

1,340



$

1,330



$

(9)



0.7



1.4













BD INTERVENTIONAL











Surgery


$

368



$

366



$

(2)



0.7



1.1


Peripheral Intervention


502



482



(4)



4.1



4.9


Urology and Critical Care


390



355



(2)



9.7



10.3


TOTAL


$

1,260



$

1,203



$

(8)



4.7



5.4













TOTAL REVENUES


$

5,437



$

5,087



$

(27)



6.9



7.4



"NM" denotes that the percentage change is not meaningful.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Twelve Months Ended September 30,

(Unaudited; Amounts in millions)










A


B


C=(A-B)/B



2024


2023


% Change

BD MEDICAL







Medication Delivery Solutions


$

2,661



$

2,519



5.6


Medication Management Solutions


2,627



2,303



14.1


Pharmaceutical Systems


629



666



(5.5)


Advanced Patient Monitoring


47



—



NM


TOTAL


$

5,964



$

5,488



8.7









BD LIFE SCIENCES







Integrated Diagnostic Solutions


$

1,733



$

1,774



(2.3)


Biosciences


577



603



(4.4)


TOTAL


$

2,310



$

2,377



(2.8)









BD INTERVENTIONAL







Surgery


$

1,130



$

1,159



(2.5)


Peripheral Intervention


1,029



1,016



1.3


Urology and Critical Care


1,236



1,073



15.2


TOTAL


$

3,394



$

3,247



4.5









Other(1)


$

(6)



$

—



NM









TOTAL UNITED STATES


$

11,663



$

11,113



4.9









"NM" denotes that the percentage change is not meaningful.

(1)

Represents an accrual resulting from a legal matter and which substantially relates to years prior to the current fiscal year. This amount was not allocated to our reportable segments.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Twelve Months Ended September 30, (continued)

(Unaudited; Amounts in millions)




















D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2024


2023


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

1,768



$

1,774



$

(4)



(0.3)



(0.1)


Medication Management Solutions


670



677



5



(1.0)



(1.7)


Pharmaceutical Systems


1,644



1,563



3



5.2



5.0


Advanced Patient Monitoring


27



—



—



NM



NM


TOTAL


$

4,110



$

4,014



$

4



2.4



2.3













BD LIFE SCIENCES











Integrated Diagnostic Solutions


$

1,946



$

1,850



$

(2)



5.2



5.3


Biosciences


935



906



1



3.3



3.2


TOTAL


$

2,881



$

2,756



$

(1)



4.6



4.6













BD INTERVENTIONAL











Surgery


$

363



$

338



$

(2)



7.2



7.8


Peripheral Intervention


904



849



(9)



6.5



7.6


Urology and Critical Care


319



301



(7)



5.7



7.9


TOTAL


$

1,586



$

1,489



$

(18)



6.5



7.7













Other(1)


$

(62)



$

—



$

—



NM



NM













TOTAL INTERNATIONAL


$

8,515



$

8,258



$

(14)



3.1



3.3













"NM" denotes that the percentage change is not meaningful.

(1)

Represents the recognition of an accrual resulting from recent developments relating to the Italian government medical device pay back legislation and which substantially relates to years prior to the current fiscal year. This amount was not allocated to our reportable segments.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Twelve Months Ended September 30, (continued)

(Unaudited; Amounts in millions)




















D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2024


2023


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

4,429



$

4,293



$

(4)



3.2



3.3


Medication Management Solutions


3,297



2,980



5



10.7



10.5


Pharmaceutical Systems


2,273



2,229



3



2.0



1.8


Advanced Patient Monitoring


74



—



—



NM



NM


TOTAL


$

10,074



$

9,502



$

4



6.0



6.0













BD LIFE SCIENCES











Integrated Diagnostic Solutions


$

3,679



$

3,624



$

(2)



1.5



1.6


Biosciences


1,512



1,509



1



0.2



0.2


TOTAL


$

5,191



$

5,133



$

(1)



1.1



1.1













BD INTERVENTIONAL











Surgery


$

1,492



$

1,497



$

(2)



(0.3)



(0.2)


Peripheral Intervention


1,933



1,865



(9)



3.7



4.1


Urology and Critical Care


1,554



1,374



(7)



13.1



13.6


TOTAL


$

4,980



$

4,736



$

(18)



5.1



5.5













Other(1)


$

(67)



$

—



$

—



NM



NM













TOTAL REVENUES


$

20,178



$

19,372



$

(14)



4.2



4.2



"NM" denotes that the percentage change is not meaningful.

(1)

Represents the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to the current fiscal year. Such amounts were not allocated to our reportable segments.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO ORGANIC REVENUE CHANGE

Three Months Ended September 30,

(Unaudited; Amounts in millions)


















D = (A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2024


2023


FX Impact


Reported


FXN

TOTAL REVENUES


$

5,437



$

5,087



$

(27)



6.9



7.4


Less: Inorganic revenue adjustment (1)


74



14



—



444.6



444.6


Organic Revenue


$

5,363



$

5,074



$

(27)



5.7



6.2













BD MEDICAL REVENUES


$

2,837



$

2,554



$

(11)



11.1



11.5


Less: Inorganic revenue adjustment (1)


74



—



—



NM



NM


BD Medical Organic Revenue


$

2,763



$

2,554



$

(11)



8.2



8.6













BD INTERVENTIONAL REVENUES


$

1,260



$

1,203



$

(8)



4.7



5.4


Less: Inorganic revenue adjustment (1)


—



14



—



(100.0)



(100.0)


BD Interventional Organic Revenue


$

1,260



$

1,190



$

(8)



5.9



6.6



"NM" denotes that the percentage change is not meaningful.

(1)

Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitions and the revenue decline attributable to divestitures during the first 12 months post-acquisition/divestiture. Acquisitions include: Edwards Lifesciences' Critical Care Product Group, which was renamed as BD Advanced Patient Monitoring, in the Medical Segment. Divestitures include: the sale of the Surgical Instrumentation platform in the Interventional segment.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO ADJUSTED REVENUE CHANGE TO ORGANIC REVENUE CHANGE

Twelve Months Ended September 30,

(Unaudited; Amounts in millions)




















D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2024


2023


FX Impact


Reported


FXN

TOTAL REVENUES


$

20,178



$

19,372



$

(14)



4.2



4.2


Add: Reduction for government legislative and legal matters(1)


67



—



—



NM



NM


Adjusted Total Revenues


$

20,245



$

19,372



$

(14)



4.5



4.6


Less: Inorganic revenue adjustment (2)


$

74



$

140



$

—



(46.9)



(46.9)


Organic Revenue


$

20,171



$

19,232



$

(14)



4.9



5.0



"NM" denotes that the percentage change is not meaningful.

(1)

Represents the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to the current fiscal year.

(2)

Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitions and the revenue decline attributable to divestitures during the first 12 months post-acquisition/divestiture. Acquisitions include: Edwards Lifesciences' Critical Care Product Group, which was renamed as BD Advanced Patient Monitoring, in the Medical Segment. Divestitures include: the sale of the Surgical Instrumentation platform in the Interventional segment.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION FROM NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES TO FREE CASH FLOW

Twelve Months Ended September 30,

(Unaudited; Amounts in millions)












A


B


C=A-B


D=C/B



2024


2023


Change


% Change

Net Cash Provided by Continuing Operating Activities


$

3,844



$

2,990



$

854



28.5

%

Capital Expenditures


(725)



(874)



149



(17.0)

%

Free Cash Flow


$

3,119



$

2,116



$

1,002



47.4

%

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)
















Three Months Ended September 30,


2024


2023


Change


FX Impact


FXN
Change


Change %


FXN
Change %

Reported Diluted Earnings per Share from Continuing Operations

$

1.45



$

0.53



$

0.92



$

(0.13)



$

1.05



173.6 %


198.1 %

Purchase accounting adjustments ($427 million and $363 million pre-tax, respectively) (1)

1.47



1.24





—








Integration costs ($6 million and $12 million pre-tax, respectively) (2)

0.02



0.04





—








Restructuring costs ($125 million and $119 million pre-tax, respectively) (2)

0.43



0.41





—








Transaction Costs ($39 million pre-tax) (3)

0.13



—





—








Financing Costs (($6) million pre-tax) (3)

(0.02)



—





—








Separation-related items ($6 million and $4 million pre-tax, respectively) (4)

0.02



0.02





—








European regulatory initiative-related costs ($32 million and $36 million pre-tax, respectively) (5)

0.11



0.12





—








Product, litigation, and other items ($149 million and $458 million pre-tax, respectively) (6)

0.51



1.56





—








Tax impact of specified items and other tax related (($93) million and ($146) million, respectively)

(0.32)



(0.50)





—








Adjusted Diluted Earnings per Share from Continuing Operations

$

3.81



$

3.42



$

0.39



$

(0.13)



$

0.52



11.4 %


15.2 %



(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities.

(3)

Represents transaction costs and financing impacts associated with the acquisition of Edwards Lifesciences' Critical Care Product Group. The transaction costs are recorded in Integration, restructuring and transaction expense and the financing impacts are recorded in Interest income and Interest expense.

(4)

Represents costs recorded to Other operating expense (income), net incurred in connection with the separation of BD's former Diabetes Care business.

(5)

Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs.

(6)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2024 reflects charges to Other operating expense (income), net related to legal matters, including a $125 million charge to accrue an estimated liability for the SEC investigation with respect to, among other things, certain reporting issues involving BD Alaris™ infusion pumps included in SEC disclosures prior to 2021, based on discussions with the SEC with respect to a potential resolution of this matter. The Company cannot anticipate the timing, scope, outcome or ultimate impact of the SEC investigation, financial or otherwise, including but not limited to what actions the SEC might pursue against the Company and/or individuals. As a result, the ultimate resolution is unknown at this time, and it is possible that the amount of the Company's liability could significantly exceed its currently accrued amount. The amount in 2023 includes a charge of $563 million to adjust the estimate of future product remediation costs to Cost of products sold and a charge of $55 million related to pension settlement costs to Other expense, net. The amount in 2023 also includes a gain of $268 million related to the sale of our Surgical Instrumentation platform recorded to Other operating expense (income), net.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)
















Twelve Months Ended September 30,


2024


2023


Change


FX Impact


FXN
Change


Change %


FXN
Change %

Reported Diluted Earnings per Share from Continuing Operations

$

5.93



$

5.10



$

0.83



$

(0.56)



$

1.39



16.3

%


27.3

%

Purchase accounting adjustments ($1.503 billion and $1.434 billion pre-tax, respectively) (1)

5.16



4.97





—








Integration costs ($23 million and $67 million pre-tax, respectively) (2)

0.08



0.23





—








Restructuring costs ($387 million and $239 million pre-tax, respectively) (2)

1.33



0.83





0.01








Transaction Costs ($48 million pre-tax) (3)

0.17



—





—








Financing Costs (($8) million pre-tax) (3)

(0.03)



—





—








Separation-related items ($13 million and $14 million pre-tax, respectively) (4)

0.05



0.05





—








European regulatory initiative-related costs ($104 million and $139 million pre-tax, respectively) (5)

0.36



0.48





—








Product, litigation, and other items ($318 million and $554 million pre-tax, respectively) (6)

1.09



1.92





—








Tax impact of specified items and other tax related (($290) million and ($399) million, respectively)

(1.00)



(1.38)





—








Adjusted Diluted Earnings per Share from Continuing Operations

$

13.14



$

12.21



$

0.93



$

(0.55)



$

1.48



7.6

%


12.1

%



(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities.

(3)

Represents transaction costs and financing impacts associated with the acquisition of Edwards Lifesciences' Critical Care Product Group. The transaction costs are recorded in Integration, restructuring and transaction expense and the financing impacts are recorded in Interest income and Interest expense.

(4)

Represents costs recorded to Other operating expense (income), net incurred in connection with the separation of BD's former Diabetes Care business.

(5)

Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs.

(6)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2024 reflects the recognition of $67 million in accruals as an impact to Revenues resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to our current fiscal year. The amount in 2024 also reflects charges to Other operating expense (income), net related to legal matters, including a $175 million charge to accrue an estimated liability for the SEC investigation with respect to, among other things, certain reporting issues involving BD Alaris™ infusion pumps included in SEC disclosures prior to 2021, based on discussions with the SEC with respect to a potential resolution of this matter. The Company cannot anticipate the timing, scope, outcome or ultimate impact of the SEC investigation, financial or otherwise, including but not limited to what actions the SEC might pursue against the Company and/or individuals. As a result, the ultimate resolution is unknown at this time, and it is possible that the amount of the Company's liability could significantly exceed its currently accrued amount. The amount in 2023 includes a charge of $653 million to adjust the estimate of future product remediation costs to Cost of products sold and a charge of $57 million related to pension settlement costs to Other expense, net. The amount in 2023 also includes a gain of $268 million related to the sale of our Surgical Instrumentation platform recorded to Other operating expense (income), net.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2025 OUTLOOK RECONCILIATION

 



Full Year FY 2024


Full Year FY 2025 Outlook



($ in millions)


% Change


Revenues

BDX Reported Revenues


$

20,178






Add: Revenue Adjustment Impact


67






Adjusted Revenues


$

20,245













FY 2025 Reported Revenue Growth




+8.9% to +9.4%



Revenue Adjustment Impact




~+35 basis points



Illustrative Foreign Currency (FX) Impact




(~25) basis points



FY 2025 Revenue Growth (adjusted)(FXN)




+8.8% to 9.3%



FY 2025 Inorganic Impact to Revenue Growth




~+475 basis points



FY 2025 Organic Revenue Growth(FXN)




+4.0% to +4.5%










Total FY 2025 Revenues






~$21.9 to $22.1 billion


Notes

- Revenue Adjustment Impact reflects the recognition of accruals resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to the current fiscal year.

- Inorganic revenue adjustment is defined as the amount of incremental revenue attributable to acquisitions and the revenue decline attributable to divestitures during the first 12 months post-acquisition/divestiture.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2025 OUTLOOK RECONCILIATION CONTINUED

 





Full Year FY 2025 Outlook



Full Year FY 2024 from Continuing Operations


Total Company

Reported Diluted Earnings per Share


$

5.93






Purchase accounting adjustments ($1.503 billion pre-tax) (1)


5.16






Integration costs ($23 million pre-tax) (2)


0.08






Restructuring costs ($387 million pre-tax) (2)


1.33






Transaction Costs ($48 million pre-tax) (3)


0.17






Financing Costs (($8) million pre-tax) (3)


(0.03)






Separation-related items ($13 million pre-tax) (4)


0.05






European regulatory initiative-related costs ($104 million pre-tax) (5)


0.36






Product, litigation, and other items ($318 million pre-tax) (6)


1.09






Tax impact of specified items and other tax related (($290) million)


(1.00)






Adjusted Diluted Earnings per Share


$

13.14



$14.25 to $14.60

Reported % Change




+8.5% to +11.0%



(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities.

(3)

Represents transaction costs and financing impacts associated with the acquisition of Edwards Lifesciences' Critical Care Product Group. The transaction costs are recorded in Integration, restructuring and transaction expense and the financing impacts are recorded in Interest income and Interest expense.

(4)

Represents costs recorded to Other operating expense (income), net incurred in connection with the separation of BD's former Diabetes Care business.

(5)

Represents costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation, which represent a significant, unusual change to the existing regulatory framework. We consider these costs to be duplicative of previously incurred costs and/or one-off costs, which are limited to a specific period of time. These expenses, which are recorded in Cost of products sold and Research and development expense, include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs.

(6)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2024 reflects the recognition of $67 million in accruals as an impact to Revenues resulting from recent developments relating to the Italian government medical device pay back legislation, as well as another legal matter, and which substantially relate to years prior to our current fiscal year. The amount in 2024 also reflects charges to Other operating expense (income), net related to legal matters, including a $175 million charge to accrue an estimated liability for the SEC investigation with respect to, among other things, certain reporting issues involving BD Alaris™ infusion pumps included in SEC disclosures prior to 2021, based on discussions with the SEC with respect to a potential resolution of this matter. The Company cannot anticipate the timing, scope, outcome or ultimate impact of the SEC investigation, financial or otherwise, including but not limited to what actions the SEC might pursue against the Company and/or individuals. As a result, the ultimate resolution is unknown at this time, and it is possible that the amount of the Company's liability could significantly exceed its currently accrued amount.

 

Cision View original content:https://www.prnewswire.com/news-releases/bd-reports-fourth-quarter-and-full-year-fiscal-2024-financial-results-302298182.html

SOURCE BD (Becton, Dickinson and Company)

FAQ

What was BD's (BDX) Q4 2024 revenue?

BD reported Q4 2024 revenue of $5.4 billion, representing a 6.9% increase as reported.

What is BD's (BDX) FY2025 organic growth guidance?

BD projects FY2025 organic growth between 4.0% and 4.5%.

How much did BD's (BDX) Free Cash Flow grow in FY2024?

BD's Free Cash Flow grew 47.4% to $3.1 billion in FY2024, increasing $1.0 billion from the prior year.

What is BD's (BDX) projected adjusted EPS guidance for FY2025?

BD provided FY2025 adjusted diluted EPS guidance of $14.25 to $14.60, reflecting approximately 10% growth at the midpoint.

Stock BDX logo
Becton, Dickinson and Co.

NYSE:BDX

BDX Rankings

#219 Ranked by Market Cap
#1419 Ranked by Dividends

BDX Latest News

Nov 20, 2024
First of Its Kind HPV Self-Collection Study Launched to Improve Cervical Cancer Screening in Underserved Communities
Nov 19, 2024
BD to Present at the 7th Annual Evercore ISI HealthCONx Conference
Nov 7, 2024
BD Board Increases Dividend for 53rd Consecutive Year
Oct 30, 2024
BD Launches Enhanced Intraosseous System, Enabling Vascular Access in Seconds for Critical Care Situations
Oct 25, 2024
BD Named Among the 100 Best Corporate Citizens of 2024

BDX Stock Data

65.26B
288.21M
0.28%
91.33%
0.7%
Medical Instruments & Supplies
Surgical & Medical Instruments & Apparatus
Link
United States of America
FRANKLIN LAKES