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BD Announces Results for Second Fiscal Quarter
Date:4/23/2008

Earnings per share from continuing operations increased 18% to $1.09;

Company raises earnings guidance for full fiscal year

FRANKLIN LAKES, N.J., April 23 /PRNewswire-FirstCall/ -- BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.747 billion for the second fiscal quarter ended March 31, 2008, representing an increase of 11 percent over the prior year period. This quarter's revenue growth rate reflects the favorable impact on all segments from foreign currency translation, which overall is estimated to account for 5 percentage points of the increase in quarterly revenues.

"We are pleased with our strong results, which were once again driven by solid company-wide revenue growth and disciplined spending controls that more than offset the headwind we have been facing as a result of increasing raw material costs," said Edward J. Ludwig, Chairman, President and Chief Executive Officer. "Accordingly, we are increasing our earnings guidance for the full year."

Second Quarter and Six-Month Period of Fiscal Year 2008 and 2007 Earnings

Reported diluted earnings per share from continuing operations of $1.09 for the second quarter increased by 18 percent over diluted earnings per share from continuing operations of 92 cents for the second fiscal quarter of 2007. For the six-month period ending March 31, 2008, reported diluted earnings per share from continuing operations were $2.16. For the six-month period ending March 31, 2007, reported diluted earnings per share from continuing operations were $1.44. The following analysis (Table 1) of diluted earnings per share from continuing operations for the six-month periods ended March 31, 2008 and 2007 identifies the specifi31 15.0

BD BIOSCIENCES

United States $ 217,653 $ 205,349 6.0

International 350,180 286,078 22.4

TOTAL $ 567,833 $ 491,427 15.5

TOTAL REVENUES

United States $ 1,574,001 $ 1,474,644 6.7

International 1,878,691 1,602,805 17.2

TOTAL $ 3,452,692 $ 3,077,449 12.2

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended March 31,

(Unaudited; Amounts in thousands)

United States

2008 2007 % Change

BD MEDICAL

Medical Surgical Systems $ 232,447 $ 230,881 0.7

Diabetes Care 96,883 97,647 (0.8)

Pharmaceutical Systems 52,779 44,370 19.0

Ophthalmic Systems 6,172 5,891 4.8

TOTAL $ 388,281 $ 378,789 2.5

BD DIAGNOSTICS

Preanalytical Systems $ 140,674 $ 131,937 6.6

Diagnostic Systems 140,414 133,863 4.9

TOTAL $ 281,088 $ 265,800 5.8

BD BIOSCIENCES

Cell Analysis (1) $ 78,269 $ 71,719 9.1

Discovery Labware 36,312 37,710 (3.7)

TOTAL $ 114,581 $ 109,429 4.7

TOTAL UNITED STATES $ 783,950 $ 754,018 4.0

(1) Cell Analysis consists of the Immunocytometry Systems and the

Pharmingen units that were previously reported separately.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended March 31, (continued)

(Unaudited; Amounts in thousands)

International

% Change

FX FX

2008 2007 Reported Neutral Impact

BD MEDICAL

Medical Surgical Systems $ 248,269 $ 216,459 14.7 5.5 9.2

Diabetes Care 90,577 73,544 23.2 11.7 11.5

Pharmaceutical Systems 181,660 164,442 10.5 (0.5) 11.0

Ophthalmic Systems 13,465 10,910 23.4 14.0 9.4

TOTAL $ 533,971 $ 465,355 14.7 4.5 10.2

BD DIAGNOSTICS

Preanalytical Systems $ 133,518 $ 112,809 18.4 8.1 10.3

Diagnostic Systems 115,966 94,621 22.6 13.1 9.5

TOTAL $ 249,484 $ 207,430 20.3 10.4 9.9

BD BIOSCIENCES

Cell Analysis (1) $ 141,452 $ 116,494 21.4 11.4 10.0

Discovery Labware 38,068 32,625 16.7 6.5 10.2

TOTAL $ 179,520 $ 149,119 20.4 10.4 10.0

TOTAL INTERNATIONAL $ 962,975 $ 821,904 17.2 7.1 10.1

(1) Cell Analysis consists of the Immunocytometry Systems and the

Pharmingen units that were previously reported separately.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended March 31, (continued)

(Unaudited; Amounts in thousands)

Total

% Change

FX FX

2008 2007 Reported Neutral Impact

BD MEDICAL

Medical Surgical Systems $ 480,716 $ 447,340 7.5 3.0 4.5

Diabetes Care 187,460 171,191 9.5 4.6 4.9

Pharmaceutical Systems 234,439 208,812 12.3 3.6 8.7

Ophthalmic Systems 19,637 16,801 16.9 10.7 6.2

TOTAL $ 922,252 $ 844,144 9.3 3.6 5.7

BD DIAGNOSTICS

Preanalytical Systems $ 274,192 $ 244,746 12.0 7.3 4.7

Diagnostic Systems 256,380 228,484 12.2 8.3 3.9

TOTAL $ 530,572 $ 473,230 12.1 7.8 4.3

BD BIOSCIENCES

Cell Analysis (1) $ 219,721 $ 188,213 16.7 10.6 6.1

Discovery Labware 74,380 70,335 5.8 1.0 4.8

TOTAL $ 294,101 $ 258,548 13.8 8.0 5.8

TOTAL REVENUES $1,746,925 $1,575,922 10.9 5.6 5.3

(1) Cell Analysis consists of the Immunocytometry Systems and the

Pharmingen units that were previously reported separately.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Six Months Ended March 31,

(Unaudited; Amounts in thousands)

United States

2008 2007 % Change

BD MEDICAL

Medical Surgical Systems $ 485,192 $ 473,183 2.5

Diabetes Care 195,409 188,139 3.9

Pharmaceutical Systems 102,757 87,269 17.7

Ophthalmic Systems 12,414 12,005 3.4

TOTAL $ 795,772 $ 760,596 4.6

BD DIAGNOSTICS

Preanalytical Systems $ 283,974 $ 263,640 7.7

Diagnostic Systems 276,602 245,059 12.9

TOTAL $ 560,576 $ 508,699 10.2

BD BIOSCIENCES

Cell Analysis (1) $ 145,629 $ 133,551 9.0

Discovery Labware 72,024 71,798 0.3

TOTAL $ 217,653 $ 205,349 6.0

TOTAL UNITED STATES $ 1,574,001 $ 1,474,644 6.7

(1) Cell Analysis consists of the Immunocytometry Systems and the

Pharmingen units that were previously reported separately.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Six Months Ended March 31, (continued)

(Unaudited; Amounts in thousands)

International

% Change

FX FX

2008 2007 Reported Neutral Impact

BD MEDICAL

Medical Surgical Systems $ 494,336 $ 441,909 11.9 2.5 9.4

Diabetes Care 181,438 151,738 19.6 8.4 11.2

Pharmaceutical Systems 333,623 294,483 13.3 1.8 11.5

Ophthalmic Systems 26,367 21,665 21.7 11.1 10.6

TOTAL $1,035,764 $ 909,795 13.8 3.4 10.4

BD DIAGNOSTICS

Preanalytical Systems $ 261,687 $ 221,179 18.3 7.5 10.8

Diagnostic Systems 231,060 185,753 24.4 14.5 9.9

TOTAL $ 492,747 $ 406,932 21.1 10.7 10.4

BD BIOSCIENCES

Cell Analysis (1) $ 279,205 $ 223,652 24.8 14.4 10.4

Discovery Labware 70,975 62,426 13.7 3.7 10.0

TOTAL $ 350,180 $ 286,078 22.4 12.0 10.4

TOTAL INTERNATIONAL $1,878,691 $1,602,805 17.2 6.8 10.4

(1) Cell Analysis consists of the Immunocytometry Systems and the

Pharmingen units that were previously reported separately.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Six Months Ended March 31, (continued)

(Unaudited; Amounts in thousands)

Total

% Change

FX FX

2008 2007 Reported Neutral Impact

BD MEDICAL

Medical Surgical Systems $ 979,528 $ 915,092 7.0 2.5 4.5

Diabetes Care 376,847 339,877 10.9 5.9 5.0

Pharmaceutical Systems 436,380 381,752 14.3 5.4 8.9

Ophthalmic Systems 38,781 33,670 15.2 8.4 6.8

TOTAL $1,831,536 $1,670,391 9.6 4.0 5.6

BD DIAGNOSTICS

Preanalytical Systems $ 545,661 $ 484,819 12.5 7.6 4.9

Diagnostic Systems 507,662 430,812 17.8 13.6 4.2

TOTAL $1,053,323 $ 915,631 15.0 10.4 4.6

BD BIOSCIENCES

Cell Analysis (1) $ 424,834 $ 357,203 18.9 12.4 6.5

Discovery Labware 142,999 134,224 6.5 1.9 4.6

TOTAL $ 567,833 $ 491,427 15.5 9.5 6.0

TOTAL REVENUES $3,452,692 $3,077,449 12.2 6.8 5.4

(1) Cell Analysis consists of the Immunocytometry Systems and the

Pharmingen units that were previously reported separately.

ed item that affects comparability of results between periods. As illustrated, diluted earnings per share from continuing operations of $2.16 for fiscal 2008 increased by 14 percent over comparable fiscal 2007 diluted earnings per share from continuing operations of $1.89, which exclude the specified item.

(Table 1) Six Months Ended March 31,

FY2008 FY2007 % Change

Diluted EPS from Continuing

Operations: $2.16 $1.44 50%

Specified Item:

In-Process Research and

Development Charge(1) - 0.45

Diluted EPS from Continuing

Operations Excluding

Specified Items: $2.16 $1.89 14%

(1) Represents the effect on diluted earnings per share from continuing

operations of the in-process research and development charge recorded

in the first quarter of fiscal 2007 related to the TriPath

acquisition.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $922 million, representing an increase of 9 percent from the prior year period. For the six-month period ended March 31, 2008, the BD Medical segment reported 10 percent revenue growth. Pharmaceutical Systems and Diabetes Care products led revenue growth in the segment.

In the BD Diagnostics segment, worldwide revenues for the quarter were $531 million, representing an increase of 12 percent from the prior year's quarter. For the six-month period ended March 31, 2008, the BD Diagnostics segment reported 15 percent revenue growth. Sales of safety-engineered devices, TriPath products, and molecular testing systems, including GeneOhm, contributed to revenue growth.

In the BD Biosciences segment, worldwide revenues for the quarter were $294 million, representing an increase of 14 percent from the prior year's quarter. For the six-month period ended March 31, 2008, the BD Biosciences segment reported 16 percent revenue growth. Demand for research instruments as well as clinical and research reagents continued to be the primary growth drivers.

Geographic Results

Second quarter revenues in the U.S. were $784 million, representing an increase of 4 percent over the prior year period. Revenues outside the U.S. were $963 million, representing an increase of 17 percent over the prior year period, with approximately 10 percentage points of the increase resulting from the favorable impact of foreign currency translation.

For the six-month period ended March 31, 2008, revenues in the U.S. were $1.574 billion, representing an increase of 7 percent over the prior year period. Revenues outside of the U.S. were $1.879 billion, representing an increase of 17 percent over the prior year period, with approximately 10 percentage points of the increase resulting from the favorable impact from foreign currency translation.

Fiscal 2008 Outlook for Full Year

The Company raised its guidance for full fiscal year 2008 diluted earnings per share from continuing operations to approximately 13 to 14 percent from approximately 11 to 13 percent over adjusted diluted earnings per share from continuing operations of $3.84 for the full fiscal year 2007. Reported diluted earnings per share from continuing operations for the full fiscal year 2007 were $3.36, which included 48 cents for in-process research and development charges related to the TriPath and Plasso acquisitions. Excluding these charges, adjusted diluted earnings per share from continuing operations for the full fiscal year 2007 were $3.84.

Conference Call Information

A conference call regarding BD's second fiscal quarter results and its expectations for the full fiscal year will be broadcast live on BD's website, http://www.bd.com/investors, at 10:00 a.m. (ET) Wednesday, April 23, 2008. The conference call will be available for replay on BD's website, http://www.bd.com/investors, or at 800-388-6197 (domestic) and 402-220-1115 (international), Conference ID: 7BDX, through the close of business on Wednesday, April 30, 2008.

This news release contains certain non-GAAP financial measures. A reconciliation of these and other measures to the comparable GAAP measures is included in this release and in the attached financial tables.

About BD

BD, a leading global medical technology company that manufactures and sells medical devices, instrument systems and reagents, is dedicated to improving people's health throughout the world. BD is focused on improving drug therapy, enhancing the quality and speed of diagnosing infectious diseases, and advancing research and discovery of new drugs and vaccines. The Company's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 28,000 people in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, industry and the general public. For more information, please visit http://www.bd.com.

This press release, including the section entitled "Fiscal 2008 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, earnings per share and income, or events or developments that BD expects to occur or anticipates occurring in the future. 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, factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: competitive factors; pricing and market share pressures; changes in interest or foreign currency exchange rates; difficulties inherent in product development and delays in product introductions; changes in regional, national or foreign economic conditions; further 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; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); the effects of potential pandemic diseases; changes in healthcare or other governmental regulation; and issuance of new or revised accounting standards, as well as other factors discussed in this press release and in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in thousands, except per share data)

Three Months Ended March 31,

2008 2007 % Change

REVENUES $ 1,746,925 $ 1,575,922 10.9

Cost of products sold 853,807 764,540 11.7

Selling and administrative 415,523 406,631 2.2

Research and development 96,034 86,687 10.8

TOTAL OPERATING COSTS

AND EXPENSES 1,365,364 1,257,858 8.5

OPERATING INCOME 381,561 318,064 20.0

Interest income 8,005 9,086 (11.9)

Interest expense (8,098) (11,686) (30.7)

Other income, net 828 5,872 NM

INCOME FROM CONTINUING

OPERATIONS BEFORE

INCOME TAXES 382,296 321,336 19.0

Income tax provision 106,661 85,797 24.3

INCOME FROM CONTINUING

OPERATIONS 275,635 235,539 17.0

INCOME FROM DISCONTINUED

OPERATIONS

NET OF INCOME TAX PROVISION

OF $347 AND $4,222, RESPECTIVELY 550 6,994 NM

NET INCOME $ 276,185 $ 242,533 13.9

EARNINGS PER SHARE

Basic:

Income from continuing

operations $ 1.13 $ 0.96 17.7

Income from discontinued

operations $ - $ 0.03 NM

Net income $ 1.13 $ 0.99 14.1

Diluted:

Income from continuing

operations $ 1.09 $ 0.92 18.5

Income from discontinued

operations $ - $ 0.03 NM

Net income $ 1.09 $ 0.95 14.7

AVERAGE SHARES OUTSTANDING

Basic 244,869 245,418

Diluted 252,788 254,740

NM - Not Meaningful

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in thousands, except per share data)

Six Months Ended March 31,

2008 2007 % Change

REVENUES $ 3,452,692 $ 3,077,449 12.2

Cost of products sold 1,683,654 1,473,474 14.3

Selling and administrative 837,240 790,715 5.9

Research and development 187,561 166,627 12.6

Acquired in-process research and

development - 114,739 NM

TOTAL OPERATING COSTS

AND EXPENSES 2,708,455 2,545,555 6.4

OPERATING INCOME 744,237 531,894 39.9

Interest income 21,534 25,200 (14.5)

Interest expense (18,438) (24,555) (24.9)

Other income, net 1,535 3,505 NM

INCOME FROM CONTINUING OPERATIONS

BEFORE

INCOME TAXES 748,868 536,044 39.7

Income tax provision 202,337 169,454 19.4

INCOME FROM CONTINUING OPERATIONS 546,531 366,590 49.1

INCOME FROM DISCONTINUED OPERATIONS

NET OF INCOME TAX PROVISION OF

$734 AND $11,362, RESPECTIVELY 1,201 18,822 NM

NET INCOME $ 547,732 $ 385,412 42.1

EARNINGS PER SHARE

Basic:

Income from continuing operations $ 2.23 $ 1.49 49.7

Income from discontinued operations $ - $ 0.08 NM

Net income (1) $ 2.24 $ 1.57 42.7

Diluted:

Income from continuing operations $ 2.16 $ 1.44 50.0

Income from discontinued operations $ - $ 0.07 NM

Net income $ 2.16 $ 1.51 43.0

AVERAGE SHARES OUTSTANDING

Basic 244,580 245,484

Diluted 253,288 255,178

NM - Not Meaningful

(1) Total per share amounts may not add due to rounding

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

(Unaudited; Amounts in thousands, except per share data)

Six Months Ended March 31, 2007

As TriPath Excluding

Reported IPR&D (1) Items

Operating Income $ 531,894 $ 114,739 $ 646,633

as a % of revenues 17.3% 21.0%

Income taxes 169,454 - 169,454

effective tax rate 31.6% 26.0%

Income from continuing operations 366,590 114,739 481,329

as a % of revenues 11.9% 15.6%

Diluted earnings per share

Income from continuing operations $ 1.44 $ 0.45 $ 1.89

(1) Represents the acquired in-process research and development charge of

$114,739 related to the TriPath acquisition.

Fiscal Year 2007

As Excluding

Reported IPR&D (2) Items

Diluted earnings per share

Income from continuing operations $ 3.36 $ 0.48 $ 3.84

(2) Represents the acquired in-process research and development charges

related to the TriPath and Plasso acquisitions.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY SEGMENT AND GEOGRAPHIC AREA

(Unaudited; Amounts in thousands)

Three Months Ended March 31,

2008 2007 % Change

BD MEDICAL

United States $ 388,281 $ 378,789 2.5

International 533,971 465,355 14.7

TOTAL $ 922,252 $ 844,144 9.3

BD DIAGNOSTICS

United States $ 281,088 $ 265,800 5.8

International 249,484 207,430 20.3

TOTAL $ 530,572 $ 473,230 12.1

BD BIOSCIENCES

United States $ 114,581 $ 109,429 4.7

International 179,520 149,119 20.4

TOTAL $ 294,101 $ 258,548 13.8

TOTAL REVENUES

United States $ 783,950 $ 754,018 4.0

International 962,975 821,904 17.2

TOTAL $ 1,746,925 $ 1,575,922 10.9

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY SEGMENT AND GEOGRAPHIC AREA

(Unaudited; Amounts in thousands)

Six Months Ended March 31,

2008 2007 % Change

BD MEDICAL

United States $ 795,772 $ 760,596 4.6

International 1,035,764 909,795 13.8

TOTAL $ 1,831,536 $ 1,670,391 9.6

BD DIAGNOSTICS

United States $ 560,576 $ 508,699 10.2

International 492,747 406,932 21.1

TOTAL $ 1,053,323 $ 915,6
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SOURCE BD (Becton, Dickinson and Company)
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