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Becton Dickinson Co (BDX) SEC Filing 8-K Material Event for the period ending Tuesday, May 31, 2022

Becton Dickinson Co

CIK: 10795 Ticker: BDX

Exhibit 99.1

BECTON DICKINSON AND COMPANY
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Three Months Ended March 31,
20222021
REVENUES$4,750 $4,634 
Cost of products sold2,637 2,584 
Selling and administrative expense1,192 1,115 
Research and development expense327 304 
Acquisition-related integration and restructuring expense28 47 
Other operating expense, net— 296 
TOTAL OPERATING COSTS AND EXPENSES4,185 4,345 
OPERATING INCOME564 289 
Interest expense(97)(124)
Interest income
Other expense, net(27)(10)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES442 158 
Income tax provision (benefit)52 (15)
NET INCOME FROM CONTINUING OPERATIONS390 173 
Income from discontinued operations, net of tax64 127 
NET INCOME454 299 
Preferred stock dividends(23)(23)
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS$431 $277 
BASIC EARNINGS PER SHARE
Income from Continuing Operations$1.29 $0.52 
Income from Discontinued Operations0.22 0.43 
Basic Earnings per Share$1.51 $0.95 
DILUTED EARNINGS PER SHARE
Income from Continuing Operations$1.28 $0.51 
Income from Discontinued Operations0.22 0.43 
Diluted Earnings per Share$1.50 $0.94 
AVERAGE SHARES OUTSTANDING (in thousands)
     Basic285,243291,095
     Diluted287,299293,547

Columns may not add due to the use of rounded numbers. Earnings per share amounts presented are calculated from the underlying amounts.
Page 1


BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended March 31, 2022
Reported (GAAP)Purchase accounting adjustments (A)Integration costs (B)Restructuring costs (B)Transaction gain/loss, product and other litigation-related matters (C)European regulatory initiative-related costs (D)Investment gains/losses and asset impairments (E)Income tax benefit of special itemsAdjusted (Non-GAAP)
See Footnotes on Page 4
REVENUES$4,750 $— $— $— $— $— $— $— $4,750 
Gross margin2,112 355 — — 36 11 54 — 2,568 
Selling and administrative expense1,192 (3)— — — — — — 1,189 
Research and development expense327 — — — — (23)— — 304 
OPERATING INCOME564 357 11 17 36 35 54 — 1,075 
Net interest expense(95)(1)— — — — — — (97)
Other (expense) income, net(27)— — — — — 19 — (8)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES442 356 11 17 36 35 73 — 970 
Income tax provision52 — — — — — — 96 148 
NET INCOME FROM CONTINUING OPERATIONS$390 $356 $11 $17 $36 $35 $73 $(96)$822 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS$1.28 $1.24 $0.04 $0.06 $0.13 $0.12 $0.25 $(0.34)$2.78 

Rows may not add due to the use of rounded numbers. Earnings per share amounts presented are calculated from the underlying amounts.
Page 2


BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
(Unaudited; Amounts in millions, except per share data)
Three Months Ended March 31, 2021
Reported (GAAP)Purchase accounting adjustments (A)Integration costs (B)Restructuring costs (B)Transaction gain/loss, product and other litigation-related matters (C)European regulatory initiative-related costs (D)Impacts of debt extinguishment (F)Income tax benefit of special itemsAdjusted
(Non-GAAP)
See Footnotes on Page 4
REVENUES$4,634 $— $— $— $— $— $— $— $4,634 
Gross margin2,050 348 — — 37 11 — — 2,446 
Selling and administrative expense1,115 (1)— — — — — — 1,113 
Research and development expense304 — — — — (21)— — 282 
OPERATING INCOME289 349 33 14 333 32 — — 1,050 
Net interest expense(122)(1)— — — — — (119)
Other (expense) income, net(10)— — — — — 15 — 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES158 348 33 14 333 32 20 — 937 
Income tax provision(15)— — — — — — 124 110 
NET INCOME FROM CONTINUING OPERATIONS$173 $348 $33 $14 $333 $32 $20 $(124)$827 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS$0.51 $1.18 $0.11 $0.05 $1.13 $0.11 $0.07 $(0.42)$2.74 

Rows may not add due to the use of rounded numbers. Earnings per share amounts presented are calculated from the underlying amounts.
Page 3


The reconciliations of reported results to adjusted results on the previous pages reflect the following adjustments that are considered by management to be outside of BD’s underlying operational results or that affect period to period comparability:
(A)Purchase accounting adjustments-Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and the valuation of fixed assets and debt. BD’s amortization expense is primarily recorded in Cost of products sold.
(B)Integration and restructuring costs-Includes amounts associated with integration and restructuring activities resulting from acquisitions, as well as simplification and other cost saving initiatives. These costs are recorded to Acquisition-related integration and restructuring expense.
(C)Transaction gain/loss, product and other litigation-related matters-The amounts in 2022 and 2021 include charges of $35 million and $37 million, respectively, recorded to Cost of products sold to adjust the estimate of future product remediation costs. The amount in 2021 also includes charges recorded to Other operating expense, net to record product liability reserves, including related legal defense costs, of $296 million.
(D)European regulatory initiative-related costs-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.
(E)Investment gains/losses and asset impairments-Includes a noncash asset impairment charge recorded in Cost of products sold of $54 million in the Medical segment. Also includes losses recorded within Other expense, net relating to certain investments.
(F)Impacts of debt extinguishment-Represents the impacts, which are recorded in Other expense, net and Interest expense, of our extinguishment of certain long-term senior notes.
Page 4

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Ticker: BDX
CIK: 10795
Form Type: 8-K Corporate News
Accession Number: 0000010795-22-000042
Submitted to the SEC: Tue May 31 2022 4:42:40 PM EST
Accepted by the SEC: Tue May 31 2022
Period: Tuesday, May 31, 2022
Industry: Surgical And Medical Instruments And Apparatus
Events:
  1. Earnings Release
  2. Financial Exhibit

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