Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BECTON DICKINSON & CO | y85774e8vk.htm |
| EX-99.1 - EX-99.1 - BECTON DICKINSON & CO | y85774exv99w1.htm |
Exhibit 99.2
Reconciliations
of non-GAAP financial measures
(All figures are rounded. Totals may not add up due to rounding)
Third quarter and first nine months fiscal year (“FY”) 2009 adjusted diluted earnings per share
from continuing operations (“EPS”)
| Third Quarter | First Nine Months | |||||||
Reported EPS |
$1.38 | $3.67 | ||||||
Tax benefit (1) |
($0.08 | ) | ($0.08 | ) | ||||
Litigation
charge (2) |
$ 0.11 | |||||||
Adjusted EPS |
$1.30 | $3.70 | ||||||
| (1) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. | |
| (2) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions. |
Full year FY 2009 adjusted EPS
Reported EPS |
$ | 4.92 | ||
Tax benefit (1) |
($0.08 | ) | ||
Litigation charge (2) |
$ | 0.11 | ||
Adjusted EPS |
$ | 4.95 | ||
| (1) | Represents the tax benefit relating to various tax settlements in multiple jurisdictions. | |
| (2) | Represents the charge relating to the pending settlement with the direct purchaser plaintiffs (which includes BD’s distributors) in the antitrust class actions. |
First nine months FY 2010 adjusted EPS
| Second Quarter | ||||
Reported EPS |
$3.81 | |||
Tax charge (1) |
$0.04 | |||
Adjusted EPS |
$3.85 | |||
| (1) | Represents impact of non-cash charge related to health care reform impacting Medicare Part D reimbursements. |
Third quarter FY2010 foreign currency-neutral EPS growth
| Q3 | Q3 FY2010 | Total | Foreign | Foreign | |||||||||||||||||||||||||||||||
| Reported | Adjusted | FY2009 | impact of | unfavorable | currency | currency | |||||||||||||||||||||||||||||
| Q3 | Q3 | Change | hedge | foreign currency | foreign currency | neutral | neutral | ||||||||||||||||||||||||||||
| FY2010 | FY2009 | ($) | gain | translation | impact | growth ($) | growth (%) | ||||||||||||||||||||||||||||
EPS |
$ | 1.29 | $ | 1.30 | ($0.01 | ) | ($0.07 | ) | ($0.02 | ) | ($0.10 | ) | $ | 0.09 | 6.9 | % | |||||||||||||||||||
First nine months FY2010 foreign currency-neutral EPS growth
| FY2009 | FY2010 | Total | Foreign | Foreign | |||||||||||||||||||||||||||||||||||||||
| foreign | impact of | unfavorable | currency | currency | |||||||||||||||||||||||||||||||||||||||
| currency | FY2009 | foreign | FY2010 | foreign | neutral | neutral | |||||||||||||||||||||||||||||||||||||
| Change | holding | hedge | currency | hedge | currency | growth | growth | ||||||||||||||||||||||||||||||||||||
| FY2010 | FY2009 | ($) | gain | gain | translation | loss | impact | ($) | (%) | ||||||||||||||||||||||||||||||||||
Adjusted EPS |
$ | 3.85 | $ | 3.70 | $ | 0.15 | ($0.09 | ) | ($0.23 | ) | $ | 0.16 | ($0.11 | ) | ($0.27 | ) | $ | 0.42 | 11.4 | % | |||||||||||||||||||||||
FY 2010 EPS Outlook
| Estimated growth | ||||||||||||
| (based on adjusted | Estimated foreign | |||||||||||
| FY2009 EPS of | currency neutral | Impact of foreign | ||||||||||
| $4.95) | growth | currency translation | ||||||||||
EPS guidance — reported |
2-3 | % | 8 | % | - 5 | % | ||||||
Tax charge (1) |
1 | % | 1 | % | ||||||||
EPS guidance — as
adjusted |
3-4 | % | 9 | % | - 5 | % | ||||||
| (1) | Represents impact of non-cash charge related to health care reform impacting Medicare Part D reimbursements. | |
| The FY2010 impact of -5% represents the year-on-year change due to estimated foreign currency translation, including hedging activities, as follows: | ||
FY2009 Items: |
||||
Actual hedge gain in FY2009 |
$ | (0.26 | ) | |
Q1 FY2009 foreign currency holding gain |
$ | (0.09 | ) | |
FY2010 Activity: * |
||||
Estimated favorable effect of foreign
currency translation |
$ | 0.15 | ||
Estimated hedge losses |
$ | (0.06 | ) | |
Total Year-on-Year Impact |
$ | (0.26 | ) | |
Impact on EPS Growth |
$ | (0.26)/$4.95 ~ - 5 | % | |
| * | Estimated impact is based on the foreign exchange rates established for BD’s most recent fiscal year 2010 projection. |