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Mar 31, 2021
BD Q2 2021 Earnings Report
Reported strong second fiscal quarter results, driven by COVID-19 testing sales and core business growth, while reaffirming fiscal 2021 guidance.
Key Takeaways
BD (Becton, Dickinson and Company) reported a 15.4% increase in quarterly revenues to $4.9 billion for the second fiscal quarter ended March 31, 2021. This growth was driven by COVID-19 diagnostic revenues of $480 million and strong core business growth. GAAP diluted EPS increased 77.4% year-over-year to $0.94, and adjusted EPS increased 25.1% year-over-year to $3.19. The company reaffirmed its fiscal 2021 revenue growth and adjusted EPS guidance.
Second fiscal quarter revenues of $4.9 billion grew 15.4% on a reported basis. On a currency-neutral basis, revenues increased 12.2%.
BD’s COVID-19 testing sales were $480 million, including BD Veritor™ Plus System revenues of $290 million.
BD’s core growth led by strong growth in Medication Delivery Solutions (up 10.4%), Pharmaceutical Systems (up 15.4%), and Biosciences (up 16.3%) on a reported basis.
Second fiscal quarter GAAP diluted earnings per share (EPS) increased 77.4% year-over-year to $0.94. Adjusted EPS increased 25.1% year-over-year to $3.19.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company continues to expect fiscal year 2021 revenues to grow 12% to 14% on an as reported basis and 10% to 12% on a currency-neutral basis. Foreign currency is expected to contribute approximately 200 basis points to revenue growth. The company continues to expect fiscal year 2021 adjusted diluted EPS to be between $12.75 and $12.85.
Positive Outlook
- Expects fiscal year 2021 revenues to grow 12% to 14% on an as reported basis.
- Expects fiscal year 2021 revenues to grow 10% to 12% on a currency-neutral basis.
- Foreign currency is expected to contribute approximately 200 basis points to revenue growth.
- Continues to expect fiscal year 2021 adjusted diluted EPS to be between $12.75 and $12.85.
- Adjusted EPS guidance range represents growth of approximately 25% to 26% over fiscal 2020 adjusted diluted EPS of $10.20.
Challenges Ahead
- The COVID-19 pandemic continues to impact the global economy and health care utilization trends.
- Fiscal 2021 outlook includes assumptions of no significant change in utilization or procedure volumes associated with COVID-19 resurgences.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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