Becton Dickinson reports strong Q4 and FY 2015, lifts 2016 guidance

Becton Dickinson & Co. (NYSE:BDX) reported its 4th quarter earnings yesterday that beat the street on earnings and nearly matched revenue, with fiscal year 2015 earnings in line with expectations.

The company lifted its guidance for 2016, taking into account its acquisition of CareFusion.

Becton Dickinson reported profits of $181 million, or 86¢ per share, on sales of $3.1 billion for the 3 months ended September 30. That amounts to a 39.9% bottom-line slide, despite sales growth of 38.9% compared with the same period in 2014.

Adjusted to exclude 1-time items, earnings per share were $1.94. Analysts on Wall Street were looking for an adjusted EPS of $1.92, which BD narrowly topped. Revenue expectations from the Street were nearly on-target, sliding under by $41 million.

For the fiscal year 2015, BD reported profits of $695 million or $3.43 per share, on sales of $10.3 billion. BD saw an overall 41.4% drop in profits as it grew sales by 21.7% compared to its fiscal year 2014 earnings.

After adjusting to exclude 1-time items, earnings per share were $7.16, falling under the Street’s expectations of $8.39. Revenue missed analysts marks by just under $2 billion.

Shares of Becton Dickinson have stayed steady, up a slim 0.3% to trade at $151.47 as of 10:41 a.m. EST.

“Fiscal 2015 was a significant year for BD with the successful completion of the largest acquisition in the company’s history. We are very proud of our strong 4th quarter and fiscal year 2015 results, which exceeded our expectations.  We enter fiscal 2016 with continued confidence in our ability to execute our strategy, deliver against our financial commitments, and return value to our shareholders,” CEO Vincent Forlenza said in a press release.

Becton Dickinson provided guidance for the coming fiscal year, taking into account its acquisition of CareFusion, expecting revenue increases between 24.5% and 25%, with organic adjusted revenues increasing between 4.5% and 5%.

Earnings per share guidance is expected to be between $8.37 and $8.44, which Leerink Partners analyst Richard Newitter said is in line with a consensus of $8.40 for the fiscal year 2016.

In March, Becton Dickinson closed its $12 billion acquisition of CareFusion, as expected after European anti-trust regulators last week approved the deal.

Franklin Lakes, N.J.-based Becton agreed last October to pay a total of $58.00 a share – $49.00 in cash and 0.0777 of a BDX share – for each CFN share, representing a premium of 26% to the closing price on Oct. 3.

The deal unites 2 complementary product lines: BD makes products to deliver and administer drugs, such as disposable needles, syringes and intravenous catheters, while CareFusion makes products to store and deliver drugs, such as infusion pumps.

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