<PAGE>
The forwarding may contain certain forward-looking statements (as defined under
Federal securities laws) regarding the Company's performance, including future
revenues, products and income, or events or developments that the Company
expects to occur or anticipates occurring in the future. All such statements are
based upon current expectations of the Company 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.
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; uncertainties of litigation; the Company's ability
to achieve sales and earnings forecasts, which are based on sales volume and
product mix assumptions, to achieve its cost savings objectives, and to achieve
anticipated synergies and other cost savings in connection with acquisitions;
changes in regional, national or foreign economic conditions; increases in
energy costs; fluctuations in costs and availability of raw materials and in the
Company's ability to maintain favorable supplier arrangements and relationships;
changes in interest or foreign currency exchange rates; delays in products
introductions; and changes in health care or other governmental regulation, as
well as other factors discussed in this press release and in the Company's
filings with the Securities and Exchange Commission. We do not intend to update
nay forward-looking statements.
***
<PAGE>
================================================================================
Review of BD Biosciences
================================================================================
Deborah J. Neff
President, BD Biosciences
November 9, 2000
[LOGO] BD Indispensable to
human health
<PAGE>
Business Definition
================================================================================
[ ] Our Business Provides Innovative Tools, Systems
and Solutions for Supporting the Life Sciences and
for Accelerating the Pace of Discovery
[ ] We Leverage Technology Platforms Into High-Growth
Areas With High-value Applications:
- Drug discovery & development
- Immune function monitoring
- Functional genomics
[LOGO] BD Indispensable to
human health
<PAGE>
Customers Served
================================================================================
[ ] Academic & Government Institutions
[ ] Pharma/Biotech Companies
[ ] Clinical Laboratories & Blood Banks
Customers Use Our Research and Clinical Diagnostic Systems As the Standards for
Studying and Monitoring Patients Infected with HIV
[LOGO] BD Indispensable to
human health
<PAGE>
Businesses and Locations
================================================================================
[PICTURE]
[LOGO] BD Indispensable to
human health
<PAGE>
Immunocytometry Systems
================================================================================
--------------------------------------------------------------------------------
Business: The leader in the detection, characterization and analysis of
cell function
--------------------------------------------------------------------------------
Major Products: Flow cytometry and scanning laser instrumentation as well as
related assay systems
--------------------------------------------------------------------------------
Markets Served: Cell Analysis/Immunology
--------------------------------------------------------------------------------
Competitors: Beckman Coulter, Cytomation, Dako
--------------------------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
PharMingen/Transduction Labs
================================================================================
--------------------------------------------------------------------------------
Business: A leading supplier of high-quality, cutting-edge reagents and
services for biomedical research
--------------------------------------------------------------------------------
Major Products: Monoclonal and polyclonal antibodies and related products for
immunology, cell biology, signal transduction, and neurobiology
--------------------------------------------------------------------------------
Markets Served: Immunology, Cell Biology
--------------------------------------------------------------------------------
Competitors: Santa Cruz Bio, Caltag, Dako, R&D Systems
--------------------------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
Clontech
================================================================================
--------------------------------------------------------------------------------
Business: A leader in molecular biology for the study of genes and how
they affect body function
--------------------------------------------------------------------------------
Major Products: DNA and RNA arrays, in-vitro gene cloning, protein expression
systems, fluorescent protein detection technologies
--------------------------------------------------------------------------------
Markets Served: Molecular Biology/Genomics, Proteomics
--------------------------------------------------------------------------------
Competitors: Amersham Pharmacia Biotech, Invitrogen, Stratagene
--------------------------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
Discovery Labware
================================================================================
Business: Engineered labware products that combine
biologics and plastics
--------------------------------------------------------------------------------
Major Products: Products for tissue culture, fluid handling and
high-throughput screening; cultureware with
pre- applied biological coatings, toxicity assays
for use in drug discovery
--------------------------------------------------------------------------------
Markets Served: Cell Biology/Proteomics, Genomics/Molecular
Biology, Cell Analysis/Immunology
--------------------------------------------------------------------------------
Competitors: Corning, Greiner, Sybron, Nalgene/Nunc
--------------------------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
Revenue Breakdown by Business & Region (FY00)
================================================================================
By Business By Region
($ Millions) ($ Millions)
$500 Million
------------
Pie Chart Pie Chart
Discovery Labware - 26% North America - 54%
Immunocytometry - 46% Europe, ME & - 28%
Africa
Clontech - 13% Japan - 13%
PharMingen/Transduction - 15% Asia Pac. - 4%
L.A. - 1%
[LOGO] BD Indispensable to
human health
<PAGE>
Business Dynamics
================================================================================
[ ] Worldwide Leadership Positions in Served Markets
[ ] Integrated Systems: Instruments + Assays + Software + Consumables
[ ] Over 8500 Products, With a Launch Rate of Approximately 2 Per Day
[ ] Primarily Direct Distribution Channels Globally
[ ] Nearly 200 PhDs Throughout Organization, with ~300 R&D Staff
[ ] Strong Proprietary Technology: Patent Estate Includes ~275 Issued
and ~50 Pending
[ ] Strong Collaborations and Customer Relationships With Academia, Government,
Pharma, and Medical Institutions
[LOGO] BD Indispensable to
human health
<PAGE>
The Convergence of Industry Drivers
================================================================================
[CHART]
These drivers are accelerating the need for biotech tools that facilitate drug
research and clinical applications.
1980s
Monoclonal Antibodies
First Recombinant Drugs
1990s
Biotech Pharma Emerges
Increased Access to Capital
Pharma Consolidations
Increased Public Funding
Human Genome Project
Biotech Valuations
Internet - Enabled Information Explosion
2000s
Revolution in Drug Discovery
[LOGO] BD Indispensable to
human health
<PAGE>
$3.3 Billion Served Market
================================================================================
PIE CHART
Cell Biology/Proteomics - 30%
$1,000 Million 15% projected
growth rate
Genomics/Molecular Biology - 26%
$850 Million 17% projected
growth rate
Cell Analysis/Immunology - 44%
$1,450 Million 13% projected
growth rate
[ ] BD Biosciences Participates in Each of These Segments
[ ] Our Position in Each Area Can Be Expanded
[LOGO] BD Indispensable to
human health
<PAGE>
Key Market Drivers
================================================================================
[ ] Biomedical Science Is Experiencing the Broadest and Most Powerful Growth
Cycle Ever
- Public and private funding is dramatically accelerating the pace of
research
- Sequencing the human genome is just the beginning
- Immunology is rapidly emerging as the foundation of many new therapeutic
modalities
- Revolution in drug discovery due to massively parallel and high-
throughput approaches
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Investments
================================================================================
[ ] Array Technology for Functional Genomics/Proteomics
[ ] Cytometric Bead Arrays
[ ] Advanced Immune Function Assays
[ ] Applications of Novel Fluorescent Proteins
[ ] Oxygen Sensing Plate Technology
[ ] Next Generation Flow Cytometry
[ ] Engineered Cell Lines
[ ] High-Density Screening & Storage Platforms
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Integration
================================================================================
Drug Discovery & Development Process
Target ID Target Lead ID Patient
Validation Optimiz. Monitoring
BD Biosciences Capabilities
[ ] Specialized Vessels for Cell Culture and Growth
[ ] Reporter Systems to Tag the Samples for Analysis
[ ] Assay Systems to Detect, Measure or Characterize
[ ] Instrument Systems and Analysis Tools to Obtain Results
[ ] Custom Services to Provide Unique Patient Monitoring Tools
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Leverage - Toxicity Testing
================================================================================
Problem:
[ ] Drug Companies Screen Hundreds of Thousands of Chemical and Natural
Compounds for Their Potential as Drugs
[ ] Eliminating Unpromising and Toxic Compounds During Early Phases of
Discovery Saves Huge Amounts of Time and Money; Post-Discovery Development
Can Be Focused and Streamlined
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Leverage - Toxicity Testing
================================================================================
Solution:
[ ] Plate-based Oxygen Biosensor Technology (OBT) Can Detect and Measure the
Response of Cells to Drug Compounds; Toxic Drugs Destroy the Cell and Its
Ability to Consume Oxygen
[ ] Working With a Partner With Proprietary Hepatic Cell Lines and Combining
With OBT, a Very High-Value Toxicity Screening Solution Can Be Created
[CHART]
Labware Phar Mingen
Plates & Reagents
O Sensing
2
Tox
Assays
Gentest Clontech
P450 Expressing Immortalized
Cell Lines Cells
[LOGO] BD Indispensable to
human health
<PAGE>
Adding Value to Drug Discovery
================================================================================
Angiogenesis
Problem:
[ ] Drug Companies Are Very Interested in Screening Drug Compounds That Either
Promote Vascular Growth (to Enhance Perfusion of Tissues and Organs) or
Retard Vascular Growth (to Starve Tumors and Reverse Progression of Cancer)
[ ] Current Techniques Are Time-Consuming and Are Based on Animal Models
[LOGO] BD Indispensable to
human health
<PAGE>
Adding Value to Drug Discovery
================================================================================
Angiogenesis
Solution:
[ ] Discovery Labware Vessels and Biologics Are Used to Grow Micro-Vascular
Structures in Multi-Well Plates
[ ] Angiogenesis Enhancing or Inhibiting Compounds
Can Then Be Applied
[ ] Clontech Reporter Systems Determine How These Compounds Affect the
Angiogenic Gene Expression
[ ] Imaging Technology Is Used to View Cellular Response
[ ] The Assays and Imaging Systems Can Be Automated for High-Throughput
Screening, Saving Our Customers Time and Money
[PICTURE]
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Leverage - Vaccine Development
================================================================================
Problem:
[ ] Autoimmune and Infectious Diseases (Including Cancer and AIDS) Present
Increasing Challenges to the Global Society
[ ] About One-Quarter of the Nearly 400 Biopharmaceutical Trials Underway Are
for Vaccines
[ ] The Cost of Bringing New Drug Products to Market
Is ~$500 Million
[ ] Evaluating the Efficacy of New Vaccines Requires
Carefully Controlled Studies and Accurate Measurement
of Cellular Immune Response
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Leverage - Vaccine Development
================================================================================
Solution:
BD Biosciences Brings to Market an Unparalleled Portfolio of Tools That Enable
the Assessment of Cellular Immune Response to Vaccine Therapies.
[ ] Cellular Analysis Using Flow Cytometry and Laser Scanning Technology
[ ] Measurement of Antigen-Specific T-Cells
for Vaccine Testing and Ongoing Patient Monitoring
[ ] ELISA Technology Assays
[ ] Dimerix Technology for Measuring
Vaccine Response
[PICTURE]
[LOGO] BD Indispensable to
human health
<PAGE>
Technology Leverage - Genomics
================================================================================
Problem:
[ ] The Landmark Sequencing of the [PICTURE]
Human Genome Is Generating
Huge Amounts of Raw Data:
- More than 100,000 genes
[ ] Determining How Genes, Proteins and Cells Interact Is a Voluminous and
Complex Challenge
[ ] Deciphering Gene Function Is a Critical Next Step to Developing New
Therapeutic Targets and Drug Candidates
[LOGO] BD Indispensable to
human health
<PAGE>
Solution: High-Throughput Expression Profiling
================================================================================
<TABLE>
<S> <C> <C>
Solution: A Unique Family of What genes are expressed Where genes are expressed
Molecular Biology Array Products GENES Tissue Samples
[ ]Can Determine What Genes Are
Expressed in Response to Stimuli PCR fragments RNA or cDNA
[ ]Once Key Genes Are Found, Can or Polynucleotides
Determine Which Tissues the
Genes Are Expressed.
[PICTURE] [PICTURE]
Benefits:
[ ]Most Relevant set of Genes
[ ]Higher Accuracy, Sensitivity,
Reproducibility, and Cost
Effectiveness AtlasTM cDNA Array Multiple Tissue Array
[ ]Proprietary Content Provides for AtlasTM Glass Microarray RNA Chip TM
Competitive Advantage Disease Profiling Array
[ ]Technology Platforms Create
Opportunities for Partnership
Multiple Genes Analysis Multiple samples
</TABLE>
[LOGO] BD Indispensable to
human health
<PAGE>
FY00 Performance and FY01 Outlook
================================================================================
[ ] Each Part of the Bioscience Business Experienced Continued Growth
[ ] Overall Pro Forma Revenue Growth from FY99 to FY00 of 13%
[ ] Growth Businesses (Excluding Base Plastics Business) Grew at 16%
[ ] FY01 Projected Bioscience All-In Growth in the
13-15% Range
[LOGO] BD Indispensable to
human health
<PAGE>
Why We Are Confident of Our Growth Prospects
================================================================================
[ ] Major Markets Are Established and Growing
- $3.3 Billion, With Projected Growth Rate of 15%
[ ] Our Base Business Is Well-established
- Instruments + Assays + Software + Consumables
[ ] New Products Lever off Our Established Base
- Technology platforms we own, with new
value-added applications
- Product technologies are tested/validated
[ ] Strong Partnering Capabilities in Emerging Areas
[LOGO] BD Indispensable to
human health
<PAGE>
Our Formula for Success
================================================================================
[ ] Manage Biosciences as a High-Growth Business
[ ] Maintain and Build Upon Leadership Positions in Essential Core Technologies
[ ] Maintain Close Relationships with High-End Customers, Collaborators and
Technology Sources
[ ] Capitalize on BD Strengths in Direct Sales
and Distribution
[ ] Leverage Technology to Develop Integrated
Customer Solutions
[LOGO] BD Indispensable to
human health
<PAGE>
[LOGO] BD Indispensable to
human health
The following are registered trademarks of BD: FACSCaliber, Vantage SE, Atlas
Arrays, RNA Chip.
<PAGE>
================================================================================
Review of BD Medical Systems
Gary M. Cohen
President, BD Medical Systems
================================================================================
[PHOTO] [PHOTO] [PHOTO] [PHOTO]
NOVEMBER 9, 2000
[LOGO] BD Indispensable to
human health
<PAGE>
Topics
================================================================================
[ ] Business Segment Description
[ ] Environmental Factors
[ ] Strategic Growth Plan [PHOTO]
[ ] Financial Projections
[LOGO] BD Indispensable to
human health
<PAGE>
Medical Systems Business Units
================================================================================
--------------------------------------------------------------------------------
Core Medical: [ ] Injection Syringes and Needles
[ ] Infusion Therapy Devices
[ ] Anesthesia Needles
[ ] Surgical Blades and Scrubs
[ ] Critical Care Devices
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Consumer Healthcare: [ ] Insulin Syringes and Pen Needles
[ ] Elastic Support Products
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pharmaceutical Systems: [ ] Prefillable Injection Devices
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ophthalmic Systems: [ ] Ophthalmic Surgery Blades and Cannulas
--------------------------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
FY '00 Revenues - BD Medical Systems:
$1.966 Billion
================================================================================
By Business Unit
PIE CHART
59% - Core Medical:
26% - Consumer Healthcare:
13% - Pharmaceutical Systems:
3% - Ophthalmic Systems:
By Geography
PIE CHART
50% - US/Canada
28% - Europe/EMA
11% - Asia Pacific
11% - Latin America
[LOGO] BD Indispensable to
human health
<PAGE>
Environmental Factors Impacting
BD Medical Systems
================================================================================
<TABLE>
<CAPTION>
FACTOR: IMPACT:
--------------------------------------------------------------------------------------------------------------------------
<S> <C>
Sharps Safety Legislation [ ] Full U.S. Conversion to Safety-engineered Designs
and Regulation [ ] Europe Also to Convert Over Time
--------------------------------------------------------------------------------------------------------------------------
Global Immunization Standards [ ] Global Immunization Campaign Conversion to
to Eliminate Device Reuse Auto-disable Designs
--------------------------------------------------------------------------------------------------------------------------
Integration of Drugs and Devices [ ] Conversion From Empty to Prefilled Devices
--------------------------------------------------------------------------------------------------------------------------
Intensified Treatment and Dramatic [ ] Increasing Utilization of Devices and Monitors
WW Growth of Diabetes [ ] Advancing Technologies and Competition
--------------------------------------------------------------------------------------------------------------------------
Surgical Treatment for Vision [ ] Rapid Category Growth
Correction [ ] Increasing Quality Standards for Devices and Systems
--------------------------------------------------------------------------------------------------------------------------
Growing Number of High-Value [ ] Increasing Need for Advanced, Pain-free
Injectables Injection Devices
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable to
human health
<PAGE>
Strategic Growth Plan
================================================================================
Near Term: Revitalize Core Businesses with Higher Value Devices
--------------------------------------------------------------------------------
1. Advanced Protection
2. Safe Immunization
3. Drug/Device Integration
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Long Term: Leverage Current Positions into New Markets and Technologies
4. Advanced Diabetes Care
5. Ophthalmic Surgery
6. Advanced Drug Delivery
--------------------------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
1. Advanced Protection
================================================================================
U.S. Policy Status
[ ] Sixteen States Have Passed Laws, 21 States Have Laws in Process
[ ] OSHA Modified Bloodborne Pathogens
Regulations in November 1999
[ ] Federal "Needlestick Act" Passed
House of Representatives on
October 3, and Senate on
October 26
[ ] President Clinton Signed the Bill
Into Law on November 6
% of Total Beds
Passed 39.18% [PICTURE]
In Process 47.50%
Total 86.68%
[LOGO] BD Indispensable to
human health
<PAGE>
1. Advanced Protection
================================================================================
U.S. Policy Status
[ ] Sixteen States Have Passed Laws, 21 States Have Laws in Process
[ ] OSHA Modified Bloodborne Pathogens Regulations in November 1999
[ ] Federal "Needlestick Act" Passed
House of Representatives on
October 3, and Senate on October 26
[ ] President Clinton Signed the Bill Into Law on November 6
[PICTURE]
[LOGO] BD Indispensable to
human health
<PAGE>
1. Advanced Protection
================================================================================
Market Conversion Status (estimates)
Estimated %
Adoption at Fiscal Year End
----------------------------
Product Category 2000 2003
---------------------------------------------------------------
Needleless IV Access 85% 95-100%
Blood Collection Sets 40 90-100
IV Catheters 35 90-100
Blood Collection Tubes 25 80-90
Injection Syringes/Needles 15 90-100
Blood Collection Needles 10 90-100
---------------------------------------------------------------
[LOGO] BD Indispensable to
human health
<PAGE>
1. Advanced Protection
================================================================================
BD Competitive Advantages
[ ] Broadest Product Array
[ ] Multiple Offerings in Each Category
[ ] Best Quality/Performance in Customer Evaluations
[ ] Experience and Resources for Capacity Scale-up
[ ] Leverage of Existing Capital Infrastructure
[ ] Leverage of Existing Go-to-Market Infrastructure
[ ] Established Market Positions and Customer Relationships
[LOGO] BD Indispensable to
human health
<PAGE>
1. Advanced Protection
================================================================================
U.S. Revenue Projections ($ MM)*
(CHART)
FY 2000
$185 Net of Conventional Device Sales
$268 Total BD Safety-Engineered Devices
FY 2001
Growth '00 - '01
$243 Net of Conventional Device Sales + 32%
$369 Total BD Safety-Engineered Devices + 38%
FY 2003
CAGR '00 - '03
$445 Net of Conventional Device Sales + 34%
$696 Total BD Safety-Engineered Devices + 38%
* Includes Preanalytical Solutions.
[LOGO] BD Indispensable to
human health
<PAGE>
2. Safe Immunization
================================================================================
Policy
[ ] NGO Directives Require Complete Conversion to "Auto-Disable"
Injection Devices by 2004
Market Size/conversion
[ ] Approximately 1.5 Billion Units, 20% Converted
[ ] $50+ Million Growth Potential for BD
Funding
[ ] Neonatal Tetanus Elimination (100 Million+ Units) Funded by
UNICEF/BD/Gates Foundation Partnership
BD Product Technologies
(PICTURES)
[LOGO] BD Indispensable to
human health
<PAGE>
3. Drug/Device Integration
================================================================================
BD Pharmaceutical Systems
[ ] $255 Million Global Business
[ ] 14% CGR for Past 5 Years [PHOTO]
[ ] Products: Hypak Glass Bulk, Hypak SCF,
Monovial, Purefill, AccuSpray, Pens [PHOTO]
[ ] Supplies Over 100 Pharmaceutical Companies
[ ] Investing $100 Million in Capacity Expansion Over
Next Three Years
[ ] BD Also Prefilling Flush Syringes
[LOGO] BD Indispensable to
human health
<PAGE>
4. Advanced Diabetes Care
================================================================================
[ ] Core Syringe and Pen Needle Businesses Continue to Grow, Due to Intensified
Therapy
[ ] BD Making Strategic Investment in Glucose Monitoring Technologies [PHOTO]
[ ] Glucose Monitoring a $3.5 Billion Market, Growing 12% Annually
[ ] BD Will Launch a Family of Products, Differentiated in Both Performance and
Concept
[LOGO] BD Indispensable to
human health
<PAGE>
5. Ophthalmic Surgery
================================================================================
[ ] Cataract Surgery Is Single Largest
Surgical Procedure
[ ] Refractive Surgery (Vision Correction)
Now Emerging As Second Largest
Procedure Category
[ ] Procedures and Related Product Markets [PHOTO]
to Double Over Next Five Years
[ ] $100+ Million Growth Potential for BD
[ ] BD Expanding From Current Base Into Refractive and Other Surgical
Procedures Categories
[LOGO] BD Indispensable to
human health
<PAGE>
6. Advanced Drug Delivery
================================================================================
[ ] Developed AccuSpray Nasal Delivery System
[ ] Partnering With Aerogen for Pulmonary Delivery
of Insulin
[ ] Developing Microneedle Arrays Using
MEMS Technology
[ ] Development Agreements in Place With Leading
Pharmaceutical Companies
[LOGO] BD Indispensable to
human health
<PAGE>
Product Demonstration
================================================================================
[ ] Advanced Protection Devices
- Injection
- Infusion Therapy [PHOTO]
- Blood Collection
[ ] Immunization Devices
[ ] Prefills
[LOGO] BD Indispensable to
human health
<PAGE>
Medical Systems FY '01 Projections
================================================================================
(CHART)
FY 00
Core Business 1470 first line
Advanced Protection 180 (1650 second line)
Other 316 (1966 third line)
(4% reported)
FY 00
Core Business 1,447 first line
Advanced Protection 236 (1683 second line)
Other 356 (2039 third line)
*Excludes Blood Collection related revenues
**Includes Safe Immunization, Prefills, Advanced Diabetes Healthcare,
Ophthalmic Surgery and Advanced Drug Delivery
Growth Sources
Base Business (2%)*
Advanced Protection 31%*
Other Growth Platforms 13%**
[LOGO] BD Indispensable to
human health
<PAGE>
Closing Comments
================================================================================
[ ] Near Term Opportunities Are in BD's "Power Alley"
[ ] Will Achieve Significantly Higher Value From Established
Market Positions
[ ] Intensity of Capacity Expansions and Market Conversions Delay Full "See
Through" of Margin Enhancements
[ ] Longer Term Opportunities Involve Higher Growth
Industry Segments
[ ] These Longer Term Opportunities Also Leverage Existing BD Leadership
Positions and Strengths
[LOGO] BD Indispensable to
human health
<PAGE>
================================================================================
[LOGO] BD Indispensable to
human health
================================================================================
The following are trademarks of BD: Hypak, MonoVial, Purefill, Accuspray, Saf-T-
Intima, Insyte Autoguard, Introsyte Autoguard, Safety-Lok, SafetyGlide,
VACUTAINER, SoloShot, Uniject, Microneedle
<PAGE>
================================================================================
From Vision to Value
================================================================================
Edward J. Ludwig
President & Chief Executive Officer
NOVEMBER 9, 2000
[LOGO] BD Indispensable to
human health
<PAGE>
Changes at BD
================================================================================
[ ] Strategic Initiatives
[ ] Important New Products
[ ] Integration of Acquisitions
[ ] Geographic Expansion
[ ] Refocused Management Direction
[LOGO] BD Indispensable to
human health
<PAGE>
Core Businesses
================================================================================
[ ] BD Clinical Laboratory Solutions
[ ] BD Medical Systems
[ ] BD Biosciences
[PICTURES]
[LOGO] BD Indispensable to
human health
<PAGE>
BD Provides the Tools for Human Health
================================================================================
[ ] Patients and Health Care Practitioners
[ ] Research and Clinical Laboratories
[ ] Hospitals and Homes
[ ] Pharma and Biopharma
"Indispensable to Human Health"
[LOGO] BD Indispensable to
human health
<PAGE>
Global Presence
================================================================================
Worldwide Immunization Programs
[PICTURES]
BD FACScalibur
Worldwide Immunization Programs
[LOGO] BD Indispensable to
human health
<PAGE>
Long-Term Sustainable Competitive Advantage
================================================================================
[ ] Engineering
[ ] Manufacturing
[ ] Marketing
[ ] Distribution
[LOGO] BD Indispensable to
human health
<PAGE>
BD Goals
================================================================================
Consistently
[ ] Deliver High Quality Products
[ ] Provide Customer Value
[ ] Attract the Best Talent
[ ] Deliver Long-Term Sustainable Growth
[ ] Provide Excellent Returns to Shareholders
[LOGO] BD Indispensable to
human health
<PAGE>
Strong Product Franchises
================================================================================
[PIE CHART]
Market Growth
Competition Opportunities
BD Medical BD
Systems Biosciences
BD Clinical
Laboratory
Solutions
Support
Initiatives
[LOGO] BD Indispensable to
human health
<PAGE>
New Growth Markets
================================================================================
[ ] 80% Comes From 4 Industrialized Regions (U.S., Canada, Western
Europe, Japan)
[ ] 20% Comes From Rest of World
[ ] Operations in More Than 100 Countries
[ ] Cultural Diversity in Management
[LOGO] BD Indispensable to
human health
<PAGE>
External Growth
================================================================================
[ ] Alliances
[ ] Strategic Investments
[ ] Acquisitions
[LOGO] BD Indispensable to
human health
<PAGE>
Strategic Actions for the Future
================================================================================
[ ] Foundation
[LOGO] BD Indispensable to
human health
<PAGE>
Steps Toward Sustainable Growth
================================================================================
Safety-Engineered Products Initiative
[ ] New Manufacturing Systems Completed by End of 2001
[ ] $300 Million Capital Spending Program
[ ] Broadest Line of Safety-Engineered Products
[ ] Needlestick Safety & Prevention Act
[LOGO] BD Indispensable to
human health
<PAGE>
Steps Toward Sustainable Growth
================================================================================
State-of-the-Art Diagnostic Systems
[ ] BDProbeTec ET Launched
[ ] BD Phoenix
-- Launched in Europe
-- U.S. launch in early FY03
[PICTURE]
[LOGO] BD Indispensable to
human health
<PAGE>
Steps Toward Sustainable Growth
================================================================================
Integrated Acquisitions in BD Biosciences
[PICTURE]
Clontech Worldwide Leadership
- Instruments
PharMingen - Assays
- Software
- Consumables
Transduction Labs - Service
[LOGO] BD Indispensable to
human health
<PAGE>
BD Biosciences = A Life Sciences Business
================================================================================
[ ] Separate Business Segment in FY01
- Provide transparency to highlight growth and value
[ ] Fast Moving Biotech Environment
- Continue with acquisitions
- New technologies
- Creative alliances
[LOGO] BD Indispensable to
human health
<PAGE>
Strategic Initiatives and Actions
================================================================================
[ ] Reduce Costs
[ ] Improve Operating and Financial Performance
[ ] Reintroduce Greater Clarity, Discipline and Consistency
[ ] Reinvest to Support Growth in Core Businesses
[LOGO] BD Indispensable to
human health
<PAGE>
Genesis - Installation of SAP
================================================================================
[ ] Backbone of BD Worldwide Manufacturing, Distribution and Customer
Service Operations
[PICTURE]
[ ] Went Live in 5 North American Manufacturing Facilities
[ ] Full Implementation in 2002
[LOGO] BD Indispensable to
human health
<PAGE>
E-Business Strategy
================================================================================
Global Healthcare Exchange
[ ] Includes Leading Medical Device Companies [LOGO] GHX
Global Healthcare Exchange
[ ] Single Destination
- Accessing full product array
- Faster, more efficient purchasing decisions
[ ] Enhances Opportunities For
- Sales Growth
- Supply Chain Efficiencies
- Further Cost Reduction
[LOGO] BD Indispensable to
human health
<PAGE>
Six Sigma
================================================================================
Continuous Improvement Program
[ ] Focus on Quality
[ ] Over 50 BD Associates Achieved "Black Belt" Quality Certification in
2000
[ ] Potential for Significant Cost Savings
[LOGO] BD Indispensable to
human health
<PAGE>
2000 and Beyond
================================================================================
[PICTURE]
Operational Excellence
Long-term Vision [LOGO] BD Investor Confidence
[LOGO] BD Indispensable to
human health
<PAGE>
Outlook for 2001
================================================================================
[ ] Reported Sales Growth of 5%
(7%, Fx Neutral)
[ ] Net Income Increases 10%
[LOGO] BD Indispensable to
human health
<PAGE>
Build Shareholder Value
================================================================================
Increased Shareholder Value
Purposeful Growth
Execute
Improve
Focus
[LOGO] BD Indispensable to
human health
<PAGE>
BD Culture
================================================================================
[ ] Talented Associates
[ ] Experienced Leadership Team [PICTURE]
[ ] Common Vision
[ ] Clear Objectives
[LOGO] BD Indispensable to
human health
<PAGE>
Elements for Success
================================================================================
Deliver Predictable, Consistent Performance
[ ] People
[ ] Products
[ ] Resources
[LOGO] BD Indispensable to
human health
<PAGE>
================================================================================
[LOGO] BD Indispensable to
human health
================================================================================
<PAGE>
================================================================================
Review of BD Clinical Laboratory Solutions
================================================================================
Richard O. Brajer
President
BD Clinical Laboratory Solutions
November 9, 2000
[LOGO] BD Indispensable to
human health
<PAGE>
FY00 Revenues - BD Clinical Laboratory Solutions
$1.1 Billion
================================================================================
Two Pie Charts
By Business Unit
By Geography
BD Diagnostic 49% US/Canada 59%
BD PreAnalytical Solutions 51% Europe/EMA 23%
Japan 8%
Asia Pacific 5%
Latin America 5%
[LOGO] BD Indispensable to
human health
<PAGE>
Our Customers' Needs
================================================================================
[ ] Focused on Cost and Labor Constraints Imposed on the Healthcare System
[ ] Department Boundaries Are Becoming Blurred (ie, Core Labs)
[ ] Looking for Multidisciplined Suppliers (ie, Microbiology, Flow, Specimen
Collection)
[ ] Looking to Form Long-Term Partnerships to Achieve
System-Wide Cost Containment
[ ] Striving for Technological Advantage
[ ] Information Systems Being Called on To Handle Larger
Amounts of Patient Data
[LOGO] BD Indispensable to
human health
<PAGE>
BD Clinical Laboratory Solutions
================================================================================
------------------- -------------------- --------------------
Preanalytical Diagnostic
Services
Solutions Systems
------------------- -------------------- --------------------
Vision:
[ ] Provide Customers With System Solutions to Their Most Pressing Problems
[ ] Organize the Way Customers Think About and Want to Interact With BD
[ ] Open Our Field of View to New Growth Opportunities
[LOGO] BD Indispensable to
human health
<PAGE>
A Customer-Focused Approach
================================================================================
<TABLE>
<CAPTION>
------------------- -------------------- --------------------
Preanalytical Analytical Post-analytical
Phase Phase Phase
------------------- -------------------- --------------------
<S> <C> <C>
[ ] Specimen Collection [ ] Data Production [ ] Information Communication
[ ] ID [ ] Information Generation [ ] Specimen Retention
[ ] Transport
</TABLE>
[LOGO] BD Indispensable to
human health
<PAGE>
A Customer-Focused Approach
================================================================================
<TABLE>
<CAPTION>
------------------- -------------------- --------------------
Preanalytical Analytical Post-analytical
Phase Phase Phase
------------------- -------------------- --------------------
<S> <C> <C>
[ ] Specimen Collection [ ] Data Production [ ] Information Communication
[ ] ID [ ] Information Generation [ ] Specimen Retention
[ ] Transport
------------------- -------------------- --------------------
Preanalytical Diagnostic Post-analytical
Solutions Systems Phase
------------------- -------------------- --------------------
[ ] BD Vacutainer - Blood [ ] Plated Media [ ] BD EpiCenter
Collection Needles/ [ ] BD BACTEC [ ] BD.id
Winged Sets [ ] BDProbeTec ET
[ ] BD Vacutainer [ ] BD Phoenix
Evacuated Tubes [ ] BD EpiCenter
[ ] Urine Collection Systems
[ ] PreAnalytiX Molecular Testing
[ ] BD.id
</TABLE>
Consulting & Services
[LOGO] BD Indispensable to
human health
<PAGE>
2000 Progress
================================================================================
Preanalytical Solutions:
[ ] 8%* Business Unit Sales Growth
[ ] Double-Digit Sales Growth in Asia Pacific
and Latin America
[ ] Safety Manufacturing Capacity Expansion
[ ] Eclipse Safety-Engineered [PHOTO]
Needle Launch in U.S.
[ ] Worldwide Market Share
Increased 2%
*Fx Neutral.
[LOGO] BD Indispensable to
human health
<PAGE>
2000 Progress
================================================================================
Diagnostic Systems:
[ ] 4%* Business Unit Sales Growth
[ ] Double-Digit Sales Growth in Japan,
Asia Pacific and Latin America
[ ] BDProbeTec ET Worldwide Launch
[ ] 148 BD ProbeTec ET Placements
[PHOTO]
*Fx Neutral
[LOGO] BD Indispensable to
human health
<PAGE>
2000 Progress
================================================================================
Information and Services:
[ ] BD.id Specimen Management
System Went "Live"
[ ] BD.id Medication Error [PHOTO]
Management System
Progressed Well in
Beta Testing
[ ] Good Growth in Consulting
[LOGO] BD Indispensable to
human health
<PAGE>
Growing the Business Segment
================================================================================
Developed Countries Developing Countries
------------------- --------------------
Single-Digit Growth Double-Digit Growth
[ ] Upgrade Value in Current [ ] Drive Market Conversion
Offering in Response to Real
Customer Problems
[ ] Enter New Product and
Service Markets
------------------------------------
Grow Segment by 7%* in 2001
------------------------------------
*Fx Neutral.
[LOGO] BD Indispensable to
human health
<PAGE>
2001 Priorities
================================================================================
Preanalytical Solutions:
Grow Business Unit by 8%*
[ ] Drive Safety Conversion
- Goal of 50% market conversion in U.S. by year-end
[ ] New Product launches (Molecular/PreAnalytiX)
[ ] Drive BD.id Placements and Broaden Application
Offering Through Partnerships
[ ] Drive Geographic Expansion
- Goal of market conversion to 53% by year-end
*Fx Neutral
[LOGO] BD Indispensable to
human health
<PAGE>
2001 Priorities
================================================================================
Diagnostic Systems:
Grow Business Unit by 6%*
[ ] BD Phoenix (ID/AST) Ex-U.S. Launch
- Goal of 75 placements by year-end
[ ] BDProbeTecET Penetration
- Goal of 150 new placements
[ ] Drive Profit Growth in BACTEC Base
*Fx Neutral
[LOGO] BD Indispensable to
human health
<PAGE>
================================================================================
[LOGO] BD Indispensable to
human health
================================================================================
The following are registered trademarks of BD: BD Vacutainer, BD.id,
BD Vacutainer Evacuated Tubes, BDProbeTec ET, BD BACTEC, BD EpiCenter,
BD Eclipse, BD Phoenix
<PAGE>
================================================================================
Financial Review and Outlook
================================================================================
John R. Considine
Executive Vice President and
Chief Financial Officer
November 9, 2000
[LOGO] BD Indispensable
to human health
<PAGE>
Actions to Improve Operating
and Financial Performance
================================================================================
[ ] Discontinue Certain Distributor Incentive Programs
[ ] Restructure Organization Worldwide
[ ] Impose Cost Controls
[ ] Reduce Foreign Exchange Volatility
[LOGO] BD Indispensable
to human health
<PAGE>
Actions to Improve Operating
and Financial Performance
================================================================================
Discontinue Certain Distributor Incentive Programs
[ ] Reduces FY'00 Q4 Revenues by an Estimated $50M and EPS by About 6 Cents
[ ] Improves Supply Chain and Manufacturing Efficiencies
[ ] Reduces Costs
[ ] Establishes Closer Links With Customers
[ ] Further Inventory Reductions at the Trade Level Anticipated in FY '01 Q1
[LOGO] BD Indispensable
to human health
<PAGE>
Actions to Improve Operating
and Financial Performance
================================================================================
Worldwide Workforce Reorganization
[ ] Eliminated 600 Staffed and 400 Vacant Positions
[ ] Improves Cost Structure
[ ] Majority of Savings Reinvested to Fund
Key Initiatives
[LOGO] BD Indispensable
to human health
<PAGE>
Actions to Improve Operating
and Financial Performance
================================================================================
Impose Cost Controls
[ ] Includes Both Operating Costs and Capital Spending
[ ] Expense Increases Will Not Exceed Revenue Growth
[LOGO] BD Indispensable
to human health
<PAGE>
Actions to Improve Operating
and Financial Performance
================================================================================
Program to Reduce Foreign Exchange Volatility
[ ] Currency Translation Hedging of European Currencies (60%), Japanese Yen and
Canadian Dollar
[ ] Cost for Fiscal 2001 of 3 Cents per Share Included in
FY '01 EPS Guidance
[ ] Translation Impact Expected to Be Unfavorable in First Half of FY '01
[LOGO] BD Indispensable
to human health
<PAGE>
Fourth Quarter Earnings Reconciliation
($ in Millions)
Net EPS
Income
Reported $ 84 $ 0.32
Add Back:
Special Charges 38 0.14
Less:
Gains and Favorable
Tax Effects (20) (0.07)
---- ------
Pro Forma $102 $ 0.39
[LOGO] BD Indispensable
to human health
<PAGE>
Full Year 2000 EPS Reconciliation
Full
Q1 Q2 Q3 Q4 Year
Reported EPS $ 0.29 $ 0.45 $ 0.43 $ 0.32 $1.49
Special Charges -- -- -- 0.14 0.14
One-Time Gains and
Favorable Tax Effects -- (0.07) (0.06) (0.07) (0.20)
Product Recall -- 0.04 -- -- 0.04
Acquired In-Process R&D -- -- 0.02 -- 0.02
Property Impairment -- -- 0.01 -- 0.01
Rounding -- -- -- -- (0.01)
------ ------ ------ ------ -----
Pro Forma EPS $ 0.29 $ 0.42 $ 0.40 $ 0.39 $1.49
[LOGO] BD Indispensable
to human health
<PAGE>
Fourth Quarter Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Growth
FY % of FY % of
--------------------------
2000 Revenue 1999 Revenue Reported FX
Neutral
--------------------------------------------------------------------------------------------------------
Revenue $ 920 $ 903 1.9% 4.4%
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gross Profit Margin 449 48.8% 467 51.8%
Selling and 247 26.9% 244 27.0%
Administrative
Research & Development 53 5.7% 55 6.1%
----- ---- ----- ----
Operating Income 149 16.2% 168 18.7%
Interest and Other, Net (16) (20)
----- ----- ----- -----
Income Before Income 133 14.5% 148 16.4%
Tax
Income Tax / Rate 31 23.2% 38 26.0%
----- ---- ----- ----
Net Income $ 102 11.1% $ 110 12.1%
===== ==== ===== ====
--------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Segment Revenue - FY 2000
($ in Millions)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
Fourth Quarter Full Year
-------------- ---------
Growth Growth
------ ------
FY `00 Reported FX Neutral FY `00 Reported FX Neutral
<S> <C> <C> <C> <C> <C> <C>
BD Medical Systems $502 (3.4%) (0.9%) $1,966 2.2% 4.7%
BD Preanalytical Solutions 131 2.2% 4.8% 534 5.1% 7.5%
BD Biosciences 287 12.7% 14.9% 1,118 13.4% 14.9%
---- ---- ---- ------ ---- ----
$920 1.9% 4.4% $3,618 5.8% 8.0%
==== ==== ==== ====== ==== ====
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Fourth Quarter Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
FY % of FY % of
2000 Revenue 1999 Revenue
<S> <C> <C> <C> <C>
Revenue $ 920 $ 903
---------------------------------------------------------------------------------------------
Gross Profit Margin 449 48.8% 467 51.8%
---------------------------------------------------------------------------------------------
Selling and Administrative 247 26.9% 244 27.0%
Research & Development 53 5.7% 55 6.1%
----- ---- ----- ----
Operating Income 149 16.2% 168 18.7%
Interest and Other, Net (16) (20)
----- ---- ----- -----
Income Before Income Tax 133 14.5% 148 16.4%
Income Tax / Rate 31 23.2% 38 26.0%
----- ---- ----- ----
Net Income $ 102 11.1% $ 110 12.1%
===== ==== ===== ====
---------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Fourth Quarter Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
FY % of FY % of
2000 Revenue 1999 Revenue
<S> <C> <C> <C> <C>
Revenue $ 920 $ 903
Gross Profit Margin 449 48.8% 467 51.8%
--------------------------------------------------------------------------------------------
Selling and Administrative 247 26.9% 244 27.0%
Research & Development 53 5.7% 55 6.1%
----- ---- ----- ----
--------------------------------------------------------------------------------------------
Operating Income 149 16.2% 168 18.7%
Interest and Other, Net (16) (20)
----- ----- ----- -----
Income Before Income Tax 133 14.5% 148 16.4%
Income Tax / Rate 31 23.2% 38 26.0%
----- ---- ----- ----
Net Income $ 102 11.1% $ 110 12.1%
===== ==== ===== ====
--------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Fourth Quarter Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
FY % of FY % of
2000 Revenue 1999 Revenue
<S> <C> <C> <C> <C>
Revenue $ 920 $ 903
Gross Profit Margin 449 48.8% 467 51.8%
Selling and Administrative 247 26.9% 244 27.0%
Research & Development 53 5.7% 55 6.1%
----- ---- ----- ----
Operating Income 149 16.2% 168 18.7%
----------------------------------------------------------------------------------------------
Interest and Other, Net (16) (20)
----- ----- ----- ----
----------------------------------------------------------------------------------------------
Income Before Income Tax 133 14.5% 148 16.4%
Income Tax / Rate 31 23.2% 38 26.0%
----- ---- ----- ----
Net Income $ 102 11.1% $ 110 12.1%
===== ==== ===== ====
----------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Fourth Quarter Tax Rate Reconciliation
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Pretax Income Tax Effective Rate
<S> <C> <C> <C>
Reported Earnings $ 91,570 $ 7,556 8.3%
Nonrecurring Gains and (15,923) (6,527) 41.0%
Interest on Tax Refunds
Special Charges 57,514 19,644 34.2%
Favorable Tax Audits - 10,200 -
-------- ------- ----
-----------------------------------------------------------------------------------------------------------------
Pro Forma Earnings 133,161 30,873 23.2%
-----------------------------------------------------------------------------------------------------------------
Add Back Estimated Impact from 25,000 10,250 41.0%
Discontinuance of Distributor -------- ------- ----
Incentive Programs
158,161 $41,123 26.0%
======== ======= ====
----------------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Full Year Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
Growth
------------------------
FY % of FY % of
2000 Revenue 1999 Revenue Reported FX
Neutral
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
Revenue $3,618 $3,418 5.8% 8.0%
-----------------------------------------------------------------------------------------------------
Gross Profit Margin 1,783 49.3% 1,734 50.7%
Selling and 974 26.9% 932 27.3%
Administrative
Research & Development 219 6.0% 205 6.0%
------ ---- ------ ----
Operating Income 590 16.3% 597 17.4%
Interest and Other, Net (69) (73)
------ ---- ------ ----
Income Before Income 521 14.4% 524 15.3%
Tax
Income Tax / Rate 132 25.3% 129 24.7%
------ ---- ------ ----
Net Income $ 389 10.8% $ 395 11.5%
====== ==== ====== ====
----------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Full Year Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
FY % of FY % of
2000 Revenue 1999 Revenue
<S> <C> <C> <C> <C>
Revenue $3,618 $3,418
--------------------------------------------------------------------------------------------
Gross Profit Margin 1,783 49.3% 1,734 50.7%
--------------------------------------------------------------------------------------------
Selling and Administrative 974 26.9% 932 27.3%
Research & Development 219 6.0% 205 6.0%
------ ---- ------ ----
Operating Income 590 16.3% 597 17.4%
Interest and Other, Net (69) (73)
------ ---- ------ ----
Income Before Income Tax 521 14.4% 524 15.3%
Income Tax / Rate 132 25.3% 129 24.7%
------ ---- ------ ----
Net Income $ 389 10.8% $ 395 11.5%
====== ==== ====== ====
--------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Full Year Pro Forma Statement of Income
($ in Millions)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
FY % of FY % of
2000 Revenue 1999 Revenue
<S> <C> <C> <C> <C>
Revenue $3,618 $3,418
Gross Profit Margin 1,783 49.3% 1,734 50.7%
Selling and Administrative 974 26.9% 932 27.3%
Research & Development 219 6.0% 205 6.0%
------ ---- ------ ----
------------------------------------------------------------------------------------------
Operating Income 590 16.3% 597 17.4%
Interest and Other, Net (69) (73)
------ ---- ------ -----
Income Before Income Tax 521 14.4% 524 15.3%
Income Tax / Rate 132 25.3% 129 24.7%
------ ---- ------ ----
Net Income $ 389 10.8% $ 395 11.5%
====== ==== ====== ====
------------------------------------------------------------------------------------------
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
Full Year 2000 Condensed Cash Flow
($ in Millions)
---------------------------------------------------------------------
Pro Forma Net Income $ 389
Depreciation & Amortization 288
Capital Expenditures (376)
Increase in Working Capital (20)
Dividends Paid (96)
Other, Net (28)
-----
Free Cash Flow 157
Debt Reduction (168)
-----
Decrease in Cash and Equivalents $ (11)
=====
---------------------------------------------------------------------
[LOGO] BD Indispensable
to human health
<PAGE>
Key Ratios
FY 2000 FY 1999
------------------------------------------------------------------
Debt to Capitalization 41.4% 47.2%
Return to Equity (a) 20.9% 22.5%
Return to Total Assets (a) 13.6% 14.3%
Days Sales Outstanding 66 74
Inventory Turns 2.3 2.5
------------------------------------------------------------------
(a) Adjusted to exclude impact of special charges and non-recurring gains and
losses in both years.
[LOGO] BD Indispensable
to human health
<PAGE>
FY 2001 Estimates - Full Year
--------------------------------------------------------------
Sales Growth 5% Reported 7% Fx Neutral
FY' 01 FY' 00
------ ------
Operating Margin 17.3% 16.3%
Pro Forma EPS $1.63 - $1.65 $ 1.49
Capital Expenditures $ 300 $ 376
($ in millions)
Shares (in millions) $ 266.7 263.2
Free Cash Flow $ 300 $ 157
($ in millions)
--------------------------------------------------------------
[LOGO] BD Indispensable
to human health
<PAGE>
FY 2001 -
First Quarter Revenue Estimate Sales Growth 2% Reported 3% Fx Neutral
Reported Revenue Impacted by:
[ ] Unfavorable Foreign Exchange Translation
[ ] Continuing Inventory Reductions at the Trade Level
[ ] Y2K Inventory Stocking in FY '00
[LOGO] BD Indispensable
to human health
<PAGE>
FY 2001 Estimates - Full Year
--------------------------------------------------------------
Sales Growth 5% Reported 7% Fx Neutral
FY' 01 FY' 00
------ ------
Operating Margin 17.3% 16.3%
Pro Forma EPS $1.63 - $1.65 $ 1.49
Capital Expenditures $ 300 $ 376
($ in millions)
Shares (in millions) $ 266.7 263.2
Free Cash Flow $ 300 $ 157
($ in millions)
--------------------------------------------------------------
[LOGO] BD Indispensable
Human Health
<PAGE>
Cash EPS
[Chart]
[CHART]
$ 2.00
$ 1.75
EPS $ 1.50
$ 1.25
$ 1.00
<TABLE>
<CAPTION>
FY '96 FY '97 FY '98 FY '99 FY '00 FY '01E
<S> <C> <C> <C> <C> <C> <C>
Cash EPS $ 1.10 $ 1.26 $ 1.45 $ 1.62 $ 1.66 $ 1.81 - $ 1.83
ProForma EPS $ 1.05 $ 1.21 $ 1.37 $ 1.49 $ 1.49 $ 1.63 - $ 1.65
</TABLE>
[LOGO] BD Indispensable
to human health
<PAGE>
[LOGO] Indispensable to
human health
