Name: Becton, Dickinson & Co. (NYSE:BDX) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Becton, Dickinson & Co., consolidated income statement

US$ in millions

12 months ended:	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Revenues	20,248)	17,117)	17,290)	15,983)	12,093)	12,483)
Cost of products sold	(10,821)	(9,540)	(9,002)	(8,721)	(6,151)	(6,492)
Gross profit	9,427)	7,577)	8,288)	7,262)	5,942)	5,991)
Selling and administrative expense	(4,867)	(4,325)	(4,332)	(4,015)	(2,925)	(3,005)
Research and development expense	(1,339)	(1,096)	(1,062)	(1,006)	(774)	(828)
Acquisitions and other restructurings	(185)	(309)	(480)	(744)	(354)	(728)
Other operating expense, net	(237)	(363)	(654)	—)	(411)	—)
Operating income	2,799)	1,484)	1,760)	1,497)	1,478)	1,430)
Interest expense	(469)	(528)	(639)	(706)	(521)	(388)
Interest income	9)	7)	12)	65)	76)	21)
Other investment gains, net	57)	13)	18)	8)	3)	8)
Deferred compensation	43)	24)	6)	3)	—)	—)
Net pension and postretirement benefit cost	(1)	7)	(2)	—)	—)	—)
Losses on undesignated foreign exchange derivatives, net	(13)	(17)	(23)	(14)	(11)	(3)
Losses on debt extinguishment	(178)	(8)	(59)	(16)	(73)	—)
Product related matters	(2)	(9)	—)	—)	—)	—)
Royalty and licensing income	—)	17)	64)	51)	—)	—)
Hurricane-related insurance proceeds	—)	—)	35)	—)	—)	—)
Vyaire Medical-related amounts and other income from divestitures	—)	—)	6)	288)	(3)	—)
Gains on previously held investments	—)	—)	—)	—)	24)	—)
Other	(3)	(5)	(2)	(3)	3)	6)
Other income (expense), net	(97)	22)	43)	317)	(57)	11)
Income before income taxes	2,242)	985)	1,176)	1,173)	976)	1,074)
Income tax (provision) benefit	(150)	(111)	57)	(862)	124)	(98)
Net income	2,092)	874)	1,233)	311)	1,100)	976)
Preferred stock dividends	(90)	(107)	(151)	(152)	(70)	—)
Net income applicable to common shareholders	2,002)	767)	1,082)	159)	1,030)	976)

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Revenue demonstrates a consistent upward trajectory over the six-year period, growing from 12,483 million US dollars in 2016 to 20,248 million US dollars in 2021. While a slight contraction occurred in 2017, significant growth was observed in 2018 and 2021, indicating a strong expansion of the top line.

Gross Profitability and Margin Trends: Gross profit increased from 5,991 million US dollars in 2016 to 9,427 million US dollars in 2021. Gross margins remained relatively stable, though they experienced fluctuations, reaching a peak in 2017 and dipping to their lowest point in 2020 before recovering in 2021. The cost of products sold scaled proportionally with revenue, though efficiency gains were evident in the final year of the period.
Operating Expense Management: Selling and administrative expenses and research and development (R&D) costs both exhibited steady increases. R&D spending rose from 828 million US dollars in 2016 to 1,339 million US dollars in 2021, suggesting a sustained commitment to product innovation. Conversely, costs associated with acquisitions and restructurings peaked in 2018 at 744 million US dollars and trended downward to 185 million US dollars by 2021, indicating a reduction in one-time integration or restructuring outflows.
Operating Income Dynamics: Operating income remained relatively stable between 2016 and 2020, fluctuating between 1,430 million and 1,760 million US dollars. However, a substantial increase occurred in 2021, where operating income surged to 2,799 million US dollars. This suggests an improvement in operating leverage, as revenue growth began to outpace the growth of operating expenses.
Net Income and Bottom Line Volatility: Net income applicable to common shareholders showed significant volatility. A notable decline occurred in 2018, where net income dropped to 159 million US dollars, primarily driven by a substantial income tax provision of 862 million US dollars. Following this dip, the company saw a strong recovery, culminating in a period high of 2,002 million US dollars in 2021.
Financial Costs and Other Income: Interest expenses peaked in 2018 at 706 million US dollars but declined to 469 million US dollars by 2021, contributing to the improvement in net profitability. Other income and expenses remained erratic, with a significant positive impact in 2018 due to divestitures related to Vyaire Medical, contrasted by a net loss in other income of 97 million US dollars in 2021.

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