Hello and welcome to BD's fourth fiscal quarter and full fiscal year 2017 earnings call. As the request of BD, today's call is being recorded. It will be available for replay through November 9, 2017, on the investor's page of the BD.com website or by phone at 1-800-585-8367 for domestic calls and area code 404-537-3406 for international calls, using confirmation number 92540524. I would like to inform all parties that your lines have been placed in a listen-only mode until the question-and-answer segment. Beginning today's call is Monique Dolecki, Vice President of Investor Relations. Ms. Dolecki, you may begin. Monique N. Dolecki - Becton, Dickinson & Co.: Thank you, Crystal. Good morning, everyone, and thank you for joining us to review our fourth fiscal quarter results. As we referenced in our press release, we are presenting a set of slides to accompany our remarks on this call. The presentation is posted on the Investor Relations page of our website at BD.com. During today's call will make forward-looking statements and it is possible that actual results could differ from our expectations. Factors that could cause such differences appear in our fourth fiscal quarter press release and in the MD&A sections of our recent SEC filings. We will also discuss some non-GAAP financial measures with respect to our performance. A reconciliation to GAAP measures can be found in our press release and its related financial schedules and in the slides. A copy of the release including the financial schedules is posted on the BD.com website. The fourth quarter and full fiscal year comparable revenue growth rates provided today exclude the revenues of divestitures, most notably the Respiratory Solutions business that was divested in October of 2016, just after our 2016 fiscal year end. As a reminder, this is the last quarter in…

Thank you. Our first question comes from the line of David Lewis with Morgan Stanley. David Ryan Lewis - Morgan Stanley & Co. LLC: Good morning. Vince and Chris, I'll give you kind of a two-part question, all really focused on top line growth fiscal 2018. So Vince, the 4.5% to 5.5% underlying growth for 2018 is obviously better than most investors anticipated. It's actually much more consistent with the outlook you provided in November at the November 16 Analyst Day where you talked about 2018 acceleration above that 5%. So I know you talked about some of the drivers. Bf you just think about the pipeline, Vince, that you talked about in November of 2016 versus where you sit now heading into 2018, I wonder if you could bridge that gap and provide people the sense of why you're so confident that 5%-plus number is achievable. And then, Chris, just to avoid some of the communication dynamics across quarters for this year, obviously first quarter's going to be the weakest. As we move forward to quarters two through four, should we think about stable underlying growth in two, three and four? Or is the back half going to be more polarized than the first half excluding that first quarter? Just wanted to get a sense of after that first quarter how people should think about the modeling. Thanks so much. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. So, David, at a very high level I think what we've seen is strong growth in developed markets, driven by new products and then improving growth in the emerging markets. Especially if I go back a year, it's really China has changed. And if you look at the last four quarters, it improved every single quarter. The biggest change there…

Our next question comes from the line of Mike Weinstein with J.P. Morgan. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning, Mike. Christopher R. Reidy - Becton, Dickinson & Co.: Morning.

Morning. I'm going to try and sneak in three questions if I can, so here we go, here. (43:00). Number one, I know you're not updating on Bard today, but have your thoughts on year one accretion from Bard changed at all since the time of the deal announcement? Number two, I was interested in just kind of the update you were running through there on some of the pipeline. One product you didn't touch on was the type 2 basal-bolus pump. Can you update us on the status of the development and launch plans there? And then third and last, I promise, is China. And as you're aware, China is moving towards national reimbursement for some devices and really started, what I would call, at the high end of the medical-technology curve. Can you just give us your thoughts on where China is headed and as you think about your exposure or lack of exposure to your business as well as Bard's business, because obviously China has been a big growth driver for you and for Bard over the last several years? Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Since they were such good questions, we'll allow you to do three, okay?

Much appreciated. Christopher R. Reidy - Becton, Dickinson & Co.: And I'll take the first one on the year one accretion. So as we said in our prepared remarks, we feel good about the Bard transaction and the financial parameters are in line with what we had articulated at the time of the deal announcement. Specifically, related to year one accretion, we had said low-single-digit accretion and that still stands. Bear in mind that was for a full year, we'll probably get nine months, but we still see low-single digit per share accretion. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. On the pump, Tom, you want to comment on that? Thomas Polen - Becton, Dickinson & Co.: Hi, Mike. This is Tom. Yes. The type 2 patch pump continues to progress very well in our funnel. One thing is you do see if you look in the appendix that we had said before we were expecting to launch that at the very end of FY 2018. Based on some learnings actually from other product launches, we did add in an additional patient clinical trial there, and so we now expect that to launch in 2019. So we don't see revenue in our guidance within the Diabetes Care business for 2018, but the project's progressing very well from a development perspective. We actually just finished final acceptance testing on the manufacturing line this week and are installing that in our plant in Ireland this month. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. And I'll take China. For us, Mike, the issue that you mentioned is not really all that relevant. What we've been working on has been the two invoice evolution in China in two provinces. And we've successfully implemented a program within those two provinces, and net-net it's neutral to positive for us, the way that we have done this. And so we think we're in very good shape if that moves ahead. They have slowed it down, and so we don't see a big impact in this year. Over time, I think they will come back to it. So that piece of it is fine, and we think we'll be able to apply it on the Bard side as well as we move forward. In terms of the pricing, we've been very effective in getting the right pricing in the Green Book. And so as I look out over the next couple of years, I don't see a big issue, Mike.

I appreciate it. Thanks for taking the questions, guys. Vincent A. Forlenza - Becton, Dickinson & Co.: Sure.

Our next question comes from the line of Brian Weinstein with William Blair. Brian D. Weinstein - William Blair & Co. LLC: Hey, guys. Thanks for taking the questions. Vincent A. Forlenza - Becton, Dickinson & Co.: Sure, Brian. Brian D. Weinstein - William Blair & Co. LLC: You guys talked about getting some benefit from the end-to-end solutions in MMS. I was hoping you guys could expand on that a little bit and talk about how customers are receiving kind of the entire solution at this point and talk specifically, if you could, about some share gains that you are expecting within the various segments there. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Tom will take that. Thomas Polen - Becton, Dickinson & Co.: Hey, Brian. This is Tom. So I think if you look at obviously MMS's performance in the quarter, which was 6.7%, and that includes a 600 basis points of headwind just from the accounting change, so if you take that into account, it's north of 10%. That's driven, as you mentioned, by very strong growth on both the dispensing and the infusion side. We do expect our infusion category share to have gone up between 1% and 2% this year, in line with prior year, so we are continuing very good progress there. As you heard from Vince earlier, we've actually just installed our one-millionth Alaris Pump this past quarter, which was a major milestone for us. And on the dispensing side, several years ago we were talking about the stabilization of Pyxis ES. At this point, Pyxis ES is really humming. We've got over 1,700 sites live now across the U.S., and we feel very good. We actually had a record level of new business closes on Pyxis ES since the platform has been in the marketplace and certainly a record level for Pyxis in the last five or six years. So we're feeling good about that. The other thing is one of the metrics that we look at is pull-through of other products, so how often are customers choosing to buy Pyxis plus Alaris plus our software solutions, products like Cato and Pharmogistics? And as we look at those metrics, we see ratable quarter-on-quarter improvement in the value of people buying that end-to-end offering. And so all of that gives us confidence as we go into FY 2018 that that solution is working. We'll be unveiling some new particularly informatics solutions at the ASHP coming up in December that are just going to further the offering that we have in that space. Vincent A. Forlenza - Becton, Dickinson & Co.: So hopefully we'll see you there, Brian. Thomas Polen - Becton, Dickinson & Co.: Yes. Vincent A. Forlenza - Becton, Dickinson & Co.: Next question, please.

Yes, sir. And your next question comes from the line of Larry Biegelsen with Wells Fargo.

Good morning, guys. Thanks for taking the question. First, just to clarify the low-single digit accretion in 2018, should we prorate that for nine months? And then two product related questions. Tom, earlier this year you talked about an interim analysis for the Lutonix (49:34) trial. Should we still expect that before the end of 2017? And are you still confident in that indication? And then second, the flu season is expected to be severe this year. Can you talk about your exposure to the flu and how a severe flu season could impact BD? Thanks. Christopher R. Reidy - Becton, Dickinson & Co.: So on the year one accretion, as I said, the most important thing is all the financial parameters on this deal are consistent with what we had said. We did give guidance for the full year, to your point, but the interesting thing is it's low-single digits. It's low-single digits whether you do it over a year or nine months, and so you have the nine months. We also have the divestiture of what we have to do on the needle biopsy, but we'll give more precise information on that along with multiple other parameters and inputs related to the transaction when we give the full guidance for the transaction in February. But it's consistent low-single digits. Vincent A. Forlenza - Becton, Dickinson & Co.: So from a flu perspective, we budget kind of an average flu season, and so if it ends up in North America being stronger, which is where most of the market is, then it would drive us more towards our upper end of our range. That would be one of the positive factors. There has been some strong flu in other parts of the world, so we'll see how that plays out. Our expectation is that you budget that in the second quarter of the year not the first quarter. Last year, it was a very unusual year and came in in the first quarter. So that's how we're thinking about it. We'll see. Thomas Polen - Becton, Dickinson & Co.: And Larry, this is Tom. On your question on Lutonix, no change from obviously what Bard management guidance was prior on the timing of that. I'd say we continue to be optimistic around the ability to get that claim over the longer term, though. So no change versus what they had shared previously. Vincent A. Forlenza - Becton, Dickinson & Co.: Right. Okay. Thanks very much. Next question, please?

Our next question comes from the line of Isaac Ro with Goldman Sachs. Isaac Ro - Goldman Sachs & Co. LLC: Good morning, guys. Thank you. I had a question on the Diagnostics part of the business, in particular the outlook here as we digest the PAMA legislation. I know it's early, but it does seem like the custom Medicare reimbursement are going to have a pretty protracted impact on a variety of labs that you guys serve. So I'm curious how you're game planning the way in which they spend, how that's going to change, and how you guys can make sure that you continue to get your share of the business? Alberto Mas - Becton, Dickinson & Co.: Yes. Hi. This is Alberto. The PAMA proposals on CMS – first of all, I want to mention that they're in the comment period. They're not definitive. And we have commented in the direction of supporting the AdvaMed rationale, which is that probably they took a relatively small sample of labs, mostly bigger labs, and we are proposing that we take a little bit of a timeout and extend that polling of pricing to more smaller, independent labs. But just to put it into context, obviously there's – most of our business is private insurance. This only affects the lab schedule. So we think that the direct impact potential in our businesses of this PAMA legislation is at worst, if you like, it's in the single digits that we're talking about. Single digit millions of dollars, and probably mostly on the low end because the amount of our business affected by this is relatively small and it's also capped by the proposal any one year in terms of how much the impact is. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. So not a big impact for us. Alberto Mas - Becton, Dickinson & Co.: No. Vincent A. Forlenza - Becton, Dickinson & Co.: But thanks for the question.

Our next question comes from the line of Bill Quirk with Piper Jaffray. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning, Bill. Are you there, Bill? William R. Quirk - Piper Jaffray & Co.: Yes. Hello. Can you hear me? Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning. Christopher R. Reidy - Becton, Dickinson & Co.: Yes. We can hear you now. William R. Quirk - Piper Jaffray & Co.: Good morning. Sorry about that. User error, I guess, on this end. So first off, Vince or Tom, can you talk a little bit about the ongoing adoption of new guidelines around handling certain oncology drugs and maybe how that might flow through to the domestic Medical business? And then I have a follow-up as well. Thomas Polen - Becton, Dickinson & Co.: Sure. This is Tom, Bill. So obviously, we have been part of helping to shape those legislations around closed system transfer devices and the adoption of those. We obviously have our product PhaSeal, which is growing very nicely, at or near double digits, and we expect that trend to continue as that legislation continues to expand to new states. In both the U.S. but also ex-U.S., we see very, very strong growth around the world for that platform. So I'd say no fundamental inflection difference that we expect in 2018 or 2019 but continuing to grow very strongly as it has been in recent years. William R. Quirk - Piper Jaffray & Co.: Okay. Great. Thanks. And then, Chris, just a housekeeping question. The fourth quarter adjusted earnings number, are you backing out the Bard debt interest expense as well as the cash interest income? It just wasn't clear when we were looking through the adjustment. Christopher R. Reidy - Becton, Dickinson & Co.: Yes, and that's consistent with what we did last quarter as well. William R. Quirk - Piper Jaffray & Co.: Okay. Perfect. Thank you. Vincent A. Forlenza - Becton, Dickinson & Co.: Next question, please?

Our next question comes from the line of Derik de Bruin with Bank of America.

Hi. Good morning. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning.

Hey. Just a couple of quick ones. One, and the impact to Bard from Puerto Rico and just some of their operations, just an update if there's going to be any read-through on that one. And then I just wanted to follow up on – just going back to your Analyst Day last year, just wanted to know if there's an update on your next-gen molecular system that you have in the works. Christopher R. Reidy - Becton, Dickinson & Co.: So on the first piece, we really can't say much about Bard at this point. But what we would say is they were fairly straightforward in the impact from Puerto Rico on their side. They did have an impact in their last quarter, and they anticipate having an impact in the next quarter. But they're back up operating, much like our Cayey plants and are subject to the same power issues that we are. But they don't have the same level of issue that we have at our Juncos plant. They're more like our Cayey plants, which are further along. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Which are scaling up. Okay. And then Alberto will brief you on next gen. Thank you. Alberto Mas - Becton, Dickinson & Co.: Yes. On the next gen molecular, we are – the program progresses, is continuing. We are very focused on a very reliable instrument and ultimately that's going to be guiding our launch cadence. But the program is ongoing and tracking as expected. One thing that's worth mentioning as well is that we have filed for HPV with the FDA a few months ago, and we expect approval of that towards the end of this calendar year. So December, January type. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. So making good progress. Alberto Mas - Becton, Dickinson & Co.: Good progress, yes. Vincent A. Forlenza - Becton, Dickinson & Co.: End of the day. Okay. Thanks very much. Next question?

Our final question comes from the line of Doug Schenkel with Cowen & Company. Doug Schenkel - Cowen & Co. LLC: Good morning. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning. Doug Schenkel - Cowen & Co. LLC: I think just a couple quick questions for Chris. It doesn't appear 2018 stand-alone free cash flow guidance assumes much of a year-over-year increase. Could you just walk us through why that is? And then second question for Chris. You noted you incurred additional selling and shipping cost in Q4. I'm just wondering if you'd quantify that, so we could get to what margins would've been excluding those? And, kind of along the same lines, you stepped up R&D in a big way sequentially, Q3 to Q4. Just wondered if you'd comment on what drove that. Thank you. Christopher R. Reidy - Becton, Dickinson & Co.: Sure. So on cash, we actually do have a nice step-up and we've seen that step-up over the last couple years. We're going from $2.8 billion to $2.9 billion. Most of that is the flow-through of net income. There is a payment of nearly $100 million related to pension payments, that kind of thing, that will have been made. You'll see that in the 10-K when we file, but a nice drop-through from net income. SSG&A, you're right. We did have some additional costs to drive the logistic issues, and we thought that was the right thing to do to drive the revenue and keep our customers happy, and so there was a step-up there. All in, with that, there were about $20 million or so of cost. And the R&D question that you asked was? Vincent A. Forlenza - Becton, Dickinson & Co.: Just sequentially, what drove it up quarter-on-quarter? Christopher R. Reidy - Becton, Dickinson & Co.: Well, you have the fact that we're scaling, and it's more of the growth is relating to the spending in the prior year, which was lumpy, which had to do with the repeal of the medical device tax. Vincent A. Forlenza - Becton, Dickinson & Co.: Device tax. Yes. So it wasn't starting any new major programs or anything. We're really focused on delivering what we talked to you about at Analyst Day. And, of course, the other thing I would mention coming back to the cost question in the fourth quarter was we overcame $5 million of incremental costs in Puerto Rico, and you saw that on that line, too. So that's things like write-offs... Christopher R. Reidy - Becton, Dickinson & Co.: ... of inventory and the like that occurred. Vincent A. Forlenza - Becton, Dickinson & Co.: Exactly. Christopher R. Reidy - Becton, Dickinson & Co.: So we did overcome that as well. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Okay?

At this time, there are no further questions. I will now turn the call back to Vince Forlenza for closing remarks. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. Thank you very much, operator. So just a couple of thoughts. First, we delivered on our commitments this year with really strong performance demonstrating the consistent and I'd call it reliable nature of our business despite various headwinds throughout the year, which we detailed on the call. Our core business remains strong, and we're confident in our outlook for next year. And, lastly, of course, we look forward to the upcoming close of the Bard transaction and the opportunity to create meaningful, long-term value and continue to improve healthcare globally. So thank you very much for your participation today. Christopher R. Reidy - Becton, Dickinson & Co.: Thanks, everyone.

Thank you. This does conclude today's teleconference. Please disconnect your lines at this time, and have a wonderful day.