Hello and welcome to BD's First Fiscal Quarter 2018 Earnings Call. At the request of BD, today's call is being recorded. It will be available for replay through February 13, 2018, on the Investors 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 4282726. I would like to inform all parties that your lines have been placed on a listen-only mode until the question and answer segment. Beginning today's call is Ms. Monique Dolecki, Vice President of Investor Relations. Ms. Dolecki, you may begin the conference. Monique N. Dolecki - Becton, Dickinson & Co.: Thank you, Crystal. Good morning, everyone, and thank you for joining us to review our first fiscal quarter results. As we referenced in 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, we 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 first 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 details of purchase accounting and other adjustments can be found in the reconciliations to GAAP measures, in the financial schedules in our press release or the appendix of the Investor Relations slides. As a reminder, our first quarter results are on a standalone basis and…

The floor is now open for your questions. . Thank you. Our first question comes from the line of Bob Hopkins with Bank of America.

Hello. Thanks very much for taking the questions. I appreciate it. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning.

Good morning. So the first question I have is just really a clarification on the guidance and some of the information you provided yesterday. So for the 2018 pro forma guide of 5% to 6%, is ex-dispensing changes and the hurricanes, what number is that compared to for 2017? I saw that 5.2% yesterday, but is that also ex-dispensing changes and hurricanes? Christopher R. Reidy - Becton, Dickinson & Co.: No. I think the way to think about it is 5.6% ex-dispensing.

Okay. That's for 2017? Christopher R. Reidy - Becton, Dickinson & Co.: Yes.

Okay. So that compares to the 5% to 6% free (39:21)? Christopher R. Reidy - Becton, Dickinson & Co.: That's right. That's right.

Thanks for that clarification. Christopher R. Reidy - Becton, Dickinson & Co.: Sure.

And then, just one other thing I wanted to ask about is just you mentioned resin cost going up, could you just quantify that for 2018? Christopher R. Reidy - Becton, Dickinson & Co.: Yeah, so we're looking at an incremental $15 million or so. Now – you have more clarity around that in the upcoming quarter, it gets a little bit murkier in the second half of the year. But our best guess right now based on what we're seeing in that market, oil prices certainly have an impact, but the market itself is a difficult market in terms of supply and demand. And so, we're estimating right now about $15 million impact. What we are saying, we're also assuming a benefit from the flu upside, and the two of those basically offset one another as we see it today. Vincent A. Forlenza - Becton, Dickinson & Co.: Bob, thanks for your questions.

Thank you.

Your next question comes from the line of David Lewis with Morgan Stanley. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning, David. David Ryan Lewis - Morgan Stanley & Co. LLC: Good morning. A couple quick ones for me. One, strategically for – and then, one, actually more financially oriented. So Vince, just on the Gore royalty, this is sort of your first time having to pro forma Bard. Bard had talked about their strategic plans for how they were going to offset the Gore royalty. You've obviously moved that to other income which is the appropriate treatment. But how are you thinking about the opportunity to offset the Gore royalty, either through M&A, SG&A cuts or balance sheet deployment? And I have a quick follow-up for Chris. Vincent A. Forlenza - Becton, Dickinson & Co.: Well, first off, in terms of the Gore royalty, as we've been talking about, we expect to be delevering aggressively. And so, we're going to see a decrease in interest expense. So that's number one on the list and the timing kind of works out very nicely from that standpoint, David. The second thing is, yes, you will also see the rollout of the cost synergies. And third, as we get to that timeframe, we're going to expect the benefit of revenue synergies starting to impact. So when you put that all together, I think we're in good shape. Christopher R. Reidy - Becton, Dickinson & Co.: Yeah. The only thing I would add then as well is you've got the conversion of the mandatory preferred at that timeframe, which helps to offset a little bit as well... Vincent A. Forlenza - Becton, Dickinson & Co.: (41:27) Christopher R. Reidy - Becton, Dickinson & Co.: ...the factors. Yes. The interest goes down.…

Your next question comes from the line of Mike Weinstein with JPMorgan.

Thank you. My questions are primarily around the guidance as well. So if I think about Bard, that kind of net 1% to 2%, call it, year one accretion, that's before the benefit of – the dollar's moved since you announced the transaction and before the benefit of tax, you're separating those and putting them in the other other (44:57) columns? Is that right? Christopher R. Reidy - Becton, Dickinson & Co.: Yes, that's the right way to think about it, Mike.

So if we really thought about Bard just as a standalone, Bard would be year one much more accretive than that 1% to 2%, because again, the movement of dollar since the time you announced the transaction and the benefit of tax reform? Christopher R. Reidy - Becton, Dickinson & Co.: Yes. Absolutely.

Okay. The $0.07 (45:19) beat this quarter relatively Street expectations, you didn't let that flow through. Could you maybe just comment on why? And then, I don't think you've given us what the incremental tax liability is going to be from reform and is that in your 4.7 times gross debt number? Christopher R. Reidy - Becton, Dickinson & Co.: Sure. So let me take that last piece first. That's important in terms of the tax. We will, as part of the press release, I think in the attachments you'll see, that we lay out the impact of the unremitted earnings. So we took a charge on the BD side of $561 million related to that toll charge. And then, that was offset, though, by a $290 million benefit that relates to the write-down of the net deferred tax liability. But the right one to focus on from a cash standpoint is the $561 million. Now, on the Bard side, in their opening balance sheet, they recorded a charge of $220 million related to the toll charge. So in total, it's $781 million. Now, the good news is that we don't start paying that until next fiscal year, and the way it's allocated, it's back-end loaded, so it's really only 8% a year in the first five years. The reason that's important is it really doesn't have a big impact on our three-year period where we're paying down the debt to the 3 times leverage, so really no material impact on that. And then, as we look forward, you see that our cash this year, we're generating $3.5 billion, that's with only three quarters of Bard included, so that will go up next year and the year after. So we generate a lot of cash. So while I'm not thrilled about paying this $781 million over the next eight years, we have more than enough cash generation going forward to cover that. So those are the details around that. And then, in terms of the first question, we beat the revenue that drove Q1 EPS earnings, and that's still within our 5% to 6% overall revenue guidance that will flow down. So the range I think we've captured within our range the benefit in the first quarter. And frankly, it's still early, so we'll see how it goes going forward.

Okay. Thank you, guys. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. Thanks, Mike.

Our next question comes from the line of Isaac Ro with Goldman Sachs. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning, Isaac.

Good morning, guys. Thanks. Hi. How are you? Vincent A. Forlenza - Becton, Dickinson & Co.: Good.

Question for you on the Diagnostics business. There's some changes in reimbursement going through in the U.S. marketplace. Curious what you're seeing so far. You said that labs are facing low reimbursement for some of the more commodity categories that you serve. Vincent A. Forlenza - Becton, Dickinson & Co.: So I'll turn it over to Alberto. Alberto, do you want to get that? Alberto Mas - Becton, Dickinson & Co.: Yes. Hello. Good morning. It's too early to see any impact at this point. We've always seen this as a relatively limited impact to us directly. There will be some overall pressure on pricing we anticipate, but it's not significant. We're told it's U.S. only. Secondly, it's capped every year 10% maximum decrease. It's only for CMS and a lot of our customers are obviously private. And it only impacts the last schedule (48:59) versus the hospital and the DRG. So we're not anticipating this to be a significant impact on us. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. Thanks.

And then, maybe... Vincent A. Forlenza - Becton, Dickinson & Co.: Yeah, go ahead, Isaac.

Thanks. So Chris, maybe second item on just the expense side, if I think about the long-term with regard to the Bard integration, could you maybe outline some of the longer-term projects that come into play, as you think about back-end operational stuff, because you've done a couple of larger deals for the last two years? I'm curious you said to us (49:32) there are some longer-term projects in the works? Christopher R. Reidy - Becton, Dickinson & Co.: Yes, absolutely. So what I've said is that there's really you think about this in three buckets. So the $300 million, the first year, you're really talking about public company costs as well as procurement kind of savings. So that's what you would expect the first third to be. In the third year, you would expect the more long-term projects that you're referring to which is looking at manufacturing facilities and distribution centers. And obviously, that takes a lot of planning. You want to get that right. And that's what you would see showing up in year three. In year two, you would be looking at some of the functional systems and transformations, putting the two companies on the same kind of systems integrations, going to Workday, for example, those kinds of things and that shows up in year two. So the only other thing I'd say is because it's not a perfect year, we're looking at about $70 million to $80 million of impact in the three quarters this year, and then, pretty much ratable over the next two years.

Thanks, guys. Vincent A. Forlenza - Becton, Dickinson & Co.: Thanks very much.

Our next question comes from the line of Kristen Stewart with Deutsche Bank.

Hi. Good morning. Thanks for taking my question. Christopher R. Reidy - Becton, Dickinson & Co.: Good morning, Kristen. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning.

I was just wondering with, I guess, now having the acquisition closed for I guess a little over a month now with operating and just seeing the revenue synergies with having the ability now to spend, what sort of spending, where are you targeting it? Is it more for U.S. spend, international spend? Can you maybe just give a little bit of detail what gives you the confidence to spend on revenues and what sort of synergies are you looking at? And I've one follow-up. Vincent A. Forlenza - Becton, Dickinson & Co.: Sure. I'll ask Tom to talk to that. But it's very much in line with our original thinking on the deals. Tom, do you want to just take that? Thomas E. Polen - Becton, Dickinson & Co.: Sure. Hi, Kristen. This is Tom. So from a regional perspective, actually, the U.S. and Europe are the two areas that we're most heavily investing in and about a little less than a third would be in emerging markets, so two-thirds in U.S. and Europe and a little less than a third in emerging markets. From a business unit perspective, those investments are also heavily concentrated within our MDS business unit and the surgery area. And that, as you can imagine, is expected. That's where we see synergies of portfolios coming together. So the PICCs coming in, MDS from Bard in with our catheter and other drug delivery technology, so that's an epicenter of synergies we see. And then, in surgery, where we're moving our ChloraPrep business and V. Mueller business, Interventional Specialties from BD into that area, obviously, ChloraPrep now having channel access, for example, in Europe via the biosurgery team and opportunities for us to further accelerate growth, for example, even in biosurgery channel expansion ex-U.S. So those are the two businesses and two major regions that we're investing in. Thanks for the question.

And what do you think in terms of the payback on these investments? Do you think that you'll get those back in 2020? And then, just a follow-up on the patch pump. Could you just remind us on the timeline to market then and do you think that taking the resources away from the insulin pen can help accelerate that? Thanks. Thomas E. Polen - Becton, Dickinson & Co.: Yes. So Kristen, we see, from a payback period, actually, this first tranche of investments have a relatively short payback period. And so, we won't see – the revenue will start to ramp in the very – really see it come through in 2019, not necessarily notable where it will be visible across the new $16 billion company. But we expect the pay back relatively to break even within a year on the first $15 million of investment. And then, there's other tranches of investments that we'll be making in the future as was alluded to earlier on the call. When it comes to the patch pump, again, it continues to go very well and our targeted launch is at the very end of FY 2019. And I wouldn't say we see an acceleration from the investments that we're making in a faster way there. It's more of we're adding in clinical trials and that's some learnings that we've had, particularly in the diabetes space where we want to do more patient testing prelaunch, and so, we've added in a number of patient trials. You heard Vince mentioned actually an active patient trial that's underway right now. It's actually our first use of Swatch in patients with insulin underway, and all of that's been funded incrementally versus some of our original thinking and plans. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Just get more customer data earlier on. Thomas E. Polen - Becton, Dickinson & Co.: Absolutely. Vincent A. Forlenza - Becton, Dickinson & Co.: Kristen, thanks for the questions.

Thank you.

Our next question comes from the line of Brian Weinstein with William Blair. Brian D. Weinstein - William Blair & Co. LLC: Yes. Good morning. Thanks for taking the questions. Moving away from Bard for a second, have you guys seen any improvements in business operations from the business model change in dispensing? And related to that, we keep getting questions on market share between you and your competitor there. So can you talk a little bit about what you see for growth in dispensing on a normalized accounting basis versus the market? And then, I have a follow-up as well. Thanks. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes, we can do that. We have some good data on that that Tom can walk you through. We're feeling very good about that business. Thomas E. Polen - Becton, Dickinson & Co.: Hi, Brian. This is Tom. So we actually continue to see fantastic customer feedback to the new model. We see our Net Promoter Score actually approximately doubling. Since we've made that change, the feedback from customers has been very positive, particularly along with some of the investments that we've made in clinical consultants who are supporting wider use of the features of Pyxis ES. We've always said that folks only were using about a third of the power of the platform, and now, with some of the consultants that we've been able to fund through this new approach, we're really seeing customers being able to adopt and get more value out of the platform. If you look actually at last year, the U.S. dispensing, excluding trace, was about 10% growth for the year, so very, very strong underlying performance. And while we certainly don't make statements about peers or competition, specifically, I would say that we continue…

Our next question comes from the line of Larry Biegelsen with Wells Fargo.

Good morning, guys. Thanks for taking the questions. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning.

Two product-related questions for me. I'll ask them both upfront. First, Vince, you highlighted IV solutions. That was the first product you highlighted in the initiatives for fiscal 2018. Could you help quantify the benefit to BD in fiscal 2018 and beyond? And then second, Lutonix is obviously an important product for Bard, but there are a lot of moving parts or changes in that market from a reimbursement and competition standpoint. But you, obviously, have new indications of geography. So can you talk about your high level expectations for Lutonix over the next few years? Thanks for taking the questions. Vincent A. Forlenza - Becton, Dickinson & Co.: Yeah, sure. So I'm going to turn those over to Tom. In the quarter, the IV solutions was not meaningful. But we do expect to ramp up in the second part of the year. And how far that goes is also going to depend on how much capacity our partner has and do we get new FDA approvals. But Tom, do you want to add anything else to that and then just jump on the drug coated balloons? Thomas E. Polen - Becton, Dickinson & Co.: Hi, Larry. I would just say for IV solutions, think about it in tens of basis points for the MDS business specifically, and then, obviously, that dilutes out further when you take it to the BDX level. Specifically, on Lutonix, I would just say, obviously, the change in reimbursement that you referenced, it's not something that we like, but it's also something that we expect will have only minimal impact on our growth trajectory this year and going forward. We didn't see fundamentally a change year-on-year in growth, think about 2018 growth for Lutonix and DCBs overall being very much in line with growth that was seen in prior years and we expect that to go forward and that's really driven by the very robust pipeline that the business has. Obviously, we've got the new AV indication, we have BTK coming that's going to help that whole category grow for us, and we expect drug coated balloons are going to continue to grow in line with prior year in 2018 and in the years ahead.

Thank you. Vincent A. Forlenza - Becton, Dickinson & Co.: Next question.

Our next question comes from the line of Brandon Couillard with Jefferies.

Thanks. Just two quick ones for Chris. Can you tell us what you're penciling in for ASPs for fiscal 2018? And then, for newco, can you remind us how big resins are as a percent of COGS? Vincent A. Forlenza - Becton, Dickinson & Co.: I'm sorry. Can you ask the question again? There was some static there (01:00:11) Brandon ASPs.

Yeah. What you're penciling in for ASPs for the year, and then, secondly, what resins are as a percent of COGS for newco? Christopher R. Reidy - Becton, Dickinson & Co.: Okay. On the ASPs, what we have said is that we expect pricing across the business to be slightly down. So I think tens of basis points across the business. And then, the percentage of resin, resin across BD is about $250 million. I think that's just the BD side. So that gives you something to work with. Vincent A. Forlenza - Becton, Dickinson & Co.: Partly yes, (01:00:46) it'll be a little bit more... Christopher R. Reidy - Becton, Dickinson & Co.: Yeah, it'll be a little bit more with Bard. Vincent A. Forlenza - Becton, Dickinson & Co.: With Bard, I guess, $300 million or so.

Super. Thanks. Vincent A. Forlenza - Becton, Dickinson & Co.: Great. Sure.

Our next question comes from the line of Bill Quirk with Piper Jaffray. William R. Quirk - Piper Jaffray & Co.: Great. Thanks. Vincent A. Forlenza - Becton, Dickinson & Co.: Good morning, Bill. William R. Quirk - Piper Jaffray & Co.: Good morning, everybody. So recognizing it's a little more difficult to pull up, any way to help us think about the impact of the flu season on some of the ancillary medical products just given the higher rate of hospitalization? And so, I guess what I'm asking about is kind of ex the actual direct flu products themselves. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes, so there is a correlation, of course, with folks ending up in the hospital and having other conditions. Now, how to quantify that, that's extremely difficult. But historically, if we look back, we do see a little bit of a positive impact across multiple product lines. We see it on the Diagnostic side with blood culture and you may see, of course, in catheters and those sorts of things. And there is an increase in cardiac events. As I said, it's not big enough that we can measure it, but it is certainly there. William R. Quirk - Piper Jaffray & Co.: Okay. Got it. Thanks, Vince. And then, Tom, just a quick update on the O.U.S. CareFusion revenue synergies from new product launches and how should we think about that going forward. Thank you. Thomas E. Polen - Becton, Dickinson & Co.: Sure. Hi, Bill. So we're now over 250 active or in-process registrations when it comes to focusing on revenue synergies, so we're continuing to make very good progress there. And while we don't quantify those revenue synergies each quarter, we continue to expect to see growth contributions in the range of tens of basis points as we've shared in the past. We also expect to see those most visible in the international MDS and MMS businesses. And if you'll notice, you'll see those, if you look at the last couple of quarters, those continuing to go very, very strongly, MDS and MMS international. William R. Quirk - Piper Jaffray & Co.: Got it. Thank you. Thomas E. Polen - Becton, Dickinson & Co.: Yes. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Thanks a lot.

Our next question comes from the line of Doug Schenkel with Cowen.

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

First, starting on the product realignments, what has been the initial feedback from your sales force and customers? Could you help quantify how this might accelerate the revenue growth outlook for the impacted segments? And should we be contemplating any initial dissynergies related to the realignments? And then, I guess the second thing I just wanted to quickly talk about is Bard's M&A history. As you guys know, strategic tuck-ins have helped boost Bard core growth over time. This was arguably a pretty important part of their strategy. Could you just provide us an update on how much capacity you have to keep that going given where the gross leverage ratio is today? Thank you. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. Okay. So I'll start on the M&A side. And there's always part of our modeling that we would leave room for strategic M&A. And of course, the way we think about that is more must do. And the conversation we're having with the Interventional Segment is, give us your pipeline so that we can plan that in. And as you said, that's tuck-in M&A, and we take that as kind of the base of what we have to do. The second thing is going on in the other two segments, so we're creating that list right now. And as we have to do it, we will do it. But we think we've got enough capacity planned that we can do that plus get down to the 3 times leverage that we're talking about. So we're in pretty good shape with that. Tom, do you want to pick up the other piece? Thomas E. Polen - Becton, Dickinson & Co.: Yes. Hi, Bill. So on the realignment, the feedback from both the sales team and our customers…

Our next question comes from the line of Rick Wise with Stifel. Rick Wise - Stifel, Nicolaus & Co., Inc.: Good morning, everybody. Two questions. First for Chris, and then, a bigger picture one for you, Vince. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. Rick Wise - Stifel, Nicolaus & Co., Inc.: Chris, I just want to make sure that I'm not missing anything on gross margin or I'm understanding the guidance. On gross margin, just a couple aspects (01:06:58). You talked about the 80 bps of drag in the guidance from currency. A couple things, included in that was dispensing, how much was the dispensing? And then, just looking at it, I'm sure I'm not thinking about it correctly. I know there are a lot of moving pieces, but if I just over-simplistically take the Bard gross margin and the BD gross margin and weight them, annualized basis, that looks like 58%, 59% kind of gross margin range. You're guiding to 56%, 57%. Okay, you only have nine months, that's not a full year. But that feels extra conservative. Am I thinking about this correctly? Is it the Gore royalty? Just a little more color if you would on the right way to think about it. Christopher R. Reidy - Becton, Dickinson & Co.: So your point there was that Gore royalty does have an impact. The impact of dispensing is about 40 basis points. The Gore royalty hits you by about 30 basis points on top of that. And don't forget you only have Bard only for the three quarters, so that doesn't give you the full benefit. So we won't get that. Initially, what we were saying is that Bard would impact us by 300 basis points or so for a full year. So you…

Our next question comes from the line of Larry Keusch with Raymond James. Lawrence Keusch - Raymond James & Associates, Inc.: Hey, good morning, everyone. Christopher R. Reidy - Becton, Dickinson & Co.: Hey, Larry. Vincent A. Forlenza - Becton, Dickinson & Co.: Hey, Larry. Lawrence Keusch - Raymond James & Associates, Inc.: Hey. Vince, could you just give some thoughts on sort of how you're thinking about the backdrop for the U.S. market now that you've been through the end of the year in 2017 and looking into 2018? Vincent A. Forlenza - Becton, Dickinson & Co.: Sure, Larry. So I think it's a really interesting question that you're asking. We started last year talking about this, and we basically said that we see this as a stable marketplace, number one. Number two that maybe there's a little bit of cyclicality now built into the marketplace because of high deductible plans. I think that's going on. But in addition, of course, we had the flu. But when I look at the U.S. market, I don't see any big negative impacts from the changes that have been made in terms of healthcare reform and whatnot, the Affordable Care Act, impacting a very small piece of the population. We'll have to see what they're doing in terms of going forward. But on the capital side, we're seeing continued focus on spending the capital that has actually got a real return for them in terms of improving productivity in the hospitals, which is what we're doing. So at the end of the day, I would say U.S., stable, and for us, strong from a capital standpoint. We don't see any real issues there. We've seen Europe come back and bounce back nicely, especially on the Life Sciences side of the business in…

Our next question comes from the line of Vijay Kumar with Evercore ISI.

Hey, guys. Vincent A. Forlenza - Becton, Dickinson & Co.: Hey, Vijay.

Thanks for squeezing me in. So maybe one on pipeline and one clarification. So the pipeline question, I think I heard you say the pen program on the Diabetes side was stopped and you're investing on the patch pump side. So maybe could you talk about sort of how the decision was made or why stopping the pen? And I thought on the BTK side, the DCB, below-the-knee trial, we were supposed to have an interim look. Did we have that interim look or any thoughts on that would be helpful? Vincent A. Forlenza - Becton, Dickinson & Co.: So Tom will take both of those. Thomas E. Polen - Becton, Dickinson & Co.: Right. Vincent A. Forlenza - Becton, Dickinson & Co.: I think we've got some pretty good rationale on the pen side of things. Thomas E. Polen - Becton, Dickinson & Co.: Yes. Hi, Vijay, this is Tom. So on the pen side, as you know, we've been working on that program, and as we just routinely look at all of our projects in our portfolio, we made a decision that due to the nearer term commercial opportunity for that first generation product that we wanted to redeploy those resources to really double down on the smart Swatch. And by the way, when we had originally shown Swatch, it was not necessarily smart at launch, we can also accelerate (01:15:41) work, so the product that we're launching is smart and will have well over 10,000 patient days now of Swatch worn by patients delivering insulin by the time of launch. So that's a significant acceleration in terms of real world data that we'll have versus some of the original plans. When it comes to BTK, so of course, it is a blinded study, so we personally, of course, do not look at that data until the study is completed. I would say that just to give a little bit more insight there, so we stopped the enrollment in the trial, but there still will be six-month follow-up as part of the trial that's planned. So think about by the end of August, the last patients would be completed for their follow-up. And then, we would end up preparing for submission at the very end of the calendar year. But because of it is a blinded, we do not – management does not see the data. As you think about when we might be able to present some interim data, obviously, because it's blinded, we're not going to see the data until the follow-up is completed. But we do anticipate the results will be presented after the PMA submission, but at this time, the study remains ongoing and in follow-up.

That's helpful, Tom. And Chris, maybe one quick one on the divestitures. Can you quantify what the magnitude was? Vincent A. Forlenza - Becton, Dickinson & Co.: Divestitures. Christopher R. Reidy - Becton, Dickinson & Co.: In the divestitures? Vincent A. Forlenza - Becton, Dickinson & Co.: Yes.

Yes. Christopher R. Reidy - Becton, Dickinson & Co.: The two are about $50 million in total.

Thank you, guys. Vincent A. Forlenza - Becton, Dickinson & Co.: In revenue. Christopher R. Reidy - Becton, Dickinson & Co.: In revenues.

Yes. Thank you. Vincent A. Forlenza - Becton, Dickinson & Co.: Sure. Thanks, Vijay.

Our next question comes from the line of Richard Newitter with Leerink Partners.

Hi. Thanks for taking the question. Just going back to China and in the context of your revenue synergy discussion, you're guiding to I think you said 15% growth which is above the 11% that you did for Becton standalone in the fiscal first quarter. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes.

Is that just the combination of the two companies and the strong momentum and, obviously, Bard, a little bit faster? Or is there any early revenue synergy baked into that? Vincent A. Forlenza - Becton, Dickinson & Co.: No, that's pretty much straight forward. Christopher R. Reidy - Becton, Dickinson & Co.: Yes. That's straight math. No revenue synergies on top of that to get to the mid-teens.

Okay. And then, the second question that I had was on the AV access market opportunity. I think Bard had talked about a $250 million kind of market opportunity there. Is that how you see it now that you have a little bit of time with the launch commercial? Thomas E. Polen - Becton, Dickinson & Co.: We still see it as that same view from Bard. Actually, the uptake in the first few quarters post-launch has been very much in line with expectations. It's off to a great start and no change in that perspective in terms of the long-term opportunity.

Okay. Thanks.

Our next question comes from the line of Matt Taylor with Barclays.

Hi. Thanks for taking the question. Vincent A. Forlenza - Becton, Dickinson & Co.: Sure, Matt.

Thank you. I was hoping to follow up on that kind of same line of thinking. With the combination of Bard, in the past, you had talked about the potential for a lot of those revenue synergies to come from geographic expansion in the future. So I guess the core of my question is I want to understand what you think the sustainability of that kind of emerging market growth is in the kind of the three-year plan of the Bard-Becton combo. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. We feel very good about it is what I would say. I think what you heard us talk about is there is some immediate things that we can go after with fast payback. So we're starting there. And then, Tom mentioned as he went through this some more money going into other geographies. And so, we still see it that way. In China, of course, it's – Bard has been focused on, I'll call it, the leading hospitals, the top tier. We see the opportunity to accelerate driving into Tier 2. We think we've got more work to do to plan that out, but we haven't changed our opinion on that. And so, that would be one of the highest priorities, then, the rest of Asia, and then, Latin America. That's the way we're thinking about it. So the answer to that question is absolutely yes.

Okay. Thanks. And then, I wanted to ask about CareFusion versus Bard. It struck me that... Vincent A. Forlenza - Becton, Dickinson & Co.: Sure.

...CareFusion deal has worked out really well for you guys and... Vincent A. Forlenza - Becton, Dickinson & Co.: Yes.

...now, you're guiding to $350 million in synergies. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes.

It's a similar size to Bard in terms of revenue, but can you compare and contrast kind of the synergy opportunities between the two, and then, what we've learned from CareFusion that could apply to Bard? Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. I think in many ways, they are similar synergy opportunities as I talked about before. The public company costs and the procurement initiatives are very similar. And you could say that the manufacturing and the distribution would be the same kind of effort. What I would say, though, is we have the benefit of having the infrastructure in place that just is coming to the conclusion of integrating CareFusion. Know how to do this. We hit the ground running. So it's – we're not trying to build the team to go after it. It's already been done. And that second bucket that I talked about is based upon a lot of the infrastructure we put in as part of CareFusion and took the opportunity to do that. So that's helpful as well.

Thank you.

Our next question comes from the line of Kristen Stewart with Deutsche Bank.

Hi. Thanks for taking the follow-up. Just on the guidance, last quarter, I think you had mentioned that there could be a potential impact from Puerto Rico that could hit later in the year. I was just wondering if you were still anticipating any sort of impact from Puerto Rico from a cost perspective. Christopher R. Reidy - Becton, Dickinson & Co.: Sure. Sure, Kristen. So as I said in my prepared remarks, we did – just to remind everybody, last time, we didn't include it in our guidance, but we said it could be as much as $40 million of revenue and flow down to as much as 1% on EPS. If you remember the timing of when we did that, we were still running on generators. The plants weren't backed up yet. So because of the efforts of a lot of folks, particularly our associates in Puerto Rico and as well as a number of other associates around the world, we got those plants back up and running. They're off generator, although intermittent still, but we don't see the impact. Although on the BD side, we will see some impact. It's smaller and included in our guidance as just one of the many puts and takes, so nowhere near the amounts that we had quantified. And then, on the Bard side, a little bit different. They felt the impact immediately, and they felt it in their fourth quarter. It was right in line with what they had guided to, which was about $30 million of revenue impact, and it came in just a tad higher than that, but right in line with what they had expected, and now, that's behind us. So as we combine as the new company, there is no impact from Puerto Rico in the Bard side going forward.

Okay. And then, they were also having some supply disruptions within their biosurgery business. Is that still ongoing or is that expected to be resolved in I think their latest guidance (01:23:16)? Christopher R. Reidy - Becton, Dickinson & Co.: Yes. So we still have some impact for the next couple of quarters this year. That's built into the guidance that we have, and then, we lap that I think in the fourth quarter. Thomas E. Polen - Becton, Dickinson & Co.: Yes, Kristen, this is Tom. We expect to begin shipping, that's Progel that you're referring to, at the end of 2018. Think about it Q4 2018 we resume shipping (01:23:36). Vincent A. Forlenza - Becton, Dickinson & Co.: Yes. BD's quarter. Thomas E. Polen - Becton, Dickinson & Co.: Yes. Vincent A. Forlenza - Becton, Dickinson & Co.: Yes.

Okay. And that 7% underlying growth rate that I assume was not (01:23:44)... Christopher R. Reidy - Becton, Dickinson & Co.: What was the last part of your question? You broke up. Vincent A. Forlenza - Becton, Dickinson & Co.: You broke up, yes.

Sorry. The 7% underlying growth rate for Bard, that was only adjusted for the hurricane impact, correct? Vincent A. Forlenza - Becton, Dickinson & Co.: You got it. Christopher R. Reidy - Becton, Dickinson & Co.: Yes, that's right. Vincent A. Forlenza - Becton, Dickinson & Co.: That's right. Christopher R. Reidy - Becton, Dickinson & Co.: That's right.

Okay. Perfect. Vincent A. Forlenza - Becton, Dickinson & Co.: Okay. Thanks a lot.

Thanks very much. Vincent A. Forlenza - Becton, Dickinson & Co.: Those were good clarifications. Okay.

At this time, there are no further questions. I will now turn the conference back to Mr. Forlenza for closing remarks. Vincent A. Forlenza - Becton, Dickinson & Co.: Well, first off, thank you, all, for your participation and your questions. Let me just say we're really happy to have closed the deal and brought together two companies with an opportunity for a tremendous impact on improving healthcare around the world. We're off to a strong start as you saw, and we're really excited about the prospects of the combined company going forward. So thank you very much. We look forward to updating you next quarter. Christopher R. Reidy - Becton, Dickinson & Co.: Thanks, everyone. Vincent A. Forlenza - Becton, Dickinson & Co.: Thanks a lot.

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