Press Releases

BARD REPORTS FIRST QUARTER RESULTS - NET SALES UP 13 PERCENT ON CONSTANT CURRENCY BASIS

Murray Hill, NJ – April 20, 2004 – C. R. Bard, Inc. (NYSE-BCR) today reported net sales of $393.8 million for the quarter ended March 31, 2004, up 17 percent over the prior year's net sales of $335.9 million. On a constant currency basis, first-quarter 2004 net sales increased 13 percent. Net sales in the U.S. were $275.8 million, up 14 percent over the prior-year period, and net sales outside the U.S. were $118.0 million, up 27 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 13 percent over the prior-year period.

For the first quarter of 2004, net income was $71.9 million and diluted earnings per share were $1.35, up 53 percent and 52 percent, respectively, over the same period in the prior year. Included in the first quarter 2004 results were certain items that increased net income by $8.6 million (after tax), or 16 cents per diluted share, thereby affecting comparability with the prior-year quarter. For the first quarter of 2003, Bard reported net income of $46.9 million and diluted earnings per share of 89 cents. Excluding the items comprising the $8.6 million, net income and diluted earnings per share increased 35 percent and 34 percent, respectively, in the first quarter of 2004 as compared to the same period in the prior year.

Timothy M. Ring, chairman and chief executive officer, commented, "We are pleased to start 2004 with such strong momentum. Our results for the first quarter clearly exceeded expectations. New products are becoming a more significant driver of our sales growth, which serves as an endorsement of our strategy to expand R&D investments. Our gross margin remains strong and continues to provide the necessary resources for this investment plan. R&D spending is up 19% this quarter and we expect our investment to accelerate in the coming quarters."

C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, N.J., is a leading multinational developer, manufacturer, and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology, and surgical specialty products.

This press release may contain forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our December 31, 2003, Form 10-K for a statement with regard to forward-looking statements, including disclosure of the factors that could cause actual results to differ materially from those expressed or implied.

C. R. Bard, Inc.
Consolidated Statements of Income
(thousands of dollars except per share amounts, unaudited)

	Three Months Ended March 31,
	2004	2003
Net sales	$393,800	$335,900
Costs and expenses:
Cost of goods sold	161,600	146,200
Marketing, selling & administrative	120,700	104,100
Research & development expense	23,200	19,500
Interest expense	3,400	3,100
Other (income) expense, net	(13,400)	(1,700)
Total costs and expenses	295,500	271,200
Income before taxes	98,300	64,700
Income tax provision	26,400	17,800
Net income (1)	$71,900	46,900
Basic earnings per share	$1.38	$0.91
Diluted earnings per share	$1.35	$0.89
Average common shares outstanding - basic	52,000	51,700
Average common shares outstanding - diluted	53,300	52,500

(1) In addition to interest income and exchange gains and losses, first quarter 2004 other (income) expense, net includes the adjustment of a 2003 reserve recorded in connection with the legal action entitled Nelson N. Stone, M.D., et al. v. C. R. Bard, Inc., et. al. This adjustment resulted in additional pretax income of $16.0 million ($9.8 million after-tax; $0.18 diluted earnings per share), partially offset by a pretax charge for an unrelated legal settlement of $3.9 million ($2.3 million after-tax; $0.04 diluted earnings per share). In addition the company recorded a $1.1 million tax credit in income tax provision related to the retroactive effective date of its Malaysian high-technology pioneer grant ($0.02 diluted earnings per share).

Product Group Summary of Net Sales

	Three Months Ended March 31,
				Constant
	2004	2003	Change	Currency
Vascular	$92,100	$67,600	36%	27%
Urology	116,500	109,300	7%	4%
Oncology	94,300	77,700	21%	18%
Surgery	75,200	64,400	17%	14%
Other	15,700	16,900	(7)%	(9)%
Total net sales	$393,800	$335,900	17%	13%