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Bard Exceeds First Quarter Expectations; Earnings Per Share at 89 Cents

MURRAY HILL, N.J., Apr 15, 2003 (BUSINESS WIRE) -- C. R. Bard, Inc. (NYSE-BCR) today reported net sales of $335.9 million for the quarter ended March 31, 2003, up 11 percent over the prior year's net sales of $301.9 million.

On a constant currency basis, first-quarter 2003 net sales increased 8 percent. First-quarter 2003 net sales in the U.S. were $242.8 million, up 9 percent over the prior-year period, and net sales outside the U.S. were $93.1 million, up 18 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 7 percent over the prior-year quarter.

Net Income for the first quarter 2003 was $46.9 million, and diluted earnings per share were 89 cents, up 35 percent and 37 percent, respectively, over the same period in the prior year. For the quarter ended March 31, 2002, Bard reported net income of $34.7 million and diluted earnings per share of 65 cents. Included in the first quarter 2002 results were items totaling $6.9 million after tax, or 13 cents per diluted share, related to the termination of the Tyco merger agreement, divisional and manufacturing consolidation projects and corporate severance related costs, offset by the reversal of certain legal accruals. Without the items above, net income and diluted earnings per share grew 13 percent and 14 percent, respectively, for the quarter.

William H. Longfield, chairman and chief executive officer, commented, "We are pleased with our results for the quarter, and the progress of our strategic initiatives. Our 2002 realignment efforts are providing clear benefits. Gross margins have improved significantly and are allowing us to meaningfully add to our research and development portfolio, while continuing to generate the steady bottom-line performance that investors have come to expect from Bard."

C. R. Bard, Inc., (www.crbard.com) headquartered in Murray Hill, New Jersey, is a leading multinational developer, manufacturer and marketer of health care products in the fields of vascular, urology, oncology and surgical specialty products.

This press release contains forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our December 31, 2002 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,
                                                   -------------------
                                                     2003      2002
                                                   --------- ---------

Net sales                                          $335,900  $301,900

Costs and expenses:
 Cost of goods sold                                 146,200   139,500
 Marketing, selling & administrative expense        104,100    88,300
 Research & development expense                      19,500    14,300
 Interest expense                                     3,100     3,200
 Other (income) expense, net                         (1,700)    8,200
                                                   --------- ---------
Total costs and expenses                            271,200   253,500
                                                   --------- ---------

Income before tax provision                          64,700    48,400
 Income tax provision                                17,800    13,700
                                                   --------- ---------

Net income (1)                                      $46,900   $34,700
                                                   ========= =========

Basic earnings per share                              $0.91     $0.66
                                                   ========= =========

Diluted earnings per share                            $0.89     $0.65
                                                   ========= =========

Weighted average common shares outstanding - basic   51,700    52,500

Weighted average common shares outstanding -
 diluted                                             52,500    53,200

(1) First quarter 2002 results include charges related to the
    termination of the Tyco merger agreement of $4.0 million after tax
    ($0.08 diluted earnings per share), divisional and manufacturing
    consolidation projects of $1.7 million after tax ($0.03 diluted
    earnings per share) and corporate severance related costs of $4.2
    million after tax ($0.08 diluted earnings per share). These
    charges were offset with the reversal of certain legal accruals of
    $3.0 million after tax ($0.06 diluted earnings per share).
                  Product Group Summary of Net Sales

                                        Three Months Ended March 31,
                                   -----------------------------------
                                                              Constant
                                     2003      2002    Change Currency
                                   --------- --------- ------ --------
Vascular                            $67,600   $59,900    13%      6%
Urology                             109,300    99,200    10%      8%
Oncology                             77,700    70,900    10%      8%
Surgery                              64,400    56,000    15%     13%
Other                                16,900    15,900     6%      5%
                                   --------- ---------
Total net sales                    $335,900  $301,900    11%      8%
                                   ========= =========
C. R. Bard, Inc.
Investor Relations:
Eric J. Shick, 908/277-8413
or
Government and Public Relations:
Holly P. Glass, 703/754-2848
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Primary Media Relations Contact

Scott Lowry
Vice President and Treasurer
C. R. Bard, Inc.
730 Central Avenue
Murray Hill, NJ 07974

Tel: 908-277-8365