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Bard Reports Second Quarter Results; Earnings up 13%, Sales Up 12%

MURRAY HILL, N.J.--(BUSINESS WIRE)--July 16, 2003--C. R. Bard, Inc. (NYSE:BCR) today reported net income for the second quarter 2003 of $49.5 million, and diluted earnings per share of 94 cents, both up 13 percent over the same period in the prior year. For the quarter ended June 30, 2002, Bard reported net income of $43.9 million and diluted earnings per share of 83 cents.

Net sales of $354.2 million for the quarter ended June 30, 2003, increased 12 percent over the prior-year period's net sales of $317.5 million. On a constant currency basis, second-quarter 2003 net sales increased 8 percent over the same period in 2002. Second-quarter 2003 net sales in the U.S. were $250.4 million, up 8 percent over the prior-year period, and net sales outside the U.S. were $103.8 million, up 21 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.

William H. Longfield, chairman and chief executive officer, commented, "We are pleased to report solid revenue and earnings results again this quarter. Our broad product portfolio and market leadership positions continue to drive steady growth. The current quarter improvement in gross margin and the increased funding of research and development clearly demonstrate our commitment to product innovation and an improving growth profile. The senior management transition is occurring seamlessly, and I am confident that Bard is well positioned for the future."

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 March 31, 2003 Form 10-Q 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
(dollars and shares in thousands except per share amounts, unaudited)

                                  Quarter Ended     Six Months Ended
                                    June 30,            June 30,
                               ------------------- -------------------
                                   2003      2002      2003      2002
                               --------- --------- --------- ---------

Net sales                      $354,200 $317,500 $690,100 $619,400

Costs and expenses:
  Cost of goods sold            152,600   147,000   298,800   286,500
  Marketing, selling &
    administrative expense      109,900    92,800   214,000   181,100
  Research & development
    expense                      21,800    14,900    41,300    29,200
  Interest expense                3,200     3,200     6,300     6,400
  Other (income) expense, net    (1,500)   (1,800)   (3,200)    6,400
                               --------- ---------
Total costs and expenses        286,000   256,100   557,200   509,600
                               --------- --------- --------- ---------

Income before tax provision      68,200    61,400   132,900   109,800
  Income tax provision           18,700    17,500    36,500    31,200
                               --------- --------- --------- ---------

Net income (1)                  $49,500 $43,900 $96,400 $78,600
                               ========= ========= ========= =========

Basic earnings per share          $0.96 $0.84 $1.86 $1.50
                               ========= ========= ========= =========

Diluted earnings per share        $0.94 $0.83 $1.83 $1.48
                               ========= ========= ========= =========

Wt. avg. common shares
 outstanding - basic             51,700    52,300    51,700    52,400

Wt. avg. common shares
 outstanding - diluted           52,800    53,100    52,600    53,100

(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

                                        Quarter Ended June 30,
                                  -----------------------------------
                                                             Constant
                                      2003      2002  Change Currency
                                  --------- --------- ------ --------
 Vascular                          $75,800 $63,700     19%      10%
 Urology                           114,500   106,100      8%       5%
 Oncology                           80,000    74,900      7%       4%
 Surgery                            67,400    56,300     20%      17%
 Other                              16,500    16,500     --      (1)%
                                  --------- ---------
 Total net sales                  $354,200 $317,500     12%       8%
                                  ========= =========

                                       Six Months Ended June 30,
                                  -----------------------------------
                                                             Constant
                                      2003      2002  Change Currency
                                  --------- --------- ------ --------
 Vascular                         $143,400 $123,600     16%       8%
 Urology                           223,800   205,300      9%       7%
 Oncology                          157,700   145,800      8%       6%
 Surgery                           131,800   112,300     17%      15%
 Other                              33,400    32,400      3%       2%
                                  --------- ---------
 Total net sales                  $690,100 $619,400     11%       8%
                                  ========= =========

    CONTACT: C. R. Bard, Inc.
             Eric J. Shick, 908-277-8413
                         or
             Holly P. Glass, 703-754-2848

    SOURCE: C. R. Bard, Inc. 

bard-pubs

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