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Bard Reports Third-Quarter Results Net Sales up 12%, Earnings Per Share at 98 Cents

MURRAY HILL, N.J.--(BUSINESS WIRE)--Oct. 15, 2003--C. R. Bard, Inc. (NYSE:BCR) today reported net sales of $361.8 million for the quarter ended September 30, 2003, up 12 percent over the prior-year period's net sales of $322.7 million. On a constant currency basis, third-quarter 2003 net sales increased 9 percent over the third quarter 2002. Third-quarter 2003 net sales in the U.S. were $258.8 million, up 10 percent over the prior-year period, and net sales outside the U.S. were $103.0 million, up 17 percent over the prior-year period. On a constant currency basis, net sales outside the U.S. increased by 6 percent over the prior-year quarter.

Net Income for the third quarter 2003 was $51.5 million, and diluted earnings per share were 98 cents, up 73 percent and 72 percent, respectively, over the same period in the prior year. For the quarter ended September 30, 2002, Bard reported net income of $29.8 million and diluted earnings per share of 57 cents. Included in the third-quarter 2002 results were items totaling $14.8 million after tax, or 28 cents per diluted share, related to the realignment of certain divisional and manufacturing operations and a tax credit. Excluding these items, net income and diluted earnings per share both grew 15 percent for the quarter.

Timothy M. Ring, chairman and chief executive officer, commented, "We continue to be pleased with our strategic and financial progress. Third-quarter results highlight the strength of our customer relationships across a broad range of markets, coupled with an improving product portfolio. Our efficiency improvements outpaced our spending programs this quarter, resulting in better than expected earnings results. We remain committed to our objective of 12 percent annual earnings per share growth going forward."

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 contains forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. Please refer to our June 30, 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
      (thousands of dollars except per share amounts, unaudited)

                                Quarter Ended      Nine Months Ended
                                September 30,        September 30,
                             ------------------- ---------------------
                                 2003      2002        2003      2002
                             --------- --------- ----------- ---------

Net sales                    $361,800  $322,700  $1,051,900  $942,100

Costs and expenses:
     Cost of goods sold       154,700   149,200     453,500   435,700
     Marketing, selling &
      administrative expense  112,300    95,200     326,300   276,300
     Research & development
      expense                  21,600    14,900      62,900    44,100
     Interest expense           3,200     3,100       9,500     9,500
     Other (income) expense,
      net                      (1,100)   23,600      (4,300)   30,000
                             --------- --------- ----------- ---------
Total costs and expenses      290,700   286,000     847,900   795,600
                             --------- --------- ----------- ---------

Income before tax provision    71,100    36,700     204,000   146,500
     Income tax provision      19,600     6,900      56,100    38,100
                             --------- --------- ----------- ---------

Net income (1)                $51,500   $29,800    $147,900  $108,400
                             ========= ========= =========== =========

Basic earnings per share        $0.99     $0.58       $2.86     $2.08
                             ========= ========= =========== =========

Diluted earnings per share      $0.98     $0.57       $2.81     $2.05
                             ========= ========= =========== =========

Wt. avg. common shares
 outstanding - basic           51,800    51,700      51,700    52,100

Wt. avg. common shares
 outstanding - diluted         52,600    52,300      52,600    52,900

(1) Third quarter 2002 results included a charge related to the
 realignment of certain divisional and manufacturing operations and a
 tax credit resulting in a net impact of $14.8 million after tax
 ($0.28 diluted earnings per share).  First quarter 2002 results
 include charges related to the termination of the company's merger
 agreement with Tyco International, Ltd. 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 September 30,
                       -----------------------------------
                                                  Constant
                         2003      2002    Change Currency
                      --------- ---------  ------ --------
Vascular                $77,400   $65,600     18%      12%
Urology                 113,300   107,100      6%       4%
Oncology                 86,300    76,100     13%      11%
Surgery                  68,500    56,800     21%      19%
Other                    16,300    17,100    (5)%     (6)%
                      --------- ---------
Total net sales        $361,800  $322,700     12%       9%
                      ========= =========


                       Product Group Summary of Net Sales
                         Nine Months Ended September 30,
                       -----------------------------------
                                                  Constant
                          2003    2002     Change Currency
                      --------- ---------  ------ --------
Vascular               $220,800  $189,200     17%       9%
Urology                 337,100   312,400      8%       6%
Oncology                244,000   221,900     10%       8%
Surgery                 200,300   169,100     18%      17%
Other                    49,700    49,500    ---      (1)%
                      --------- ---------
Total net
 sales               $1,051,900  $942,100     12%       8%
                      ========= =========

    CONTACT: C. R. Bard, Inc.
             Investor Relations
             Eric J. Shick, 908-277-8413
             or
             Government and Public Relations
             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