Revenues of $40.5 Billion for the First Quarter, a 6.0 Percent
Increase Year-Over-Year
First Quarter GAAP Diluted EPS of $3.90 and Adjusted Diluted EPS of
$1.55
Adjusted Diluted EPS Guidance Raised to $6.45 to $6.65 for Fiscal
Year 2018, Primarily Driven by U.S. Tax Reform Benefit
VALLEY FORGE, Pa.--(BUSINESS WIRE)--Feb. 6, 2018--
AmerisourceBergen Corporation (NYSE:ABC) today reported that in its
fiscal year 2018 first quarter ended December 31, 2017, revenue
increased 6.0 percent to $40.5 billion. On the basis of U.S. generally
accepted accounting principles (GAAP), diluted earnings per share (EPS)
was $3.90 for the December quarter of fiscal 2018, compared to $1.11 in
the prior year quarter. GAAP EPS for the December quarter of fiscal 2018
was favorably impacted by new U.S. tax reform legislation. Adjusted
diluted EPS, which is a non-GAAP measure that excludes items described
below, increased 14.0 percent to $1.55 in the fiscal first quarter and
also included a benefit from the Company's expected full fiscal year
effective tax rate.
AmerisourceBergen is updating its outlook for fiscal year 2018. The
Company does not provide forward-looking guidance on a GAAP basis, as
discussed below in Fiscal Year 2018 Expectations. Adjusted diluted EPS
guidance has been raised from the previous expectation of $5.90 to
$6.15 to a range of $6.45 to $6.65, reflecting growth of 10 percent to
13 percent versus last fiscal year. The adjusted diluted EPS benefit
from U.S. tax reform is expected to be approximately $0.60 in fiscal
2018, offset by a lower than expected contribution from PharMEDium.
“In the first quarter of the fiscal year, we saw further market, pricing
and competitive stability. AmerisourceBergen continued to lead the
market in specialty product distribution and pharmaceutical services and
our core pharmaceutical distribution businesses executed extremely well
- growing volumes with key customers and segments - and continued to
effectively manage operating expenses. We are proud of the work our
associates have done and pleased with this strong start for the fiscal
year,” said Steven H. Collis, Chairman, President and Chief Executive
Officer of AmerisourceBergen.
“Our updated outlook for fiscal 2018 reflects this performance and the
expected benefit of U.S. tax reform, partially offset by a lower than
expected contribution from PharMEDium. We remain confident in
PharMEDium's ability to return to its long-term growth trajectory, and
committed to providing our customers with the highest quality products
and services as we continue to invest in AmerisourceBergen,” Mr. Collis
continued. “AmerisourceBergen’s scale, proven ability to execute,
strategic evolution and continued investment position the Company for
long-term growth as we innovate and deliver value to our shareholders.
We are living our corporate purpose and are united in our responsibility
to create healthier futures.”
|
First Quarter Fiscal Year 2018 Summary
Results
|
|
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|
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|
|
|
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|
|
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|
|
|
|
|
|
|
|
GAAP |
|
|
|
Adjusted (Non-GAAP) |
Revenue |
|
|
|
$40.5B |
|
|
|
$40.5B |
Gross Profit |
|
|
|
$1.1B |
|
|
|
$1.1B |
Operating Expenses |
|
|
|
$694M |
|
|
|
$625M |
Operating Income |
|
|
|
$419M |
|
|
|
$488M |
Interest Expense, Net |
|
|
|
$36M |
|
|
|
$36M |
Tax Rate |
|
|
|
(140.1)% |
|
|
|
24.2% |
Net Income |
|
|
|
$862M |
|
|
|
$342M |
Diluted Shares Outstanding |
|
|
|
221M |
|
|
|
221M |
Diluted Earnings Per Share |
|
|
|
$3.90 |
|
|
|
$1.55 |
|
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|
Below, AmerisourceBergen presents descriptive summaries of the Company’s
GAAP quarterly results as well as its adjusted (Non-GAAP) quarterly
results. In the tables that follow, GAAP results and GAAP to Non-GAAP
reconciliations are presented. For more information related to Non-GAAP
financial measures, including our fiscal year 2018 expectations, please
refer to the Supplemental Information Regarding Non-GAAP Financial
Measures following the tables.
First Quarter GAAP Results
- Revenue: In the first quarter of fiscal
2018, revenue was $40.5 billion, up 6.0 percent compared to the same
quarter in the previous fiscal year, reflecting a 5.8 percent increase
in Pharmaceutical Distribution Services revenue and an 11.6 percent
increase in revenue within Other.
- Gross Profit: Gross profit in the fiscal
2018 first quarter was $1.1 billion, a 7.2 percent increase over the
same period in the previous fiscal year, primarily due to the increase
in gross profit in Pharmaceutical Distribution Services and the
decrease in LIFO expense of $28.3 million. Gross profit as a
percentage of revenue was 2.75%, an increase of 3 basis points from
the prior year quarter.
- Operating Expenses: In the first quarter
of fiscal 2018, operating expenses were $693.7 million, compared to
$637.7 million in the same period last fiscal year. The increase in
operating expenses was primarily driven by operating additional
distribution centers in the current quarter and duplicate costs
resulting from the implementation of new information technology
systems, as well as increased costs to support our revenue growth.
- Operating Income: In the fiscal 2018
first quarter, operating income was $419.0 million versus $400.0
million in the prior year period.
- Interest Expense, Net:In the
fiscal 2018 first quarter, net interest expense of $35.9 million was
down 3.0 percent versus the prior year quarter.
- Tax Rate: The effective tax rate of
(140.1)% for the first quarter of fiscal 2018 benefited from $587.6
million of discrete tax benefits recognized and a reduction in the
U.S. federal income tax rate from 35% to 21%, both resulting from U.S.
tax reform.
- Diluted Earnings Per Share: Diluted
earnings per share was $3.90 in the first quarter of fiscal year 2018
compared to $1.11 in the previous fiscal year’s first quarter,
primarily driven by the benefit from U.S. tax reform.
- Diluted Shares Outstanding: Diluted
weighted average shares outstanding for the first quarter of fiscal
year 2018 were 220.8 million, a 0.5 percent decline versus the prior
fiscal year first quarter due primarily to share repurchases, net of
stock option exercises.
Definition of Adjusted (Non-GAAP) Results
The comments below compare adjusted results, which exclude:
-
Warrants expense;
-
Gain from antitrust litigation settlements;
-
LIFO expense;
-
Acquisition-related intangibles amortization;
-
Employee severance, litigation, and other;
-
Loss on early retirement of debt; and a
-
One-time tax reform adjustment.
In addition, we previously issued $600 million of 1.15 percent senior
notes that were repaid in May 2017 to fund our initial special share
repurchase program. The interest expense incurred relating to this
borrowing has been excluded from the Non-GAAP presentation.
First Quarter Adjusted (Non-GAAP) Results
- Revenue: In the first quarter of fiscal
2018, revenue was $40.5 billion, up 6.0 percent compared to the same
quarter in the previous fiscal year, reflecting a 5.8 percent increase
in Pharmaceutical Distribution Services revenue and an 11.6 percent
increase in revenue within Other.
- Adjusted Gross Profit: Gross profit in
the fiscal 2018 first quarter was $1.1 billion, which was up 4.5
percent when compared to the same period in the previous year,
primarily due to the increase in gross profit in Pharmaceutical
Distribution Services. Gross profit as a percentage of revenue was
2.75 percent, a decrease of 4 basis points from the prior year quarter.
- Adjusted Operating Expenses: In the first
quarter of fiscal 2018, operating expenses were $624.6 million, an
increase of 8.0% compared to the same period in the last fiscal year.
Operating expenses as a percentage of revenue in the fiscal 2018 first
quarter were 1.54 percent, compared to 1.52 percent for the same
period in the previous fiscal year. The increase in operating expenses
was primarily driven by operating additional distribution centers in
the current quarter and duplicate costs resulting from the
implementation of new information technology systems, as well as
increased costs to support our revenue growth.
- Adjusted Operating Income: In the fiscal
2018 first quarter, operating income of $488.1 million increased 0.4
percent from the prior year period. Operating income as a percentage
of revenue decreased 6 basis points to 1.21 percent in the fiscal 2018
first quarter compared to the previous fiscal year’s first quarter.
- Adjusted Interest Expense, Net:In
the fiscal 2018 first quarter, net interest expense of $35.9 million
was up 3.0 percent from the prior year quarter.
- Adjusted Tax Rate: The effective tax rate
for the first quarter of fiscal 2018 was 24.2 percent, down from 33.1
percent in the previous fiscal year’s first quarter, primarily driven
by a reduction in the U.S. federal income tax rate from 35% to 21%, as
a result of U.S. tax reform.
- Adjusted Diluted Earnings Per Share:
Diluted earnings per share was up 14.0 percent to $1.55 in the first
quarter of fiscal year 2018 compared to $1.36 in the previous fiscal
year’s first quarter, driven primarily by a $0.15 benefit from U.S.
tax reform.
- Diluted Shares Outstanding: Diluted
weighted average shares outstanding for the first quarter of fiscal
year 2018 were 220.8 million, a 0.5 percent decline versus the prior
fiscal year first quarter due primarily to share repurchases, net of
stock option exercises.
Segment Discussion
The Company's operations are comprised of the Pharmaceutical
Distribution Services reportable segment and other operating segments
that are not significant enough to require separate reportable segment
disclosure and, therefore, have been included in Other for the purpose
of reportable segment presentation. Other consists of operating segments
that focus on global commercialization services and animal health and
includes AmerisourceBergen Consulting Services (ABCS), World Courier
and MWI Animal Health (MWI).
Pharmaceutical Distribution Services Segment
Pharmaceutical Distribution Services revenue was $38.9 billion, an
increase of 5.8 percent compared to the same quarter in the prior fiscal
year. Segment operating income of $388.2 million in the December quarter
of fiscal 2018 was up 2.4 percent compared to the same period in the
previous fiscal year. The segment was impacted by reduced production at
PharMEDium's Memphis 503B outsourcing facility, where, following
inspections by the U.S. Food and Drug Administration, operations were
voluntarily suspended in December so that the company could execute
certain remedial measures.
Other
Revenue in Other was $1.5 billion in the first quarter of fiscal 2018,
an increase of 11.6 percent compared to the same period in the prior
fiscal year as all three business units contributed to revenue growth in
the quarter. Operating income in Other decreased 6.4 percent to $100.3
million in the first quarter of fiscal 2018. This decrease was primarily
driven by performance at ABCS, specifically the Lash Group, and MWI and
was partially offset by the contribution from World Courier.
Recent Company Highlights & Milestones
-
Completed the acquisition of H. D. Smith, the largest independent
pharmaceutical wholesaler in the U.S., which enhances and expands our
strategic scale, strengthens our support to community pharmacy and
drives long-term, durable value.
-
Recorded our 16th consecutive quarter with 10 percent or greater
revenue growth in Specialty distribution.
-
Now servicing more than 600 retail pharmacies acquired by Walgreens
Boots Alliance through its phased acquisition of certain Rite Aid
stores.
-
Opened a 6th new distribution center in Newburgh, NY with
state-of-the-art automation as part of our commitment to creating the
most efficient healthcare and pharmaceutical network.
- Good Neighbor Pharmacy, AmerisourceBergen's independent pharmacy
network, was ranked “Highest in Customer Satisfaction with Chain Drug
Store Pharmacies” in the J.D. Power 2017 U.S. Pharmacy Study.
- World Courier had a record-setting quarter in both shipments and
billable weight. Additionally, the business achieved Good Distribution
Practice certification across its global network of 140-plus offices.
-
MWI acquired Northeast Veterinary Supply Co., an independent, regional
distributor of veterinary pharmaceuticals and medical supplies
servicing primarily the northeast region of the U.S.
- The Lash Group successfully migrated its first customers onto its
innovative Fusion technology ecosystem with positive user feedback.
Fusion was also featured in The Center Watch Monthly's 2018 Top
Innovators. This onboarding process is advancing, but at a slower pace
than originally anticipated.
- The AmerisourceBergen Foundation launched a municipal support program
that aims to promote the safe disposal of opioids by providing
communities nationwide with resources to deactivate expired or unused
prescription medications.
-
US Bioservices, AmerisourceBergen's independent specialty pharmacy,
had a record breaking year for new business wins in 2017, further
expanding its portfolio of critical specialty therapies.
Fiscal Year 2018 Expectations
The Company does not provide forward-looking guidance on a GAAP basis as
certain financial information, the probable significance of which cannot
be determined, is not available and cannot be reasonably estimated.
Please refer to the Supplemental Information Regarding Non-GAAP
Financial Measures following the tables for additional information.
Fiscal Year 2018 Expectations on an Adjusted
(Non-GAAP) Basis
Based upon the Company’s expectations for U.S. tax reform and evaluation
of current business expectations, including the formal recognition of
operating expenses associated with our now completed acquisition of H.
D. Smith and lower than originally anticipated operating income
contributions from PharMEDium and the Lash Group, AmerisourceBergen has
updated its fiscal year 2018 financial guidance. The Company expects:
-
Revenue growth in the range of 8 percent to 11 percent; and
-
Adjusted diluted earnings per share now to be in the range of $6.45 to
$6.65.
Additional expectations now include:
-
Adjusted operating expenses to increase between 6 percent to 8 percent;
-
Adjusted operating income growth in the range of 1 percent to 4
percent;
-
Pharmaceutical Distribution Services segment operating income
growth in the range of 1 percent to 4 percent;
-
Other, which is comprised of businesses focused on Global
Commercialization Services and Animal Health, operating income
growth in the range of flat to 2 percent;
-
Adjusted effective tax rate of between 23 percent and 24 percent;
-
Adjusted free cash flow to be approximately $1.35 billion to $1.6
billion;
-
Capital expenditures of approximately $325 million; and
-
Share repurchases will offset dilution from employee stock option
exercises.
AmerisourceBergen also continues to operate under the following working
assumptions regarding the pharmaceutical market:
-
Brand drug inflation to be in the range of 6 percent to 7 percent;
-
Generic drug deflation to be in the range of -7 percent to -9 percent;
-
Contributions from new generic launches similar to the prior year; and
-
No significant contributions from biosimilars.
Conference Call & Slide Presentation
The Company will host a conference call to discuss the results at 8:30
a.m. ET on February 6, 2018. A slide presentation for investors has also
been posted on the Company's website at investor.amerisourcebergen.com.
Participating in the conference call will be:
- Steven H. Collis, Chairman, President & Chief Executive Officer
- Tim G. Guttman, Executive Vice President & Chief Financial Officer
The dial-in number for the live call will be (612) 288-0337. No access
code is required. The live call will also be webcast via the Company’s
website at investor.amerisourcebergen.com. Users are encouraged to log
on to the webcast approximately 10 minutes in advance of the scheduled
start time of the call.
Replays of the call will be made available via telephone and webcast. A
replay of the webcast will be posted on investor.amerisourcebergen.com
approximately two hours after the completion of the call and will remain
available for 30 days. The telephone replay will also be available
approximately two hours after the completion of the call and will remain
available for seven days. To access the telephone replay from within the
U.S., dial (800) 475-6701. From outside the U.S., dial (320) 365-3844.
The access code for the replay is 442500.
About AmerisourceBergen
AmerisourceBergen provides pharmaceutical products, value-driving
services and business solutions that improve access to care. Tens of
thousands of healthcare providers, veterinary practices and livestock
producers trust us as their partner in the pharmaceutical supply chain.
Global manufacturers depend on us for services that drive commercial
success for their products. Through our daily work—and powered by our
21,000 associates—we are united in our responsibility to create
healthier futures. AmerisourceBergen is ranked #11 on the Fortune 500,
with more than $150 billion in annual revenue. The company is
headquartered in Valley Forge, Pa. and has a presence in 50+ countries.
Learn more at investor.amerisourcebergen.com.
AmerisourceBergen's Cautionary Note Regarding Forward-Looking
Statements
Certain of the statements contained in this press release are
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Words such as “expect,” “likely,” “outlook,” “forecast,” “would,”
“could,” “should,” “can,” “will,” “project,” “intend,” “plan,”
“continue,” “sustain,” “synergy,” “on track,” “believe,” “seek,”
“estimate,” “anticipate,” “may,” “possible,” “assume,” variations of
such words, and similar expressions are intended to identify such
forward-looking statements. These statements are based on management’s
current expectations and are subject to uncertainty and change in
circumstances. These statements are not guarantees of future performance
and are based on assumptions that could prove incorrect or could cause
actual results to vary materially from those indicated. Among the
factors that could cause actual results to differ materially from those
projected, anticipated, or implied are the following: unfavorable trends
in brand and generic pharmaceutical pricing, including in rate or
frequency of price inflation or deflation; competition and industry
consolidation of both customers and suppliers resulting in increasing
pressure to reduce prices for our products and services; changes in
pharmaceutical market growth rates; changes in the United
States healthcare and regulatory environment, including changes that
could impact prescription drug reimbursement under Medicare and
Medicaid; increasing governmental regulations regarding the
pharmaceutical supply channel and pharmaceutical compounding; declining
reimbursement rates for pharmaceuticals; federal and state government
enforcement initiatives to detect and prevent suspicious orders of
controlled substances and the diversion of controlled substances;
increased public concern over the abuse of opioid medications;
prosecution or suit by federal, state and other governmental entities of
alleged violations of laws and regulations regarding controlled
substances, and any related disputes, including shareholder derivative
lawsuits; increased federal scrutiny and litigation, including qui tam
litigation, for alleged violations of laws and regulations governing the
marketing, sale, purchase and/or dispensing of pharmaceutical products
or services, and associated reserves and costs, including the reserve
recorded in connection with the proceedings with the United States
Attorney’s Office for the Eastern District of New York; material adverse
resolution of pending legal proceedings; the retention of key customer
or supplier relationships under less favorable economics or the adverse
resolution of any contract or other dispute with customers or suppliers;
changes to customer or supplier payment terms; risks associated with the
strategic, long-term relationship between Walgreens Boots Alliance,
Inc. and the Company, including principally with respect to the
pharmaceutical distribution agreement and/or the global generic
purchasing services arrangement; changes in tax laws or legislative
initiatives that could adversely affect the Company’s tax positions
and/or the Company’s tax liabilities or adverse resolution of challenges
to the Company’s tax positions; regulatory action in connection with the
production, labeling or packaging of products compounded by our
compounded sterile preparations (CSP) business; suspension of production
of CSPs, including a prolonged suspension at our Memphis 503B
outsourcing facility; failure to realize the expected benefits from our
reorganization and other business process initiatives; managing foreign
expansion, including non-compliance with the U.S. Foreign Corrupt
Practices Act, anti-bribery laws and economic sanctions and import laws
and regulations; declining economic conditions in the United States and
abroad; financial market volatility and disruption; substantial defaults
in payment, material reduction in purchases by or the loss, bankruptcy
or insolvency of a major customer; the loss, bankruptcy or insolvency of
a major supplier; changes to the customer or supplier mix; malfunction,
failure or breach of sophisticated information systems to operate as
designed; risks generally associated with data privacy regulation and
the international transfer of personal data; natural disasters or other
unexpected events that affect the Company’s operations; the impairment
of goodwill or other intangible assets, resulting in a charge to
earnings; the acquisition of businesses that do not perform as expected,
or that are difficult to integrate or control, including the integration
of H. D. Smith and PharMEDium, or the inability to capture all of the
anticipated synergies related thereto or to capture the anticipated
synergies within the expected time period; the effects of disruption
from the transactions on the respective businesses of the Company and H.
D. Smith and the fact that the transactions may make it more difficult
to establish or maintain relationships with employees, suppliers,
customers and other business partners; the disruption of the Company’s
cash flow and ability to return value to its stockholders in accordance
with its past practices; interest rate and foreign currency exchange
rate fluctuations; and other economic, business, competitive, legal,
tax, regulatory and/or operational factors affecting the Company’s
business generally. Certain additional factors that management believes
could cause actual outcomes and results to differ materially from those
described in forward-looking statements are set forth (i) in Item 1A
(Risk Factors) in the Company’s Annual Report on Form 10-K for the
fiscal year ended September 30, 2017 and elsewhere in that report and
(ii) in other reports filed by the Company pursuant to the Securities
Exchange Act.
|
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
FINANCIAL SUMMARY
|
(In thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017
|
|
% of Revenue
|
|
Three Months Ended December 31, 2016
|
|
% of Revenue
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
40,466,332
|
|
|
|
|
$
|
38,169,265
|
|
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
39,353,680
|
|
|
|
|
|
37,131,585
|
|
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit 1 |
|
|
1,112,652
|
|
|
2.75
|
%
|
|
|
1,037,680
|
|
|
2.72
|
%
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Distribution, selling, and administrative
|
|
|
558,522
|
|
|
1.38
|
%
|
|
|
520,547
|
|
|
1.36
|
%
|
|
7.3
|
%
|
Depreciation and amortization
|
|
|
105,136
|
|
|
0.26
|
%
|
|
|
96,080
|
|
|
0.25
|
%
|
|
9.4
|
%
|
Employee severance, litigation, and other 2 |
|
|
30,021
|
|
|
|
|
|
21,066
|
|
|
|
|
|
Total operating expenses
|
|
|
693,679
|
|
|
1.71
|
%
|
|
|
637,693
|
|
|
1.67
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
418,973
|
|
|
1.04
|
%
|
|
|
399,987
|
|
|
1.05
|
%
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Other loss (income)
|
|
|
324
|
|
|
|
|
|
(123
|
)
|
|
|
|
|
Interest expense, net
|
|
|
35,864
|
|
|
|
|
|
36,972
|
|
|
|
|
(3.0
|
)%
|
Loss on early retirement of debt
|
|
|
23,766
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
359,019
|
|
|
0.89
|
%
|
|
|
363,138
|
|
|
0.95
|
%
|
|
(1.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense
|
|
|
(502,834
|
)
|
|
|
|
|
115,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
861,853
|
|
|
2.13
|
%
|
|
$
|
247,246
|
|
|
0.65
|
%
|
|
248.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
3.95
|
|
|
|
|
$
|
1.13
|
|
|
|
|
249.6
|
%
|
Diluted
|
|
$
|
3.90
|
|
|
|
|
$
|
1.11
|
|
|
|
|
251.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
218,323
|
|
|
|
|
|
218,661
|
|
|
|
|
(0.2
|
)%
|
Diluted
|
|
|
220,822
|
|
|
|
|
|
221,979
|
|
|
|
|
(0.5
|
)%
|
________________________________________
|
1 |
|
Includes $28.3 million LIFO expense and $1.4 million gain from
antitrust litigation settlements in the three months ended December
31, 2016.
|
|
|
|
2 |
|
Includes $23.1 million of employee severance and other costs, $4.1
million of deal-related transaction costs, and $2.8 million of
litigation costs in the three months ended December 31, 2017. Other
costs in the three months ended December 31, 2017 include $8.3
million of certain fixed costs and scrapped non-usable inventory
related to one of the Company's 503B outsourcing facilities, which
voluntarily suspended production in December 2017 pending execution
of certain remedial measures. Includes $4.5 million of employee
severance and other costs, a $16.0 million litigation settlement,
and $0.5 million of deal-related transaction costs in the three
months ended December 31, 2016.
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
GAAP TO NON-GAAP RECONCILIATIONS
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2017 |
|
|
Gross Profit
|
|
Operating Expenses
|
|
Operating Income |
|
Interest Expense, Net |
|
Loss on Early Retirement of Debt
|
|
Income Before Income Taxes
|
|
Income Tax (Benefit) Expense
|
|
Net Income |
|
Diluted Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
$
|
1,112,652
|
|
|
$
|
693,679
|
|
|
$
|
418,973
|
|
|
$
|
35,864
|
|
|
$
|
23,766
|
|
|
$
|
359,019
|
|
|
$
|
(502,834
|
)
|
|
$
|
861,853
|
|
|
$
|
3.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related intangibles amortization
|
|
|
—
|
|
|
|
(39,056
|
)
|
|
|
39,056
|
|
|
|
—
|
|
|
|
—
|
|
|
|
39,151
|
|
|
|
10,435
|
|
|
|
28,716
|
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee severance, litigation, and other
|
|
|
—
|
|
|
|
(30,021
|
)
|
|
|
30,021
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30,021
|
|
|
|
8,001
|
|
|
|
22,020
|
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on early retirement of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(23,766
|
)
|
|
|
23,766
|
|
|
|
6,334
|
|
|
|
17,432
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax reform 1 |
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
587,595
|
|
|
|
(587,595
|
)
|
|
|
(2.66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP
|
|
$
|
1,112,652
|
|
|
$
|
624,602
|
|
|
$
|
488,050
|
|
|
$
|
35,864
|
|
|
$
|
—
|
|
|
$
|
451,957
|
|
|
$
|
109,531
|
|
|
$
|
342,426
|
|
|
$
|
1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP % changes vs. prior year quarter
|
|
|
4.5
|
%
|
|
|
8.0
|
%
|
|
|
0.4
|
%
|
|
|
3.0
|
%
|
|
|
—
|
%
|
|
|
0.1
|
%
|
|
|
(26.8
|
)%
|
|
|
13.4
|
%
|
|
|
14.0
|
%
|
|
|
|
|
|
|
|
Percentages of Revenue: |
|
GAAP |
|
Adjusted Non-GAAP
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
2.75
|
%
|
|
|
2.75
|
%
|
|
|
Operating expenses
|
|
|
1.71
|
%
|
|
|
1.54
|
%
|
|
|
Operating income
|
|
|
1.04
|
%
|
|
|
1.21
|
%
|
|
|
________________________________________
|
1
|
|
Includes the impact of applying a lower U.S. federal income tax
rate to the Company's net deferred tax liabilities as of December
31, 2017, offset in part by a one-time transition tax on
historical foreign earnings and profits through December 31, 2017.
|
|
|
|
|
|
Note: For more information related to non-GAAP financial measures,
refer to the section titled "Supplemental Information Regarding
Non-GAAP Financial Measures" of this release.
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
GAAP TO NON-GAAP RECONCILIATIONS
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2016 |
|
|
Gross Profit |
|
Operating Expenses
|
|
Operating Income
|
|
Interest Expense, Net
|
|
Income Before Income Taxes
|
|
Income Tax Expense
|
|
Net Income
|
|
Diluted Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
$
|
1,037,680
|
|
|
$
|
637,693
|
|
|
$
|
399,987
|
|
|
$
|
36,972
|
|
|
$
|
363,138
|
|
|
$
|
115,892
|
|
|
$
|
247,246
|
|
|
$
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expense 1 |
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,155
|
)
|
|
|
2,155
|
|
|
|
821
|
|
|
|
1,334
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain from antitrust litigation settlements
|
|
|
(1,395
|
)
|
|
|
—
|
|
|
|
(1,395
|
)
|
|
|
—
|
|
|
|
(1,395
|
)
|
|
|
(531
|
)
|
|
|
(864
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO expense
|
|
|
28,308
|
|
|
|
—
|
|
|
|
28,308
|
|
|
|
—
|
|
|
|
28,308
|
|
|
|
10,776
|
|
|
|
17,532
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related intangibles amortization
|
|
|
—
|
|
|
|
(38,229
|
)
|
|
|
38,229
|
|
|
|
—
|
|
|
|
38,322
|
|
|
|
14,588
|
|
|
|
23,734
|
|
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee severance, litigation, and other
|
|
|
—
|
|
|
|
(21,066
|
)
|
|
|
21,066
|
|
|
|
—
|
|
|
|
21,066
|
|
|
|
8,020
|
|
|
|
13,046
|
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP
|
|
$
|
1,064,593
|
|
|
$
|
578,398
|
|
|
$
|
486,195
|
|
|
$
|
34,817
|
|
|
$
|
451,594
|
|
|
$
|
149,566
|
|
|
$
|
302,028
|
|
|
$
|
1.36
|
|
2
|
|
|
|
|
|
|
|
Percentages of Revenue: |
|
GAAP |
|
Adjusted Non-GAAP
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
2.72
|
%
|
|
|
2.79
|
%
|
|
|
Operating expenses
|
|
|
1.67
|
%
|
|
|
1.52
|
%
|
|
|
Operating income
|
|
|
1.05
|
%
|
|
|
1.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________________
|
1 |
|
In connection with the fiscal 2014 special $650 million share
repurchase program, which was established to mitigate the dilutive
effect of the Warrants, the Company issued $600 million of 1.15%
senior notes that were repaid in May 2017. The interest expense
incurred relating to this borrowing has been excluded from the
non-GAAP presentation.
|
|
|
|
2 |
|
The sum of the components does not equal the total due to rounding.
|
|
|
|
|
|
Note: For more information related to non-GAAP financial measures,
refer to the section titled "Supplemental Information Regarding
Non-GAAP Financial Measures" of this release.
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
SUMMARY SEGMENT INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
Three Months Ended December 31, |
Revenue |
|
2017 |
|
2016 |
|
% Change |
Pharmaceutical Distribution Services
|
|
$
|
38,937,698
|
|
|
$
|
36,798,289
|
|
|
5.8
|
%
|
Other
|
|
1,544,951
|
|
|
1,384,490
|
|
|
11.6
|
%
|
Intersegment eliminations
|
|
(16,317
|
)
|
|
|
(13,514
|
)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
40,466,332
|
|
|
$
|
38,169,265
|
|
|
6.0
|
%
|
|
|
|
|
|
Three Months Ended December 31, |
Operating income |
|
2017 |
|
2016 |
|
% Change |
Pharmaceutical Distribution Services
|
|
$
|
388,182
|
|
|
$
|
379,060
|
|
|
2.4
|
%
|
Other
|
|
100,275
|
|
|
107,148
|
|
|
(6.4
|
)%
|
Intersegment eliminations
|
|
(407
|
)
|
|
|
(13
|
)
|
|
|
|
Total segment operating income
|
|
488,050
|
|
|
486,195
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
Gain from antitrust litigation settlements
|
|
—
|
|
|
1,395
|
|
|
|
LIFO expense
|
|
—
|
|
|
(28,308
|
)
|
|
|
|
Acquisition-related intangibles amortization
|
|
(39,056
|
)
|
|
|
(38,229
|
)
|
|
|
|
Employee severance, litigation, and other
|
|
(30,021
|
)
|
|
|
(21,066
|
)
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
418,973
|
|
|
$
|
399,987
|
|
|
|
|
|
|
|
|
|
|
Percentages of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceutical Distribution Services
|
|
|
|
|
|
|
Gross profit
|
|
2.04
|
%
|
|
2.05
|
%
|
|
|
Operating expenses
|
|
1.04
|
%
|
|
1.02
|
%
|
|
|
Operating income
|
|
1.00
|
%
|
|
1.03
|
%
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
Gross profit
|
|
20.75
|
%
|
|
22.36
|
%
|
|
|
Operating expenses
|
|
14.26
|
%
|
|
14.63
|
%
|
|
|
Operating income
|
|
6.49
|
%
|
|
7.74
|
%
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corporation (GAAP)
|
|
|
|
|
|
|
Gross profit
|
|
2.75
|
%
|
|
2.72
|
%
|
|
|
Operating expenses
|
|
1.71
|
%
|
|
1.67
|
%
|
|
|
Operating income
|
|
1.04
|
%
|
|
1.05
|
%
|
|
|
|
|
|
|
|
|
|
AmerisourceBergen Corporation (Non-GAAP)
|
|
|
|
|
|
|
Adjusted gross profit
|
|
2.75
|
%
|
|
2.79
|
%
|
|
|
Adjusted operating expenses
|
|
1.54
|
%
|
|
1.52
|
%
|
|
|
Adjusted operating income
|
|
1.21
|
%
|
|
1.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: For more information related to non-GAAP financial measures,
refer to the section titled "Supplemental Information Regarding
Non-GAAP Financial Measures" of this release.
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
September 30, 2017 |
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
3,037,747
|
|
|
$
|
2,435,115
|
Accounts receivable, net
|
|
|
10,127,783
|
|
|
10,303,324
|
Merchandise inventories
|
|
|
12,020,660
|
|
|
11,461,428
|
Prepaid expenses and other
|
|
|
110,242
|
|
|
103,432
|
Total current assets
|
|
|
25,296,432
|
|
|
24,303,299
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
1,829,117
|
|
|
1,797,945
|
Goodwill and other intangible assets
|
|
|
8,901,145
|
|
|
8,877,562
|
Other long-term assets
|
|
|
334,816
|
|
|
337,664
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
36,361,510
|
|
|
$
|
35,316,470
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
25,346,694
|
|
|
$
|
25,404,042
|
Other current liabilities
|
|
|
1,393,597
|
|
|
1,414,123
|
Total current liabilities
|
|
|
26,740,291
|
|
|
26,818,165
|
|
|
|
|
|
|
Long-term debt
|
|
|
4,266,757
|
|
|
3,429,934
|
|
|
|
|
|
|
Accrued income taxes
|
|
|
391,107
|
|
|
84,257
|
Deferred income taxes
|
|
|
1,659,619
|
|
|
2,492,612
|
Other long-term liabilities
|
|
|
429,154
|
|
|
427,041
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
2,874,582
|
|
|
2,064,461
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
36,361,510
|
|
|
$
|
35,316,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERISOURCEBERGEN CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
|
Net income
|
|
|
$
|
861,853
|
|
|
$
|
247,246
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities 1, 2
|
|
|
(675,558
|
)
|
|
200,402
|
|
Changes in operating assets and liabilities, excluding the effects
of acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
|
91,624
|
|
|
(536,937
|
)
|
Merchandise inventories
|
|
|
(460,127
|
)
|
|
(713,553
|
)
|
Accounts payable
|
|
|
(59,223
|
)
|
|
247,814
|
|
Other 3 |
|
|
251,757
|
|
|
124,673
|
|
Net cash provided by (used in) operating activities
|
|
|
10,326
|
|
|
(430,355
|
)
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
Capital expenditures
|
|
|
(73,641
|
)
|
|
(137,282
|
)
|
Cost of acquired companies, net of cash acquired
|
|
|
(70,330
|
)
|
|
(1,497
|
)
|
Net purchases of investments in available-for-sale securities
|
|
|
—
|
|
|
(19,958
|
)
|
Other
|
|
|
1,648
|
|
|
1,880
|
|
Net cash used in investing activities
|
|
|
(142,323
|
)
|
|
(156,857
|
)
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
Net borrowings (repayments) 4 |
|
|
844,193
|
|
|
(52,129
|
)
|
Purchases of common stock
|
|
|
(22,496
|
)
|
|
(229,928
|
)
|
Payment of premium on early retirement of debt
|
|
|
(22,348
|
)
|
|
—
|
|
Exercises of stock options
|
|
|
29,574
|
|
|
10,229
|
|
Cash dividends on common stock
|
|
|
(83,555
|
)
|
|
(80,169
|
)
|
Other
|
|
|
(10,739
|
)
|
|
(11,489
|
)
|
Net cash provided by (used in) financing activities
|
|
|
734,629
|
|
|
(363,486
|
)
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
602,632
|
|
|
(950,698
|
)
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
2,435,115
|
|
|
2,741,832
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
3,037,747
|
|
|
$
|
1,791,134
|
|
________________________________________
|
1 |
|
Adjustments include LIFO expense of $28.3 million for the three
months ended December 31, 2016.
|
|
|
|
2 |
|
Includes an $840.5 million benefit for deferred income taxes for the
three months ended December 31, 2017, primarily as a result of
applying a lower U.S. federal income tax rate to the Company's net
deferred tax liabilities as of December 31, 2017 in connection with
tax reform.
|
|
|
|
3 |
|
Includes a $318.7 million increase in income taxes payable for the
three months ended December 31, 2017, primarily as a result of a
one-time transition tax on historical foreign earnings and profits
through December 31, 2017 in connection with tax reform.
|
|
|
|
4 |
|
Net borrowings were primarily used to finance the acquisition of
H.D. Smith, which was completed on January 2, 2018.
|
|
|
|
SUPPLEMENTAL INFORMATION REGARDING
NON-GAAP FINANCIAL
MEASURES
To supplement the financial measures prepared in accordance with U.S.
generally accepted accounting principles (GAAP), the Company uses the
following non-GAAP financial measures: (i) adjusted gross profit; (ii)
adjusted operating expenses; (iii) adjusted operating income; (iv)
adjusted interest expense, net; (v) adjusted net income; (vi) adjusted
tax rate; and (vii) adjusted diluted earnings per share. The non-GAAP
financial measures should be viewed in addition to, and not in lieu of,
financial measures calculated in accordance with GAAP. These
supplemental measures may vary from, and may not be comparable to,
similarly titled measures by other companies.
The non-GAAP financial measures are presented because management uses
non-GAAP financial measures to evaluate the Company’s operating
performance, to perform financial planning, and to determine incentive
compensation. Therefore, the Company believes that the presentation of
non-GAAP financial measures provides useful supplementary information
to, and facilitates additional analysis by, investors. The presented
non-GAAP financial measures exclude items that management does not
believe reflect the Company’s core operating performance as such items
are outside the control of the Company or due to their inherent unusual,
non-operating, unpredictable, non-recurring, or non-cash nature. We have
included the following non-GAAP earnings-related financial measures in
this release:
- Adjusted gross profit and adjusted gross profit margin: Adjusted
gross profit is a non-GAAP financial measure that excludes the gain
from antitrust litigation settlements and LIFO expense because the
Company cannot control the amounts recognized or timing of these
items. Adjusted gross profit margin is the ratio of adjusted gross
profit to total revenue. Management believes that these non-GAAP
financial measures are useful to investors as a supplemental measure
of the Company’s ongoing operating performance. The gain from
antitrust litigation settlements relates to the settlement of class
action lawsuits that have been filed against brand pharmaceutical
manufacturers alleging that the manufacturer, by itself or in concert
with others, took improper actions to delay or prevent generic drugs
from entering the market. LIFO expense is affected by changes in
inventory quantities, product mix, and manufacturer pricing practices,
which may be impacted by market and other external influences.
- Adjusted operating expenses and adjusted operating expense margin: Adjusted
operating expenses is a non-GAAP financial measure that excludes
acquisition-related intangibles amortization and employee severance,
litigation, and other. Adjusted operating expense margin is the ratio
of adjusted operating expenses to total revenue. The
acquisition-related intangibles amortization is excluded because it is
a non-cash item and does not reflect the operating performance of the
acquired companies. We exclude employee severance amounts that relate
to non-recurring organizational restructuring. We exclude the amount
of litigation settlements and other expenses that are unusual,
non-operating, unpredictable, non-recurring or non-cash in nature
because we believe these exclusions facilitate the analysis of our
ongoing operational performance.
- Adjusted operating income and adjusted operating income margin: Adjusted
operating income is a non-GAAP financial measure that excludes the
same items that are described above and excluded from adjusted gross
profit and adjusted operating expenses. Adjusted operating income
margin is the ratio of adjusted operating income to total revenue.
Management believes that these non-GAAP financial measures are useful
to investors as a supplemental way to evaluate the Company’s
performance because the adjustments are unusual, non-operating,
unpredictable, non-recurring or non-cash in nature.
- Adjusted interest expense, net: Adjusted interest expense is a
non-GAAP financial measure that excludes the interest expense on our
$600 million of 1.15% senior notes that were repaid in May 2017 (the
“2017 Notes”). The 2017 Notes were issued to fund a special $650
million share repurchase program under which we purchased shares to
reduce the dilution related to the warrants that we issued in March
2013 to wholly-owned subsidiaries of Walgreens Boots Alliance, Inc.
Management believes that this non-GAAP financial measure is useful to
investors in evaluating the Company’s ongoing interest expense, net.
- Adjusted tax rate: Adjusted tax rate is a non-GAAP financial
measure that is determined by dividing adjusted income tax
expense/benefit by adjusted income before income taxes.
- Adjusted net income: Adjusted net income is a non-GAAP
financial measure that excludes the same items that are described
above and excluded from adjusted gross profit, adjusted operating
expenses, adjusted operating income, and adjusted interest expense,
net. In addition, the loss on the early retirement of debt and the
one-time impact of U.S. tax reform ("Tax Reform") are excluded from
adjusted net income. Tax Reform includes a benefit from applying a
lower U.S. federal income tax rate to the Company's net deferred tax
liabilities as of December 31, 2017, offset in part by a one-time
transition tax on historical foreign earnings and profits through
December 31, 2017. Management believes that this non-GAAP financial
measure is useful to investors as a supplemental way to evaluate the
Company's performance because the adjustments are unusual,
non-operating, unpredictable, non-recurring or non-cash in nature.
- Adjusted diluted earnings per share: Adjusted diluted earnings
per share excludes the per share impact of adjustments including gain
from antitrust litigation settlements; LIFO expense;
acquisition-related intangibles amortization; employee severance,
litigation, and other; the interest expense incurred in connection
with the 2017 Notes; and the loss on early retirement of debt; in each
case net of the tax effect calculated using the applicable effective
tax rate for those items. In addition, the per share impact of Tax
Reform is excluded from adjusted diluted earnings per share.
Management believes that this non-GAAP financial measure is useful to
investors because it eliminates the per share impact of the items that
are outside the control of the Company or that we consider to not be
indicative of our ongoing operating performance due to their inherent
unusual, non-operating, unpredictable, non-recurring, or non-cash
nature.
In addition, the Company has provided non-GAAP fiscal year 2018 guidance
for diluted earnings per share, operating expense, operating income, and
effective income tax rate that excludes the same or similar items as
those that are excluded from the historical non-GAAP financial measures,
as well as significant items that are outside the control of the Company
or inherently unusual, non-operating, unpredictable, non-recurring or
non-cash in nature. In addition, it has provided 2018 free cash flow
guidance. For fiscal year 2018, we have defined the non-GAAP financial
measure of free cash flow as net cash provided by operating activities,
excluding other significant unpredictable or non-recurring cash payments
or receipts relating to legal settlements, minus capital expenditures.
The Company does not provide forward looking guidance on a GAAP basis
for such metrics because certain financial information, the probable
significance of which cannot be determined, is not available and cannot
be reasonably estimated. For example, LIFO expense is largely dependent
upon the future inflation or deflation of brand and generic
pharmaceuticals, which is out of the Company’s control, and
acquisition-related intangibles amortization depends on the timing and
amount of future acquisitions, which cannot be reasonably estimated.
Similarly, the timing and amount of litigation settlements is
unpredictable and non-recurring.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180206005384/en/
Source: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Keri P. Mattox
Vice
President, Corporate & Investor Relations
610-576-7801
kmattox@amerisourcebergen.com
or
Bennett
S. Murphy
Director, Corporate & Investor Relations
610-727-3693
bmurphy@amerisourcebergen.com