Document

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

_________________________________


FORM 8-K
_________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 2, 2019
  _________________________________
AmerisourceBergen Corporation
(Exact name of registrant as specified in its charter)
_________________________________
Delaware
 
1-16671
 
23-3079390
(State or other jurisdiction of
 
(Commission File Number)
 
(IRS Employer
incorporation)
 
 
 
Identification No.)
 
 
 
 
 
 
 
1300 Morris Drive
 
 
 
 
Chesterbrook, PA 19087
 
 
(Address of principal executive offices, including Zip Code)

(610) 727-7000
(Registrant’s telephone number, including area code) 

Not Applicable
(Former name or former address, if changed since last report.)

 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of exchange on which registered
Common stock
ABC
New York Stock Exchange (NYSE)
_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2of this chapter).

Emerging growth company o  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
 
 




Item 2.02. Results of Operations and Financial Condition.
 
On May 2, 2019, AmerisourceBergen Corporation (the “Company”) issued a news release announcing the Company’s earnings for the fiscal quarter ended March 31, 2019. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
 
The information in this Current Report, including the exhibit attached hereto as Exhibit 99.1 and the information under Item 7.01 below, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On May 2, 2019, the Company is conducting a conference call and webcast scheduled to be held at 8:30 a.m. Eastern time regarding its results for the fiscal quarter ended March 31, 2019 and related matters.
 
A link to the conference call and slides prepared for the conference call are available on the Company's website at investor.amerisourcebergen.com.
  
Item 9.01. Financial Statements and Exhibits.
 
(d)  Exhibits.

Exhibit Number
 
Description of Exhibit
 
 
 
99.1
 


 
2






 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
AMERISOURCEBERGEN CORPORATION
 
 
 
 
Date: 
May 2, 2019
By:
/s/ James F. Cleary
 
 
Name:
James F. Cleary
 
 
Title:
Executive Vice President & Chief Financial Officer
 
3



Exhibit
Exhibit 99.1
 
 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12874046&doc=3 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12874046&doc=4 
AmerisourceBergen Corporation
 
P.O. Box 959
 
Valley Forge, PA 19482
 

AMERISOURCEBERGEN REPORTS
FISCAL 2019 SECOND QUARTER RESULTS
Revenues of $43.3 billion for the Second Quarter, a 5.6 Percent Increase Year-Over-Year
Second Quarter GAAP Diluted EPS of $0.13 and Adjusted Diluted EPS of $2.11
Adjusted Diluted EPS Guidance Range Raised to $6.70 to $6.90 for Fiscal 2019

 
VALLEY FORGE, PA, May 2, 2019 - AmerisourceBergen Corporation (NYSE:ABC) today reported that in its fiscal year 2019 second quarter ended March 31, 2019, revenue increased 5.6 percent to $43.3 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $0.13 for the March quarter of fiscal 2019, compared to $1.29 in the prior year quarter. Adjusted diluted EPS, which is a non-GAAP measure that excludes items described below, increased 8.8% to $2.11 in the fiscal second quarter.

The Company raised its adjusted diluted EPS guidance range for fiscal 2019 to $6.70 to $6.90, from $6.65 to $6.85 previously. The Company does not provide forward-looking guidance on a GAAP basis, as discussed below in Fiscal Year 2019 Expectations.

“AmerisourceBergen continues to execute and deliver strong performance with good growth in customer volumes, double-digit Specialty distribution growth and overall strong execution across both the Pharmaceutical Distribution Services and Global Commercialization Services & Animal Health groups this quarter,” said Steven H. Collis, Chairman, President and Chief Executive Officer of AmerisourceBergen.

“As we move into the second half of the year, our fiscal 2019 outlook remains strong,” Mr. Collis continued. “AmerisourceBergen continues to be well positioned for long-term growth and we have the utmost confidence that our differentiated strategy and focus on providing innovative services and solutions for our partners will continue to drive sustainable value for all of our stakeholders.”







 



Second Quarter Fiscal Year 2019 Summary Results

 
GAAP
Adjusted (Non-GAAP)
Revenue
$43.3B
$43.3B
Gross Profit
$1.4B
$1.3B
Operating Expenses
$1,377M
$702M
Operating Income
$48M
$617M
Interest Expense, Net
$43M
$43M
Effective Tax Rate
(49.5)%
21.5%
Net Income Attributable to ABC
$27M
$449M
Diluted Earnings Per Share
$0.13
$2.11
Diluted Shares Outstanding
213M
213M

Below, AmerisourceBergen presents descriptive summaries of the Company’s GAAP and 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 adjustments made in the periods presented, please refer to the Supplemental Information Regarding non-GAAP Financial Measures following the tables.

Second Quarter GAAP Results

Revenue: In the second quarter of fiscal 2019, revenue was $43.3 billion, up 5.6 percent compared to the same quarter in the previous fiscal year, reflecting a 5.6 percent increase in Pharmaceutical Distribution Services revenue and a 4.5 percent increase in revenue within Other. Revenue growth is primarily due to the revenue growth of our Pharmaceutical Distribution Services segment. The increase in revenue growth of our Pharmaceutical Distribution Services segment is primarily due to the growth of some of its largest customers, continued strong specialty product sales, and overall market growth.

Gross Profit: Gross profit in the fiscal 2019 second quarter was $1.4 billion, a 13.5 percent increase compared to the same period in the previous fiscal year. Gross profit in the current year quarter was favorably impacted by gains from antitrust litigation settlements and a LIFO credit, and a 4.3 percent increase in Pharmaceutical Distribution Services' gross profit. Pharmaceutical Distribution Services benefited from an increase in revenue, offset in part by PharMEDium's pharmaceutical compounding operations as it shipped fewer units due to the continued implementation of certain remedial measures at its operational locations. Gross profit as a percentage of revenue was 3.29 percent, an increase of 23 basis points from the prior year quarter.

Operating Expenses: In the second quarter of fiscal 2019, operating expenses were $1,377.2 million, compared to $774.3 million in the same period last fiscal year. The significant increase in operating expenses was primarily due to the $570.0 million impairment of PharMEDium's long-lived assets in the quarter. Operating expenses as a percentage of revenue in the fiscal 2019 second quarter was 3.18 percent, compared to 1.89 percent for the same period in the previous fiscal year.

Operating Income: In the fiscal 2019 second quarter, operating income was $47.6 million versus $481.4 million in the prior year quarter. The decrease in operating income was primarily due to the $570.0 million impairment of PharMEDium's long-lived assets, offset in part by an increase in gross profit. Operating income as a percentage of revenue decreased 106 basis points to 0.11 percent in the fiscal 2019 second quarter, compared to the previous fiscal year's second quarter.

Interest Expense, Net: In the fiscal 2019 second quarter, net interest expense of $43.3 million was down 11.0 percent versus the prior year quarter. The decrease from the prior year quarter was primarily due to an increase in interest income.

Effective Tax Rate: The effective tax rate was (49.5) percent for the second quarter of fiscal 2019 and 21.9 percent in the prior year quarter. The effective tax rate in the quarter was primarily impacted by the $570.0 million impairment of PharMEDium's long-lived assets.

Diluted Earnings Per Share: Diluted earnings per share was $0.13 in the second quarter of fiscal 2019 compared to $1.29 in the previous fiscal year’s second quarter. This significant decrease was primarily due to the PharMEDium impairment.




Diluted Shares Outstanding: Diluted weighted average shares outstanding for the second quarter of fiscal 2019 were 212.6 million, a 4.4 percent decline versus the prior fiscal year second quarter, due to share repurchases, net of stock option exercises.

Second Quarter Adjusted (non-GAAP) Results

Revenue: No adjustments were made to the GAAP presentation of revenue. In the second quarter of fiscal 2019, revenue was $43.3 billion, up 5.6 percent compared to the same quarter in the previous fiscal year, reflecting a 5.6 percent increase in Pharmaceutical Distribution Services revenue and a 4.5 percent increase in revenue within Other. Revenue growth is primarily due to the revenue growth of our Pharmaceutical Distribution Services segment. The increase in revenue growth of our Pharmaceutical Distribution Services segment is primarily due to the growth of some of its largest customers, continued strong specialty product sales, and overall market growth.

Adjusted Gross Profit: Adjusted gross profit in the fiscal 2019 second quarter was $1.3 billion, which was up 3.2 percent compared to the same period in the previous year, primarily due to the increase in adjusted gross profit in Pharmaceutical Distribution Services, which was partially offset due to fewer units being shipped by PharMEDium due to the continued implementation of remedial measures at its operational facilities. Adjusted gross profit as a percentage of revenue was 3.04 percent, a decrease of 7 basis points from the prior year quarter.

Adjusted Operating Expenses: In the second quarter of fiscal 2019, adjusted operating expenses were $701.6 million, an increase of 1.5 percent compared to the same period in the last fiscal year, due to an increase in Pharmaceutical Distribution Services segment's expenses, which was partially offset by a decrease in operating expenses in Other. Adjusted operating expenses as a percentage of revenue in the fiscal 2019 second quarter was 1.62 percent, compared to 1.69 percent for the same period in the previous fiscal year.

Adjusted Operating Income: In the fiscal 2019 second quarter, adjusted operating income of $616.7 million increased 5.2 percent from the prior year period due to an increase in operating income within Pharmaceutical Distribution Services which included a favorable impact from Brazil, offset in part by the fewer units being shipped by PharMEDium. Adjusted operating income as a percentage of revenue decreased 1 basis point to 1.42 percent in the fiscal 2019 second quarter compared to the previous fiscal year’s second quarter.

Interest Expense, Net: No adjustments were made to the GAAP presentation of net interest expense. In the fiscal 2019 second quarter, net interest expense of $43.3 million was down 11.0 percent versus the prior year quarter, primarily due to an increase in interest income.

Adjusted Effective Tax Rate: The adjusted effective tax rate was 21.5 percent for the second quarter of fiscal 2019 and was 20.7 percent in the previous fiscal year’s second quarter.

Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was up 8.8 percent to $2.11 in the second quarter of fiscal 2019 compared to $1.94 in the previous fiscal year’s second quarter, driven by the increase in adjusted operating income and a lower share count.

Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the second quarter of fiscal 2019 were 212.6 million, a 4.4 percent decline versus the prior fiscal year second quarter, due 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 $41.7 billion, an increase of 5.6 percent compared to the same quarter in the prior fiscal year primarily due to the growth of some of its largest customers, continued strong specialty product sales, and overall market growth. Segment operating income of $517.0 million in the second quarter of fiscal 2019 was up 5.7 percent compared to the same period in the previous fiscal year, primarily due to the increase in gross profit, offset in part by an increase in operating expenses.

Other
    
Revenue in Other was $1.7 billion in the second quarter of fiscal 2019, an increase of 4.5 percent compared to the same period in the prior fiscal year, primarily due to ABCS's growth in its Canadian operations and growth at World Courier and MWI. Operating income in Other increased 2.9 percent to $99.9 million in the second quarter of fiscal 2019. This increase was primarily driven by increases in operating income at ABCS's Canadian operations and World Courier.

Recent Company Highlights & Milestones

The Healthcare Distribution Alliance honored AmerisourceBergen with the Distribution Management Award for its work on the upcoming Drug Supply Chain Security Act (DSCSA) serialization requirements on verifying serialized pharmaceutical products.
AmerisourceBergen received a perfect score of 100 on the 2019 Corporate Equality Index, the nation’s premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human Rights Campaign Foundation.
AmerisourceBergen opened its newest office located in Carrollton, Texas, and reinforced its commitment to attract and retain unmatched talent in the Texas community. As a part of AmerisourceBergen’s efforts to promote sustainability and employee wellbeing, the new 300,000 sq. ft. facility is actively pursuing a Leadership in Energy and Environmental Design (LEED) Silver certification.
Lash Group, AmerisourceBergen's patient support services business, and AllazoHealth, an artificial intelligence and predictive analytics company focused on ensuring optimal patient outcomes, announced a partnership that will enhance patient adherence and engagement programs through targeted and personalized recommendations that will empower at-risk patients to ultimately make healthier choices.
The AmerisourceBergen Foundation, through its Opioid Resource Grant Program, awarded more than 30 organizations demonstrating community leadership with grants to provide critically needed youth, provider and community education around preventing and addressing prescription medication misuse.
The AmerisourceBergen Foundation announced a $150,000 donation to Southeastern Guide Dogs, a nonprofit focused on transforming lives by creating and nurturing extraordinary partnerships between people and dogs. With the support of this multi-year grant, Southeastern Guide Dogs will be able to increase placements of guide and companion dogs with visually impaired teenagers and children, as well as families of fallen service members and with child advocate professionals in courtrooms.
AmerisourceBergen was named a Philly.com Top Workplace for the 7th year in a row.


Fiscal Year 2019 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 2019 Expectations on an Adjusted (non-GAAP) Basis
    
AmerisourceBergen has updated its fiscal year 2019 financial guidance to reflect the Company’s continued solid execution and greater than anticipated number of share repurchases. The company now expects:

Adjusted Diluted EPS range raised to $6.70 to $6.90, up from the previous range of $6.65 to $6.85.

Additional expectations now include:




Weighted average diluted shares are now expected to be approximately 214 million, down from the previous expectation of approximately 215 million.

All other previously communicated aspects of the Company's fiscal year 2019 financial guidance and assumptions remain the same.

Conference Call & Slide Presentation

The Company will host a conference call to discuss the results at 8:30 a.m. ET on May 2, 2019. 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
James F. Cleary, Executive Vice President & Chief Financial Officer

The dial-in number for the live call will be (612) 326-1019. 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 465792.

Upcoming Investor Events

AmerisourceBergen management will be attending the following investor conference in the coming months:

Goldman Sachs 40th Annual Global Healthcare Conference, June 11-13, Rancho Palos Verdes, CA.

Please check the website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.

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 #12 on the Fortune 500, with more than $160 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," "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 changes 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; 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 or enforcement action, including a consent decree, in connection with the production, labeling or packaging of products compounded by our compounded sterile preparations (CSP) business; suspension of production of CSPs, including continued suspension at our Memphis facility; managing foreign expansion, including non-compliance with the U.S. Foreign Corrupt Practices Act, anti-bribery laws, economic sanctions and import laws and regulations; 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 (including any additional impairments with respect to foreign operations or PharMEDium), 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 fact the acquisition of H. D. Smith may make it more difficult to establish or maintain relationships with employees, suppliers, customers and other business partners; the Company's ability to manage and complete divestitures; 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; declining economic conditions in the United States and abroad; 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, 2018 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
March 31, 2019
 
% of
Revenue
 
Three
Months Ended
March 31, 2018
 
% of
Revenue
 
%
Change
Revenue
 
$
43,319,602

 
 
 
$
41,033,858

 
 
 
5.6%
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
 
41,894,846

 
 
 
39,778,175

 
 
 
5.3%
 
 
 
 
 
 
 
 
 
 
 
Gross profit 1
 
1,424,756

 
3.29%
 
1,255,683

 
3.06%
 
13.5%
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
Distribution, selling, and administrative
 
628,036

 
1.45%
 
617,426

 
1.50%
 
1.7%
Depreciation and amortization
 
123,766

 
0.29%
 
119,388

 
0.29%
 
3.7%
Employee severance, litigation, and other 2
 
55,389

 
 
 
37,449

 
 
 
 
Impairment of long-lived assets 3
 
570,000

 
 
 

 
 
 
 
Total operating expenses
 
1,377,191

 
3.18%
 
774,263

 
1.89%
 
77.9%
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
47,565

 
0.11%
 
481,420

 
1.17%
 
(90.1)%
 
 
 
 
 
 
 
 
 
 
 
Other (income) loss 4
 
(14,494
)
 
 
 
29,123

 
 
 
 
Interest expense, net
 
43,275

 
 
 
48,637

 
 
 
(11.0)%
Loss on consolidation of equity investments
 

 
 
 
42,328

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
18,784

 
0.04%
 
361,332

 
0.88%
 
(94.8)%
 
 
 
 
 
 
 
 
 
 
 
Income tax (benefit) expense
 
(9,289
)
 
 
 
79,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
28,073

 
0.06%
 
282,160

 
0.69%
 
(90.1)%
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling     interest
 
(938
)
 
 
 
5,295

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to AmerisourceBergen Corporation
 
$
27,135

 
0.06%
 
$
287,455

 
0.70%
 
(90.6)%
 
 
 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.13

 
 
 
$
1.31

 
 
 
(90.1)%
Diluted
 
$
0.13

 
 
 
$
1.29

 
 
 
(89.9)%
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
Basic
 
210,934

 
 
 
219,200

 
 
 
(3.8)%
Diluted
 
212,563

 
 
 
222,303

 
 
 
(4.4)%
 ________________________________________


1 
Includes a $66.8 million LIFO credit, a $52.0 million gain from antitrust litigation settlements, and $12.3 million of PharMEDium remediation costs in the three months ended March 31, 2019. Includes $22.5 million of PharMEDium remediation costs and a $0.3 million gain from antitrust litigation settlements in the three months ended March 31, 2018.

2 
Includes $14.0 million of employee severance, $13.8 million of litigation costs primarily related to opioid lawsuits and investigations, and $27.5 million of other costs in connection with acquisition-related deal and integration costs, business transformation efforts, and other restructuring initiatives in the three months ended March 31, 2019. Includes $20.8 million of employee severance, $7.6 million of litigation costs primarily related to opioid lawsuits and investigations, and $9.0 million of other costs in connection with acquisition-related deal and integration costs, business transformation efforts, and other restructuring initiatives in the three months ended March 31, 2018.

3 
Impairment of finite-lived intangible assets and property and equipment relating to PharMEDium.

4 
Includes a $13.7 million gain on the sale of an equity investment in the three months ended March 31, 2019. Includes a $30.0 million impairment on a non-customer note receivable in the three months ended March 31, 2018.





AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
 
 
Six
Months Ended
March 31, 2019
 
% of
Revenue
 
Six
Months Ended
March 31, 2018
 
% of
Revenue
 
%
Change
Revenue
 
$
88,712,054

 
 
 
$
81,500,190

 
 
 
8.8%
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
 
85,989,718

 
 
 
79,131,855

 
 
 
8.7%
 
 
 
 
 
 
 
 
 
 
 
Gross profit 1
 
2,722,336

 
3.07%
 
2,368,335

 
2.91%
 
14.9%
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
Distribution, selling, and administrative
 
1,284,621

 
1.45%
 
1,175,948

 
1.44%
 
9.2%
Depreciation and amortization
 
246,266

 
0.28%
 
224,524

 
0.28%
 
9.7%
Employee severance, litigation, and other 2
 
96,061

 
 
 
67,470

 
 
 
 
Impairment of long-lived assets 3
 
570,000

 
 
 

 
 
 
 
Total operating expenses
 
2,196,948

 
2.48%
 
1,467,942

 
1.80%
 
49.7%
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
525,388

 
0.59%
 
900,393

 
1.10%
 
(41.6)%
 
 
 
 
 
 
 
 
 
 
 
Other (income) loss 4
 
(11,397
)
 
 
 
29,447

 
 
 
 
Interest expense, net
 
85,445

 
 
 
84,501

 
 
 
1.1%
Loss on consolidation of equity investments
 

 
 
 
42,328

 
 
 
 
Loss on early retirement of debt
 

 
 
 
23,766

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
451,340

 
0.51%
 
720,351

 
0.88%
 
(37.3)%
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
31,514

 
 
 
(423,662
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
419,826

 
0.47%
 
1,144,013

 
1.40%
 
(63.3)%
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to noncontrolling interest
 
961

 
 
 
5,295

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to AmerisourceBergen Corporation
 
$
420,787

 
0.47%
 
$
1,149,308

 
1.41%
 
(63.4)%
 
 
 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.99

 
 
 
$
5.25

 
 
 
(62.1)%
Diluted
 
$
1.97

 
 
 
$
5.19

 
 
 
(62.0)%
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
Basic
 
211,503

 
 
 
218,763

 
 
 
(3.3)%
Diluted
 
213,275

 
 
 
221,565

 
 
 
(3.7)%
 ________________________________________


1 
Includes a $139.3 million gain from antitrust litigation settlements, a $69.8 million LIFO credit, $30.2 million of PharMEDium remediation costs, and a $22.0 million reversal of a prior period assessment relating to the New York Opioid Stewardship Act in the six months ended March 31, 2019. Includes $22.5 million of PharMEDium remediation costs and a $0.3 million gain from antitrust litigation settlements in the six months ended March 31, 2018.

2 
Includes $18.8 million of employee severance, $28.4 million of litigation costs primarily related to opioid lawsuits and investigations, and $48.9 million of other costs in connection with acquisition-related deal and integration costs, business transformation efforts, and other restructuring initiatives in the six months ended March 31, 2019. Includes $28.4 million of employee severance, $10.4 million of litigation costs primarily related to opioid lawsuits, investigations, and initiatives, and $28.6 million of other costs in connection with acquisition-related deal and integration costs, business transformation efforts, and other restructuring initiatives in the six months ended March 31, 2018.

3 
Impairment of finite-lived intangible assets and property and equipment relating to PharMEDium.

4 
Includes a $13.7 million gain on the sale of an equity investment in the six months ended March 31, 2019. Includes a $30.0 million impairment on a non-customer note receivable in the six months ended March 31, 2018.





AMERISOURCEBERGEN CORPORATION
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
 
 
Three Months Ended March 31, 2019
 
 
 
Gross Profit
 
Operating
Expenses
 
Operating
Income
 
Income 
Before
Income Taxes
 
Income Tax (Benefit)
Expense
 
Net Income Attributable to Noncontrolling Interest
 
Net Income Attributable
to ABC
 
Diluted
Earnings 
Per Share
 
GAAP
 
$
1,424,756

 
$
1,377,191

 
$
47,565

 
$
18,784

 
$
(9,289
)
 
$
(938
)
 
$
27,135

 
$
0.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain from antitrust litigation settlements
 
(51,976
)
 

 
(51,976
)
 
(51,976
)
 
(16,980
)
 

 
(34,996
)
 
(0.16
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIFO credit
 
(66,805
)
 

 
(66,805
)
 
(66,805
)
 
(17,137
)
 

 
(49,668
)
 
(0.23
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PharMEDium remediation costs
 
12,334

 
(3,563
)
 
15,897

 
15,897

 
4,927

 

 
10,970

 
0.05

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York State Opioid Stewardship Act
 

 

 

 

 
(944
)
 

 
944

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related intangibles amortization
 

 
(46,594
)
 
46,594

 
46,594

 
13,800

 
(437
)
 
32,357

 
0.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee severance, litigation, and other
 

 
(55,389
)
 
55,389

 
55,389

 
7,474

 

 
47,915

 
0.23

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment of long-lived assets
 

 
(570,000
)
 
570,000

 
570,000

 
145,103

 

 
424,897

 
2.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of an equity investment
 

 

 

 
(13,692
)
 
(3,485
)
 

 
(10,207
)
 
(0.05
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Non-GAAP
 
$
1,318,309

 
$
701,645

 
$
616,664

 
$
574,191

 
$
123,469

 
$
(1,375
)
 
$
449,347

 
$
2.11

1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Non-GAAP % change vs. prior year period
 
3.2
%
 
1.5
%
 
5.2
%
 
6.6
%
 
10.9
%
 
 
 
4.0
%
 
8.8
%
 
Percentages of Revenue:
 
GAAP
 
Adjusted
Non-GAAP
Gross profit
 
3.29%
 
3.04%
Operating expenses
 
3.18%
 
1.62%
Operating income
 
0.11%
 
1.42%

________________________________________

1 
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
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
 
 
Three Months Ended March 31, 2018
 
 
Gross Profit
 
Operating
Expenses
 
Operating
Income
 
Income Before Income Taxes
 
Income Tax Expense
 
Net Loss Attributable to Noncontrolling Interest
 
Net Income Attributable
to ABC
 
Diluted
Earnings 
Per Share
GAAP
 
$
1,255,683

 
$
774,263

 
$
481,420

 
$
361,332

 
$
79,172

 
$
5,295

 
$
287,455

 
$
1.29

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain from antitrust litigation settlements
 
(338
)
 

 
(338
)
 
(338
)
 
(97
)
 

 
(241
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PharMEDium remediation costs
 
22,506

 

 
22,506

 
22,506

 
6,478

 

 
16,028

 
0.07

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related intangibles amortization
 

 
(45,295
)
 
45,295

 
45,325

 
13,882

 
(669
)
 
30,774

 
0.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee severance, litigation, and other
 

 
(37,449
)
 
37,449

 
37,449

 
11,420

 

 
26,029

 
0.12

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on consolidation of equity investments
 

 

 

 
42,328

 

 

 
42,328

 
0.19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment on non-customer note receivable
 

 

 

 
30,000

 

 

 
30,000

 
0.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on early retirement of debt
 

 

 

 

 
507

 

 
(507
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Non-GAAP
 
$
1,277,851

 
$
691,519

 
$
586,332

 
$
538,602

 
$
111,362

 
$
4,626

 
$
431,866

 
$
1.94

Percentages of Revenue:
 
GAAP
 
Adjusted
Non-GAAP
Gross profit
 
3.06%
 
3.11%
Operating expenses
 
1.89%
 
1.69%
Operating income
 
1.17%
 
1.43%
 


________________________________________

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)
 
 
Six Months Ended March 31, 2019
 
 
Gross Profit
 
Operating
Expenses
 
Operating
Income
 
Income 
Before
Income Taxes
 
Income Tax
Expense
 
Net Loss Attributable to Noncontrolling Interest
 
Net Income Attributable
to ABC
 
Diluted
Earnings 
Per Share
GAAP
 
$
2,722,336

 
$
2,196,948

 
$
525,388

 
$
451,340

 
$
31,514

 
$
961

 
$
420,787

 
$
1.97

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain from antitrust litigation settlements
 
(139,255
)
 

 
(139,255
)
 
(139,255
)
 
(35,450
)
 

 
(103,805
)
 
(0.49
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIFO credit
 
(69,834
)
 

 
(69,834
)
 
(69,834
)
 
(17,778
)
 

 
(52,056
)
 
(0.24
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PharMEDium remediation costs
 
30,245

 
(6,147
)
 
36,392

 
36,392

 
9,264

 

 
27,128

 
0.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New York State Opioid Stewardship Act
 
(22,000
)
 

 
(22,000
)
 
(22,000
)
 
(5,600
)
 

 
(16,400
)
 
(0.08
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related intangibles amortization
 

 
(91,746
)
 
91,746

 
91,746

 
23,355

 
(943
)
 
67,448

 
0.32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee severance, litigation, and other
 

 
(96,061
)
 
96,061

 
96,061

 
24,454

 

 
71,607

 
0.34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment of long-lived assets
 

 
(570,000
)
 
570,000

 
570,000

 
145,103

 

 
424,897

 
1.99

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of an equity investment
 

 

 

 
(13,692
)
 
(3,485
)
 

 
(10,207
)
 
(0.05
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax reform 1
 

 

 

 

 
36,997

 

 
(36,997
)
 
(0.17
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Non-GAAP
 
$
2,521,492

 
$
1,432,994

 
$
1,088,498

 
$
1,000,758

 
$
208,374

 
$
18

 
$
792,402

 
$
3.72

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Non-GAAP % change vs. prior year period
 
5.5
%
 
8.9
%
 
1.3
%
 
1.0
%
 
(5.7
)%
 
 
 
2.3
%
 
6.6
%
Percentages of Revenue:
 
GAAP
 
Adjusted
Non-GAAP
Gross profit
 
3.07%
 
2.84%
Operating expenses
 
2.48%
 
1.62%
Operating income
 
0.59%
 
1.23%

________________________________________

1  
Includes a measurement period adjustment to the 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)
 
 
Six Months Ended March 31, 2018
 
 
 
Gross Profit
 
Operating
Expenses
 
Operating
Income
 
Income Before Income Taxes
 
Income Tax (Benefit) Expense
 
Net Loss Attributable to Noncontrolling Interest
 
Net Income Attributable
to ABC
 
Diluted
Earnings 
Per Share
 
GAAP
 
$
2,368,335

 
$
1,467,942

 
$
900,393

 
$
720,351

 
$
(423,662
)
 
$
5,295

 
$
1,149,308

 
$
5.19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain from antitrust litigation settlements
 
(338
)
 

 
(338
)
 
(338
)
 
(97
)
 

 
(241
)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PharMEDium remediation costs
 
22,506

 

 
22,506

 
22,506

 
6,478

 

 
16,028

 
0.07

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related intangibles amortization
 

 
(84,351
)
 
84,351

 
84,476

 
24,317

 
(669
)
 
59,490

 
0.27

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee severance, litigation and other
 

 
(67,470
)
 
67,470

 
67,470

 
19,421

 

 
48,049

 
0.22

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on consolidation of equity investments
 

 

 

 
42,328

 

 

 
42,328

 
0.19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment on non-customer note receivable
 

 

 

 
30,000

 

 

 
30,000

 
0.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on early retirement of debt
 

 

 

 
23,766

 
6,841

 

 
16,925

 
0.08

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Reform 1
 

 

 

 

 
587,595

 

 
(587,595
)
 
(2.65
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Non-GAAP
 
$
2,390,503

 
$
1,316,121

 
$
1,074,382

 
$
990,559

 
$
220,893

 
$
4,626

 
$
774,292

 
$
3.49

2 
Percentages of Revenue:
 
GAAP
 
Adjusted
Non-GAAP
Gross profit
 
2.91%
 
2.93%
Operating expenses
 
1.80%
 
1.61%
Operating income
 
1.10%
 
1.32%
 


________________________________________

1  
Represents 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.

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 March 31,
Revenue
 
2019
 
2018
 
% Change
Pharmaceutical Distribution Services
 
$
41,676,164

 
$
39,453,353

 
5.6%
Other
 
1,665,429

 
1,594,378

 
4.5%
Intersegment eliminations
 
(21,991
)
 
(13,873
)
 
 
 
 
 
 
 
 
 
Revenue
 
$
43,319,602

 
$
41,033,858

 
5.6%
 
 
Three Months Ended March 31,
Operating income
 
2019
 
2018
 
% Change
Pharmaceutical Distribution Services
 
$
517,034

 
$
489,106

 
5.7%
Other
 
99,879

 
97,055

 
2.9%
Intersegment eliminations
 
(249
)
 
171

 
 
Total segment operating income
 
616,664

 
586,332

 
5.2%
 
 
 
 
 
 
 
Gain from antitrust litigation settlements
 
51,976

 
338

 
 
LIFO credit
 
66,805

 

 
 
PharMEDium remediation costs
 
(15,897
)
 
(22,506
)
 
 
Acquisition-related intangibles amortization
 
(46,594
)
 
(45,295
)
 
 
Employee severance, litigation, and other
 
(55,389
)
 
(37,449
)
 
 
Impairment of long-lived assets
 
(570,000
)
 

 
 
Operating income
 
$
47,565

 
$
481,420

 
 
 
 
 
 
 
 
 
Percentages of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pharmaceutical Distribution Services
 
 
 
 
 
 
Gross profit
 
2.38%
 
2.41%
 
 
Operating expenses
 
1.14%
 
1.17%
 
 
Operating income
 
1.24%
 
1.24%
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
Gross profit
 
19.60%
 
20.48%
 
 
Operating expenses
 
13.60%
 
14.39%
 
 
Operating income
 
6.00%
 
6.09%
 
 
 
 
 
 
 
 
 
AmerisourceBergen Corporation (GAAP)
 
 
 
 
 
 
Gross profit
 
3.29%
 
3.06%
 
 
Operating expenses
 
3.18%
 
1.89%
 
 
Operating income
 
0.11%
 
1.17%
 
 
 
 
 
 
 
 
 
AmerisourceBergen Corporation (Non-GAAP)
 
 
 
 
 
 
Adjusted gross profit
 
3.04%
 
3.11%
 
 
Adjusted operating expenses
 
1.62%
 
1.69%
 
 
Adjusted operating income
 
1.42%
 
1.43%
 
 



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)
 
 
Six Months Ended March 31,
Revenue
 
2019
 
2018
 
% Change
Pharmaceutical Distribution Services
 
$
85,420,545

 
$
78,391,051

 
9.0%
Other
 
3,336,367

 
3,139,329

 
6.3%
Intersegment eliminations
 
(44,858
)
 
(30,190
)
 
 
 
 
 
 
 
 
 
Revenue
 
$
88,712,054

 
$
81,500,190

 
8.8%
 
 
Six Months Ended March 31,
Operating income
 
2019
 
2018
 
% Change
Pharmaceutical Distribution Services
 
$
890,241

 
$
877,288

 
1.5%
Other
 
198,813

 
197,330

 
0.8%
Intersegment eliminations
 
(556
)
 
(236
)
 
 
Total segment operating income
 
1,088,498

 
1,074,382

 
1.3%
 
 
 
 
 
 
 
Gain from antitrust litigation settlements
 
139,255

 
338

 
 
LIFO credit
 
69,834

 

 
 
PharMEDium remediation costs
 
(36,392
)
 
(22,506
)
 
 
New York State Opioid Stewardship Act
 
22,000

 

 
 
Acquisition-related intangibles amortization
 
(91,746
)
 
(84,351
)
 
 
Employee severance, litigation, and other
 
(96,061
)
 
(67,470
)
 
 
Impairment of long-lived assets
 
(570,000
)
 

 
 
Operating income
 
$
525,388

 
$
900,393

 
 
 
 
 
 
 
 
 
Percentages of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pharmaceutical Distribution Services
 
 
 
 
 
 
Gross profit
 
2.19%
 
2.22%
 
 
Operating expenses
 
1.15%
 
1.11%
 
 
Operating income
 
1.04%
 
1.12%
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
Gross profit
 
19.53%
 
20.61%
 
 
Operating expenses
 
13.57%
 
14.32%
 
 
Operating income
 
5.96%
 
6.29%
 
 
 
 
 
 
 
 
 
AmerisourceBergen Corporation (GAAP)
 
 
 
 
 
 
Gross profit
 
3.07%
 
2.91%
 
 
Operating expenses
 
2.48%
 
1.80%
 
 
Operating income
 
0.59%
 
1.10%
 
 
 
 
 
 
 
 
 
AmerisourceBergen Corporation (Non-GAAP)
 
 
 
 
 
 
Adjusted gross profit
 
2.84%
 
2.93%
 
 
Adjusted operating expenses
 
1.62%
 
1.61%
 
 
Adjusted operating income
 
1.23%
 
1.32%
 
 



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)
 
March 31,
 
September 30,
 
2019
 
2018
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
2,875,750

 
$
2,492,516

Accounts receivable, net
12,222,271

 
11,314,226