Company Reaffirms Fiscal Year 2012 EPS Guidance Range of $2.74 to
$2.84
VALLEY FORGE, Pa.--(BUSINESS WIRE)--Feb. 13, 2012--
AmerisourceBergen Corporation (NYSE: ABC) today announced that
Michael D. DiCandilo, the Company's Executive Vice President and Chief
Financial Officer, has left the Company to pursue other interests,
effective immediately.
"Mike departs the Company with an impeccable record of service over his
21 years, including the past ten as our Chief Financial Officer," said
Steven H. Collis, President and Chief Executive Officer of
AmerisourceBergen. "His tremendous contributions to the success of
AmerisourceBergen through his fiscal leadership and business stewardship
are greatly appreciated, and we wish him all the best in his future
endeavors."
Also effective immediately, Tim G. Guttman, the Company's Vice President
and Corporate Controller since 2002, will serve as acting CFO and will
assume responsibility for the Company's core financial functions on an
interim basis. Guttman was previously Vice President, Finance of Syncor
International, and held financial planning and financial services
managerial positions at Disney Consumer Products, Pizza Hut, Inc. and
PepsiCo, Inc.. Guttman started his career as a certified public
accountant with accounting firm Deloitte & Touche.
AmerisourceBergen has engaged an executive search firm to manage the
recruitment of a new Chief Financial Officer.
In addition, the Company said that it continues to expect diluted
earnings per share in fiscal year 2012 to be in the range of $2.74 to
$2.84. Also unchanged are the assumptions supporting the expected
diluted earnings per share range for fiscal year 2012, including: flat
to modest revenue growth; operating margin growth in the high
single-digit to low double-digit basis points range; and free cash flow
in the range of $700 million to $800 million, which includes capital
expenditures in the $150 million range. Subject to market conditions, we
continue to expect to spend approximately $400 million to repurchase our
common shares in fiscal year 2012.
About AmerisourceBergen
AmerisourceBergen is one of the world's largest pharmaceutical services
companies serving the United States, Canada and selected global markets.
Servicing both healthcare providers and pharmaceutical manufacturers in
the pharmaceutical supply channel, the Company provides drug
distribution and related services designed to reduce costs and improve
patient outcomes. AmerisourceBergen's service solutions range from
pharmacy automation and pharmaceutical packaging to reimbursement and
pharmaceutical consulting services. With more than $80 billion in annual
revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and
employs approximately 11,000 people. AmerisourceBergen is ranked #27 on
the Fortune 500 list. For more information, go to www.amerisourcebergen.com.
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. These statements are based on management's current expectations
and are subject to uncertainty and change in circumstances. Among the
factors that could cause actual results to differ materially from those
projected, anticipated or implied are the following: changes in
pharmaceutical market growth rates; the loss of one or more key customer
or supplier relationships; changes in customer mix; customer
delinquencies, defaults or insolvencies; supplier defaults or
insolvencies; changes in pharmaceutical manufacturers' pricing and
distribution policies or practices; adverse resolution of any contract
or other dispute with customers or suppliers; federal and state
government enforcement initiatives to detect and prevent suspicious
orders of controlled substances and the diversion of controlled
substances; qui tam litigation for alleged violations of fraud
and abuse laws and regulations and/or any other laws and regulations
governing the marketing, sale and purchase of pharmaceutical products or
services and any related litigation, including shareholder derivative
lawsuits; changes in federal and state legislation or regulatory action
affecting pharmaceutical product pricing or reimbursement policies,
including under Medicaid and Medicare; changes in regulatory or clinical
medical guidelines and/or labeling for the pharmaceutical products we
distribute, including certain anemia products; price inflation in
branded pharmaceuticals and price deflation in generics; greater or less
than anticipated benefit from launches of the generic versions of
previously patented pharmaceutical products; significant breakdown or
interruption of our information technology systems; our inability to
continue to implement an enterprise resource planning (ERP) system to
handle business and financial processes and transactions (including
processes and transactions relating to our customers and suppliers) of
AmerisourceBergen Drug Corporation operations and our corporate
functions as intended without functional problems, unanticipated delays
and/or cost overruns; success of integration, restructuring or systems
initiatives; interest rate and foreign currency exchange rate
fluctuations; economic, business, competitive and/or regulatory
developments in Canada, the United Kingdom and elsewhere outside of the
United States, including changes and/or potential changes in Canadian
provincial legislation affecting pharmaceutical product pricing or
service fees or regulatory action by provincial authorities in Canada to
lower pharmaceutical product pricing and service fees; the impact of
divestitures or the acquisition of businesses that do not perform as we
expect or that are difficult for us to integrate or control; our
inability to successfully complete any other transaction that we may
wish to pursue from time to time; changes in tax laws or legislative
initiatives that could adversely affect our tax positions and/or our tax
liabilities or adverse resolution of challenges to our tax positions;
increased costs of maintaining, or reductions in our ability to
maintain, adequate liquidity and financing sources; volatility and
deterioration of the capital and credit markets; and other economic,
business, competitive, legal, tax, regulatory and/or operational factors
affecting our 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, 2011 and elsewhere in
that report and (ii) in other reports filed by the Company pursuant to
the Securities Exchange Act of 1934.
Source: AmerisourceBergen Corporation
AmerisourceBergen Corporation
Barbara Brungess, 610-727-7199
bbrungess@amerisourcebergen.com