Revenues of $45.2 billion for the Third
Quarter, a 4.9 Percent Increase Year-Over-Year
Third Quarter GAAP Diluted EPS of $1.43 and
Adjusted Diluted EPS of $1.76
Adjusted Diluted EPS Guidance Range Raised to
$7.00 to $7.10 for Fiscal 2019
AmerisourceBergen Corporation (NYSE:ABC) today reported that in
its fiscal year 2019 third quarter ended June 30, 2019, revenue
increased 4.9 percent to $45.2 billion. On the basis of U.S.
generally accepted accounting principles (GAAP), diluted earnings
per share (EPS) was $1.43 for the June quarter of fiscal 2019,
compared to $1.25 in the prior year quarter. Adjusted diluted EPS,
which is a non-GAAP measure that excludes items described below,
increased 14.3% to $1.76 in the fiscal third quarter.
The Company raised its adjusted diluted EPS guidance range for
fiscal 2019 from $6.70 to $6.90 to $7.00 to $7.10. The Company does
not provide forward-looking guidance on a GAAP basis, as discussed
below in Fiscal Year 2019 Expectations.
“We are extremely pleased with the continued overall strong
performance by both the Pharmaceutical Distribution Services and
Global Commercialization Services & Animal Health groups this
quarter. Our associates continue to execute, grow and deliver
differentiated value for our customers and partners,” said Steven
H. Collis, Chairman, President and Chief Executive Officer of
AmerisourceBergen.
“As we move toward the end of fiscal 2019, our focus remains on
serving our manufacturer and provider customers more efficiently
and effectively,” Mr. Collis continued, “AmerisourceBergen’s
strategy, execution and purpose position the Company to continue
creating long-term value for all of our stakeholders.”
Third Quarter Fiscal Year 2019 Summary
Results
GAAP
Adjusted (Non-GAAP)
Revenue
$45.2B
$45.2B
Gross Profit
$1.2B
$1.2B
Operating Expenses
$825M
$723M
Operating Income
$407M
$507M
Interest Expense, Net
$36M
$36M
Effective Tax Rate
18.6%
21.0%
Net Income Attributable to ABC
$302M
$372M
Diluted Earnings Per Share
$1.43
$1.76
Diluted Shares Outstanding
211M
211M
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.
Third Quarter GAAP
Results
- Revenue: In the third quarter of
fiscal 2019, revenue was $45.2 billion, up 4.9 percent compared to
the same quarter in the previous fiscal year, reflecting a 4.7
percent increase in Pharmaceutical Distribution Services revenue
and an 8.6 percent increase in revenue within Other.
- Gross Profit: Gross profit in the
fiscal 2019 third quarter was $1.2 billion, a 1.6 percent increase
compared to the same period in the previous fiscal year. Gross
profit in the current year quarter was favorably impacted by the
increase in Pharmaceutical Distribution Services' gross profit and
the increase in gross profit in Other, offset in part by a decrease
in gains from antitrust litigation settlements and a decrease in
the LIFO credit. Gross profit as a percentage of revenue was 2.72
percent, a decrease of 9 basis points from the prior year
quarter.
- Operating Expenses: In the third
quarter of fiscal 2019, operating expenses were $824.5 million,
compared to $822.1 million in the same period last fiscal year. An
increase in distribution, selling and administrative costs to
support revenue growth was substantially offset by lower
depreciation and amortization expense and lower employee severance,
litigation and other expenses. Operating expenses as a percentage
of revenue in the fiscal 2019 third quarter was 1.82 percent,
compared to 1.91 percent for the same period in the previous fiscal
year.
- Operating Income: In the fiscal
2019 third quarter, operating income was $406.7 million versus
$389.2 million in the prior year quarter as the increase in gross
profit exceeded the increase in operating expenses. Operating
income as a percentage of revenue was 0.90 percent in the third
quarter of fiscal 2019 and 2018.
- Interest Expense, Net: In the
fiscal 2019 third quarter, net interest expense of $35.9 million
was down 23.8 percent versus the prior year quarter due to an
increase in interest income as a result of an increase in our
invested cash balance and an increase in interest rates.
Additionally, interest expense was lower due to a decrease in
average borrowings.
- Effective Tax Rate: The effective
tax rate was 18.6 percent for the third quarter of fiscal 2019 and
19.5 percent in the prior year quarter.
- Diluted Earnings Per Share:
Diluted earnings per share was $1.43 in the third quarter of fiscal
2019 compared to $1.25 in the previous fiscal year’s third quarter.
This increase was primarily due to an increase in operating income,
a lower share count, and lower net interest expense.
- Diluted Shares Outstanding:
Diluted weighted average shares outstanding for the third quarter
of fiscal 2019 were 211.2 million, a 4.3 percent decline versus the
prior fiscal year third quarter primarily due to share
repurchases.
Third Quarter Adjusted (non-GAAP)
Results
- Revenue: No adjustments were made
to the GAAP presentation of revenue. In the third quarter of fiscal
2019, revenue was $45.2 billion, up 4.9 percent compared to the
same quarter in the previous fiscal year, reflecting a 4.7 percent
increase in Pharmaceutical Distribution Services revenue and an 8.6
percent increase in revenue within Other.
- Adjusted Gross Profit: Adjusted
gross profit in the fiscal 2019 third quarter was $1.2 billion,
which was up 4.9 percent compared to the same period in the
previous year, due to the increase in gross profit in
Pharmaceutical Distribution Services and an increase in gross
profit in Other. Adjusted gross profit as a percentage of revenue
was 2.72 percent in the fiscal 2019 third quarter, which was flat
compared to the prior year quarter.
- Adjusted Operating Expenses: In
the third quarter of fiscal 2019, adjusted operating expenses were
$722.9 million, an increase of 3.7 percent compared to the same
period in the last fiscal year primarily due to an increase in
costs to support revenue growth. Adjusted operating expenses as a
percentage of revenue in the fiscal 2019 third quarter was 1.60
percent, compared to 1.62 percent for the same period in the
previous fiscal year.
- Adjusted Operating Income: In the
fiscal 2019 third quarter, adjusted operating income of $506.7
million increased 6.8 percent from the prior year period due to a
4.9 percent increase in operating income within Pharmaceutical
Distribution Services and a 15.6 percent increase in operating
income within Other. Adjusted operating income as a percentage of
revenue increased 2 basis points to 1.12 percent in the fiscal 2019
third quarter compared to the previous fiscal year’s third
quarter.
- Interest Expense, Net: No
adjustments were made to the GAAP presentation of net interest
expense. In the fiscal 2019 third quarter, net interest expense of
$35.9 million was down 23.8 percent versus the prior year quarter
due to an increase in interest income as a result of an increase in
our invested cash balance and an increase in interest rates.
Additionally, interest expense was lower due to a decrease in
average borrowings.
- Adjusted Effective Tax Rate: The
adjusted effective tax rate was 21.0 percent for the third quarter
of fiscal 2019 and was 20.3 percent in the previous fiscal year’s
third quarter.
- Adjusted Diluted Earnings Per
Share: Adjusted diluted earnings per share was up 14.3
percent to $1.76 in the third quarter of fiscal 2019 compared to
$1.54 in the previous fiscal year’s third quarter, driven by the
increase in adjusted operating income, a lower share count, and
lower net interest expense.
- Diluted Shares Outstanding: No
adjustments were made to the GAAP presentation of diluted shares
outstanding. Diluted weighted average shares outstanding for the
third quarter of fiscal 2019 were 211.2 million, a 4.3 percent
decline versus the prior fiscal year third quarter primarily due to
share repurchases.
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 $43.5 billion,
an increase of 4.7 percent compared to the same quarter in the
prior fiscal year primarily due to continued strong specialty
product sales, increased volume associated with the growth of some
of its largest customers, and overall market growth. Segment
operating income of $411.7 million in the third quarter of fiscal
2019 was up 4.9 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 third quarter of fiscal
2019, an increase of 8.6 percent compared to the same period in the
prior fiscal year primarily due to growth at MWI and ABCS's growth
in its Canadian operations. Operating income in Other increased
15.6 percent to $95.1 million in the third quarter of fiscal 2019.
This increase was primarily due to the results at MWI.
Recent Company Highlights &
Milestones
- AmerisourceBergen and Good Neighbor Pharmacy unveiled new
solutions to empower pharmacies to tell their unique stories at
ThoughtSpot 2019, Good Neighbor Pharmacy’s annual tradeshow.
- AmerisourceBergen appointed Leslie Donato to its executive team
as Executive Vice President & Chief Strategy Officer.
- AmerisourceBergen entered a long-term strategic relationship
with OneOncology, a national partnership of community oncologists
in the United States.
- AmerisourceBergen released its annual Corporate Citizenship
Report, detailing how the company continues to advance sustainable
practices and community investment to create healthier futures
around the world. The report focuses on four core areas: opioid
abuse mitigation efforts, engaged associates, sustainable
operations and healthy communities.
- World Courier, a global leader in specialty logistics, expanded
its commercial third-party logistics (3PL) storage and distribution
services at 11 of its 14 pharmaceutical depots and began the
rollout of a new online customer portal to provide partners with
key data and insights to manage their products throughout the
supply chain and support self-service reporting.
- Innomar Strategies, AmerisourceBergen’s Canadian operations
business unit, announced the addition of Chronically Simple, a
secure web-based service and mobile application that is designed to
meet the complex needs of patients with chronic illnesses and
ongoing health challenges, to its portfolio of digital
solutions.
- Xcenda, AmerisourceBergen’s strategic consulting business unit,
celebrated its 25th anniversary and launched several new solutions
designed to help pharmaceutical manufacturers differentiate their
products and reach more patients.
- The AmerisourceBergen Foundation, a separate not-for-profit
charitable giving organization, hosted its inaugural conference, a
two-day summit focused on developing strategies to address two of
the most pressing challenges in healthcare today: access to
healthcare and prescription drug and opioid safety. The conference
brought together more than 50 like-minded nonprofit partners to
identify best practices, share resources and learn from one
another.
- AmerisourceBergen has been named a 2019 DiversityInc
‘Noteworthy’ company for the third year in a row, based on its
hiring, retention and promotion of women, minorities, people with
disabilities, LGBT and veterans.
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 strong performance,
solid execution and greater than anticipated number of share
repurchases. The Company now expects:
- Adjusted Diluted EPS to be in the range of $7.00 to $7.10, up
from the previous range of $6.70 to $6.90.
Additional expectations now include:
- Adjusted operating income growth in the 3 percent to 4 percent
range, up from low-single digit percent range;
- Pharmaceutical Distribution Services segment operating income
growth in the 2 percent to 3 percent range, narrowed from
low-single digit percent range;
- Adjusted effective tax rate of approximately 21 percent,
narrowed from between 21 percent and 22 percent;
- Adjusted Free Cash Flow is now expected to be between $1.5
billion to $1.7 billion, up from $1.4 billion to $1.6 billion;
- Weighted average diluted shares are now expected to be
approximately 212 million, down from the previous expectation of
approximately 214 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 August 1, 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 469499.
Upcoming Investor Events
AmerisourceBergen management will be attending the following
investor conference in the coming months:
- Morgan Stanley Annual Global Healthcare Conference, September
9-11, New York.
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 #10 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 and speak only as of the
date hereof. These statements are not guarantees of future
performance and are based on assumptions and estimates 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; continued 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; continued 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
developments or 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 in connection with the production, labeling or
packaging of products compounded by our compounded sterile
preparations (CSP) business or the related consent decree;
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. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, except as required by the federal
securities laws.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share
data)
(unaudited)
Three Months Ended June 30,
2019
% of Revenue
Three Months Ended June 30,
2018
% of Revenue
% Change
Revenue
$
45,239,265
$
43,142,309
4.9%
Cost of goods sold
44,008,026
41,930,968
5.0%
Gross profit 1
1,231,239
2.72%
1,211,341
2.81%
1.6%
Operating expenses:
Distribution, selling, and
administrative
656,943
1.45%
626,548
1.45%
4.9%
Depreciation and amortization
107,596
0.24%
120,045
0.28%
(10.4)%
Employee severance, litigation, and other
2
60,006
75,553
Total operating expenses
824,545
1.82%
822,146
1.91%
0.3%
Operating income
406,694
0.90%
389,195
0.90%
4.5%
Other income
(342
)
(3,158
)
Interest expense, net
35,921
47,151
(23.8)%
Income before income taxes
371,115
0.82%
345,202
0.80%
7.5%
Income tax expense
69,113
67,327
2.7%
Net income
302,002
0.67%
277,875
0.64%
8.7%
Net income attributable to noncontrolling
interest
(43
)
(2,066
)
Net income attributable to
AmerisourceBergen Corporation
$
301,959
0.67%
$
275,809
0.64%
9.5%
Earnings per share:
Basic
$
1.44
$
1.26
14.3%
Diluted
$
1.43
$
1.25
14.4%
Weighted average common shares
outstanding:
Basic
209,705
218,569
(4.1)%
Diluted
211,161
220,760
(4.3)%
________________________________________
1
Includes $11.7 million of PharMEDium
remediation costs, a $9.9 million LIFO credit, and a $3.5 million
gain from antitrust litigation settlements in the three months
ended June 30, 2019. Includes a $35.6 million gain from antitrust
litigation settlements, a $16.1 million LIFO credit, and $12.0
million of PharMEDium remediation costs in the three months ended
June 30, 2018.
2
Includes $10.8 million of employee
severance, $18.8 million of litigation costs primarily related to
opioid lawsuits and investigations, and $30.4 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 June 30, 2019. Includes $4.8
million of employee severance, $39.0 million of litigation costs
primarily related to opioid lawsuits, investigations, and related
initiatives, and $31.7 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 June 30, 2018.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share
data)
(unaudited)
Nine Months Ended
June 30, 2019
% of Revenue
Nine Months Ended
June 30, 2018
% of Revenue
% Change
Revenue
$
133,951,319
$
124,642,499
7.5%
Cost of goods sold
129,997,744
121,062,823
7.4%
Gross profit 1
3,953,575
2.95%
3,579,676
2.87%
10.4%
Operating expenses:
Distribution, selling, and
administrative
1,941,564
1.45%
1,802,496
1.45%
7.7%
Depreciation and amortization
353,862
0.26%
344,569
0.28%
2.7%
Employee severance, litigation, and other
2
156,067
143,023
Impairment of long-lived assets 3
570,000
—
Total operating expenses
3,021,493
2.26%
2,290,088
1.84%
31.9%
Operating income
932,082
0.70%
1,289,588
1.03%
(27.7)%
Other (income) loss 4
(11,739
)
26,289
Interest expense, net
121,366
131,652
(7.8)%
Loss on consolidation of equity
investments
—
42,328
Loss on early retirement of debt
—
23,766
Income before income taxes
822,455
0.61%
1,065,553
0.85%
(22.8)%
Income tax expense (benefit)
100,627
(356,335
)
Net income
721,828
0.54%
1,421,888
1.14%
(49.2)%
Net loss attributable to noncontrolling
interest
918
3,229
Net income attributable to
AmerisourceBergen Corporation
$
722,746
0.54%
$
1,425,117
1.14%
(49.3)%
Earnings per share:
Basic
$
3.45
$
6.52
(47.1)%
Diluted
$
3.42
$
6.44
(46.9)%
Weighted average common shares
outstanding:
Basic
209,484
218,698
(4.2)%
Diluted
211,151
221,297
(4.6)%
________________________________________
1
Includes a $142.7 million gain from
antitrust litigation settlements, a $79.7 million LIFO credit,
$41.9 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 nine months ended June 30, 2019.
Includes a $35.9 million gain from antitrust litigation
settlements, $34.5 million of PharMEDium remediation costs, and a
$16.1 million LIFO credit in the nine months ended June 30,
2018.
2
Includes $29.6 million of employee
severance, $47.2 million of litigation costs primarily related to
opioid lawsuits and investigations, and $79.3 million of other
costs in connection with acquisition-related deal and integration
costs, business transformation efforts, and other restructuring
initiatives in the nine months ended June 30, 2019. Includes $33.2
million of employee severance, $49.5 million of litigation and
opioid-related costs primarily related to opioid lawsuits,
investigations, and related initiatives, and $60.3 million of other
costs related to business transformation efforts,
acquisition-related deal and integration costs, and other
restructuring initiatives in the nine months ended June 30,
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 nine months ended June 30, 2019.
Includes a $30.0 million impairment on a non-customer note
receivable in the nine months ended June 30, 2018.
AMERISOURCEBERGEN CORPORATION
GAAP TO NON-GAAP
RECONCILIATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended June 30,
2019
Gross Profit
Operating Expenses
Operating Income
Income Before Income
Taxes
Income Tax
Expense
Net Income Attributable to
Noncontrolling Interest
Net Income Attributable
to ABC
Diluted Earnings Per
Share
GAAP
$
1,231,239
$
824,545
$
406,694
$
371,115
$
69,113
$
(43
)
$
301,959
$
1.43
Gain from antitrust litigation
settlements
(3,480
)
—
(3,480
)
(3,480
)
(1,849
)
—
(1,631
)
(0.01
)
LIFO credit
(9,913
)
—
(9,913
)
(9,913
)
(3,061
)
—
(6,852
)
(0.03
)
PharMEDium remediation costs
11,698
(7,646
)
19,344
19,344
5,301
—
14,043
0.07
New York State Opioid Stewardship Act
—
—
—
—
(149
)
—
149
—
Acquisition-related intangibles
amortization
—
(34,024
)
34,024
34,024
9,511
(440
)
24,073
0.11
Employee severance, litigation, and
other
—
(60,006
)
60,006
60,006
16,329
—
43,677
0.21
Impairment of long-lived assets
—
—
—
—
3,848
—
(3,848
)
(0.02
)
Gain on sale of an equity investment
—
—
—
—
(93
)
—
93
—
Adjusted Non-GAAP
$
1,229,544
$
722,869
$
506,675
$
471,096
$
98,950
$
(483
)
$
371,663
$
1.76
Adjusted Non-GAAP % change vs. prior year
period
4.9
%
3.7
%
6.8
%
9.4
%
13.2
%
9.1
%
14.3
%
Percentages of Revenue:
GAAP
Adjusted Non-GAAP
Gross profit
2.72%
2.72%
Operating expenses
1.82%
1.60%
Operating income
0.90%
1.12%
________________________________________
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 June 30,
2018
Gross Profit
Operating Expenses
Operating Income
Income Before Income
Taxes
Income Tax Expense
Net Income Attributable to
Noncontrolling Interest
Net Income Attributable
to ABC
Diluted Earnings Per
Share
GAAP
$
1,211,341
$
822,146
$
389,195
$
345,202
$
67,327
$
(2,066
)
$
275,809
$
1.25
Gain from antitrust litigation
settlements
(35,600
)
—
(35,600
)
(35,600
)
(9,678
)
—
(25,922
)
(0.12
)
LIFO credit
(16,142
)
—
(16,142
)
(16,142
)
(4,391
)
—
(11,751
)
(0.05
)
PharMEDium remediation costs
12,043
(3,458
)
15,501
15,501
3,860
—
11,641
0.05
Acquisition-related intangibles
amortization
—
(45,916
)
45,916
45,916
11,152
(402
)
34,362
0.16
Employee severance, litigation, and
other
—
(75,553
)
75,553
75,553
19,484
—
56,069
0.25
Loss on early retirement of debt
—
—
—
—
(376
)
—
376
—
Adjusted Non-GAAP
$
1,171,642
$
697,219
$
474,423
$
430,430
$
87,378
$
(2,468
)
$
340,584
$
1.54
Percentages of Revenue:
GAAP
Adjusted Non-GAAP
Gross profit
2.81%
2.72%
Operating expenses
1.91%
1.62%
Operating income
0.90%
1.10%
________________________________________
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)
Nine Months Ended June 30,
2019
Gross Profit
Operating Expenses
Operating Income
Income Before Income
Taxes
Income Tax Expense
Net Loss (Income) Attributable
to Noncontrolling Interest
Net Income Attributable
to ABC
Diluted Earnings Per
Share
GAAP
$
3,953,575
$
3,021,493
$
932,082
$
822,455
$
100,627
$
918
$
722,746
$
3.42
Gain from antitrust litigation
settlements
(142,735
)
—
(142,735
)
(142,735
)
(37,299
)
—
(105,436
)
(0.50
)
LIFO credit
(79,747
)
—
(79,747
)
(79,747
)
(20,839
)
—
(58,908
)
(0.28
)
PharMEDium remediation costs
41,943
(13,793
)
55,736
55,736
14,565
—
41,171
0.19
New York State Opioid Stewardship Act
(22,000
)
—
(22,000
)
(22,000
)
(5,749
)
—
(16,251
)
(0.08
)
Acquisition-related intangibles
amortization
—
(125,770
)
125,770
125,770
32,866
(1,383
)
91,521
0.43
Employee severance, litigation, and
other
—
(156,067
)
156,067
156,067
40,783
—
115,284
0.55
Impairment of long-lived assets
—
(570,000
)
570,000
570,000
148,951
—
421,049
1.99
Gain on sale of an equity investment
—
—
—
(13,692
)
(3,578
)
—
(10,114
)
(0.05
)
Tax reform 1
—
—
—
—
36,997
—
(36,997
)
(0.18
)
Adjusted Non-GAAP
$
3,751,036
$
2,155,863
$
1,595,173
$
1,471,854
$
307,324
$
(465
)
$
1,164,065
$
5.51
2
Adjusted Non-GAAP % change vs. prior year
period
5.3
%
7.1
%
3.0
%
3.6
%
(0.3
)%
4.4
%
9.3
%
Percentages of Revenue:
GAAP
Adjusted Non-GAAP
Gross profit
2.95%
2.80%
Operating expenses
2.26%
1.61%
Operating income
0.70%
1.19%
________________________________________
1
Includes a measurement period adjustment
to the 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
GAAP TO NON-GAAP
RECONCILIATIONS
(in thousands, except per share
data)
(unaudited)
Nine Months Ended June 30,
2018
Gross Profit
Operating Expenses
Operating Income
Income Before Income
Taxes
Income Tax (Benefit)
Expense
Net Loss (Income) Attributable
to Noncontrolling Interest
Net Income Attributable
to ABC
Diluted Earnings Per
Share
GAAP
$
3,579,676
$
2,290,088
$
1,289,588
$
1,065,553
$
(356,335
)
$
3,229
$
1,425,117
$
6.44
Gain from antitrust litigation
settlements
(35,938
)
—
(35,938
)
(35,938
)
(9,775
)
—
(26,163
)
(0.12
)
LIFO credit
(16,142
)
—
(16,142
)
(16,142
)
(4,391
)
—
(11,751
)
(0.05
)
PharMEDium remediation costs
34,549
(3,458
)
38,007
38,007
10,338
—
27,669
0.13
Acquisition-related intangibles
amortization
—
(130,267
)
130,267
130,392
35,469
(1,071
)
93,852
0.42
Employee severance, litigation, and
other
—
(143,023
)
143,023
143,023
38,905
—
104,118
0.47
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
6,465
—
17,301
0.08
Tax reform 1
—
—
—
—
587,595
—
(587,595
)
(2.66
)
Adjusted Non-GAAP
$
3,562,145
$
2,013,340
$
1,548,805
$
1,420,989
$
308,271
$
2,158
$
1,114,876
$
5.04
Percentages of Revenue:
GAAP
Adjusted
Non-GAAP
Gross profit
2.87%
2.86%
Operating expenses
1.84%
1.62%
Operating income
1.03%
1.24%
________________________________________
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.
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 June
30,
Revenue
2019
2018
% Change
Pharmaceutical Distribution Services
$
43,527,552
$
41,581,866
4.7%
Other
1,734,538
1,597,223
8.6%
Intersegment eliminations
(22,825
)
(36,780
)
Revenue
$
45,239,265
$
43,142,309
4.9%
Three Months Ended June
30,
Operating income
2019
2018
% Change
Pharmaceutical Distribution Services
$
411,707
$
392,652
4.9%
Other
95,110
82,296
15.6%
Intersegment eliminations
(142
)
(525
)
Total segment operating income
506,675
474,423
6.8%
Gain from antitrust litigation
settlements
3,480
35,600
LIFO credit
9,913
16,142
PharMEDium remediation costs
(19,344
)
(15,501
)
Acquisition-related intangibles
amortization
(34,024
)
(45,916
)
Employee severance, litigation, and
other
(60,006
)
(75,553
)
Operating income
$
406,694
$
389,195
Percentages of revenue:
Pharmaceutical Distribution Services
Gross profit
2.08%
2.07%
Operating expenses
1.13%
1.13%
Operating income
0.95%
0.94%
Other
Gross profit
18.77%
19.40%
Operating expenses
13.29%
14.25%
Operating income
5.48%
5.15%
AmerisourceBergen Corporation (GAAP)
Gross profit
2.72%
2.81%
Operating expenses
1.82%
1.91%
Operating income
0.90%
0.90%
AmerisourceBergen Corporation
(Non-GAAP)
Adjusted gross profit
2.72%
2.72%
Adjusted operating expenses
1.60%
1.62%
Adjusted operating income
1.12%
1.10%
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)
Nine Months Ended June
30,
Revenue
2019
2018
% Change
Pharmaceutical Distribution Services
$
128,948,097
$
119,972,917
7.5%
Other
5,070,905
4,736,552
7.1%
Intersegment eliminations
(67,683
)
(66,970
)
Revenue
$
133,951,319
$
124,642,499
7.5%
Nine Months Ended June
30,
Operating income
2019
2018
% Change
Pharmaceutical Distribution Services
$
1,301,948
$
1,269,940
2.5%
Other
293,923
279,626
5.1%
Intersegment eliminations
(698
)
(761
)
Total segment operating income
1,595,173
1,548,805
3.0%
Gain from antitrust litigation
settlements
142,735
35,938
LIFO credit
79,747
16,142
PharMEDium remediation costs
(55,736
)
(38,007
)
New York State Opioid Stewardship Act
22,000
—
Acquisition-related intangibles
amortization
(125,770
)
(130,267
)
Employee severance, litigation, and
other
(156,067
)
(143,023
)
Impairment of long-lived assets
(570,000
)
—
Operating income
$
932,082
$
1,289,588
Percentages of revenue:
Pharmaceutical Distribution Services
Gross profit
2.15%
2.17%
Operating expenses
1.14%
1.11%
Operating income
1.01%
1.06%
Other
Gross profit
19.27%
20.20%
Operating expenses
13.47%
14.30%
Operating income
5.80%
5.90%
AmerisourceBergen Corporation (GAAP)
Gross profit
2.95%
2.87%
Operating expenses
2.26%
1.84%
Operating income
0.70%
1.03%
AmerisourceBergen Corporation
(Non-GAAP)
Adjusted gross profit
2.80%
2.86%
Adjusted operating expenses
1.61%
1.62%
Adjusted operating income
1.19%
1.24%
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)
June 30,
September 30,
2019
2018
ASSETS
Current assets:
Cash and cash equivalents
$
2,999,559
$
2,492,516
Accounts receivable, net
11,989,030
11,314,226
Inventories
11,247,776
11,918,508
Right to recover asset 1
1,001,632
—
Prepaid expenses and other
163,781
169,122
Total current assets
27,401,778
25,894,372
Property and equipment, net
1,767,426
1,892,424
Goodwill and other intangible assets
9,036,963
9,612,100
Other long-term assets
272,371
270,942
Total assets
$
38,478,538
$
37,669,838
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
27,807,403
$
26,836,873
Other current liabilities
815,331
881,157
Short-term debt
166,137
151,657
Total current liabilities
28,788,871
27,869,687
Long-term debt
4,018,565
4,158,532
Accrued income taxes
276,708
299,600
Deferred income taxes
1,871,549
1,829,410
Other long-term liabilities
415,648
462,648
Total equity
3,107,197
3,049,961
Total liabilities and equity
$
38,478,538
$
37,669,838
1
Right to recover asset represents the
inventory value associated with the accrual for estimated customer
sales returns. The inventories balance at September 30, 2018
includes a $988.8 million accrual for estimated customer sales
returns.
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended June
30,
2019
2018
Operating Activities:
Net income
$
721,828
$
1,421,888
Adjustments to reconcile net income to net
cash provided by operating activities 1, 2
957,240
(241,226
)
Changes in operating assets and
liabilities, excluding the effects of acquisitions:
Accounts receivable
(672,742
)
(1,107,631
)
Inventories
(280,148
)
(51,724
)
Accounts payable
964,667
463,939
Other 3
(19,644
)
260,797
Net cash provided by operating
activities
1,671,201
746,043
Investing Activities:
Capital expenditures
(230,767
)
(248,359
)
Cost of acquired companies, net of cash
acquired
(64,044
)
(783,262
)
Other
(2,222
)
5,749
Net cash used in investing activities
(297,033
)
(1,025,872
)
Financing Activities:
Net (repayments) borrowings 4
(130,493
)
699,159
Payment of premium on early retirement of
debt
—
(22,348
)
Purchases of common stock 5
(522,778
)
(300,444
)
Exercises of stock options
54,860
127,509
Cash dividends on common stock
(255,064
)
(250,964
)
Other
(13,650
)
(19,270
)
Net cash (used in) provided by financing
activities
(867,125
)
233,642
Increase (decrease) in cash and cash
equivalents
507,043
(46,187
)
Cash and cash equivalents at beginning of
period
2,492,516
2,435,115
Cash and cash equivalents at end of
period
$
2,999,559
$
2,388,928
________________________________________
1
Adjustments include a LIFO credit of $79.7
million and an impairment of long-lived assets of $570.0 million
for the nine months ended June 30, 2019. Includes a LIFO credit of
$16.1 million for the nine months ended June 30, 2018.
2
Includes a $747.4 million benefit for
deferred income taxes for the nine months ended June 30, 2018,
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 $269.5 million increase in
income taxes payable for the nine months ended June 30, 2018,
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 for the nine months ended
June 30, 2018 were primarily used to finance the acquisition of
H.D. Smith, which was completed on January 2, 2018.
5
Purchases of common stock in the nine
months ended June 30, 2019 includes $24.0 million of September 2018
purchases that cash settled in October 2018 and excludes $0.1
million of June 2019 purchases that cash settled in July 2019.
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 non-GAAP financial measures described below. 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 because such items are outside
the control of the Company or are inherently unusual,
non-operating, unpredictable, non-recurring, or non-cash. 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, certain PharMEDium
remediation costs, LIFO expense (credit), and costs (credit)
related to the New York State Opioid Stewardship Act. Gain from
antitrust litigation settlements and LIFO expense (credit) are
excluded because the Company cannot control the amounts recognized
or timing of these items. PharMEDium remediation costs are excluded
because they are unpredictable expenses. The costs (credit) related
to the New York State Opioid Stewardship Act are excluded because
they are unusual, non-recurring and non-cash. 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 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.
The PharMEDium remediation costs relate to costs incurred in
connection with suspended production activities following U.S. Food
and Drug Administration inspections. LIFO expense (credit) is
affected by changes in inventory quantities, product mix, and
manufacturer pricing practices, which may be impacted by market and
other external influences. The New York State Opioid Stewardship
Act, which went into effect on July 1, 2018, established an annual
$100 million fund and requires manufacturers, distributors, and
importers to ratably share the assessment based upon opioids sold
or distributed to or within New York state. In December 2018, the
New York State Opioid Stewardship Act was ruled unconstitutional by
the U.S. District Court for the Southern District of New York.
- Adjusted operating expenses and adjusted operating expense
margin: Adjusted operating expenses is a non-GAAP financial measure
that excludes acquisition-related intangibles amortization,
employee severance, litigation, and other, certain PharMEDium
remediation costs, and impairment of long-lived assets. Adjusted
operating expense margin is the ratio of adjusted operating
expenses to total revenue. 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 unpredictable
and/or non-recurring business restructuring. We exclude the amount
of litigation settlements and other expenses, as well as PharMEDium
remediation costs and the impairment of long-lived assets, 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 income before income taxes: Adjusted income before
income taxes is a non-GAAP financial measure that excludes the same
items that are described above and excluded from adjusted operating
income. In addition, the gain on sale of an equity investment in
fiscal 2019, the loss on consolidation of equity investments in
fiscal 2018, the impairment on non-customer note receivable in
fiscal 2018, and the loss on the early retirement of debt in fiscal
2018 are also excluded from adjusted income before income taxes
because these amounts are unusual, non-operating, or non-recurring.
Management believes that this non-GAAP financial measure is useful
to investors because it facilitates the calculation of the
Company’s adjusted effective tax rate.
- Adjusted effective tax rate: Adjusted effective tax rate is a
non-GAAP financial measure that is determined by dividing adjusted
income tax expense/benefit by adjusted income before income taxes.
Management believes that this non-GAAP financial measure is useful
to investors because it presents an effective tax rate that does
not reflect unusual, non-operating, unpredictable, non-recurring,
or non-cash amounts or items that are outside the control of the
Company.
- Adjusted income tax expense (benefit): Adjusted income tax
expense is a non-GAAP financial measure that excludes the income
tax expense (benefit) associated with the same items that are
described above and excluded from adjusted income before income
taxes. In addition, the one-time U.S. tax reform ("Tax Reform")
adjustments are excluded from adjusted income tax expense. Tax
Reform includes a benefit, and any measurement period adjustments,
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 net income (loss) attributable to noncontrolling
interest: Adjusted net income attributable to noncontrolling
interest excludes the non-controlling interest portion of
acquisition-related intangibles amortization. Management believes
that this non-GAAP financial measure is useful to investors because
it facilitates the calculation of adjusted net income attributable
to ABC.
- Adjusted net income attributable to ABC: Adjusted net income
attributable to ABC is a non-GAAP financial measure that excludes
the same items that are described above. 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 (credit);
PharMEDium remediation costs; costs (credit) related to the New
York State Opioid Stewardship Act; acquisition-related intangibles
amortization; employee severance, litigation, and other; gain on
sale of an equity investment; impairment of long-lived assets; the
loss on consolidation of equity investments; the impairment on
non-customer note receivable; 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 2019
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 fiscal year 2019 adjusted free
cash flow guidance. For fiscal year 2019, we have defined the
non-GAAP financial measure of adjusted 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 (credit)
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: https://www.businesswire.com/news/home/20190801005204/en/
Bennett S. Murphy Vice President, Investor
Relations 610-727-3693
bmurphy@amerisourcebergen.com
AmerisourceBergen (NYSE:ABC)
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