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AmerisourceBergen reports $20.4 billion in Q1 revenue

CEO says results were in line with company expectations

VALLEY FORGE, Pa. — AmerisourceBergen on Thursday reported $20.4 billion in revenue for the first quarter ended Dec. 31, up 2%.

“We are off to a good start in our fiscal year 2012, with December quarter results in line with our expectations and excellent progress being made on the integration of our recent acquisitions,” stated Steven Collis, AmerisourceBergen president and CEO. “We continued to demonstrate expense and working capital discipline, and our balance sheet remains strong, giving us outstanding financial flexibility.”

According to the company, the results were driven by a 3.9% increase in AmerisourceBergen Specialty Group revenue and a 2.1% increase in AmerisourceBergen Drug Corporation revenue. Strong performance in third-party logistics in ABSG and in the retail and institutional segments in ABDC was offset in part by a previously announced loss of a large retail customer. Recent acquisitions, particularly the addition of TheraCom, contributed 0.6% of revenue growth in the quarter.

“Looking ahead, the company continues to expect diluted earnings per share in fiscal year 2012 to be in the range of $2.74 to $2.84,” Collis said. “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 expect to spend approximately $400 million to repurchase our common shares in fiscal year 2012.”

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