VALLEY FORGE, Pa. — AmerisourceBergen on Thursday posted revenue of $19.8 billion, up 2.4%, for its second quarter ended March 31.
"In the March quarter, we delivered outstanding performance on top of very strong performance last year," stated David Yost, AmerisourceBergen CEO.
"Solid results in all of our business units, combined with better than expected contributions from specialty generics drove results ahead of expectations,” added Steve Collis, AmerisourceBergen president and COO. “Our disciplined working capital management has further strengthened our balance sheet, and we continue to have excellent financial flexibility. Our results continue to demonstrate the strength of our two growth drivers: generics and specialty pharmaceuticals."
Earlier in the quarter, Yost announced his retirement. He will be succeeded by Collis.
AmerisourceBergen also updated its guidance — projecting diluted earnings per share in fiscal year 2011 will be in the range of $2.41 to $2.49.
"The key assumptions supporting the diluted earnings per share range for fiscal year 2011 are: We continue to expect revenue growth of between 2% and 4%, we now expect operating margin expansion in the mid to high single-digit basis points range, and free cash flow is now expected to be in the high end of the range of $625 million to $700 million, which includes capital expenditures now expected to be in the $175 million range,” Yost said. “We have increased our share repurchase expectation for fiscal year 2011 to $598 million from the original expectation of $400 million for the year, subject to market conditions."