AmerisourceBergen’s Profit Surges
VALLEY FORGE, Pa. (AP) _ AmerisourceBergen Corp. on Thursday said profit surged 27 percent in its latest quarter, helped by growth in its specialty pharmaceuticals business.
The pharmaceuticals and health-care distribution-services company had net income of $116.4 million, or $1.03 a share, for the second quarter ended March 31, compared with $91.9 million, or 84 cents a share, a year ago.
Excluding items, the Valley Forge-based company reported earnings of $1.05 a share for the latest quarter, a penny a share better than the mean estimate of analysts surveyed by Thomson First Call.
Revenue rose 11 percent in the latest quarter to $12.16 billion from $10.94 billion.
Operating revenue, which excludes bulk deliveries to customer warehouses, climbed 13 percent to $11.2 billion.
The pharmaceutical distribution unit posted a 13 percent rise in operating revenue to $11.01 billion.
Operating revenue at the PharMerica division, which includes institutional pharmacy and workers’ compensation fulfillment operations, increased 10 percent to $397.1 million.
AmerisourceBergen, which had 2002 revenue of $45.23 billion, was formed from the 2001 merger of AmeriSource Health and Bergen Brunswig.
The company reiterated that it expects earnings growth of 20 percent for the rest of the fiscal year ending Sept. 30.
The company continues to expect fiscal 2003 operating revenue growth of 13 percent, with 11 percent to 12 percent growth in the second half of the year.
Shares of AmerisourceBergen rose $2.85, or 5.7 percent, to close at $53.13 Thursday on the New York Stock Exchange.