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AmerisourceBergen (ABC) Tops Q2 EPS by 9c, $750M Buyback; Lower Outlook

May 5, 2016 6:49 AM EDT

AmerisourceBergen (NYSE: ABC) reported Q2 EPS of $1.68, $0.09 better than the analyst estimate of $1.59. Revenue for the quarter came in at $35.7 billion versus the consensus estimate of $35.82 billion.

The Company also announced that its board of directors authorized a new regular share repurchase program which, together with available capacity under the existing regular share repurchase program, permits the Company to purchase up to $750 million in shares of its common stock, subject to market conditions. To date in fiscal year 2016, the Company has spent $100 million to repurchase shares of its common stock under its regular share repurchase program.

“I am pleased with the solid performance we delivered in the March quarter,” said Steven H. Collis, Chairman, President and Chief Executive Officer of AmerisourceBergen. “Our recent acquisitions, MWI Veterinary Supply (MWI) and PharMEDium, have made strong contributions, and excellent performance in our specialty and consulting businesses helped overcome a challenging year over year comparison and the expected decline in generic inflation. In addition, we have extended our contract with our largest pharmacy retail customer for an additional 3 years, and our large pharmacy benefit manager customer has extended their contract for an additional year.”

GUIDANCE:

AmerisourceBergen sees FY2016 EPS of $5.44-$5.54, versus prior guidance of $5.73-$5.83 and the consensus of $5.78.

For earnings history and earnings-related data on AmerisourceBergen (ABC) click here.



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