AmerisourceBergen Reports Fiscal 2021 Second Quarter Results

Rhea-AI Summary

AmerisourceBergen Corporation (NYSE: ABC) reported a revenue increase of 3.7% year-over-year, reaching $49.2 billion for Q2 FY2021. Diluted EPS dropped to $2.10 compared to $4.64 in Q2 FY2020. However, adjusted diluted EPS rose by 5.4% to $2.53. The company updated its adjusted EPS guidance for FY2021, raising it to a range of $8.45 to $8.60, reflecting a growth of 7% to 9%.

Positive

• Revenue increased by 3.7% year-over-year to $49.2 billion.
• Adjusted diluted EPS rose by 5.4% to $2.53.
• Adjusted EPS guidance raised to $8.45-$8.60, reflecting 7%-9% growth.

Negative

• Diluted EPS decreased to $2.10 from $4.64 year-over-year.
• Net income attributable to ABC declined to $435 million from $524 million.

AmerisourceBergen Corporation (NYSE: ABC) today reported that in its fiscal year 2021 second quarter ended March 31, 2021, revenue increased 3.7 percent year-over-year to $49.2 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $2.10 for the March quarter of fiscal 2021, compared to $4.64 in the prior year quarter. Adjusted diluted EPS, which is a non-GAAP measure that excludes items described below, increased 5.4 percent to $2.53 in the fiscal second quarter.

AmerisourceBergen is updating its outlook for fiscal year 2021. The Company does not provide forward-looking guidance on a GAAP basis, as discussed below in Fiscal Year 2021 Expectations. Adjusted diluted EPS guidance has been raised from the previous expectation of $8.40 to $8.60 to a range of $8.45 to $8.60, reflecting growth of 7 percent to 9 percent versus the previous fiscal year.

"AmerisourceBergen continues to prove our vital role as a key pillar in the healthcare system. Our solid performance in the March quarter was fueled by our associates who continue to work diligently to provide innovative solutions for our partners to ultimately serve their patients," said Steven H. Collis, Chairman, President and Chief Executive Officer of AmerisourceBergen.

"Driven by our purpose of being united in our responsibility to create healthier futures, we are strengthening our portfolio of solutions for customers, expanding on our leadership in specialty, focusing on execution and leveraging our capabilities and expertise to support pharmaceutical innovation," Mr. Collis continued. "AmerisourceBergen is well-positioned to deliver long-term, sustainable growth, supported by our diverse and inclusive teams and our investments in our people and culture."

Second Quarter Fiscal Year 2021 Summary Results

		GAAP		Adjusted (Non-GAAP)
Revenue		$49.2B		$49.2B
Gross Profit		$1.5B		$1.5B
Operating Expenses		$909M		$806M
Operating Income		$624M		$707M
Interest Expense, Net		$35M		$35M
Effective Tax Rate		23.4%		21.9%
Net Income Attributable to ABC		$435M		$524M
Diluted Earnings Per Share		$2.10		$2.53
Diluted Shares Outstanding

FAQ

What was AmerisourceBergen's revenue for Q2 FY2021?

AmerisourceBergen reported revenue of $49.2 billion for Q2 FY2021.

How much did AmerisourceBergen's diluted EPS change in Q2 FY2021?

Diluted EPS for Q2 FY2021 was $2.10, down from $4.64 in the previous year.

What is the adjusted EPS guidance for AmerisourceBergen in FY2021?

The adjusted EPS guidance for FY2021 was raised to a range of $8.45 to $8.60.

What growth did AmerisourceBergen experience in adjusted diluted EPS?

Adjusted diluted EPS increased by 5.4% to $2.53 in Q2 FY2021.