Revenues of $43.3 billion for the Second
Quarter, a 5.6 Percent Increase Year-Over-Year
Second Quarter GAAP Diluted EPS of $0.13 and
Adjusted Diluted EPS of $2.11
Adjusted Diluted EPS Guidance Range Raised to
$6.70 to $6.90 for Fiscal 2019
AmerisourceBergen Corporation (NYSE:ABC) today reported that in
its fiscal year 2019 second quarter ended March 31, 2019,
revenue increased 5.6 percent to $43.3 billion. On the basis of
U.S. generally accepted accounting principles (GAAP), diluted
earnings per share (EPS) was $0.13 for the March quarter of fiscal
2019, compared to $1.29 in the prior year quarter. Adjusted diluted
EPS, which is a non-GAAP measure that excludes items described
below, increased 8.8% to $2.11 in the fiscal second quarter.
The Company raised its adjusted diluted EPS guidance range for
fiscal 2019 to $6.70 to $6.90, from $6.65 to $6.85 previously.
The Company does not provide forward-looking guidance on a GAAP
basis, as discussed below in Fiscal Year 2019 Expectations.
“AmerisourceBergen continues to execute and deliver strong
performance with good growth in customer volumes, double-digit
Specialty distribution growth and overall strong execution across
both the Pharmaceutical Distribution Services and Global
Commercialization Services & Animal Health groups this
quarter,” said Steven H. Collis, Chairman, President and Chief
Executive Officer of AmerisourceBergen.
“As we move into the second half of the year, our fiscal 2019
outlook remains strong,” Mr. Collis continued. “AmerisourceBergen
continues to be well positioned for long-term growth and we have
the utmost confidence that our differentiated strategy and focus on
providing innovative services and solutions for our partners will
continue to drive sustainable value for all of our
stakeholders.”
Second Quarter Fiscal Year 2019 Summary
Results
GAAP
Adjusted (Non-GAAP) Revenue $43.3B
$43.3B
Gross Profit $1.4B $1.3B
Operating
Expenses $1,377M $702M
Operating Income
$48M $617M
Interest Expense, Net $43M
$43M
Effective Tax Rate (49.5)% 21.5%
Net Income Attributable to ABC $27M $449M
Diluted Earnings Per Share $0.13 $2.11
Diluted Shares Outstanding 213M 213M
Below, AmerisourceBergen presents descriptive summaries of the
Company’s GAAP and adjusted (non-GAAP) quarterly results. In the
tables that follow, GAAP results and GAAP to non-GAAP
reconciliations are presented. For more information related to
non-GAAP financial measures, including adjustments made in the
periods presented, please refer to the Supplemental Information
Regarding non-GAAP Financial Measures following the tables.
Second Quarter GAAP
Results
- Revenue:
In the second quarter of fiscal 2019, revenue was $43.3 billion, up
5.6 percent compared to the same quarter in the previous fiscal
year, reflecting a 5.6 percent increase in Pharmaceutical
Distribution Services revenue and a 4.5 percent increase in revenue
within Other. Revenue growth is primarily due to the revenue growth
of our Pharmaceutical Distribution Services segment. The increase
in revenue growth of our Pharmaceutical Distribution Services
segment is primarily due to the growth of some of its largest
customers, continued strong specialty product sales, and overall
market growth.
- Gross
Profit: Gross profit in the fiscal 2019 second quarter was
$1.4 billion, a 13.5 percent increase compared to the same period
in the previous fiscal year. Gross profit in the current year
quarter was favorably impacted by gains from antitrust litigation
settlements and a LIFO credit, and a 4.3 percent increase in
Pharmaceutical Distribution Services' gross profit. Pharmaceutical
Distribution Services benefited from an increase in revenue, offset
in part by PharMEDium's pharmaceutical compounding operations as it
shipped fewer units due to the continued implementation of certain
remedial measures at its operational locations. Gross profit as a
percentage of revenue was 3.29 percent, an increase of 23 basis
points from the prior year quarter.
- Operating
Expenses: In the second quarter of fiscal 2019, operating
expenses were $1,377.2 million, compared to $774.3 million in the
same period last fiscal year. The significant increase in operating
expenses was primarily due to the $570.0 million impairment of
PharMEDium's long-lived assets in the quarter. Operating expenses
as a percentage of revenue in the fiscal 2019 second quarter was
3.18 percent, compared to 1.89 percent for the same period in the
previous fiscal year.
- Operating
Income: In the fiscal 2019 second quarter, operating income
was $47.6 million versus $481.4 million in the prior year quarter.
The decrease in operating income was primarily due to the $570.0
million impairment of PharMEDium's long-lived assets, offset in
part by an increase in gross profit. Operating income as a
percentage of revenue decreased 106 basis points to 0.11 percent in
the fiscal 2019 second quarter, compared to the previous fiscal
year's second quarter.
- Interest Expense,
Net: In the fiscal 2019 second quarter, net interest expense
of $43.3 million was down 11.0 percent versus the prior year
quarter. The decrease from the prior year quarter was primarily due
to an increase in interest income.
- Effective Tax
Rate: The effective tax rate was (49.5) percent for the
second quarter of fiscal 2019 and 21.9 percent in the prior year
quarter. The effective tax rate in the quarter was primarily
impacted by the $570.0 million impairment of PharMEDium's
long-lived assets.
- Diluted Earnings
Per Share: Diluted earnings per share was $0.13 in the
second quarter of fiscal 2019 compared to $1.29 in the previous
fiscal year’s second quarter. This significant decrease was
primarily due to the PharMEDium impairment.
- Diluted Shares
Outstanding: Diluted weighted average shares outstanding for
the second quarter of fiscal 2019 were 212.6 million, a 4.4 percent
decline versus the prior fiscal year second quarter, due to share
repurchases, net of stock option exercises.
Second Quarter Adjusted (non-GAAP)
Results
- Revenue:
No adjustments were made to the GAAP presentation of revenue. In
the second quarter of fiscal 2019, revenue was $43.3 billion, up
5.6 percent compared to the same quarter in the previous fiscal
year, reflecting a 5.6 percent increase in Pharmaceutical
Distribution Services revenue and a 4.5 percent increase in revenue
within Other. Revenue growth is primarily due to the revenue growth
of our Pharmaceutical Distribution Services segment. The increase
in revenue growth of our Pharmaceutical Distribution Services
segment is primarily due to the growth of some of its largest
customers, continued strong specialty product sales, and overall
market growth.
- Adjusted Gross
Profit: Adjusted gross profit in the fiscal 2019 second
quarter was $1.3 billion, which was up 3.2 percent compared to the
same period in the previous year, primarily due to the increase in
adjusted gross profit in Pharmaceutical Distribution Services,
which was partially offset due to fewer units being shipped by
PharMEDium due to the continued implementation of remedial measures
at its operational facilities. Adjusted gross profit as a
percentage of revenue was 3.04 percent, a decrease of 7 basis
points from the prior year quarter.
- Adjusted
Operating Expenses: In the second quarter of fiscal 2019,
adjusted operating expenses were $701.6 million, an increase of 1.5
percent compared to the same period in the last fiscal year, due to
an increase in Pharmaceutical Distribution Services segment's
expenses, which was partially offset by a decrease in operating
expenses in Other. Adjusted operating expenses as a percentage of
revenue in the fiscal 2019 second quarter was 1.62 percent,
compared to 1.69 percent for the same period in the previous fiscal
year.
- Adjusted
Operating Income: In the fiscal 2019 second quarter,
adjusted operating income of $616.7 million increased 5.2 percent
from the prior year period due to an increase in operating income
within Pharmaceutical Distribution Services which included a
favorable impact from Brazil, offset in part by the fewer units
being shipped by PharMEDium. Adjusted operating income as a
percentage of revenue decreased 1 basis point to 1.42 percent in
the fiscal 2019 second quarter compared to the previous fiscal
year’s second quarter.
- Interest Expense,
Net: No adjustments were made to the GAAP presentation of
net interest expense. In the fiscal 2019 second quarter, net
interest expense of $43.3 million was down 11.0 percent versus the
prior year quarter, primarily due to an increase in interest
income.
- Adjusted
Effective Tax Rate: The adjusted effective tax rate was 21.5
percent for the second quarter of fiscal 2019 and was 20.7 percent
in the previous fiscal year’s second quarter.
- Adjusted Diluted
Earnings Per Share: Adjusted diluted earnings per share was
up 8.8 percent to $2.11 in the second quarter of fiscal 2019
compared to $1.94 in the previous fiscal year’s second quarter,
driven by the increase in adjusted operating income and a lower
share count.
- Diluted Shares
Outstanding: No adjustments were made to the GAAP
presentation of diluted shares outstanding. Diluted weighted
average shares outstanding for the second quarter of fiscal 2019
were 212.6 million, a 4.4 percent decline versus the prior fiscal
year second quarter, due to share repurchases, net of stock option
exercises.
Segment Discussion
The Company's operations are comprised of the Pharmaceutical
Distribution Services reportable segment and other operating
segments that are not significant enough to require separate
reportable segment disclosure and, therefore, have been included in
Other for the purpose of reportable segment presentation. Other
consists of operating segments that focus on global
commercialization services and animal health and includes
AmerisourceBergen Consulting Services (ABCS), World Courier
and MWI Animal Health (MWI).
Pharmaceutical Distribution Services
Segment
Pharmaceutical Distribution Services revenue was $41.7 billion,
an increase of 5.6 percent compared to the same quarter in the
prior fiscal year primarily due to the growth of some of its
largest customers, continued strong specialty product sales, and
overall market growth. Segment operating income of $517.0 million
in the second quarter of fiscal 2019 was up 5.7 percent compared to
the same period in the previous fiscal year, primarily due to the
increase in gross profit, offset in part by an increase in
operating expenses.
Other
Revenue in Other was $1.7 billion in the second quarter of
fiscal 2019, an increase of 4.5 percent compared to the same period
in the prior fiscal year, primarily due to ABCS's growth in its
Canadian operations and growth at World Courier and MWI. Operating
income in Other increased 2.9 percent to $99.9 million in the
second quarter of fiscal 2019. This increase was primarily driven
by increases in operating income at ABCS's Canadian operations and
World Courier.
Recent Company Highlights &
Milestones
- The Healthcare Distribution Alliance
honored AmerisourceBergen with the Distribution Management Award
for its work on the upcoming Drug Supply Chain Security Act (DSCSA)
serialization requirements on verifying serialized pharmaceutical
products.
- AmerisourceBergen received a perfect
score of 100 on the 2019 Corporate Equality Index, the nation’s
premier benchmarking survey and report on corporate policies and
practices related to LGBTQ workplace equality, administered by the
Human Rights Campaign Foundation.
- AmerisourceBergen opened its newest
office located in Carrollton, Texas, and reinforced its commitment
to attract and retain unmatched talent in the Texas community. As a
part of AmerisourceBergen’s efforts to promote sustainability and
employee wellbeing, the new 300,000 sq. ft. facility is actively
pursuing a Leadership in Energy and Environmental Design (LEED)
Silver certification.
- Lash Group, AmerisourceBergen's patient
support services business, and AllazoHealth, an artificial
intelligence and predictive analytics company focused on ensuring
optimal patient outcomes, announced a partnership that will enhance
patient adherence and engagement programs through targeted and
personalized recommendations that will empower at-risk patients to
ultimately make healthier choices.
- The AmerisourceBergen Foundation,
through its Opioid Resource Grant Program, awarded more than 30
organizations demonstrating community leadership with grants to
provide critically needed youth, provider and community education
around preventing and addressing prescription medication
misuse.
- The AmerisourceBergen Foundation
announced a $150,000 donation to Southeastern Guide Dogs, a
nonprofit focused on transforming lives by creating and nurturing
extraordinary partnerships between people and dogs. With the
support of this multi-year grant, Southeastern Guide Dogs will be
able to increase placements of guide and companion dogs with
visually impaired teenagers and children, as well as families of
fallen service members and with child advocate professionals in
courtrooms.
- AmerisourceBergen was named a
Philly.com Top Workplace for the 7th year in a row.
Fiscal Year 2019
Expectations
The Company does not provide forward-looking guidance on a GAAP
basis as certain financial information, the probable significance
of which cannot be determined, is not available and cannot be
reasonably estimated. Please refer to the Supplemental Information
Regarding Non-GAAP Financial Measures following the tables for
additional information.
Fiscal Year 2019 Expectations on an
Adjusted (non-GAAP) Basis
AmerisourceBergen has updated its fiscal year 2019
financial guidance to reflect the Company’s continued solid
execution and greater than anticipated number of share repurchases.
The company now expects:
- Adjusted Diluted EPS range raised to
$6.70 to $6.90, up from the previous range of $6.65 to $6.85.
Additional expectations now include:
- Weighted average diluted shares are now
expected to be approximately 214 million, down from the previous
expectation of approximately 215 million.
All other previously communicated aspects of the Company's
fiscal year 2019 financial guidance and assumptions remain the
same.
Conference Call & Slide
Presentation
The Company will host a conference call to discuss the results
at 8:30 a.m. ET on May 2, 2019. A slide presentation for investors
has also been posted on the Company's website at
investor.amerisourcebergen.com. Participating in the conference
call will be:
- Steven H. Collis, Chairman, President
& Chief Executive Officer
- James F. Cleary, Executive Vice
President & Chief Financial Officer
The dial-in number for the live call will be (612) 326-1019. No
access code is required. The live call will also be webcast via the
Company’s website at investor.amerisourcebergen.com. Users are
encouraged to log on to the webcast approximately 10 minutes in
advance of the scheduled start time of the call.
Replays of the call will be made available via telephone and
webcast. A replay of the webcast will be posted on
investor.amerisourcebergen.com approximately two hours after the
completion of the call and will remain available for 30 days. The
telephone replay will also be available approximately two hours
after the completion of the call and will remain available for
seven days. To access the telephone replay from within the U.S.,
dial (800) 475-6701. From outside the U.S., dial (320) 365-3844.
The access code for the replay is 465792.
Upcoming Investor Events
AmerisourceBergen management will be attending the
following investor conference in the coming months:
- Goldman Sachs 40th Annual Global
Healthcare Conference, June 11-13, Rancho Palos Verdes, CA.
Please check the website for updates regarding the timing of the
live presentation webcasts, if any, and for replay information.
About AmerisourceBergen
AmerisourceBergen provides pharmaceutical products,
value-driving services and business solutions that improve access
to care. Tens of thousands of healthcare providers, veterinary
practices and livestock producers trust us as their partner in the
pharmaceutical supply chain. Global manufacturers depend on us for
services that drive commercial success for their products. Through
our daily work—and powered by our 21,000 associates—we are united
in our responsibility to create healthier
futures. AmerisourceBergen is ranked #12 on the Fortune
500, with more than $160 billion in annual revenue. The
company is headquartered in Valley Forge, Pa. and has a
presence in 50+ countries. Learn more at
investor.amerisourcebergen.com.
AmerisourceBergen's Cautionary Note Regarding Forward-Looking
Statements
Certain of the statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Words such as "expect," "likely," "outlook,"
"forecast," "would," "could," "should," "can," "project," "intend,"
"plan," "continue," "sustain," "synergy," "on track," "believe,"
"seek," "estimate," "anticipate," "may," "possible," "assume,"
variations of such words, and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and are subject to
uncertainty and changes in circumstances. These statements are not
guarantees of future performance and are based on assumptions that
could prove incorrect or could cause actual results to vary
materially from those indicated. Among the factors that could cause
actual results to differ materially from those projected,
anticipated, or implied are the following: unfavorable trends in
brand and generic pharmaceutical pricing, including in rate or
frequency of price inflation or deflation; competition and industry
consolidation of both customers and suppliers resulting in
increasing pressure to reduce prices for our products and services;
changes in pharmaceutical market growth rates; changes in the
United States healthcare and regulatory environment, including
changes that could impact prescription drug reimbursement under
Medicare and Medicaid; increasing governmental regulations
regarding the pharmaceutical supply channel and pharmaceutical
compounding; declining reimbursement rates for pharmaceuticals;
federal and state government enforcement initiatives to detect and
prevent suspicious orders of controlled substances and the
diversion of controlled substances; increased public concern over
the abuse of opioid medications; prosecution or suit by federal,
state and other governmental entities of alleged violations of laws
and regulations regarding controlled substances, and any related
disputes, including shareholder derivative lawsuits; increased
federal scrutiny and litigation, including qui tam litigation, for
alleged violations of laws and regulations governing the marketing,
sale, purchase and/or dispensing of pharmaceutical products or
services, and associated reserves and costs; material adverse
resolution of pending legal proceedings; the retention of key
customer or supplier relationships under less favorable economics
or the adverse resolution of any contract or other dispute with
customers or suppliers; changes to customer or supplier payment
terms; risks associated with the strategic, long-term relationship
between Walgreens Boots Alliance, Inc. and the Company, including
principally with respect to the pharmaceutical distribution
agreement and/or the global generic purchasing services
arrangement; changes in tax laws or legislative initiatives that
could adversely affect the Company's tax positions and/or the
Company's tax liabilities or adverse resolution of challenges to
the Company's tax positions; regulatory or enforcement action,
including a consent decree, in connection with the production,
labeling or packaging of products compounded by our compounded
sterile preparations (CSP) business; suspension of production of
CSPs, including continued suspension at our Memphis facility;
managing foreign expansion, including non-compliance with the U.S.
Foreign Corrupt Practices Act, anti-bribery laws, economic
sanctions and import laws and regulations; financial market
volatility and disruption; substantial defaults in payment,
material reduction in purchases by or the loss, bankruptcy or
insolvency of a major customer; the loss, bankruptcy or insolvency
of a major supplier; changes to the customer or supplier mix;
malfunction, failure or breach of sophisticated information systems
to operate as designed; risks generally associated with data
privacy regulation and the international transfer of personal data;
natural disasters or other unexpected events that affect the
Company’s operations; the impairment of goodwill or other
intangible assets (including any additional impairments with
respect to foreign operations or PharMEDium), resulting in a charge
to earnings; the acquisition of businesses that do not perform as
expected, or that are difficult to integrate or control, including
the integration of H. D. Smith and PharMEDium, or the inability to
capture all of the anticipated synergies related thereto or to
capture the anticipated synergies within the expected time period;
the fact the acquisition of H. D. Smith may make it more difficult
to establish or maintain relationships with employees, suppliers,
customers and other business partners; the Company's ability to
manage and complete divestitures; the disruption of the Company's
cash flow and ability to return value to its stockholders in
accordance with its past practices; interest rate and foreign
currency exchange rate fluctuations; declining economic conditions
in the United States and abroad; and other economic, business,
competitive, legal, tax, regulatory and/or operational factors
affecting the Company's business generally. Certain additional
factors that management believes could cause actual outcomes and
results to differ materially from those described in
forward-looking statements are set forth (i) in Item 1A (Risk
Factors), in the Company’s Annual Report on Form 10-K for the
fiscal year ended September 30, 2018 and elsewhere in that report
and (ii) in other reports filed by the Company pursuant to the
Securities Exchange Act.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Three
Months Ended
March 31, 2019
% of
Revenue
Three
Months Ended
March 31, 2018
% of
Revenue
%
Change
Revenue $ 43,319,602 $ 41,033,858 5.6% Cost of goods sold
41,894,846 39,778,175 5.3% Gross profit 1
1,424,756 3.29% 1,255,683 3.06% 13.5% Operating expenses:
Distribution, selling, and administrative 628,036 1.45% 617,426
1.50% 1.7% Depreciation and amortization 123,766 0.29% 119,388
0.29% 3.7% Employee severance, litigation, and other 2 55,389
37,449 Impairment of long-lived assets 3 570,000 —
Total operating expenses 1,377,191 3.18% 774,263 1.89% 77.9%
Operating income 47,565 0.11% 481,420 1.17% (90.1)% Other
(income) loss 4 (14,494 ) 29,123 Interest expense, net 43,275
48,637 (11.0)% Loss on consolidation of equity investments —
42,328 Income before income taxes 18,784 0.04%
361,332 0.88% (94.8)% Income tax (benefit) expense (9,289 )
79,172 Net income 28,073 0.06% 282,160 0.69% (90.1)%
Net (income) loss attributable to noncontrolling interest
(938 ) 5,295 Net income attributable to
AmerisourceBergen Corporation $ 27,135 0.06% $ 287,455
0.70% (90.6)% Earnings per share: Basic $ 0.13 $ 1.31
(90.1)% Diluted $ 0.13 $ 1.29 (89.9)% Weighted average
common shares outstanding: Basic 210,934 219,200 (3.8)% Diluted
212,563 222,303 (4.4)% ________________________________________
1 Includes a $66.8 million LIFO credit, a $52.0
million gain from antitrust litigation settlements, and $12.3
million of PharMEDium remediation costs in the three months ended
March 31, 2019. Includes $22.5 million of PharMEDium remediation
costs and a $0.3 million gain from antitrust litigation settlements
in the three months ended March 31, 2018. 2 Includes $14.0
million of employee severance, $13.8 million of litigation costs
primarily related to opioid lawsuits and investigations, and $27.5
million of other costs in connection with acquisition-related deal
and integration costs, business transformation efforts, and other
restructuring initiatives in the three months ended March 31, 2019.
Includes $20.8 million of employee severance, $7.6 million of
litigation costs primarily related to opioid lawsuits and
investigations, and $9.0 million of other costs in connection with
acquisition-related deal and integration costs, business
transformation efforts, and other restructuring initiatives in the
three months ended March 31, 2018. 3 Impairment of
finite-lived intangible assets and property and equipment relating
to PharMEDium. 4 Includes a $13.7 million gain on the sale
of an equity investment in the three months ended March 31, 2019.
Includes a $30.0 million impairment on a non-customer note
receivable in the three months ended March 31, 2018.
AMERISOURCEBERGEN CORPORATION
FINANCIAL SUMMARY
(In thousands, except per share data)
(unaudited)
Six
Months Ended
March 31, 2019
% of
Revenue
Six
Months Ended
March 31, 2018
% of
Revenue
%
Change
Revenue $ 88,712,054 $ 81,500,190 8.8% Cost of goods sold
85,989,718 79,131,855 8.7% Gross profit 1
2,722,336 3.07% 2,368,335 2.91% 14.9% Operating expenses:
Distribution, selling, and administrative 1,284,621 1.45% 1,175,948
1.44% 9.2% Depreciation and amortization 246,266 0.28% 224,524
0.28% 9.7% Employee severance, litigation, and other 2 96,061
67,470 Impairment of long-lived assets 3 570,000 —
Total operating expenses 2,196,948 2.48% 1,467,942 1.80% 49.7%
Operating income 525,388 0.59% 900,393 1.10% (41.6)%
Other (income) loss 4 (11,397 ) 29,447 Interest expense, net 85,445
84,501 1.1% Loss on consolidation of equity investments — 42,328
Loss on early retirement of debt — 23,766
Income before income taxes 451,340 0.51% 720,351 0.88% (37.3)%
Income tax expense (benefit) 31,514 (423,662 )
Net income 419,826 0.47% 1,144,013 1.40% (63.3)% Net loss
attributable to noncontrolling interest 961 5,295
Net income attributable to AmerisourceBergen Corporation $
420,787 0.47% $ 1,149,308 1.41% (63.4)%
Earnings per share: Basic $ 1.99 $ 5.25 (62.1)% Diluted $ 1.97 $
5.19 (62.0)% Weighted average common shares outstanding:
Basic 211,503 218,763 (3.3)% Diluted 213,275 221,565 (3.7)%
________________________________________ 1 Includes a
$139.3 million gain from antitrust litigation settlements, a $69.8
million LIFO credit, $30.2 million of PharMEDium remediation costs,
and a $22.0 million reversal of a prior period assessment relating
to the New York Opioid Stewardship Act in the six months ended
March 31, 2019. Includes $22.5 million of PharMEDium remediation
costs and a $0.3 million gain from antitrust litigation settlements
in the six months ended March 31, 2018. 2 Includes $18.8
million of employee severance, $28.4 million of litigation costs
primarily related to opioid lawsuits and investigations, and $48.9
million of other costs in connection with acquisition-related deal
and integration costs, business transformation efforts, and other
restructuring initiatives in the six months ended March 31, 2019.
Includes $28.4 million of employee severance, $10.4 million of
litigation costs primarily related to opioid lawsuits,
investigations, and initiatives, and $28.6 million of other costs
in connection with acquisition-related deal and integration costs,
business transformation efforts, and other restructuring
initiatives in the six months ended March 31, 2018. 3
Impairment of finite-lived intangible assets and property and
equipment relating to PharMEDium. 4 Includes a $13.7 million
gain on the sale of an equity investment in the six months ended
March 31, 2019. Includes a $30.0 million impairment on a
non-customer note receivable in the six months ended March 31,
2018.
AMERISOURCEBERGEN CORPORATION
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31, 2019 Gross Profit
OperatingExpenses
OperatingIncome IncomeBefore
Income Taxes
Income
Tax(Benefit)Expense
Net IncomeAttributable
toNoncontrollingInterest
Net IncomeAttributableto
ABC
DilutedEarnings Per
Share
GAAP $ 1,424,756 $ 1,377,191 $ 47,565 $ 18,784 $ (9,289 ) $
(938 ) $ 27,135 $ 0.13 Gain from antitrust litigation
settlements (51,976 ) — (51,976 ) (51,976 ) (16,980 ) — (34,996 )
(0.16 ) LIFO credit (66,805 ) — (66,805 ) (66,805 ) (17,137
) — (49,668 ) (0.23 ) PharMEDium remediation costs 12,334
(3,563 ) 15,897 15,897 4,927 — 10,970 0.05 New York State
Opioid Stewardship Act — — — — (944 ) — 944 —
Acquisition-related intangibles amortization — (46,594 ) 46,594
46,594 13,800 (437 ) 32,357 0.15 Employee severance,
litigation, and other — (55,389 ) 55,389 55,389 7,474 — 47,915 0.23
Impairment of long-lived assets — (570,000 ) 570,000 570,000
145,103 — 424,897 2.00 Gain on sale of an equity investment
—
— — (13,692 ) (3,485 ) — (10,207 ) (0.05 )
Adjusted Non-GAAP $ 1,318,309 $ 701,645 $
616,664 $ 574,191 $ 123,469 $ (1,375 ) $
449,347 $ 2.11 1 Adjusted Non-GAAP % change
vs. prior year period 3.2 % 1.5 % 5.2 % 6.6 % 10.9 % 4.0 % 8.8 %
Percentages of Revenue:
GAAP Adjusted
Non-GAAP
Gross profit 3.29% 3.04% Operating expenses 3.18% 1.62%
Operating income 0.11% 1.42% 1 The sum of the components
does not equal the total due to rounding. Note: For more
information related to non-GAAP financial measures, refer to the
section titled "Supplemental Information Regarding Non-GAAP
Financial Measures" of this release.
AMERISOURCEBERGEN CORPORATION
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31, 2018 Gross Profit
OperatingExpenses
OperatingIncome
Income BeforeIncome
Taxes
Income TaxExpense
Net LossAttributable
toNoncontrollingInterest
Net IncomeAttributableto
ABC
DilutedEarnings Per
Share
GAAP $ 1,255,683 $ 774,263 $ 481,420 $ 361,332 $ 79,172 $ 5,295
$ 287,455 $ 1.29 Gain from antitrust litigation
settlements (338 ) — (338 ) (338 ) (97 ) — (241 ) —
PharMEDium remediation costs 22,506 — 22,506 22,506 6,478 — 16,028
0.07 Acquisition-related intangibles amortization — (45,295
) 45,295 45,325 13,882 (669 ) 30,774 0.14 Employee
severance, litigation, and other — (37,449 ) 37,449 37,449 11,420 —
26,029 0.12 Loss on consolidation of equity investments — —
— 42,328 — — 42,328 0.19 Impairment on non-customer note
receivable — — — 30,000 — — 30,000 0.13 Loss on early
retirement of debt — — — — 507 —
(507 ) — Adjusted Non-GAAP $ 1,277,851
$ 691,519 $ 586,332 $ 538,602 $ 111,362
$ 4,626 $ 431,866 $ 1.94
Percentages of
Revenue: GAAP Adjusted
Non-GAAP
Gross profit 3.06% 3.11% Operating expenses 1.89% 1.69% Operating
income 1.17% 1.43% ________________________________________
Note: For more information related to non-GAAP financial
measures, refer to the section titled "Supplemental Information
Regarding Non-GAAP Financial Measures" of this release.
AMERISOURCEBERGEN CORPORATION
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
Six Months Ended March 31, 2019 Gross Profit
OperatingExpenses
OperatingIncome
IncomeBefore Income
Taxes
Income TaxExpense
Net LossAttributable
toNoncontrollingInterest
Net IncomeAttributableto
ABC
DilutedEarnings Per
Share
GAAP $ 2,722,336 $ 2,196,948 $ 525,388 $ 451,340 $ 31,514 $ 961 $
420,787 $ 1.97 Gain from antitrust litigation settlements
(139,255 ) — (139,255 ) (139,255 ) (35,450 ) — (103,805 ) (0.49 )
LIFO credit (69,834 ) — (69,834 ) (69,834 ) (17,778 ) —
(52,056 ) (0.24 ) PharMEDium remediation costs 30,245 (6,147
) 36,392 36,392 9,264 — 27,128 0.13 New York State Opioid
Stewardship Act (22,000 ) — (22,000 ) (22,000 ) (5,600 ) — (16,400
) (0.08 ) Acquisition-related intangibles amortization —
(91,746 ) 91,746 91,746 23,355 (943 ) 67,448 0.32 Employee
severance, litigation, and other — (96,061 ) 96,061 96,061 24,454 —
71,607 0.34 Impairment of long-lived assets — (570,000 )
570,000 570,000 145,103 — 424,897 1.99 Gain on sale of an
equity investment — — — (13,692 ) (3,485 ) — (10,207 ) (0.05 )
Tax reform 1 — — — — 36,997
— (36,997 ) (0.17 ) Adjusted Non-GAAP $
2,521,492 $ 1,432,994 $ 1,088,498 $ 1,000,758
$ 208,374 $ 18 $ 792,402 $ 3.72
Adjusted Non-GAAP % change vs. prior year period 5.5 % 8.9 %
1.3 % 1.0 % (5.7 )% 2.3 % 6.6 %
Percentages of Revenue:
GAAP Adjusted
Non-GAAP
Gross profit 3.07% 2.84% Operating expenses 2.48% 1.62% Operating
income 0.59% 1.23% 1 Includes a measurement period
adjustment to the one-time transition tax on historical foreign
earnings and profits through December 31, 2017. Note: For
more information related to non-GAAP financial measures, refer to
the section titled "Supplemental Information Regarding Non-GAAP
Financial Measures" of this release.
AMERISOURCEBERGEN CORPORATION
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
Six Months Ended March 31, 2018 Gross
Profit OperatingExpenses
OperatingIncome
Income BeforeIncome
Taxes
Income
Tax(Benefit)Expense
Net LossAttributable
toNoncontrollingInterest
Net IncomeAttributableto
ABC
DilutedEarnings Per
Share
GAAP $ 2,368,335 $ 1,467,942 $ 900,393 $ 720,351 $ (423,662 ) $
5,295 $ 1,149,308 $ 5.19 Gain from antitrust
litigation settlements (338 ) — (338 ) (338 ) (97 ) — (241 ) —
PharMEDium remediation costs 22,506 — 22,506 22,506 6,478 —
16,028 0.07 Acquisition-related intangibles amortization —
(84,351 ) 84,351 84,476 24,317 (669 ) 59,490 0.27 Employee
severance, litigation and other — (67,470 ) 67,470 67,470 19,421 —
48,049 0.22 Loss on consolidation of equity investments — —
— 42,328 — — 42,328 0.19 Impairment on non-customer note
receivable — — — 30,000 — — 30,000 0.14 Loss on early
retirement of debt — — — 23,766 6,841 — 16,925 0.08 Tax
Reform 1 — — — — 587,595 —
(587,595 ) (2.65 ) Adjusted Non-GAAP $
2,390,503 $ 1,316,121 $ 1,074,382 $ 990,559
$ 220,893 $ 4,626 $ 774,292 $
3.49 2
Percentages of Revenue: GAAP
Adjusted
Non-GAAP
Gross profit 2.91% 2.93% Operating expenses 1.80% 1.61% Operating
income 1.10% 1.32% ________________________________________
1 Represents the impact of applying a lower U.S. federal
income tax rate to the Company's net deferred tax liabilities as of
December 31, 2017, offset in part by a one-time transition tax on
historical foreign earnings and profits through December 31, 2017.
2 The sum of the components does not equal the total due to
rounding. Note: For more information related to non-GAAP
financial measures, refer to the section titled "Supplemental
Information Regarding Non-GAAP Financial Measures" of this release.
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
Three Months Ended March 31, Revenue
2019 2018 % Change
Pharmaceutical Distribution Services $ 41,676,164 $ 39,453,353 5.6%
Other 1,665,429 1,594,378 4.5% Intersegment eliminations (21,991 )
(13,873 ) Revenue $ 43,319,602 $ 41,033,858
5.6%
Three Months Ended March 31, Operating
income 2019 2018 % Change Pharmaceutical
Distribution Services $ 517,034 $ 489,106 5.7% Other 99,879 97,055
2.9% Intersegment eliminations (249 ) 171 Total segment
operating income 616,664 586,332 5.2% Gain from antitrust
litigation settlements 51,976 338 LIFO credit 66,805 — PharMEDium
remediation costs (15,897 ) (22,506 ) Acquisition-related
intangibles amortization (46,594 ) (45,295 ) Employee severance,
litigation, and other (55,389 ) (37,449 ) Impairment of long-lived
assets (570,000 ) — Operating income $ 47,565 $
481,420 Percentages of revenue: Pharmaceutical
Distribution Services Gross profit 2.38% 2.41% Operating expenses
1.14% 1.17% Operating income 1.24% 1.24% Other Gross profit
19.60% 20.48% Operating expenses 13.60% 14.39% Operating income
6.00% 6.09% AmerisourceBergen Corporation (GAAP) Gross
profit 3.29% 3.06% Operating expenses 3.18% 1.89% Operating income
0.11% 1.17% AmerisourceBergen Corporation (Non-GAAP)
Adjusted gross profit 3.04% 3.11% Adjusted operating expenses 1.62%
1.69% Adjusted operating income 1.42% 1.43%
Note: For more information related to non-GAAP financial
measures, refer to the section titled "Supplemental Information
Regarding Non-GAAP Financial Measures" of this release.
AMERISOURCEBERGEN CORPORATION
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
Six Months Ended March 31, Revenue 2019
2018 % Change Pharmaceutical
Distribution Services $ 85,420,545 $ 78,391,051 9.0% Other
3,336,367 3,139,329 6.3% Intersegment eliminations (44,858 )
(30,190 ) Revenue $ 88,712,054 $ 81,500,190
8.8%
Six Months Ended March 31, Operating income
2019 2018 % Change Pharmaceutical Distribution
Services $ 890,241 $ 877,288 1.5% Other 198,813 197,330 0.8%
Intersegment eliminations (556 ) (236 ) Total segment operating
income 1,088,498 1,074,382 1.3% Gain from antitrust
litigation settlements 139,255 338 LIFO credit 69,834 — PharMEDium
remediation costs (36,392 ) (22,506 ) New York State Opioid
Stewardship Act 22,000 — Acquisition-related intangibles
amortization (91,746 ) (84,351 ) Employee severance, litigation,
and other (96,061 ) (67,470 ) Impairment of long-lived assets
(570,000 ) — Operating income $ 525,388 $ 900,393
Percentages of revenue: Pharmaceutical
Distribution Services Gross profit 2.19% 2.22% Operating expenses
1.15% 1.11% Operating income 1.04% 1.12% Other Gross profit
19.53% 20.61% Operating expenses 13.57% 14.32% Operating income
5.96% 6.29% AmerisourceBergen Corporation (GAAP) Gross
profit 3.07% 2.91% Operating expenses 2.48% 1.80% Operating income
0.59% 1.10% AmerisourceBergen Corporation (Non-GAAP)
Adjusted gross profit 2.84% 2.93% Adjusted operating expenses 1.62%
1.61% Adjusted operating income 1.23% 1.32%
Note: For more information related to non-GAAP financial
measures, refer to the section titled "Supplemental Information
Regarding Non-GAAP Financial Measures" of this release.
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, September 30, 2019
2018 ASSETS Current assets: Cash and cash equivalents
$ 2,875,750 $ 2,492,516 Accounts receivable, net 12,222,271
11,314,226 Inventories 11,373,730 11,918,508 Right to recover asset
1 977,860 — Prepaid expenses and other 172,572 169,122 Total
current assets 27,622,183 25,894,372 Property and equipment,
net 1,858,867 1,892,424 Goodwill and other intangible assets
9,055,678 9,612,100 Other long-term assets 273,582 270,942
Total assets $ 38,810,310 $ 37,669,838
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 28,189,390 $ 26,836,873 Other current
liabilities 1,022,509 1,032,814 Total current liabilities
29,211,899 27,869,687 Long-term debt 4,009,500 4,158,532
Accrued income taxes 273,662 299,600 Deferred income taxes
1,857,201 1,829,410 Other long-term liabilities 419,717 462,648
Total equity 3,038,331 3,049,961 Total
liabilities and equity $ 38,810,310 $ 37,669,838
1 Right to recover assets represents the inventory value
associated with the accrual for estimated customer sales returns.
The inventories balance at September 30, 2018 includes a $988.8
million accrual for estimated customer sales returns.
AMERISOURCEBERGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Six Months Ended March 31, 2019
2018 Operating Activities: Net income $ 419,826 $ 1,144,013
Adjustments to reconcile net income to net cash provided by (used
in) operating activities 1, 2 820,403 (414,709 ) Changes in
operating assets and liabilities, excluding the effects of
acquisitions: Accounts receivable (880,805 ) (590,386 ) Inventories
(420,190 ) (805,164 ) Accounts payable 1,350,728 384,378 Other 3
(186,630 ) 204,626 Net cash provided by (used in) operating
activities 1,103,332 (77,242 ) Investing Activities:
Capital expenditures (161,488 ) (168,816 ) Cost of acquired
companies, net of cash acquired (52,398 ) (777,085 ) Other 2,659
10,479 Net cash used in investing activities (211,227
) (935,422 ) Financing Activities: Net (repayments)
borrowings 4 (16,017 ) 820,724 Payment of premium on early
retirement of debt — (22,348 ) Purchases of common stock 5 (347,959
) (60,208 ) Exercises of stock options 37,590 115,236 Cash
dividends on common stock (170,428 ) (167,533 ) Other (12,057 )
(16,963 ) Net cash (used in) provided by financing activities
(508,871 ) 668,908 Increase (decrease) in cash and
cash equivalents 383,234 (343,756 ) Cash and cash
equivalents at beginning of period 2,492,516 2,435,115
Cash and cash equivalents at end of period $
2,875,750 $ 2,091,359
________________________________________ 1 Adjustments
include a LIFO credit of $69.8 million and an impairment of
long-lived assets of $570.0 million for the six months ended March
31, 2019. 2 Includes a $798.4 million benefit for deferred
income taxes for the six months ended March 31, 2018, primarily as
a result of applying a lower U.S. federal income tax rate to the
Company's net deferred tax liabilities as of December 31, 2017 in
connection with tax reform. 3 Includes a $262.5 million
increase in income taxes payable for the six months ended March 31,
2018, primarily as a result of a one-time transition tax on
historical foreign earnings and profits through December 31, 2017
in connection with tax reform. 4 Net borrowings for the six
months ended March 31, 2018 were primarily used to finance the
acquisition of H.D. Smith, which was completed on January 2, 2018.
5 Purchases of common stock in the six months ended March
31, 2019 includes $24.0 million of September 2018 purchases that
cash settled in October 2018.
SUPPLEMENTAL INFORMATION
REGARDINGNON-GAAP FINANCIAL MEASURES
To supplement the financial measures prepared in accordance with
U.S. generally accepted accounting principles (GAAP), the Company
uses the non-GAAP financial measures described below. The non-GAAP
financial measures should be viewed in addition to, and not in lieu
of, financial measures calculated in accordance with GAAP. These
supplemental measures may vary from, and may not be comparable to,
similarly titled measures by other companies.
The non-GAAP financial measures are presented because management
uses non-GAAP financial measures to evaluate the Company’s
operating performance, to perform financial planning, and to
determine incentive compensation. Therefore, the Company believes
that the presentation of non-GAAP financial measures provides
useful supplementary information to, and facilitates additional
analysis by, investors. The presented non-GAAP financial measures
exclude items that management does not believe reflect the
Company’s core operating performance because such items are outside
the control of the Company or are inherently unusual,
non-operating, unpredictable, non-recurring, or non-cash. We have
included the following non-GAAP earnings-related financial measures
in this release:
- Adjusted gross profit and adjusted
gross profit margin: Adjusted gross profit is a non-GAAP financial
measure that excludes the gain from antitrust litigation
settlements, certain PharMEDium remediation costs, LIFO expense
(credit), and costs (credit) related to the New York State Opioid
Stewardship Act. Gain from antitrust litigation settlements and
LIFO expense (credit) are excluded because the Company cannot
control the amounts recognized or timing of these items. PharMEDium
remediation costs are excluded because they are unpredictable
expenses. The costs (credit) related to the New York State Opioid
Stewardship Act are excluded because they are unusual,
non-recurring and non-cash. Adjusted gross profit margin is the
ratio of adjusted gross profit to total revenue. Management
believes that these non-GAAP financial measures are useful to
investors as a supplemental measure of the Company’s ongoing
operating performance. The gain from antitrust litigation
settlements relates to the settlement of lawsuits that have been
filed against brand pharmaceutical manufacturers alleging that the
manufacturer, by itself or in concert with others, took improper
actions to delay or prevent generic drugs from entering the market.
The PharMEDium remediation costs relate to costs incurred in
connection with suspended production activities following U.S. Food
and Drug Administration inspections. LIFO expense (credit) is
affected by changes in inventory quantities, product mix, and
manufacturer pricing practices, which may be impacted by market and
other external influences. The New York State Opioid Stewardship
Act, which went into effect on July 1, 2018, established an annual
$100 million fund and requires manufacturers, distributors, and
importers to ratably share the assessment based upon opioids sold
or distributed to or within New York state. In December 2018, the
New York State Opioid Stewardship Act was ruled unconstitutional by
the U.S. District for the Southern District of New York.
- Adjusted operating expenses and
adjusted operating expense margin: Adjusted operating expenses is a
non-GAAP financial measure that excludes acquisition-related
intangibles amortization, employee severance, litigation, and
other, certain PharMEDium remediation costs, and impairment of
long-lived assets. Adjusted operating expense margin is the ratio
of adjusted operating expenses to total revenue.
Acquisition-related intangibles amortization is excluded because it
is a non-cash item and does not reflect the operating performance
of the acquired companies. We exclude employee severance amounts
that relate to unpredictable and/or non-recurring business
restructuring. We exclude the amount of litigation settlements and
other expenses, as well as PharMEDium remediation costs and the
impairment of long-lived assets, that are unusual, non-operating,
unpredictable, non-recurring or non-cash in nature because we
believe these exclusions facilitate the analysis of our ongoing
operational performance.
- Adjusted operating income and adjusted
operating income margin: Adjusted operating income is a non-GAAP
financial measure that excludes the same items that are described
above and excluded from adjusted gross profit and adjusted
operating expenses. Adjusted operating income margin is the ratio
of adjusted operating income to total revenue. Management believes
that these non-GAAP financial measures are useful to investors as a
supplemental way to evaluate the Company’s performance because the
adjustments are unusual, non-operating, unpredictable,
non-recurring or non-cash in nature.
- Adjusted income before income taxes:
Adjusted income before income taxes is a non-GAAP financial measure
that excludes the same items that are described above and excluded
from adjusted operating income. In addition, the gain on sale of an
equity investment in fiscal 2019, the loss on consolidation of
equity investments in fiscal 2018, the impairment on non-customer
note receivable in fiscal 2018, and the loss on the early
retirement of debt in fiscal 2018 are also excluded from adjusted
income before income taxes because these amounts are unusual,
non-operating, or non-recurring. Management believes that this
non-GAAP financial measure is useful to investors because it
facilitates the calculation of the Company’s adjusted effective tax
rate.
- Adjusted effective tax rate: Adjusted
effective tax rate is a non-GAAP financial measure that is
determined by dividing adjusted income tax expense/benefit by
adjusted income before income taxes. Management believes that this
non-GAAP financial measure is useful to investors because it
presents an effective tax rate that does not reflect unusual,
non-operating, unpredictable, non-recurring, or non-cash amounts or
items that are outside the control of the Company.
- Adjusted income tax expense (benefit):
Adjusted income tax expense is a non-GAAP financial measure that
excludes the income tax expense (benefit) associated with the same
items that are described above and excluded from adjusted income
before income taxes. In addition, the one-time U.S. tax reform
("Tax Reform") adjustments are excluded from adjusted income tax
expense. Tax Reform includes a benefit, and any measurement period
adjustments, from applying a lower U.S. federal income tax rate to
the Company's net deferred tax liabilities as of December 31, 2017,
offset in part by a one-time transition tax on historical foreign
earnings and profits through December 31, 2017. Management believes
that this non-GAAP financial measure is useful to investors as a
supplemental way to evaluate the Company’s performance because the
adjustments are unusual, non-operating, unpredictable,
non-recurring or non-cash in nature.
- Adjusted net income (loss) attributable
to noncontrolling interest: Adjusted net income attributable to
noncontrolling interest excludes the non-controlling interest
portion of acquisition-related intangibles amortization. Management
believes that this non-GAAP financial measure is useful to
investors because it facilitates the calculation of adjusted net
income attributable to ABC.
- Adjusted net income attributable to
ABC: Adjusted net income attributable to ABC is a non-GAAP
financial measure that excludes the same items that are described
above. Management believes that this non-GAAP financial measure is
useful to investors as a supplemental way to evaluate the Company's
performance because the adjustments are unusual, non-operating,
unpredictable, non-recurring or non-cash in nature.
- Adjusted diluted earnings per share:
Adjusted diluted earnings per share excludes the per share impact
of adjustments including gain from antitrust litigation
settlements; LIFO expense (credit); PharMEDium remediation costs;
costs (credit) related to the New York State Opioid Stewardship
Act; acquisition-related intangibles amortization; employee
severance, litigation, and other; gain on sale of an equity
investment; impairment of long-lived assets; the loss on
consolidation of equity investments; the impairment on non-customer
note receivable; and the loss on early retirement of debt; in each
case net of the tax effect calculated using the applicable
effective tax rate for those items. In addition, the per share
impact of Tax Reform is excluded from adjusted diluted earnings per
share. Management believes that this non-GAAP financial measure is
useful to investors because it eliminates the per share impact of
the items that are outside the control of the Company or that we
consider to not be indicative of our ongoing operating performance
due to their inherent unusual, non-operating, unpredictable,
non-recurring, or non-cash nature.
In addition, the Company has provided non-GAAP fiscal year 2019
guidance for diluted earnings per share, operating expense,
operating income, and effective income tax rate that excludes the
same or similar items as those that are excluded from the
historical non-GAAP financial measures, as well as significant
items that are outside the control of the Company or inherently
unusual, non-operating, unpredictable, non-recurring or non-cash in
nature. In addition, it has provided fiscal year 2019 adjusted free
cash flow guidance. For fiscal year 2019, we have defined the
non-GAAP financial measure of adjusted free cash flow as net cash
provided by operating activities, excluding other significant
unpredictable or non-recurring cash payments or receipts relating
to legal settlements, minus capital expenditures. The Company does
not provide forward looking guidance on a GAAP basis for such
metrics because certain financial information, the probable
significance of which cannot be determined, is not available and
cannot be reasonably estimated. For example, LIFO expense (credit)
is largely dependent upon the future inflation or deflation of
brand and generic pharmaceuticals, which is out of the Company’s
control, and acquisition-related intangibles amortization depends
on the timing and amount of future acquisitions, which cannot be
reasonably estimated. Similarly, the timing and amount of
litigation settlements is unpredictable and non-recurring.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190502005204/en/
Bennett S. MurphyVice President, Investor
Relations610-727-3693bmurphy@amerisourcebergen.com
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