Global pharmaceutical services provider AmerisourceBergen Corp. of Chesterbrook, Chester County’s lone Fortune 500 company, says it will likely meet or exceed its financial objectives for the full fiscal year.
In the fiscal year 2014 third quarter ended June 30, 2014, the company’s adjusted diluted earnings per share from continuing operations increased 29.5 percent to $1.01. Revenue increased 38.5 percent to $30.3 billion in the quarter. Diluted loss per share from continuing operations was $0.06 for the June quarter of fiscal 2014. The company now expects fiscal 2014 adjusted diluted EPS from continuing operations to be from $3.89 to $3.94
“We delivered very strong performance in our June quarter, driven by the onboarding of substantial new business, and excellent operational and financial results,” said Steven H. Collis, AmerisourceBergen president and chief executive officer. “In addition, we made important progress with our strategic objectives, and continued to make significant long-term investments in our business.”
Collis said the firm finalized its agreement to acquire a minority stake in Profarma Distribuidora de Produtos Farmacêuticos S.A., and launched the specialty joint venture in Brazil.
“We generated substantial free cash flow, continued to take steps to improve our balance sheet, and positioned ourselves well to meet or exceed our financial objectives for the full fiscal year,” Collis said.
Third quarter fiscal 2014 revenue was $30.3 billion, up 38.5 percent over the previous fiscal year. This reflects a 45 percent increase in AmerisourceBergen Drug Corporation revenue, and a 13 percent increase in AmerisourceBergen Specialty Group revenue.
Gross profit in the fiscal 2014 third quarter was $822.7 million, a 21.2 percent increase over the previous year. This uptick was due to strong overall revenue growth and generic sales. Gross profit decreased to 2.71 percent primarily due to the increase in lower margin brand business.
The full financial report here.
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Top image courtesy of philly.com
