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Drug distributor AmerisourceBergen Corporation's (NYSE:ABC) Q3 FY23 adjusted EPS reached $2.92, up 11.5% Y/Y, beating the consensus of $2.83.
Revenue of $66.5 billion increased by 11.5% Y/Y, beating the analyst consensus of $63.37 billion, reflecting a 12.2% increase in revenue within U.S. Healthcare Solutions and a 5.6% increase in revenue within International Healthcare Solutions.
U.S. Healthcare Solutions revenue reached $59.9 billion, primarily driven by increased sales of products labeled for diabetes and/or weight loss in the GLP-1 class, offset partly by a decrease in sales of COVID-19 treatments.
Adjusted gross profit was 3.33%, down 11 basis points, due to the decline in the U.S. Healthcare Solutions gross profit margin related to lower sales of COVID-19 treatments and increased sales of products labeled for diabetes and/or weight loss in the GLP-1 class, which have lower profit margins.
Adjusted operating income decreased 3 basis points to 1.23%.
AmerisourceBergen will change its name to Cencora Inc and begin trading under the ticker symbol "COR" on NYSE on August 30, 2023
FY23 Guidance: AmerisourceBergen forecasts FY23 adjusted EPS of $11.85-$11.95, up from the previous range of $11.70-$11.90 and the consensus of $11.86.
It anticipates revenue growth to be at least 8%, up from the previous range of 6%-8%, with U.S. Healthcare Solutions revenue growth of at least 9% (7%-8%) and International Healthcare Solutions revenue growth of 1%-4%, up from the previous range of a 3% decline to flat.
Action: ABC shares are up 0.40% at $189.85 on the last check Wednesday.
Posted In: ABC
