Walgreens distribution deal helps lift AmerisourceBergen quarterly revenue by 38.5%

VALLEY FORGE, Pa. — Due in part to the new Walgreens pharmaceutical business, AmerisourceBergen on Thursday reported revenue of $29.2 billion, up 38.5%, for its fiscal year 2014 first quarter ended Dec. 31.

“In our December quarter, we delivered solid results as we onboarded substantial new business,” Steven Collis, AmerisourceBergen president and CEO, said. “We performed well operationally, made meaningful progress through a significant working capital transition, and positioned ourselves well to meet our objectives for the fiscal year.”

The 38.5% lift in revenue reflects a 46% increase in AmerisourceBergen Drug Corp. revenue and an 8% increase in AmerisourceBergen Specialty Group revenue.

In the first fiscal quarter of 2014, Pharmaceutical Distribution revenues were $28.6 billion, an increase of 39% compared to the same quarter in the prior year. ABDC revenues increased 46%, due primarily to the onboarding of the new Walgreens branded pharmaceuticals business and increased sales to a large PBM customer, as well as other large customers. 

The ABSG revenue increase of 8% was driven by strong performance in blood products, vaccine and physician office distribution businesses.