AmerisourceBergen announces 3.5 percent revenue increase for Q1 2008

VALLEY FORGE, Pa. AmerisourceBergen recently released its fiscal year 2008 first quarter report, which ended on Dec. 31. The company’s operating revenue increased 3.5 percent to $16.2 billion.

The company also announced plans to sell its workers’ compensation business, PMSI, due to poor performance and to focus more on its pharmaceutical distribution and related services businesses.

“In the December quarter, we delivered solid performance in our core businesses in a quarter that was a tough comparison with last year, and we look forward to stronger performance for the remainder of the 2008 fiscal year,” said R. David Yost, AmerisourceBergen’s president and chief executive officer. “With a seasonally strong March quarter ahead, our increased sales momentum over the remainder of the fiscal year and the ongoing benefit from our share repurchase program, we continue to expect fiscal year 2008 diluted earnings per share to be 13 percent to 20 percent ahead of last year, excluding PharMerica Long-Term Care and special items in fiscal 2007. Our balance sheet continues to be strong and our financial flexibility remains significant.”