Aug. 4, 2021, 6:42 a.m. EDT

AmerisourceBergen's stock set to rally after profit and revenue beats, raised outlook

Shares of AmerisourceBergen Corp. (NYS:ABC) were indicated up nearly 2% in premarket trading Wednesday, after the drug and health care products delivery company reported fiscal third-quarter profit and revenue that beat expectations and raised its full-year outlook, amid increased sales of specialty product, including COVID-19 treatments. Net income for the quarter to June 30 was $292.1 million, or $1.40 a share, after $289.4 million, or $1.41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.16 beat the FactSet consensus of $2.04. Revenue rose 17.7% to $53.41 billion, above the FactSet consensus of $52.16 billion, as pharmaceutical distribution services sales increased 13.2% to $49.3 billion and other revenue grew 128.0% to $4.1 billion. For fiscal 2021, the company raised its adjusted EPS guidance range to $9.15 to $9.30 from $8.90 to $9.10. The stock has rallied 26.5% year to date, while the S&P 500 (S&P:SPX) has gained 17.8%.

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