AmerisourceBergen stock falls after profit beats forecasts but revenue was a bit light

AmerisourceBergen stock falls after profit beats forecasts but revenue was a bit light
·1 min read

Shares of AmerisourceBergen Corp. fell 0.7% in premarket trading Wednesday, after the pharmaceuticals and health care products company reported a first-quarter profit that beat expectations but revenue that came up a bit light. Net income fell to $435.3 million, or $2.10 a share, from $960.3 million, or $4.64 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.53 from $2.40, to top the FactSet consensus of $2.48. Revenue increased 3.7% to $49.15 billion, below the FactSet consensus of $49.98 billion. Pharmaceutical distribution services revenue grew 3.4% to $47.1 billion, as specialty product sales, including COVID-19 treatments, increased, but missed expectations of $47.4 billion. Cost of goods sold rose 3.5% to $47.62 billion. For 2021, the company revised its adjusted EPS guidance range up to $8.45 to $8.60 from $8.40 to $8.60. The stock has rallied 28.7% year to date through Tuesday, while the S&P 500 gained 10.9%.