AmerisourceBergen Corporation reported that in its fiscal year 2016 first quarter ended December 31, 2015, adjusted diluted earnings per share increased 11.4 percent to $1.27.
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In the first quarter of fiscal 2016, revenue was $36.7 billion, up 9.3 percent compared to the same quarter in the previous fiscal year, reflecting a 7 percent increase in Pharmaceutical Distribution revenue, and a 127 percent increase in revenue within Other.
Gross profit in the fiscal 2016 first quarter was $1.1 billion, a 17.6 percent increase over the same period in the previous year, driven primarily by the addition of MWI, which was acquired in February 2015. Gross profit as a percentage of revenue increased 20 basis points to 2.87 percent from the prior year quarter.
In the first quarter of fiscal 2016, operating expenses were $579 million, up 25.6 percent over the same period in the last fiscal year. The increase in operating expenses in the quarter was primarily driven by the addition of MWI and additional costs to support the revenue growth of our businesses.
Operating expenses as a percentage of revenue in the fiscal 2016 first quarter were 1.58 percent compared with 1.37 percent for the same period in the previous fiscal year, driven by the higher expense profile of MWI.
In the fiscal 2016 first quarter, operating income of $475 million was up 9.1 percent versus the prior year, driven by the increase in gross profit, which was offset in part by the increase in operating expenses. Operating income as a percentage of revenue decreased 1 basis point to 1.29 percent in the fiscal 2016 first quarter compared to the previous year’s first quarter.
In the fiscal 2016 first quarter, interest expense of $29 million was up 88.9 percent versus the prior year quarter due to the increase in variable-rate borrowings to partially fund the acquisitions of MWI and PharMEDium.
The effective tax rate for the first quarter of fiscal 2016 was 34.6 percent, down from 37.9 percent in the previous fiscal year’s first quarter, reflecting the favorable impact of growth in our international businesses.
Diluted earnings per share were up 11.4 percent to $1.27 in the first quarter of fiscal year 2016 compared to $1.14 in the previous fiscal year’s first quarter, driven primarily by the increase in operating income and offset in part by the increase in interest expense.
Diluted weighted average shares outstanding for the first quarter of fiscal year 2016 were 229.9 million, a slight increase versus the prior year. ■