Cencora, Inc. · NYSE:COR
Cencora — AmerisourceBergen — Q4 FY2022 Earnings Presentation
21 slides from Cencora's earnings presentation, Nov 3, 2022
Slide 1: Q4 FY2022 Financial Results
Q4 FY2022 Financial Results November 3, 2022
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements Certain of the statements contained in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securit
Slide 3: AmerisourceBergen is united in our responsibility to create healthier futures
AmerisourceBergen is united in our responsibility to create healthier futures. AmerisourceBergen creates unparalleled access, efficiency, and reliability for human and animal health as a leading provider of pharmaceutical distribution services and differentiated value-added solutions for upstream an
Slide 4: Overview
Overview Recent highlights Global healthcare Fiscal 2023 guidance leader • Growth driven by strong • Foundation of leadership • Guidance aligns with prior execution and business in pharmaceutical commentary provided at strength distribution June 2022 investor day • Leadership in specialty, • Complem
Slide 5: Q4 FY2022 financial results
Q4 FY2022 financial results Consolidated results GAAP Adjusted (non-GAAP)1 Revenue $61.2B $61.2B % Change (Year-over-Year) 3.8% 3.8% Gross profit $2.0B $2.1B % Change (4.1)% 4.8% Operating expenses $1.5B $1.4B % Change 1.6% 3.8% Operating income $455M $741M % Change (19.1)% 6.8% Interest expense, ne
Slide 6: FY2022 financial results
FY2022 financial results Consolidated results GAAP Adjusted (non-GAAP)1 Revenue $238.6B $238.6B % Change (Year-over-Year) 11.5% 11.5% Gross profit $8.3B $8.4B % Change 19.5% 27.9% Operating expenses $5.9B $5.2B % Change 29.2% 33.5% Operating income $2.4B $3.2B % Change 0.5% 19.5% Interest expense, n
Slide 7: Q4 FY2022 financial results: U.S. Healthcare Solutions segment
Q4 FY2022 financial results U.S. Healthcare Solutions segment Q4 FY2022 Q4 FY2021 YoY Change Revenue $54.8B $52.3B 4.7% Operating income $578M $507M 14.0% Percentages of revenue Gross profit 2.53% 2.38% Operating expenses 1.47% 1.41% Operating income 1.06% 0.97% ▪ U.S. Healthcare Solutions consists
Slide 8: Q4 FY2022 financial results: International Healthcare Solutions segment
Q4 FY2022 financial results International Healthcare Solutions segment Q4 FY2022 Q4 FY2021 YoY Change Revenue, as reported $6.4B $6.6B (2.7)% Negative impact of currency fluctuation $1.4B Revenue, constant currency1 $7.8B 18% Operating income, as reported $163M $187M (12.6)% Negative impact of curre
Slide 9: FY 2023 guidance
FY 2023 guidance Consolidated As reported Constant As reported Constant currency1 excluding COVID- currency1 19 contributions excluding COVID Revenue 5% to 7% 6% to 8% Adjusted operating income1 0% to 3% 3% to 6% 3% to 5% 6% to 8% Adjusted effective tax rate1 ~20% to 21% Diluted weighted average ~20
Slide 10: FY 2023 guidance: Segment level
FY 2023 guidance Segment level U.S. Healthcare Solutions As reported Excluding COVID- 19 contributions Revenue 6% to 8% Adjusted operating income1 2% to 4% 5% to 7% International As reported Constant As reported Constant As Healthcare Solutions currency1 excluding currency1 reported COVID-191 exclud
Slide 11: Creating differentiated value for our stakeholders
Creating differentiated value for our stakeholders Our long-term, sustainable growth is supported by investments in our people and culture and commitment to ESG Why we exist Our 5 Strategic Imperatives We are united in our responsibility to create healthier futures Advance core business Enhance capa
Slide 12: Advancing environmental, social, and governance initiatives to create healthier futures around the world
Advancing environmental, social, and governance initiatives to create healthier futures around the world ENVIRONMENTAL SOCIAL Adapting to a changing climate Investing in our people and communities • Reduced greenhouse gas emissions by 4.6% • Long-term diversity, equity, and inclusion strategy in fis
Slide 13: Appendix
Appendix
Slide 14: Non-GAAP reconciliation
1. Includes tax expense relating to Swiss tax reform and a loss on the currency remeasurement of the related deferred tax assets, the latter of which is recorded within Other Loss (Income), Net. 14 Note: For more information related to non-GAAP financial measures, refer to the section titled “Supple
Slide 15: Non-GAAP reconciliation
1. Includes tax expense relating to Swiss tax reform and a loss on the currency remeasurement of the related deferred tax assets, the latter of which is recorded within Other Loss (Income), Net. 2. The sum of the components does not equal the total due to rounding. 15 Note: For more information rela
Slide 16: Non-GAAP reconciliation
1. Includes tax expense relating to Swiss tax reform and a loss on the currency remeasurement of the related deferred tax assets, the latter of which is recorded within Other Income, Net. 16 2. The sum of the components does not equal the total due to rounding. Note: For more information related to
Slide 17: Non-GAAP reconciliation
1. Represents an adjustment of discrete tax benefits primarily attributable to the income tax deductions resulting from the permanent shutdown of the PharMEDium business. 2. Includes $127.6 million of expense relating to UK tax reform, $73.8 million of expense relating to Swiss tax reform, and a $3.
Slide 18: Supplemental Information Regarding Non-GAAP Financial Measures
Supplemental Information Regarding Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in
Slide 19: Supplemental Information Regarding Non-GAAP Financial Measures (Cont.)
Supplemental Information Regarding Non-GAAP Financial Measures (Cont.) • Adjusted income before income taxes: Adjusted income before income taxes is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted operating income. In addition, the gain o
Slide 20: Supplemental Information Regarding Non-GAAP Financial Measures (Cont.)
Supplemental Information Regarding Non-GAAP Financial Measures (Cont.) • Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gains from antitrust litigation settlements; Turkey highly inflationary impact; LIFO expense/credit
Slide 21: Contact
Contact Bennett S. Murphy Senior Vice President Investor Relations bmurphy@amerisourcebergen.com