Cencora, Inc. · NYSE:COR
Cencora — AmerisourceBergen — Investor Day (December 2013)
91 slides from Cencora's investor day presentation, Dec 12, 2013
Slide 1: AmerisourceBergen Investor Day, December 12, 2013
AmerisourceBergen Investor Day, December 12, 2013
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 and Section 21E of the Securities Exchange Act of 1934. Words such as "expect," "likely," "ou
Slide 3: President and Chief Executive Officer
President and Chief Executive Officer
Slide 4: Agenda
Agenda 19 Steve Collis WELCOME & Years President and Chief Executive Officer INTRODUCTION 31 Dave Neu Years President, AmerisourceBergen Drug Corporation 6 James Frary GLOBAL SOURCING Years President, AmerisourceBergen Specialty Group & DISTRIBUTION 22 Peyton Howell Years President, Global Sourcing
Slide 5: Improving US Market
Delivering Growth Improving US Market Pharmaceutical Sales Trends in 2014 $ millions 380 12.0% and Beyond 370 10.0% + demographics 360 8.0% + expansion of coverage 350 + new brand drug launches 340 6.0% + better generic launches 330 4.0% + strong pricing environment 320 – increased focus on value 2.
Slide 6: Even Greater Opportunities Globally
Delivering Growth Even Greater Opportunities Globally Global Spending Global Spending on Medicines on Specialty 2017 2017 $1.2 Trillion $235 Billion +24% +38% 2012 2012 $965 Billion $171 Billion 6
Slide 7: Well Positioned to Seize Global Opportunities
Delivering Growth Well Positioned to Seize Global Opportunities Global Sourcing and Distribution Services Pharmacy Provider Manufacturer Solutions Solutions Solutions > Drive greater > Drive practice > Maximize product operational efficiency, efficiency, financial success at every cost control, grow
Slide 8: Fiscal 2013 – A Transformational Year for ABC
Delivering Growth Fiscal 2013 – A Transformational Year for ABC > Solid financial performance > Streamlined our business through divestitures > Invested in core business to support growth > Deployed capital to enhance returns to shareholders > Signed a ground breaking deal with Walgreens and Allianc
Slide 9: Strategic Relationship with Walgreens and Alliance Boots
Strategic Relationship with Walgreens and Alliance Boots Affirmed & Enhanced the Role of the Wholesaler > Wholesalers can provide full service to a national chain > Unmatched efficiency in logistics, inventory, and financial risk management > Expertise strengthens supply chain security and integrity
Slide 10: Strategic Relationship with Walgreens and Alliance Boots
Strategic Relationship with Walgreens and Alliance Boots Best Partners and Greatest Reach > 10 Year Distribution Contract With Walgreens > Global Sourcing Contribution > Platform Leverage, Domestic & International > Interests Aligned Through Equity Position STRENGTHENS NEARLY EVERY ASPECT OF OUR BUS
Slide 11: How Will We Continue to Drive Performance?
Delivering Growth How Will We Continue to Drive Performance? Knowledge, Reach and Partnership > Unsurpassed expertise in pharmaceutical distribution, commercialization, and consulting > Global reach in sourcing, distribution, and manufacturer services > Innovative collaboration with manufacturers an
Slide 12: Priorities for Fiscal 2014
Delivering Growth Priorities for Fiscal 2014 Strengthen and Expand Our Core Business Walgreens & Expand Specialty and > Drive solutions through cross Service Offerings in Alliance Boots company collaboration US & Internationally Strategic Relationship > Enhance independent retail > Leverage World Co
Slide 13: Long Term Objectives
Delivering Growth Long Term Objectives > Grow revenue with the market > Grow adjusted EPS in the mid teens > Earn a ROIC that exceeds WACC > Generate free cash flow that exceeds net income > Return a minimum of 30% of free cash flow to shareholders DISCIPLINED FINANCIAL STEWARDSHIP 13
Slide 14: AmerisourceBergen: Where knowledge, reach and partnership shape healthcare delivery
____AmerisourceBergen. Where knowledge, reach and partnership shape healthcare delivery. AmerisourceBergen: ere knowledge, reach and partnership shape healthcare delivery.
Slide 15: Senior Vice President and President, AmerisourceBergen Drug Corporation
Senior Vice President and President, AmerisourceBergen Drug Corporation
Slide 16: AmerisourceBergen Drug Corporation
Delivering Growth AmerisourceBergen Drug Corporation > FY2013 revenues of $68 billion > 25 distribution centers in North America > Prime vendor contracts with expanding customer base > Broad manufacturer relationships – Branded Rx – Generic Rx – Biotech and specialty medicines – Over-the-counter (OT
Slide 17: Extensive Supply Chain Services
Delivering Growth Extensive Supply Chain Services Retail Brand Rx Global Sourcing and Hospitals Distribution Services Market and Patient Clinics Generic Rx Access PBM/Mail Financial Management LT Care Information & Data HBA/OTC Management Other Dispensers 17
Slide 18: Pharmacy Solutions
Delivering Growth Pharmacy Solutions Generic Pharmacy Business Technology Provider Purchasing Network and Consulting Solutions Packaging Programs Programs Services > Process & Solutions > PRxO® Generics > Good Neighbor > Inventory & Workflow > Unit-Dose & > Scale Pharmacy Cash Flow Automation Multi-
Slide 19: FY2013 Accomplishments
Delivering Growth FY2013 Accomplishments > ABDC revenues up 14% > Completed SAP implementation > Performed well with few new generic launches > Awarded 10 Year contract to supply brands and generics to Walgreens 19
Slide 20: Walgreens Contract Implementation
Delivering Growth Walgreens Contract Implementation Brand Volume Generic Volume Pilot August – December 2013 > Transition over January - TBD 2014 > Gradual transition > Enhance network May-August Labor Day automation & scale 2013 > Serve all stores > Last stage of hiring > System testing on Day
Slide 21: Walgreens Contract Implementation
Delivering Growth Walgreens Contract Implementation Key Operating Metrics To Date Staffing > 550+ Positions filled Customer Care > Calls answered within 24 seconds > 100% of all customers within 60 minutes On Time Deliveries of expected time Service Level > Strong performance over 99.5% 21
Slide 22: New Business Drives New Opportunities
Delivering Growth New Business Drives New Opportunities Expand and Optimize Current Facilities 22
Slide 23: Investing in Infrastructure
Delivering Growth Investing in Infrastructure Replace & Expand Build National Enable Orlando DC Distribution Center Track and Trace > Support growing > Expansion of > Utilize SAP market existing facility capabilities > Increase facility size > Single ship to point > Single, integrated by 60% for man
Slide 24: Investing in Programs & Solutions
Delivering Growth Investing in Programs & Solutions Community Health Systems Customer Value Pharmacy Quality Care Solutions Proposition Enhance GNP Market Growth Specialty Solutions > Reduce costs and improve profitability Capture Uninsured Cost Control Solutions Volume > Increase patient acquisitio
Slide 25: Community Pharmacy
Delivering Growth Community Pharmacy 3rd Party Contracting Advertising Pharmacy Building a Ownership & Public Relations Stronger Network To help our members compete in today’s changing Patient Business Care pharmacy environment, Operations Services Good Neighbor Pharmacy provides tools, resources an
Slide 26: Good Neighbor Pharmacy ranks Highest in Customer Satisfaction
Good Neighbor Pharmacy ranks “Highest in Customer Satisfaction with Chain Drug Store Pharmacies” according to J.D. Power. 26
Slide 27: Leading Position in Health Systems
Delivering Growth Leading Position in Health Systems > Leading market share in Hospitals > Leader in oral solid hospital unit dose packaging – Robust product introduction cycle – Barcode ready-to-dispense Solutions > Growth through tailored Customer Solutions and Innovation – Ambulatory and Transiti
Slide 28: Health Systems Value Proposition
Delivering Growth Health Systems Value Proposition Quality Care Market Growth Cost Control Solutions Solutions Solutions > Medication process > Employee pharmacy > Performance services assessment > Medication policy > Employer pharmacy > Inventory > Medication tracking management services > Coordina
Slide 29: Expanding Opportunities in Generics & Specialty
Delivering Growth Expanding Opportunities in Generics & Specialty Generics Specialty > Good organic growth > Fastest growing market > Global sourcing and scale > Significant customer interest benefits across multiple channels > Still room to improve compliance > Unparalleled expertise > Multi-channe
Slide 30: Outlook for FY2014 and Beyond
Delivering Growth Outlook for FY2014 and Beyond > Organic market growth improving > ABDC operating earnings increasing > Cash generation improves in late fiscal 2014 > Investing for future growth > Driving future value for our customers and suppliers THE RIGHT PARTNERS IN THE RIGHT MARKETS DRIVE GRO
Slide 31: Senior Vice President and President, AmerisourceBergen Specialty Group
Senior Vice President and President, AmerisourceBergen Specialty Group
Slide 32: AmerisourceBergen Specialty Group
Delivering Growth AmerisourceBergen Specialty Group CENTRAL AND VITAL ROLE IN THE SPECIALTY MARKET > Market leader in specialty pharmaceutical distribution of oncology products, blood plasma products and biotech injectibles > Provider of technologies and specialty pharmacy services that help physici
Slide 33: AmerisourceBergen Specialty Group: Number One Share
Delivering Growth AmerisourceBergen Specialty Group 20TH ANNIVERSARY 20th Annive rsary NUMBER ONE SHARE IN MOST PHYSICIAN SPECIALTIES AND DIALYSIS NUMBER ONE DISTRIBUTOR OF BLOOD DERIVATIVES AND OTHER SPECIALTY PRODUCTS COMPREHENSIVE PORTFOLIO OF SERVICES FOR PRODUCT AND MARKET ACCESS GLOBAL LEADER
Slide 34: Specialty Market Growth
Delivering Growth Specialty Market Growth > ‖Specialty‖ definition varies, including many attributes (site of care, cost, special handling, disease state, etc.) – 24% of total Rx is described or defined as specialty – 90% of all specialty drugs are handled by distributors > Specialty is the fastest
Slide 35: Specialty Market Trends
Delivering Growth Specialty Market Trends > Need for manufacturers to demonstrate greater product value and differentiation > Need for specialty services to support patient access > Emerging categories of specialty products (including future biosimilars) > Pressure on stakeholders, in particular rei
Slide 36: Opportunities for Specialty Practices
Delivering Growth Opportunities for Specialty Practices > Value of Community Practices increasingly recognized Insurance Exchanges – Cost for payers – Patient experience Bundled Payments – Patient outcomes > Practices are well positioned to Value Modifiers deliver additional value – Reduce E.R. and
Slide 37: Provider Solutions
Delivering Growth Provider Solutions Specialty Business Clinical, Clinical & Physician GPO’s Consulting Operations and Operational > Largest collection Services Financial Education of specialty > Capture and Improvement Programs physician networks analyze data Solutions > Education in in the country
Slide 38: AmerisourceBergen Specialty Group
Delivering Growth AmerisourceBergen Specialty Group 38
Slide 39: Oncology Supply and ION Solutions
Delivering Growth Oncology Supply and ION Solutions UNDISPUTED LEADERS IN COMMUNITY ONCOLOGY > Largest network of community oncologists in America > Most extensive and successful physician-led contracting > Service leadership for overnight distribution for chemotherapy and supportive care products >
Slide 40: Besse Medical
Delivering Growth Besse Medical UNMATCHED EXPERTISE SERVING DIVERSE SPECIALTIES > Largest physician distributor of vaccines, biological and injectable pharmaceuticals – 35,000+ active customers – Sole practitioners, large group practices, IDN’s > Leading authorized distributor to GPO affiliated prac
Slide 41: ASD Healthcare
Delivering Growth ASD Healthcare MARKET LEADERS IN PLASMA AND DIALYSIS > Largest distributor of blood plasma products, nephrology products and flu vaccine – #1 market share in blood products – 24/7/365 service and order fulfillment – Best in class customer service (TARP) > Leader of innovative speci
Slide 42: ICS
Delivering Growth ICS LEADER IN OUTSOURCED SPECIALTY PHARMACEUTICAL LOGISTICS. > Shipping $12+ billion in product value (3PL and Title) annually – Managing 900 million transactions annually with wholesalers, distributors, pharmacies, patients and providers > Distribution services manages over 8,000
Slide 43: World Courier
Delivering Growth World Courier NUMBER ONE IN GLOBAL CLINICAL TRIAL LOGISTICS > Specialty provider of transportation, storage and distribution services for multinational biopharmaceutical clinical trials – Biopharmaceutical clinical trials – Investigational drug storage and distribution > Operating
Slide 44: Lash Group & Premier Source
Delivering Growth Lash Group & Premier Source DEDICATED TO PATIENT ACCESS > For more than 20 years we’ve ensured patients receive the best possible care, while strengthening product performance at every stage of the life cycle – Supporting 100+ patient access programs and 17 of the top 20 pharma com
Slide 45: Xcenda
Delivering Growth Xcenda PROVING PRODUCT VALUE AND MAXIMIZING ACCESS > Recognized for two decades as a premier provider of commercialization consulting services > Access to a broad, yet strategically connected, array of expertise to help manufacturers navigate the dynamic global healthcare landscape
Slide 46: Expertise across Pharmaceutical Life Cycle
Delivering Growth Expertise across Pharmaceutical Life Cycle 46
Slide 47: Unsurpassed Global Reach
Delivering Growth Unsurpassed Global Reach UNSURPASSED SPECIALTY LOGISTICS NETWORK North American Distribution Centers (29 Total) Investigational Drug Storage Depot (13 Total) Office Locations (150+ Total) 47
Slide 48: Trusted Partnerships
Delivering Growth Trusted Partnerships Value Delivered Value Delivered to to Providers Manufacturers > Absolute dependability > Single-source partner for services – Long track record for service and throughout the product life cycle—from product leadership clinical trial logistics to reimbursement s
Slide 49: AmerisourceBergen: Where knowledge, reach and partnership shape healthcare delivery
____AmerisourceBergen. Where knowledge, reach and partnership shape healthcare delivery. AmerisourceBergen: ere knowledge, reach and partnership shape healthcare delivery.
Slide 50: Senior Vice President and President, Global Sourcing and Manufacturer Relationships
Senior Vice President and President, Global Sourcing and Manufacturer Relationships
Slide 51: Manufacturer Solutions and Global Sourcing
Delivering Growth Manufacturer Solutions and Global Sourcing New Global Sourcing Strategy > Improve market access and patient access > 3 key trends related to global market access Expand Manufacturer Solutions for Brand and Specialty Products > New, more integrated approach to manufacturers > Unique
Slide 52: New Global Sourcing Strategy
Delivering Growth New Global Sourcing Strategy Consultative Coordinated Focused on approach to across unique long-term global manufacturer breadth and growth to relations depth of support patient focused on capabilities access to care shared value 52
Slide 53: What is Market Access? Patient Access?
What is Market Access? Patient Access? Market Access – Access to markets is as significant a hurdle to product uptake as registration itself Patient Access – Quickly evolving as a preferred term and particularly appropriate for specialty care needs. Opportunity for “patient access” to serve as a gui
Slide 54: Why Global Matters?
Why Global Matters? Today Over next 10 years: > The US is the key > Greatest growth market for specialty for specialty will products. be outside of the United States > Outside of the US, specialty products > US payment models have had limited for specialty care will patient access. evolve 54
Slide 55: Why Are Global Markets Positioned to Grow in Specialty More Than the US?
Why Are Global Markets Positioned to Grow in Specialty More Than the US? Emerging Markets – Especially Brazil and China as two of the four “BRIC” (Brazil, Russia, India, China) countries. > Growth of middle class > Expansion of private health insurance Specialty will be a growth market even within m
Slide 56: 3 key trends related to new focus on global market access
1 2 3 3 key trends related to new focus on global market access
Slide 57: New Opportunities for Partnership
Delivering Growth New Opportunities for Partnership > Global market access is creating opportunities 1 for new types of relationships and partnerships > Opportunity to share experience, technology and best practices related to specialty products and specialty pharmacy > Opportunity to build efficien
Slide 58: Key Benefits of a Global Partnership
Delivering Growth Key Benefits of a Global Partnership Global Supply Chain Efficiencies Informed and Improved coordinated Market global Access launches Patient support, Customer education insights and and specialty innovation models 58
Slide 59: New Relationships to Drive Value
Delivering Growth New Relationships to Drive Value > ―Thinking Global‖ also means thinking in 2 new ways within local markets > New types of partnerships focused on driving value > Align on outcomes and drive for efficiency > CMS Pilot Program are focused on new types of partnerships – Example ACO m
Slide 60: Example: New Relationships to Drive Value
Delivering Growth Example: New Relationships to Drive Value Payment models that will drive partnerships Community based on outcomes, efficiency and value. Pharmacy Specialty Care Hospitals ACO and Physicians Home Care Skilled Opportunity for providers that can impact Nursing Care patient adherence t
Slide 61: Expansion of Patient Focused Services
Delivering Growth Expansion of Patient Focused Services > New Global Focus on Patient Focused Services 3 > Reimbursement Support Services > Care coordination support (Discharge, Across Sites of Care) > Patient Assistance Programs > Adherence programs and Nurse care lines > Patient education and enga
Slide 62: Do Patient Focused Services Exist Outside of the United States?
Do Patient Focused Services Exist Outside of the United States? Manufacturer patient access Our Experience programs in Canada typically in Canada have higher utilization than US > Innomar – Largest patient > Reimbursement/Prior services and specialty Authorization manufacturer provider in Canada > S
Slide 63: AmerisourceBergen has a Unique Breadth and Depth of Manufacturer Solutions
Delivering Growth AmerisourceBergen has a Unique Breadth and Depth of Manufacturer Solutions > Global sourcing and distribution > Strategic consulting services > Global specialty logistics > Market leading specialty physician GPOs > Patient support services > Product awareness and marketing services
Slide 64: Growth and Development of the Global Generics Market
Growth and Development of the Global Generics Market
Slide 65: Global Generics Market
Global Generics Market Transforming and Poised for Significant Growth New Generic Launches in Shortages Tremendous Opportunities 2014 remain but value in an with biosimilars Vidaza® have not era of cost on the horizon Nexium® accelerated consciousness Cymbalta® INCREASING DEMAND ACROSS ENTIRE HEALTH
Slide 66: Generic Drug Prices and Changing Market Conditions
Generic Drug Prices and Changing Market Conditions Record Level of Generic Price Appreciation in FY2013 > Any supply issues Conditions that > 4 or less market participants > Generic price have dropped very low create generic price (30% or less of brand price) appreciation > Price increase primarily
Slide 67: Generic Drug Price Increases are on a Relatively Few Number of Products
Generic Drug Price Increases are on a Relatively Few Number of Products Significant Number of Generic Price Increases in Last 6 Months However, > Less than 20% of our top 250 generic SKUs had any price increase in Fiscal 2013 > Vast majority either saw no increase or had a decline in price LARGE PRI
Slide 68: Value Proposition of Global Generics Purchasing
Delivering Growth Value Proposition of Global Generics Purchasing > Improved manufacturer access to global markets > Single GPO negotiating on behalf of aggregated demand from Walgreens, Alliance Boots, and AmerisourceBergen > Increased scale provides improved coordination, fewer orders, and smaller
Slide 69: Global Generics Sourcing Negotiations Underway
Delivering Growth Global Generics Sourcing Negotiations Underway > Working collaboratively with generic manufacturing partners to provide ―win-win‖ solutions and a platform for shared global growth > Significant progress to support implementation: – Demonstrating value through scale and volume – On
Slide 70: Global Sourcing Summary
Delivering Growth Global Sourcing Summary > Our new approach to manufacturers has been well received by both generic and brand manufacturers – Consultative – Focused on bringing new opportunities for shared value – Positioned for growth > Delighted by our progress working with Walgreens and Alliance
Slide 71: Knowledge, Reach, Partnership
Delivering Growth Knowledge: Reach: Partnership: Unsurpassed sourcing, Market leadership An innovative distribution, positions that drive philosophy driven by a commercialization supply chain efficiency commitment to help our and health policy and improve product partners capitalize on expertise in
Slide 72: Senior Vice President and Chief Financial Officer
Senior Vice President and Chief Financial Officer
Slide 73: Financial Model
Delivering Growth Financial Model Increase Grow Core Generate Cash Deploy Operating Revenues Flow Capital Earnings > Focus on the > Capitalize on > Manage > Invest in key right markets benefits of working capital internal > Choose the scale > Drive ROIC projects best partners > Exercise > Pursue pru
Slide 74: Historical Financial Results
Delivering Growth Historical Financial Results Adjusted Operating Income / Diluted EPS Presented on a consistent basis with 10/31/13 Fiscal Year 2014 Guidance and excludes: > anti-trust settlements > LIFO > special charges > deal intangible amortization > Warrant impact Continuing Operations > Exclu
Slide 75: Revenues
Delivering Growth Revenues $88.0 $78.7 $78.1 $76.5 Billions $70.5 $68.6 2008 2009 2010 2011 2012 2013 75
Slide 76: Adjusted EBIT
Delivering Growth Adjusted EBIT $1,352 $1,256 $1,290 $1,102 $905 Millions $831 2008 2009 2010 2011 2012 2013 76
Slide 77: Adjusted Diluted EPS
Delivering Growth Adjusted Diluted EPS $3.21 $3.08 $2.67 $2.21 $1.74 $1.48 2008 2009 2010 2011 2012 2013 77
Slide 78: Cash Generation
Delivering Growth Cash Generation $1.4 $1.2 $1.0 Working $0.8 Billions Capital Impact $0.6 $0.4 $0.2 $0.0 2008 2009 2010 2011 2012 2013 Adjusted Net Income Free Cash Flow 78
Slide 79: Excess Cash Returned to Shareholders
Delivering Growth Excess Cash Returned to Shareholders $1.4 $1.2 $1.0 $0.8 Billions $0.6 $0.4 $0.2 $0.0 2008 2009 2010 2011 2012 2013 Repurchases Dividends 79
Slide 80: 5 Year Total Shareholder Return
Delivering Growth 5 Year Total Shareholder Return 450% 403% 400% 350% 300% 221% 250% 200% 152% 150% 100% 50% 0% Peer Group* S&P 500 ABC Equity Performance Dividend Return *Peer Group includes MCK, CAH, HSIC, OCR, PDCO, OMI TSR includes equity and dividend returns over the five year period and assume
Slide 81: Fiscal Year 2014 Targets
Delivering Growth Fiscal Year 2014 Targets Adjusted Diluted EPS in the range of $3.60 to $3.73, up 12% to 16% Revenue > Growth in 28% to 31% range > Dollar growth in the 12% to 16% range, Operating Income margin decline in the high teens > In the range of $500 to $700M including Free Cash Flow CapEx
Slide 82: Diverse Mix of Revenues
Delivering Growth Diverse Mix of Revenues* Alternate Site Retail Manufacturer Services Specialty Health Systems *Estimated FY2014 Revenues 82
Slide 83: Fiscal Year 2014 Adjusted EBIT Expectation
Delivering Growth Fiscal Year 2014 Adjusted EBIT Expectation $1,600 $1,290 $1,000 FY2013 FY2014E 83
Slide 84: Fiscal Year 2014 Targets
Delivering Growth Fiscal Year 2014 Targets Business Revenue Operating Margin % of Revenue Unit Growth Range ABDC 81% - 82% 35% - 37% 1.03% - 1.10% > Onboarding lower margin Walgreens business > Significant EBIT dollar growth ABSG 16% - 17% 7% - 10% 1.55% - 1.65% > Oncology Supply flat > Lower margin
Slide 85: Fiscal Year 2014 Dynamics
Delivering Growth Fiscal Year 2014 Dynamics First Half Second Half > Impact of on-boarding Walgreens: > New GRx launches expected – Inefficient OPEX due to ramp > Walgreens GRx ramp – Working capital impact – Oct. > Procurement JV contribution later brand payables in year > Complete the Hedge > Op m
Slide 86: Looking Ahead
Delivering Growth Looking Ahead > Better organic growth > Improving generic opportunities > Increasing operational efficiency > Significant EBIT expansion > Disciplined capital deployment 86
Slide 87: Question & Answer
Question & Answer AmerisourceBergen: Where knowledge, reach and partnership shape healthcare delivery,
Slide 88: Knowledge, Reach, Partnership
Delivering Growth Knowledge: Reach: Partnership: Unsurpassed sourcing, Market leadership An innovative distribution, positions that drive partnership philosophy commercialization supply chain efficiency driven by a commitment and health policy and improve product to help you capitalize on expertise
Slide 89: Appendix
Appendix GAAP to Adjusted Operating Earnings and Earnings Per Share Reconciliations 89
Slide 90: Adjusted Operating Income
Adjusted Operating Income Fiscal Years Ended September 30, 2008 through September 30, 2013 ($ millions) FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 GAAP Operating Income $ 898 $ 1,304 $ 1,190 $ 1,087 $ 876 $ 791 Anti-Trust Litigation (23) (15) (2) (21) - (3) Warrants 90 - - - - - Deal Amortizati
Slide 91: Adjusted Diluted EPS from Continuing Operations
Adjusted Diluted EPS from Continuing Operations Fiscal Years Ended September 30, 2008 through September 30, 2013 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 EPS from Continuing Operations $ 2.10 $ 2.96 $ 2.51 $ 2.18 $ 1.68 $ 1.40 Anti-Trust Litigation (0.06) (0.04) - (0.04) - (0.01) Warrants 0.3