CHESTERBROOK, Pa. (AP) — After landing some major partnerships, the drug distributor AmerisourceBergen reported that its revenue spiked 39 percent and shares hit an all-time high.
The Chesterbrook company reported a loss of $12.8 million, or 6 cents per share, as its sales costs climbed nearly 40 percent. Removing one-time costs, however, including paying off debt, per-share earnings were $1.01. That's much better than the 92 cents that analysts were looking for, according to a poll by Zacks Investment Research.
Profit during the same period last year was $168.4 million, or 71 cents per share.
In March 2013, Walgreens announced it was taking an ownership stake in AmerisourceBergen and extending its contract through a 10-year deal. Under that arrangement, AmerisourceBergen replaced Cardinal Health in supplying Walgreens with pharmaceuticals.
It also cut a deal with Europe's Alliance Boots GmbH.
Revenue climbed to $30.35 billion from $21.91 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $29.21 billion, according to Zacks.
In midday trading on Thursday, shares of AmerisourceBergen Corp. rose $1.67 to $75.74 after setting a new company record at $79.13.