Stock Analysis on Net
Stock Analysis on Net

AmerisourceBergen Corp. (NYSE:ABC)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 2, 2023.

Common-Size Income Statement
Quarterly Data

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AmerisourceBergen Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016
Revenue
Cost of goods sold
Gross profit
Distribution, selling, and administrative
Depreciation
Amortization
Litigation and opioid-related (expenses) credit
Acquisition, integration, and restructuring expenses
Impairment of assets
Goodwill impairment
Operating expenses
Operating income (loss)
Other income (loss), net
Interest expense, net
Loss on consolidation of equity investments
Loss on early retirement of debt
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to AmerisourceBergen Corporation

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

Gross Profit Margin Trends
The gross profit as a percentage of revenue displayed moderate fluctuations throughout the periods analyzed. Starting at approximately 2.72% in late 2016, it experienced several minor declines and rebounds, reaching a low point near 2.39% in the third quarter of 2018. Subsequently, the margin generally trended upward, peaking at around 3.62% in the second quarter of 2023. This suggests some improvement in cost control or pricing strategies over time.
Cost of Goods Sold (COGS)
COGS consistently remained high, fluctuating just below 97% of revenue in most periods. The percentage ranged narrowly between approximately -97.61% and -96.38%, indicating stable cost structures relative to revenue. Slight improvements in COGS percentage were observed particularly after 2020, aligning with the increase in gross profit margins.
Operating Expenses and Their Components
Distribution, selling, and administrative expenses showed a gradual increase as a percentage of revenue, moving from roughly -1.36% in 2016 to a peak of about -2.08% in early to mid-2022, before a slight reduction toward the middle of 2023. Depreciation remained relatively stable around -0.15% to -0.16% of revenue. Amortization, however, showed more variability and a trend towards increasing percentages in the last two years, rising from around -0.05% to approximately -0.25% by mid-2023.
Special Expense Items
Litigation and opioid-related expenses were generally low but exhibited significant volatility, including an extraordinary spike of -13.49% in the third quarter of 2020. Apart from this anomaly, these expenses typically remained under -0.5%. Acquisition, integration, restructuring expenses were largely absent in earlier years but appeared intermittently starting from late 2021, generally under -0.25% of revenue. Impairment charges were sporadic and relatively minor, with goodwill impairment also limited and occasional, peaking slightly in late 2022.
Operating Income Behavior
Operating income fluctuated substantially, with positive values mostly ranging between 0.36% and 1.68% of revenue initially, but experienced a notable negative outlier in the third quarter of 2017 (-0.35%) and a sharp decline in the third quarter of 2020 (-12.41%). Following this significant drop, operating income quickly recovered and stabilized around 0.7% to 1.35% in recent periods, indicating resilience despite exceptional challenges.
Other Income (Loss) and Interest Expense
Other income (loss) figures remained marginal and close to zero throughout the timeframe, with no clear directional trend. Interest expense showed a slight downward trend from about -0.10% of revenue toward a slightly lower range around -0.07% to -0.09% in recent years, suggesting controlled or reduced financing costs relative to revenue.
Net Income Patterns
Net income as a percentage of revenue showed considerable variability. Early quarters reveal positive net income peaking around 2.13% at the end of 2017, but it fell sharply to a significant loss in the third quarter of 2020 (-9.84%), mirroring the operating income plunge. Recovery ensued thereafter, with net income stabilizing between 0.48% and 0.96% in the most recent periods. The net income attributable to the parent company closely tracked total net income, confirming that noncontrolling interests had minimal impact on net earnings.
Income Tax Effects
Income tax expenses fluctuated notably, including unusual positive tax benefit spikes (e.g., 1.24% in late 2017 and 2.64% in third quarter 2020). This contributed to occasional distortions in net income figures. Generally, tax expenses hovered between -0.5% and 0.2% of revenue, reflecting variable taxation impacts on pre-tax earnings.
Summary of Observations
The financial ratios reveal a company that operates with very tight gross margins, typical of a high-volume, low-margin business. Operating expenses have generally increased relative to revenue, predominantly driven by distribution, selling, and administrative expenses, as well as amortization. The extraordinary operating income and net income drops in the third quarter of 2020 are linked to significant litigation and opioid-related expenses, indicating a major one-time event that impacted profitability. Despite this, the company demonstrated a robust recovery and maintained stable profitability margins thereafter. Interest expenses were managed effectively, contributing to improved net income outcomes post-crisis.