Name: AmerisourceBergen Corp. (NYSE:ABC) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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AmerisourceBergen Corp., consolidated income statement

US$ in thousands

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Revenue	238,587,006)	213,988,843)	189,893,926)	179,589,121)	167,939,635)	153,143,826)
Cost of goods sold	(230,290,639)	(207,045,615)	(184,702,042)	(174,450,809)	(163,327,318)	(148,597,824)
Gross profit	8,296,367)	6,943,228)	5,191,884)	5,138,312)	4,612,317)	4,546,002)
Distribution, selling, and administrative	(4,848,962)	(3,594,251)	(2,767,217)	(2,663,508)	(2,460,301)	(2,128,730)
Depreciation	(386,595)	(326,824)	(280,187)	(294,965)	(283,971)	(237,100)
Amortization	(307,300)	(178,348)	(110,875)	(167,442)	(181,156)	(160,503)
Litigation and opioid-related expenses	(123,191)	(272,623)	(6,722,346)	(330,474)	(183,520)	(959,327)
Acquisition, integration, and restructuring expenses	(183,059)	(199,288)	(84,961)	—)	—)	—)
Goodwill impairment	(75,936)	(6,373)	—)	—)	(59,684)	—)
Impairment of assets	(4,946)	(11,324)	(361,652)	(570,000)	—)	—)
Operating expenses	(5,929,989)	(4,589,031)	(10,327,238)	(4,026,389)	(3,168,632)	(3,485,660)
Operating income (loss)	2,366,378)	2,354,197)	(5,135,354)	1,111,923)	1,443,685)	1,060,342)
Other income (loss), net	27,352)	41,736)	1,581)	12,952)	(25,469)	2,730)
Interest expense	(231,982)	(182,544)	(158,522)	(195,474)	(189,640)	(149,042)
Interest income	21,309)	8,470)	20,639)	37,705)	14,941)	3,857)
Interest expense, net	(210,673)	(174,074)	(137,883)	(157,769)	(174,699)	(145,185)
Loss on consolidation of equity investments	—)	—)	—)	—)	(42,328)	—)
Loss on early retirement of debt	—)	—)	(22,175)	—)	(23,766)	—)
Income (loss) before income taxes	2,183,057)	2,221,859)	(5,293,831)	967,106)	1,177,423)	917,887)
Income tax (expense) benefit	(516,517)	(677,251)	1,894,273)	(112,971)	438,469)	(553,403)
Net income (loss)	1,666,540)	1,544,608)	(3,399,558)	854,135)	1,615,892)	364,484)
Net (income) loss attributable to noncontrolling interests	32,280)	(4,676)	(9,158)	1,230)	42,513)	—)
Net income (loss) attributable to AmerisourceBergen Corporation	1,698,820)	1,539,932)	(3,408,716)	855,365)	1,658,405)	364,484)

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

Revenue exhibited a consistent upward trajectory over the six-year period, growing from $153.1 billion in 2017 to $238.6 billion in 2022. This growth accelerated notably between 2020 and 2022. Gross profit followed a similar positive trend, increasing from $4.5 billion in 2017 to $8.3 billion in 2022, suggesting a steady expansion of the core business volume.

Operating Performance and Extraordinary Impacts: Operating income remained relatively stable between 2017 and 2019, ranging from $1.1 billion to $1.4 billion. However, a significant disruption occurred in 2020, where operating income fell to a loss of $5.1 billion. This decline was primarily driven by a surge in litigation and opioid-related expenses, which peaked at $6.7 billion in 2020. A strong recovery was observed in 2021 and 2022, with operating income stabilizing at approximately $2.3 billion.
Expense Analysis: Distribution, selling, and administrative expenses grew steadily in correlation with revenue, rising from $2.1 billion in 2017 to $4.8 billion in 2022. Depreciation and amortization costs also trended upward, with combined expenses increasing from $397.6 million in 2017 to $693.9 million in 2022, reflecting an expanding asset base. Non-recurring costs, such as impairment of assets and restructuring expenses, appeared sporadically, with the most significant asset impairment occurring in 2019 at $570 million.
Net Profitability and Financial Costs: Net income attributable to the corporation showed extreme volatility due to the 2020 litigation impact, swinging from a profit of $855 million in 2019 to a loss of $3.4 billion in 2020, before recovering to $1.7 billion by 2022. Net interest expenses also trended higher over the period, increasing from $145 million in 2017 to $211 million in 2022, indicating an increase in the cost of debt servicing.

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