ABC - AmerisourceBergen announces $1B share buybacks

Ahead of its investor day on Wednesday, pharmaceutical distributor AmerisourceBergen (NYSE:ABC) disclosed its plans to repurchase up to $1B of its outstanding shares of common stock. The program authorized by the company’s board of directors in May is subject to market conditions, AmerisourceBergen (ABC) added. In addition, Conshohocken, Pennsylvania-based company reaffirmed its previously issued guidance for fiscal 2022 to project $10.80 – $11.05 adjusted diluted earnings per share for the year. The guidance does not include any potential benefits from share buybacks. AmerisourceBergen’s (ABC) investor day event is scheduled to start at 9:00 am ET today. The company has $321M remaining under its previously authorized share repurchase program in May 2020. AmerisourceBergen (ABC) along with its rivals have outperformed the broader market so far this year, as shown in this graph.

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AmerisourceBergen announces $1B share buybacks