86.30 0.00 (0.00%)
After hours: 5:15PM EDT
|Bid||86.47 x 1200|
|Ask||86.53 x 800|
|Day's Range||86.22 - 88.61|
|52 Week Range||69.36 - 94.85|
|Beta (3Y Monthly)||1.17|
|PE Ratio (TTM)||19.20|
|Earnings Date||Nov 4, 2019 - Nov 8, 2019|
|Forward Dividend & Yield||1.60 (1.82%)|
|1y Target Est||95.60|
Zacks.com featured highlights include: Diebold Nixdorf, CVS Health, AmerisourceBergen, AutoNation and Clearwater Paper
Investors aim to generate maximum returns from their portfolio. Therefore, it is in their best interests to pay heed to well-researched information accumulated by brokers.
AmerisourceBergen (ABC) seems to be a good value pick, as it has decent revenue metrics to back up its earnings, and is seeing solid earnings estimate revisions as well.
After reading AmerisourceBergen Corporation's (NYSE:ABC) most recent earnings announcement (30 June 2019), I found it...
STOCKSTOWATCHTODAY BLOG Three numbers to start your day: The Chinese are Expected to Buy 22 Million Cars This Year —that’s according to UBS analyst Paul Gong. That would be an 8% decline from last year.
The Board of Directors of AmerisourceBergen Corporation today declared a quarterly cash dividend of $0.40 per common share, payable September 3, 2019, to stockholders of record at the close of business on August 19, 2019.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Chairman, President & CEO of Amerisourcebergen Corp (30-Year Financial, Insider Trades) Steven H Collis (insider trades) sold 19,905 shares of ABC on 08/05/2019 at an average price of $89.58 a share. Continue reading...
(Bloomberg) -- McKesson Corp., Cardinal Health Inc. and AmerisourceBergen Corp. have proposed paying $10 billion to settle claims they helped to fuel the U.S. opioid epidemic -- the first sign of progress in resolving state lawsuits against the drug distributors, according to people familiar with negotiations.The companies, which deliver the majority of prescription medications to U.S. pharmacies, made the verbal proposal as part of talks with a group of state attorneys general, said three people familiar with the offer who asked that their names not be used because they weren’t authorized to speak publicly.It’s the first time in two years of discussions that the three distributors put a dollar figure on the table to resolve lawsuits against them, the people said. The National Association of Attorneys General -- handling talks on behalf of more than 35 states -- countered with a demand for $45 billion to cover costs from the public-health crisis of opioid addiction and overdoses, the people said. Any settlement would be paid out over decades, they said.Whether the distributors and attorneys general can agree to a deal remains uncertain. But reaching a compromise may not be the toughest hurdle. The distributors face almost 2,000 additional lawsuits brought by cities and counties across the U.S., with a separate group of lawyers leading litigation that has been consolidated under U.S. District Judge Daniel A. Polster in Cleveland. Getting them to sign on to any deal could prove challenging.McKesson spokeswoman Kristin Hunter Chasen declined to comment directly on settlement talks or whether the company had made an opening proffer. “While we regularly engage with other parties about a pathway towards resolution, the company has made no settlement offer,” Chasen said. “As we explore whether resolution is possible, we share Judge Polster’s view that ‘any resolution has to be a global one,’ which includes states, local governments, cities and counties.”Spokeswomen for AmerisourceBergen and Cardinal Health declined to comment on the discussions.“The states are in ongoing settlement talks and are the leaders” of the effort to find a global resolution to the opioid litigation, Paul Singer, a lawyer for Texas Attorney General Ken Paxson, told Polster at a hearing in Cleveland on Tuesday. Singer declined to comment on the $10 billion settlement proposal by the three distributors.A global settlement covering all opioid manufacturers and distributors may end up costing the companies a combined $30 billion to $55 billion, according to analysts at Nephron Research, an independent health-care investment research firm. Wells Fargo analyst David Maris said a final tally could be even higher, at almost $100 billion.Flood of PillsThe drug distributors generate large amounts of cash that could be used to pay a settlement. In its 2019 fiscal year, San Francisco-based McKesson produced $4.04 billion from operations, according to data compiled by Bloomberg. In fiscal 2018, Cardinal generated $2.77 billion and AmerisourceBergen produced $1.41 billion.Shares of the drug distributors fell Tuesday, reversing gains from earlier in the day. McKesson tumbled as much as 7.3%, Cardinal dropped as much as 7.7%, and AmerisourceBergen dropped as much as 6.8%.At the heart of the lawsuits are allegations that drug makers including Purdue Pharma LP and Johnson & Johnson downplayed the health risks of opioids and oversold their benefits through hyper-aggressive marketing campaigns. Distributors, considered to have the deeper pockets by plaintiffs’ lawyers, are accused of ignoring red flags about misuse of the painkillers and illegally flooding states with pills.One pharmacy in Kermit, West Virginia -- population 400 -- received almost 5 million doses from McKesson between 2005 and 2006, records show. About 30 miles from Kermit, the company shipped more than 5.8 million to a pharmacy in Mount Gay -- population 1,800 -- between 2006 and 2014. Another 2.3 million went to a pharmacy three miles away.McKesson, Cardinal Health and AmerisourceBergen, along with other distributors, shipped a total of 76 billion pain pills over a six-year period starting in 2006, according to the U.S. Drug Enforcement Agency. The companies deny the governments’ allegations and have advanced dozens of legal and factual defenses, saying they complied with all state and federal laws.At Tuesday’s hearing in Cleveland, the cities and counties asked the federal judge for permission to create their own negotiating class of 24,000 local governments. Many state attorneys general oppose the request. Polster has yet to rule.The first trial of the many local-government claims is set to start Oct. 21, but the defendant companies are seeking a delay, saying in court filings that they need more time to prepare for what will be “one of the most complicated trials in legal history.”While some states have the power to resolve opioid cases with deals that supercede separate litigation by local governments, many don’t, said Elizabeth Burch, a University of Georgia law professor.“So it’s hard to see how this deal would fly given it can’t be crammed down on all the cities and counties,” Burch said. “The companies want closure. They don’t want to have to do two settlements.”To address that problem, the state attorneys general are trying to structure a deal with distributors that offers incentives for cities and counties to participate, according to people familiar with the talks. Those joining the state early are likely to get a greater share of the settlement pie, they said.At the same time, it’s likely McKesson, Cardinal Health and AmerisourceBergen will demand a high percentage of cities and counties sign off on the settlement, the people said. If not, the companies could ditch the deal or cut cash payments.Little Incentive“It just may not make sense for the cities and counties to join this from a financial standpoint because they may be able to get more” through the cases they brought, said Carl Tobias, a University of Richmond law professor who teaches about mass torts.The cities and counties are worried any state deal would get used for general state expenses rather than local needs. They point to the $246 billion settlement in 1998 with tobacco companies in which few funds made their way to municipalities.A spokeswoman for three of the plaintiffs’ attorneys leading the cases brought by local governments -- Joe Rice, Paul Hanly and Paul Farrell -- didn’t return a call seeking comment on whether McKesson, Cardinal Health and AmerisourceBergen made the same $10 billion settlement offer in the talks sponsored by the judge.There already have been some state settlements.In May, West Virginia agreed to accept $37 million from McKesson to resolve a suit brought by that state’s attorney general alleging it improperly distributed opioids there. West Virginia has the highest rate of drug-overdose deaths in the U.S.Oklahoma, which sued drug makers rather than distributors, agreed in March to a $270 million payment from Purdue and then two months later accepted an $85 million accord with Teva Pharmaceutical Industries Ltd. A judge will rule later this month on Oklahoma’s claim J&J should pay as much as $17.5 billion for its role as the opioid crisis’ “kingpin.” The state plans to use the money for treatment of opioid addiction and research into the problem.The consolidated federal case is In Re National Prescription Opioid Litigation, 17-md-2804, U.S. District Court, Northern District of Ohio (Cleveland).(Updates with additional comment from McKesson, comment from attorney representing Texas, and updates share declines.)\--With assistance from Robert Langreth.To contact the reporter on this story: Jef Feeley in Wilmington, Delaware at email@example.comTo contact the editors responsible for this story: David Glovin at firstname.lastname@example.org, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A federal judge on Tuesday expressed support for a novel plan by lawyers representing cities and counties suing drug companies over the U.S. opioid epidemic that would bring every community nationally into their settlement talks despite objections from most states. "There has to be some vehicle to resolve these lawsuits," said Polster, who added he planned to rule quickly. The proposal calls for creating a class of up to 3,000 counties and 30,000 cities, towns and villages that could vote on whether to accept any settlement the plaintiffs reach with defendants in the opioid litigation.
The country's three largest wholesale pharmaceutical distributors — a group that includes Valley Forge-based AmerisourceBergen — has reportedly proposed a $10 billion settlement to resolve claims that they played a role in contributing to the country's ongoing opioid addiction epidemic.
Hundreds of lawsuits by states and cities have been filed nationally accusing drugmakers of deceptively marketing opioids and distributors such as AmerisourceBergen Corp, Cardinal Health Inc and McKesson Corp of ignoring suspicious orders. Shares of AmerisourceBergen, McKesson and Cardinal Health were down about 5%.
(Bloomberg Opinion) -- There’s no quick fix to the opioid crisis, and there’s no easy way out for the companies who allegedly helped spur it.Mallinckrodt Plc announced on Tuesday that it’s suspending a planned spinoff of its generic and opioid drug unit. The move could have helped shield its branded drug business from legal risk. The culprit for the delay? “Current market conditions and developments, including increased uncertainties created by the opioid litigation,” according to a statement. The update overshadowed second-quarter earnings that beat Wall Street expectations, and Mallinckrodt shares slumped as much as 20%.Mallinckrodt was a large manufacturer of generic opioids as the crisis escalated and could face billions in liabilities, along with other drugmakers from Johnson & Johnson to Teva Pharmaceutical Industries Ltd. Management still wants to find a way to split the business but in the aftermath of the suspension, it’s clear that it won’t be a quick or easy process. In another part of the industry, Tuesday also saw drug distributors including McKesson Corp and AmerisourceBergen Corp. propose paying $10 billion to settle state lawsuits over their role, according to Bloomberg News report. The states countered with a $45 billion demand — as if investors needed another reminder of the issue’s scale and complexity.Mallinckrodt is under heavy pressure to cut opioid risk, and that’s because it’s not the company’s only trouble spot. The drugmaker has limited cash reserves and heavy debt, and its best-selling product, a decades-old drug called Acthar — used in infantile spasms and other conditions — is facing reimbursement issues. Splitting the business could partially untangle concentrated risks that have seen Mallinckrodt’s market value drop from over $15 billion to under $500 million in less than five years. But it appears the specter of opioid liabilities is much too toxic for the transaction to be feasible.Mallinckrodt’s troubles serve as a reminder that the opioid reckoning is still in its early stages. Investors can draw the same conclusion from the distributor settlement proposal, which is but an opening bid. Those negotiations only cover certain states; the companies also face thousands of additional city and county suits, and there is no guarantee that other groups will sign on to the deal. Every involved set of the industry — pharmacies and pharmacy benefit managers included — will likely have to deal with a similar dynamic. It will be years before investors have a clear picture of how big the risk is.Some problems are too big to engineer your way out of. Sooner or later, drugmakers, distributors and retailers will likely have to pay up in a big way.To contact the author of this story: Max Nisen at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Three pharma distributors propose a $10 billion plan to a group of state attorneys general in opioid-abuse settlement.
Among the Philadelphia region’s largest 20 publicly traded companies, three in the chemical industry experienced the biggest dips in midday trading.
Dropbox's (DBX) continuous efforts to strengthen cloud-based and AI technologies coupled with acquisition synergies will favor second-quarter results.
A federal judge in Ohio will hear a proposal to create a “negotiation class.” State attorneys general are opposed to the idea.
Promising earnings reports from two of the three companies that distribute nearly all of the drugs in the U.S. are boosting the sector.