Analyst Note
| Dylan Finley, CFA |Overall, we were pleased with AmerisourceBergen's solid performance during the fiscal second quarter, which benefited from a higher-than-expected contribution from COVID-19 treatment distribution. We are raising our fair value estimate to $155 per share from $151 to account for a nominal top- and bottom-line guidance increase by management and a slight uptick in our margin forecast for 2023. We are maintaining our long-term growth and margin expectations, with a slight improvement to operating profit in our 2023 forecast stemming from higher-margin COVID-19 treatment revenue.