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AmerisourceBergen Corp ABC Stock Quote

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AmerisourceBergen's Place in the Distributor Oligopoly Warrants a Narrow Moat

Karen Andersen, CFA Sector Strategist

Business Strategy and Outlook

| Karen Andersen, CFA |

AmerisourceBergen is a leading domestic wholesaler of branded, generic, and specialty pharmaceutical products. With over $210 billion in annual U.S. drug distribution revenue, Amerisource supplies nearly one third of the overall market, comparable to McKesson and slightly outpacing Cardinal Health in market share. Together, the three operate as a pharmaceutical wholesale and distribution oligopoly, supplying over 90% of the U.S. market. The highly consolidated pharmaceutical wholesale market reflects the substantial scale-based cost advantages held by the largest players, with smaller wholesalers struggling to maintain profits.

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Business Description

AmerisourceBergen is a leading pharmaceutical wholesaler engaged in the sourcing and distribution of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail-order), hospital networks, and healthcare providers. Along with McKesson and Cardinal Health, the three compose well over 90% of the U.S. pharmaceutical wholesale industry. Through bolt-on acquisitions, the company has expanded into international wholesale in Europe (Alliance Healthcare). AmerisourceBergen provides commercialization services for manufacturers of pharmaceuticals and medical devices, global specialty drug logistics (World Courier), and animal health product distribution (MWI Animal Health).

1 West First Avenue
Conshohocken, PA, 19428-1800
T +1 610 727-7000
Industry Medical Distribution
Most Recent Earnings Jun 30, 2022
Fiscal Year End Sep 30, 2022
Employees 42,000

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