Exhibit 99.1

	AmerisourceBergen Corporation
	P.O. Box 959
	Valley Forge, PA 19482

AMERISOURCEBERGEN REPORTS

FISCAL 2020 THIRD QUARTER RESULTS

Revenues of $45.4 billion for the Third Quarter, a 0.3 Percent Increase Year-Over-Year

Third Quarter GAAP Diluted EPS of $1.41 and Adjusted Diluted EPS of $1.85

Adjusted Diluted EPS Guidance Range Raised to $7.80 to $7.95 for Fiscal 2020

VALLEY FORGE, PA, August 5, 2020 -AmerisourceBergen Corporation (NYSE: ABC) today reported that in its fiscal year 2020 third quarter ended June 30, 2020, revenue increased 0.3 percent year-over-year to $45.4 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $1.41 for the June quarter of fiscal 2020, compared to $1.43 in the prior year quarter. Adjusted diluted EPS, which is a non-GAAP measure that excludes items described below, increased 5.1 percent to $1.85 in the fiscal third quarter.

        The Company raised its adjusted diluted EPS guidance for fiscal 2020 to a range of $7.80 to $7.95 from the previous range of $7.35 to $7.65. The Company does not provide forward-looking guidance on a GAAP basis, as discussed below in Fiscal Year 2020 Expectations.

        "In the third quarter of the fiscal year, we saw the resilience of our business as our associates worked diligently to ensure continued patient access. Our updated outlook for fiscal 2020 reflects the continued execution by our teams and the strength of AmerisourceBergen's value proposition, deep partnerships and strategic positioning," said Steven H. Collis, Chairman, President and Chief Executive Officer of AmerisourceBergen.

        "Our teams are leveraging the power of AmerisourceBergen's culture to deliver collaborative and innovative services and solutions for our partners as they navigate the complexity of the current environment," Mr. Collis continued. "AmerisourceBergen is living our purpose of being united in our responsibility to create healthier futures as we continue to focus on protecting our associates, execution across our company and advancing our talent and culture, driving long-term value creation for all our stakeholders."

Third Quarter Fiscal Year 2020 Summary Results

	GAAP	Adjusted (Non-GAAP)
Revenue	$45.4B	$45.4B
Gross Profit	$1.2B	$1.2B
Operating Expenses	$821M	$725M
Operating Income	$405M	$508M
Interest Expense, Net	$38M	$38M
Effective Tax Rate	16.5%	18.8%
Net Income Attributable to ABC	$289M	$380M
Diluted Earnings Per Share	$1.41	$1.85
Diluted Shares Outstanding	206M	206M

Below, AmerisourceBergen presents descriptive summaries of the Company’s GAAP and adjusted (non-GAAP) quarterly results. In the tables that follow, GAAP results and GAAP to non-GAAP reconciliations are presented. For more information related to non-GAAP financial measures, including adjustments made in the periods presented, please refer to the "Supplemental Information Regarding non-GAAP Financial Measures" following the tables.

Third Quarter GAAP Results

•Revenue: In the third quarter of fiscal 2020, revenue was $45.4 billion, up 0.3 percent compared to the same quarter in the previous fiscal year, reflecting a 0.1 percent increase in Pharmaceutical Distribution Services revenue and a 4.4 percent increase in revenue within Other.

•Gross Profit: Gross profit in the fiscal 2020 third quarter was $1.2 billion, a 0.4 percent decrease compared to the same period in the previous fiscal year. Gross profit was unfavorably impacted by lower gains from antitrust litigation settlements and a LIFO expense in comparison to a LIFO credit in the prior year period, which were offset in part by increases in gross profit in Pharmaceutical Distribution Services and Other and lower PharMEDium remediation and shutdown costs. Gross profit as a percentage of revenue was 2.70 percent, a decrease of 2 basis points from the prior year quarter.

•Operating Expenses: In the third quarter of fiscal 2020, operating expenses were $820.9 million, compared to $824.5 million in the same period last fiscal year. The decrease in operating expenses was primarily due to lower depreciation and amortization expense, offset in part by an increase in distribution, selling and administrative costs. Operating expenses as a percentage of revenue in the fiscal 2020 third quarter was 1.81 percent, compared to 1.82 percent for the same period in the previous fiscal year.

•Operating Income: In the fiscal 2020 third quarter, operating income decreased to $404.8 million from $406.7 million in the prior year quarter. Operating income as a percentage of revenue was 0.89 percent in the third quarter of fiscal 2020, compared to 0.90 percentfor the same period in the previous fiscal year.

•Interest Expense, Net:In the fiscal 2020 third quarter, net interest expense of $37.7 million was up 5.1 percent versus the prior year quarter due to a decrease in interest income resulting primarily from a decline in investment interest rates and was substantially offset by a decrease in interest expense.

•Effective Tax Rate: The effective tax rate was 16.5 percent for the third quarter of fiscal 2020 and 18.6 percent in the prior year quarter, reflecting a benefit resulting from a discrete tax item.

•Diluted Earnings Per Share: Diluted earnings per share was $1.41 in the third quarter of fiscal 2020 compared to $1.43 in the previous fiscal year’s third quarter.

•Diluted Shares Outstanding: Diluted weighted average shares outstanding for the third quarter of fiscal 2020 were 205.5 million, a 2.7 percent decline versus the prior fiscal year third quarter primarily due to share repurchases, net of stock option exercises.

Third Quarter Adjusted (non-GAAP) Results

        The comments below compare adjusted results, which exclude: gain from antitrust litigation settlements; LIFO expense/credit; PharMEDium remediation and shutdown costs; New York State Opioid Stewardship Act; contingent consideration adjustment; acquisition-related intangibles amortization; employee severance, litigation, and other; impairment of PharMEDium assets; a loss on early retirement of debt; a gain on the sale of an equity investment; certain discrete tax benefits; and tax reform.

•Revenue: No adjustments were made to the GAAP presentation of revenue. In the third quarter of fiscal 2020, revenue was $45.4 billion, up 0.3 percent compared to the same quarter in the previous fiscal year, reflecting a 0.1 percent increase in Pharmaceutical Distribution Services revenue and a 4.4 percent increase in revenue within Other.

•Adjusted Gross Profit: Adjusted gross profit in the fiscal 2020 third quarter was $1.2 billion, which was up 0.2 percent compared to the same period in the previous year, due to the increases in gross profit in Pharmaceutical Distribution Services and Other. Adjusted gross profit as a percentage of revenue was 2.72 percent in the fiscal 2020 third quarter, flat when compared to the prior year quarter.

•Adjusted Operating Expenses: In the third quarter of fiscal 2020, adjusted operating expenses were $724.7 million, an increase of 0.3 percent compared to the same period in the previous fiscal year. Adjusted operating expenses as a percentage of revenue in the fiscal 2020 third quarter was 1.60 percent, flat when compared to the prior year quarter.

•Adjusted Operating Income: In the fiscal 2020 third quarter, adjusted operating income of $507.5 million increased 0.2 percent from the prior year period due to a 3.6 percent increase in operating income within Pharmaceutical Distribution Services, offset in part by a 12.9 percent decline in operating income within Other. Adjusted operating income as a percentage of revenue was 1.12 percent in the fiscal 2020 third quarter, flat when compared to the prior year quarter.

•Interest Expense, Net: No adjustments were made to the GAAP presentation of net interest expense.In the fiscal 2020 third quarter, net interest expense of $37.7 million was up 5.1 percent versus the prior year quarter due to a decrease in interest income resulting primarily from a decline in investment interest rates and was substantially offset by a decrease in interest expense.

•Adjusted Effective Tax Rate: The adjusted effective tax rate was 18.8 percent for the third quarter of fiscal 2020 compared to 21.0 percent in the prior year quarter, reflecting a benefit resulting from a discrete tax item.

•Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was up 5.1 percent to $1.85 in the third quarter of fiscal 2020 compared to $1.76 in the previous fiscal year’s third quarter, driven primarily by the lower adjusted effective tax rate and a lower number of diluted shares outstanding.

•Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the third quarter of fiscal 2020 were 205.5 million, a 2.7 percent decline versus the prior fiscal year third quarter primarily due to share repurchases, net of stock option exercises.

Segment Discussion

        The Company's operations are comprised of the Pharmaceutical Distribution Services reportable segment and other operating segments that are not significant enough to require separate reportable segment disclosure and, therefore, have been included in Other for the purpose of the reportable segment presentation. Other consists of operating segments that focus on global commercialization services and animal health and includes AmerisourceBergen Consulting Services (ABCS), World Courier and MWI Animal Health (MWI).

Pharmaceutical Distribution Services Segment

        Pharmaceutical Distribution Services revenue was $43.6 billion, an increase of 0.1 percent compared to the same quarter in the prior fiscal year primarily due to the onset of COVID-19 in March 2020, when many of our customers increased their purchases in the fiscal quarter ended March 31, 2020, which resulted in fewer purchases in the fiscal quarter ended June 30, 2020. Segment operating income of $426.6 million in the third quarter of fiscal 2020 was up 3.6 percent compared to the same period in the previous fiscal year, due to lower operating expenses and higher gross profit.

Other

        Revenue in Other was $1.8 billion in the third quarter of fiscal 2020, an increase of 4.4 percent compared to the same period in the prior fiscal year due to growth at ABCS and World Courier. Operating income in Other decreased 12.9 percent to $82.9 million in the third quarter of fiscal 2020. This decrease was primarily due to impacts of COVID-19 at MWI.

Recent Company Highlights & Milestones

•Good Neighbor Pharmacy, AmerisourceBergen’s national independent pharmacy network, announced that it has been ranked “Highest in Customer Satisfaction with Chain Drug Store Pharmacies” in the J.D. Power 2020 U.S. Pharmacy Study. This marks the ninth time that Good Neighbor Pharmacy has earned the achievement in the last 11 years.

•AmerisourceBergen has been named a 2020 DiversityInc ‘Noteworthy’ company for the fourth year in a row, based on its hiring, retention and promotion of women, minorities, people with disabilities, LGBT and veterans.

•The AmerisourceBergen Foundation, a separate not-for-profit charitable giving organization, hosted its second annual conference, bringing together over sixty non-profit partners to address challenging issues society is facing today and share strategies and best practices.

Fiscal Year 2020 Expectations

The Company does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available or cannot be reasonably estimated. Please refer to the Supplemental Information Regarding Non-GAAP Financial Measures following the tables for additional information.

Fiscal Year 2020 Expectations on an Adjusted (non-GAAP) Basis

        AmerisourceBergen has updated its fiscal year 2020 financial guidance to reflect the Company’s continued strong performance and solid execution. The Company now expects:

•Revenue growth in the mid-single digit percent range, up from the low- to mid- single digit percent range; and

•Adjusted Diluted EPS to be in the range of $7.80 to $7.95, up from the previous range of $7.35 to $7.65.

Additional expectations now include:

•Adjusted operating income growth in the mid- to high-single digit percent range, up from the low- to mid-single digit percent range;

◦Pharmaceutical Distribution Services segment operating income growth in the mid- to high-single digit percent range, up from the low- to mid-single digit percent range;

◦Other, which is comprised of businesses focused on Global Commercialization Services & Animal Health, operating income growth in the low-single digit percent range, up from operating income decline in the low-single digit percent rage; and

•Adjusted effective tax rate of approximately 21 percent, down from the previous range of 21 percent to 22 percent; and

•Capital expenditures of approximately $375 million, down from the $400 million range.

All other previously communicated aspects of the Company's fiscal year 2020 financial guidance and assumptions remain the same.

Dividend Declaration

        The Company's Board of Directors declared a quarterly cash dividend of $0.42 per common share, payable September 1, 2020, to stockholders of record at the close of business on August 17, 2020.

Conference Call & Slide Presentation

The Company will host a conference call to discuss the results at 8:30 a.m. ET on August 5, 2020. A slide presentation for investors has also been posted on the Company's website at investor.amerisourcebergen.com. Participating in the conference call will be:

•Steven H. Collis, Chairman, President & Chief Executive Officer

•James F. Cleary, Executive Vice President & Chief Financial Officer

The dial-in number for the live call will be (844) 808-6694. From outside the United States, dial (412) 317-5282. No access code is required. The live call will also be webcast via the Company’s website at investor.amerisourcebergen.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.

        Replays of the call will be made available via telephone and webcast. A replay of the webcast will be posted on investor.amerisourcebergen.com approximately one hour after the completion of the call and will remain available for one year. The telephone replay will also be available approximately one hour after the completion of the call and will remain available for seven days. To access the telephone replay from within the U.S., dial (877) 344-7529. From Canada, dial (855) 669-9658. From outside the United States and Canada, dial (412) 317-0088. The access code for the replay is 10145670.

Upcoming Investor Events

AmerisourceBergen management will be participating in the following investor conference in the coming months:

•Morgan Stanley Annual Global Healthcare Conference, September 14-18.

Please check the website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.

About AmerisourceBergen

AmerisourceBergen provides pharmaceutical products, value-driving services and business solutions that improve access to care. Tens of thousands of healthcare providers, veterinary practices and livestock producers trust us as their partner in the pharmaceutical supply chain. Global manufacturers depend on us for services that drive commercial success for their products. Through our daily work—and powered by our 22,000 associates—we are united in our responsibility to create healthier futures. AmerisourceBergen is ranked #10 on the Fortune 500, with more than $175 billion in annual revenue. The company is headquartered in Valley Forge, Pa. and has a presence in 50+ countries. Learn more at investor.amerisourcebergen.com.

AmerisourceBergen's Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as "expect," "likely," "outlook," "forecast," "would," "could," "should," "can," "project," "intend," "plan," "continue," "sustain," "synergy," "on track," "believe," "seek," "estimate," "anticipate," "may," "possible," "assume," variations of such words, and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. Among the factors that could cause actual results to differ materially from those projected, anticipated, or implied are the following: unfavorable trends in brand and generic pharmaceutical pricing, including in rate or frequency of price inflation or deflation; competition and industry consolidation of both customers and suppliers resulting in increasing pressure to reduce prices for our products and services; changes in the United States healthcare and regulatory environment, including changes that could impact prescription drug reimbursement under Medicare and Medicaid; increasing governmental regulations regarding the pharmaceutical supply channel and pharmaceutical compounding; declining reimbursement rates for pharmaceuticals; continued federal and state government enforcement initiatives to detect and prevent suspicious orders of controlled substances and the diversion of controlled substances; continued prosecution or suit by federal, state and other governmental entities of alleged violations of laws and regulations regarding controlled substances, including due to failure to achieve a global resolution of the multi-district opioid litigation and other related state court litigation, and any related disputes, including shareholder derivative lawsuits; increased federal scrutiny and litigation, including qui tam litigation, for alleged violations of laws and regulations governing the marketing, sale, purchase and/or dispensing of pharmaceutical products or services, and associated reserves and costs; failure to comply with the Corporate Integrity Agreement; material adverse resolution of pending legal proceedings; the retention of key customer or supplier relationships under less favorable economics or the adverse resolution of any contract or other dispute with customers or suppliers; changes to customer or supplier payment terms, including as a result of the COVID-19 impact on such payment terms; risks associated with the strategic, long-term relationship between Walgreens Boots Alliance, Inc. and the Company, including principally with respect to the pharmaceutical distribution agreement and/or the global generic purchasing services arrangement; changes in tax laws or legislative initiatives that could adversely affect the Company's tax positions and/or the Company's tax liabilities or adverse resolution of challenges to the Company's tax positions; regulatory or enforcement action in connection with our former compounded sterile preparations (CSP) business or the related consent decree; managing foreign expansion, including non-compliance with the U.S. Foreign Corrupt Practices Act, anti-bribery laws, economic sanctions and import laws and regulations; financial market volatility and disruption; the loss, bankruptcy or insolvency of a major supplier, including as a result of COVID-19; substantial defaults in payment, material reduction in purchases by or the loss, bankruptcy or insolvency of a major customer, including as a result of COVID-19; financial and other impacts of COVID-19 on our operations or business continuity; changes to the customer or supplier mix; malfunction, failure or breach of sophisticated information systems to operate as designed; risks generally associated with data privacy regulation and the international transfer of personal data; natural disasters or other unexpected events that affect the Company’s operations; the impairment of goodwill or other intangible assets (including any additional impairments with respect to foreign operations), resulting in a charge to earnings; the acquisition of businesses that do not perform as expected, or that are difficult to integrate or control, or the inability to capture all of the anticipated synergies related thereto or to capture the anticipated synergies within the expected time period; the Company's ability to manage and complete divestitures; the disruption of the Company's cash flow and ability to return value to its stockholders in accordance with its past practices; interest rate and foreign currency exchange rate fluctuations; declining economic conditions in the United States and abroad; and other economic, business, competitive, legal, tax, regulatory and/or operational factors affecting the Company's business generally. Certain additional factors that management believes could cause actual outcomes and results to differ materially from those described in forward-looking statements are set forth (i) in Item 1A (Risk Factors), in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws.

AMERISOURCEBERGEN CORPORATION

FINANCIAL SUMMARY

(In thousands, except per share data)

(unaudited)

	Three Months Ended June 30, 2020		% of Revenue	Three Months Ended June 30, 2019		% of Revenue	% Change
Revenue	$	45,366,777		$	45,239,265		0.3%
Cost of goods sold	44,141,061			44,008,026			0.3%
Gross profit 1	1,225,716		2.70%	1,231,239		2.72%	(0.4)%
Operating expenses:
Distribution, selling, and administrative 2	666,885		1.47%	656,943		1.45%	1.5%
Depreciation and amortization	95,415		0.21%	107,596		0.24%	(11.3)%
Employee severance, litigation, and other 3	58,585			60,006
Total operating expenses	820,885		1.81%	824,545		1.82%	(0.4)%
Operating income	404,831		0.89%	406,694		0.90%	(0.5)%
Other loss (income), net	1,073			(342)
Interest expense, net	37,748			35,921			5.1%
Loss on early retirement of debt	22,175			—
Income before income taxes	343,835		0.76%	371,115		0.82%	(7.4)%
Income tax expense	56,567			69,113
Net income	287,268		0.63%	302,002		0.67%	(4.9)%
Net loss (income) attributable to noncontrolling interest	2,171			(43)
Net income attributable to AmerisourceBergen Corporation	$	289,439	0.64%	$	301,959	0.67%	(4.1)%
Earnings per share:
Basic	$	1.42		$	1.44		(1.4)%
Diluted	$	1.41		$	1.43		(1.4)%
Weighted average common shares outstanding:
Basic	203,654			209,705			(2.9)%
Diluted	205,544			211,161			(2.7)%

 ________________________________________

¹ Includes a $6.1 million LIFO expense and $0.4 million of PharMEDium shutdown costs in the three months ended June 30, 2020. Includes $11.7 million of PharMEDium remediation costs, a $9.9 million LIFO credit, and a $3.5 million gain from antitrust litigation settlements in the three months ended June 30, 2019.

² Includes $12.5 million of PharMEDium shutdown costs in the three months ended June 30, 2020. Includes $7.6 million of PharMEDium remediation costs in the three months ended June 30, 2019.

³ Includes $6.5 million of employee severance, $31.4 million of litigation costs related to legal fees in connection with opioid lawsuits and investigations, and $20.7 million of other costs in connection with business transformation efforts, acquisition-related deal and integration costs, and other restructuring initiatives in the three months ended June 30, 2020. Includes $10.8 million of employee severance, $18.8 million of litigation costs related to legal fees in connection with opioid lawsuits and investigations, and $30.4 million of other costs in connection with business transformation efforts, acquisition-related deal and integration costs, and other restructuring initiatives in the three months ended June 30, 2019.

AMERISOURCEBERGEN CORPORATION

FINANCIAL SUMMARY

(In thousands, except per share data)

(unaudited)

	Nine Months Ended June 30, 2020		% of Revenue	Nine Months Ended June 30, 2019		% of Revenue	% Change
Revenue	$	140,649,158		$	133,951,319		5.0%
Cost of goods sold	136,804,121			129,997,744			5.2%
Gross profit 1	3,845,037		2.73%	3,953,575		2.95%	(2.7)%
Operating expenses:
Distribution, selling, and administrative 2	2,046,251		1.45%	1,941,564		1.45%	5.4%
Depreciation and amortization	293,725		0.21%	353,862		0.26%	(17.0)%
Employee severance, litigation, and other 3	165,626			156,067
Impairment of PharMEDium assets	361,652			570,000
Total operating expenses	2,867,254		2.04%	3,021,493		2.26%	(5.1)%
Operating income	977,783		0.70%	932,082		0.70%	4.9%
Other loss (income), net 4	2,806			(11,739)
Interest expense, net	103,176			121,366			(15.0)%
Loss on early retirement of debt	22,175			—
Income before income taxes	849,626		0.60%	822,455		0.61%	3.3%
Income tax (benefit) expense 5	(595,321)			100,627
Net income	1,444,947		1.03%	721,828		0.54%	100.2%
Net (income) loss attributable to noncontrolling interest	(7,591)			918
Net income attributable to AmerisourceBergen Corporation	$	1,437,356	1.02%	$	722,746	0.54%	98.9%
Earnings per share:
Basic	$	7.01		$	3.45		103.2%
Diluted	$	6.95		$	3.42		103.2%
Weighted average common shares outstanding:
Basic	205,017			209,484			(2.1)%
Diluted	206,714			211,151			(2.1)%

 ________________________________________

¹ Includes a $43.2 million LIFO expense, $12.6 million of PharMEDium remediation and shutdown costs, and an $8.5 million gain from antitrust litigation settlements in the nine months ended June 30, 2020. Includes a $142.7 million gain from antitrust litigation settlements, a $79.7 million LIFO credit, $41.9 million of PharMEDium remediation costs, and a $22.0 million reversal of a prior period assessment relating to the New York State Opioid Stewardship Act in the nine months ended June 30, 2019.

² Includes $49.0 million of PharMEDium remediation and shutdown costs and a $12.2 million adjustment to Profarma's estimate of contingent consideration related to the purchase price of one of its prior business acquisitions in the nine months ended June 30, 2020. Includes $13.8 million of PharMEDium remediation costs in the nine months ended June 30, 2019.

³ Includes $32.4 million of employee severance, $86.9 million of litigation costs related to legal fees in connection with opioid lawsuits and investigations, and $46.4 million of other costs in connection with business transformation efforts, other restructuring initiatives, and acquisition-related deal and integration costs in the nine months ended June 30, 2020. Includes $29.6 million of employee severance, $47.2 million of litigation costs related to legal fees in connection with opioid lawsuits and investigations, and $79.3 million of other costs in connection with acquisition-related deal and integration costs, business transformation efforts, and other restructuring initiatives in the nine months ended June 30, 2019.

⁴ Includes a $13.7 million gain on the sale of an equity investment in the nine months ended June 30, 2019.

⁵ Includes $741.0 million of discrete tax benefits primarily attributable to the income tax deductions resulting from the shutdown of the PharMEDium business in the nine months ended June 30, 2020. Includes a $37.0 million measurement period adjustment of the one-time transition tax on historical earnings and profits through December 31, 2017 in the nine months ended June 30, 2019.

AMERISOURCEBERGEN CORPORATION

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

	Three Months Ended June 30, 2020
	Gross Profit			Operating Expenses			Operating Income			Income  Before Income Taxes			Income Tax Expense			Net Loss (Income) Attributable to Noncontrolling Interest		Net Income Attributable to ABC			Diluted Earnings  Per Share
GAAP	$	1,225,716		$	820,885		$	404,831		$	343,835		$	56,567		$	2,171	$	289,439		$	1.41
Gain from antitrust litigation settlements	—			—			—			—			(15)			—		15			—
LIFO expense	6,061			—			6,061			6,061			1,555			—		4,506			0.02
PharMEDium shutdown costs	432			(12,504)			12,936			12,936			3,264			—		9,672			0.05
Acquisition-related intangibles amortization	—			(25,109)			25,109			25,109			6,276			(437)		18,396			0.09
Employee severance, litigation, and other	—			(58,585)			58,585			58,585			14,583			—		44,002			0.21
Impairment of PharMEDium assets	—			—			—			—			638			—		(638)			—
Contingent consideration adjustment	—			—			—			—			(22)			(1,833)		(1,811)			(0.01)
Loss on early retirement of debt	—			—			—			22,175			5,449			—		16,726			0.08
Adjusted Non-GAAP	$	1,232,209		$	724,687		$	507,522		$	468,701		$	88,295		$	(99)	$	380,307		$	1.85
Adjusted Non-GAAP % change vs. prior year quarter	0.2		%	0.3		%	0.2		%	(0.5)		%	(10.8)		%			2.3		%	5.1		%

Percentages of Revenue:	GAAP	Adjusted Non-GAAP
Gross profit	2.70%	2.72%
Operating expenses	1.81%	1.60%
Operating income	0.89%	1.12%

________________________________________

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

AMERISOURCEBERGEN CORPORATION

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

	Three months ended June 30, 2019
	Gross Profit		Operating Expenses		Operating Income		Income Before Income Taxes		Income Tax Expense		Net Income Attributable to Noncontrolling Interest		Net Income Attributable to ABC		Diluted Earnings  Per Share
GAAP	$	1,231,239	$	824,545	$	406,694	$	371,115	$	69,113	$	(43)	$	301,959	$	1.43
Gain from antitrust litigation settlements	(3,480)		—		(3,480)		(3,480)		(1,849)		—		(1,631)		(0.01)
LIFO credit	(9,913)		—		(9,913)		(9,913)		(3,061)		—		(6,852)		(0.03)
PharMEDium remediation costs	11,698		(7,646)		19,344		19,344		5,301		—		14,043		0.07
New York State Opioid Stewardship Act	—		—		—		—		(149)		—		149		—
Acquisition-related intangibles amortization	—		(34,024)		34,024		34,024		9,511		(440)		24,073		0.11
Employee severance, litigation, and other	—		(60,006)		60,006		60,006		16,329		—		43,677		0.21
Impairment of PharMEDium assets	—		—		—		—		3,848		—		(3,848)		(0.02)
Gain on sale of an equity investment	—		—		—		—		(93)		—		93		—
Adjusted Non-GAAP	$	1,229,544	$	722,869	$	506,675	$	471,096	$	98,950	$	(483)	$	371,663	$	1.76

Percentages of Revenue:	GAAP	Adjusted Non-GAAP
Gross profit	2.72%	2.72%
Operating expenses	1.82%	1.60%
Operating income	0.90%	1.12%

________________________________________

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

AMERISOURCEBERGEN CORPORATION

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

	Nine Months Ended June 30, 2020
	Gross Profit			Operating Expenses			Operating Income			Income  Before Income Taxes			Income Tax (Benefit) Expense			Net Income Attributable to Noncontrolling Interest		Net Income Attributable to ABC			Diluted Earnings  Per Share
GAAP	$	3,845,037		$	2,867,254		$	977,783		$	849,626		$	(595,321)		$	(7,591)	$	1,437,356		$	6.95
Gain from antitrust litigation settlements	(8,546)			—			(8,546)			(8,546)			(2,100)			—		(6,446)			(0.03)
LIFO expense	43,195			—			43,195			43,195			10,614			—		32,581			0.16
PharMEDium shutdown and remediation costs	12,556			(49,015)			61,571			61,571			15,128			—		46,443			0.22
Acquisition-related intangibles amortization	—			(85,345)			85,345			85,345			20,971			(1,308)		63,066			0.31
Employee severance, litigation, and other	—			(165,626)			165,626			165,626			40,697			—		124,929			0.60
Impairment of PharMEDium assets	—			(361,652)			361,652			361,652			88,865			—		272,787			1.32
Contingent consideration adjustment	—			12,153			(12,153)			(12,153)			(2,987)			5,678		(3,488)			(0.02)
Loss on early retirement of debt	—			—			—			22,175			5,449			—		16,726			0.08
Certain discrete tax benefits 1	—			—			—			—			741,015			—		(741,015)			(3.58)
Adjusted Non-GAAP	$	3,892,242		$	2,217,769		$	1,674,473		$	1,568,491		$	322,331		$	(3,221)	$	1,242,939		$	6.01
Adjusted Non-GAAP % change vs. prior year period	3.8		%	2.9		%	5.0		%	6.6		%	4.9		%			6.8		%	9.1		%

Percentages of Revenue:	GAAP	Adjusted Non-GAAP
Gross profit	2.73%	2.77%
Operating expenses	2.04%	1.58%
Operating income	0.70%	1.19%

________________________________________

¹ Includes $741.0 million of discrete tax benefits primarily attributable to the income tax deductions resulting from the shutdown of the PharMEDium business.

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

AMERISOURCEBERGEN CORPORATION

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

	Nine Months Ended June 30, 2019
	Gross Profit		Operating Expenses		Operating Income		Income Before Income Taxes		Income Tax Expense		Net Loss (Income) Attributable to Noncontrolling Interest		Net Income Attributable to ABC		Diluted Earnings Per Share
GAAP	$	3,953,575	$	3,021,493	$	932,082	$	822,455	$	100,627	$	918	$	722,746	$	3.42
Gain from antitrust litigation settlements	(142,735)		—		(142,735)		(142,735)		(37,299)		—		(105,436)		(0.50)
LIFO credit	(79,747)		—		(79,747)		(79,747)		(20,839)		—		(58,908)		(0.28)
PharMEDium remediation costs	41,943		(13,793)		55,736		55,736		14,565		—		41,171		0.19
New York State Opioid Stewardship Act	(22,000)		—		(22,000)		(22,000)		(5,749)		—		(16,251)		(0.08)
Acquisition-related intangibles amortization	—		(125,770)		125,770		125,770		32,866		(1,383)		91,521		0.43
Employee severance, litigation, and other	—		(156,067)		156,067		156,067		40,783		—		115,284		0.55
Impairment of PharMEDium assets	—		(570,000)		570,000		570,000		148,951		—		421,049		1.99
Gain on sale of an equity investment	—		—		—		(13,692)		(3,578)		—		(10,114)		(0.05)
Tax reform 1	—		—		—		—		36,997		—		(36,997)		(0.18)
Adjusted Non-GAAP	$	3,751,036	$	2,155,863	$	1,595,173	$	1,471,854	$	307,324	$	(465)	$	1,164,065	$	5.51	2

Percentages of Revenue:	GAAP	Adjusted Non-GAAP
Gross profit	2.95%	2.80%
Operating expenses	2.26%	1.61%
Operating income	0.70%	1.19%

________________________________________

¹ Includes a measurement period adjustment of the one-time transition tax on historical foreign earnings and profits through December 31, 2017.

² The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

AMERISOURCEBERGEN CORPORATION

SUMMARY SEGMENT INFORMATION

(dollars in thousands)

(unaudited)

	Three months ended June 30,
Revenue	2020		2019		% Change
Pharmaceutical Distribution Services	$	43,579,119	$	43,527,552	0.1%
Other	1,810,533		1,734,538		4.4%
Intersegment eliminations	(22,875)		(22,825)
Revenue	$	45,366,777	$	45,239,265	0.3%

	Three months ended June 30,
Operating income	2020		2019		% Change
Pharmaceutical Distribution Services	$	426,643	$	411,707	3.6%
Other	82,875		95,110		(12.9)%
Intersegment eliminations	(1,996)		(142)
Total segment operating income	507,522		506,675		0.2%
Gain from antitrust litigation settlements	—		3,480
LIFO (expense) credit	(6,061)		9,913
PharMEDium shutdown and remediation costs	(12,936)		(19,344)
Acquisition-related intangibles amortization	(25,109)		(34,024)
Employee severance, litigation, and other	(58,585)		(60,006)
Operating income	$	404,831	$	406,694
Percentages of revenue:
Pharmaceutical Distribution Services
Gross profit	2.08%		2.08%
Operating expenses	1.10%		1.13%
Operating income	0.98%		0.95%
Other
Gross profit	18.17%		18.77%
Operating expenses	13.59%		13.29%
Operating income	4.58%		5.48%
AmerisourceBergen Corporation (GAAP)
Gross profit	2.70%		2.72%
Operating expenses	1.81%		1.82%
Operating income	0.89%		0.90%
AmerisourceBergen Corporation (Non-GAAP)
Adjusted gross profit	2.72%		2.72%
Adjusted operating expenses	1.60%		1.60%
Adjusted operating income	1.12%		1.12%

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

AMERISOURCEBERGEN CORPORATION

SUMMARY SEGMENT INFORMATION

(dollars in thousands)

(unaudited)

	Nine Months Ended June 30,
Revenue	2020		2019		% Change
Pharmaceutical Distribution Services	$	135,178,617	$	128,948,097	4.8%
Other	5,534,110		5,070,905		9.1%
Intersegment eliminations	(63,569)		(67,683)
Revenue	$	140,649,158	$	133,951,319	5.0%

	Nine Months Ended June 30,
Operating income	2020		2019		% Change
Pharmaceutical Distribution Services	$	1,381,434	$	1,301,948	6.1%
Other	295,614		293,923		0.6%
Intersegment eliminations	(2,575)		(698)
Total segment operating income	1,674,473		1,595,173		5.0%
Gain from antitrust litigation settlements	8,546		142,735
LIFO (expense) credit	(43,195)		79,747
PharMEDium shutdown and remediation costs	(61,571)		(55,736)
New York State Opioid Stewardship Act	—		22,000
Acquisition-related intangibles amortization	(85,345)		(125,770)
Employee severance, litigation, and other	(165,626)		(156,067)
Impairment of PharMEDium assets	(361,652)		(570,000)
Contingent consideration adjustment	12,153		—
Operating income	$	977,783	$	932,082
Percentages of revenue:
Pharmaceutical Distribution Services
Gross profit	2.11%		2.15%
Operating expenses	1.09%		1.14%
Operating income	1.02%		1.01%
Other
Gross profit	18.78%		19.27%
Operating expenses	13.44%		13.47%
Operating income	5.34%		5.80%
AmerisourceBergen Corporation (GAAP)
Gross profit	2.73%		2.95%
Operating expenses	2.04%		2.26%
Operating income	0.70%		0.70%
AmerisourceBergen Corporation (Non-GAAP)
Adjusted gross profit	2.77%		2.80%
Adjusted operating expenses	1.58%		1.61%
Adjusted operating income	1.19%		1.19%

Note: For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

AMERISOURCEBERGEN CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

	June 30,		September 30,
	2020		2019
ASSETS
Current assets:
Cash and cash equivalents	$	3,420,272	$	3,374,194
Accounts receivable, net	12,548,399		12,386,879
Inventories	11,849,201		11,060,254
Right to recover asset	1,340,935		1,147,483
Income tax receivable	596,024		5,859
Prepaid expenses and other	163,741		157,385
Total current assets	29,918,572		28,132,054
Property and equipment, net	1,455,008		1,770,516
Goodwill and other intangible assets	8,615,677		9,000,343
Other long-term assets	800,446		269,067
Total assets	$	40,789,703	$	39,171,980
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	29,145,149	$	28,385,074
Other current liabilities	966,712		1,057,208
Short-term debt	519,710		139,012
Total current liabilities	30,631,571		29,581,294
Long-term debt	3,620,641		4,033,880
Accrued income taxes	268,519		284,075
Deferred income taxes	1,806,260		1,860,195
Other long-term liabilities	494,761		419,330
Total equity	3,967,951		2,993,206
Total liabilities and equity	$	40,789,703	$	39,171,980

AMERISOURCEBERGEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited) 

	Nine Months Ended June 30,
	2020		2019
Operating Activities:
Net income	$	1,444,947	$	721,828
Adjustments to reconcile net income to net cash provided by operating activities 1	822,005		957,240
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable	(436,237)		(672,742)
Inventories	(910,828)		(280,148)
Accounts payable	824,105		964,667
Other, net 2	(836,184)		(19,644)
Net cash provided by operating activities	907,808		1,671,201
Investing Activities:
Capital expenditures	(251,101)		(230,767)
Cost of equity investments and acquired companies, net of cash acquired	(34,830)		(64,044)
Other, net	7,824		(2,222)
Net cash used in investing activities	(278,107)		(297,033)
Financing Activities:
Net repayments	(10,960)		(130,493)
Payment of premium on early retirement of debt	(21,448)		—
Purchases of common stock 3	(420,449)		(522,778)
Exercises of stock options	137,748		54,860
Cash dividends on common stock	(256,764)		(255,064)
Other	(11,750)		(13,650)
Net cash used in financing activities	(583,623)		(867,125)
Increase in cash and cash equivalents	46,078		507,043
Cash and cash equivalents at beginning of period	3,374,194		2,492,516
Cash and cash equivalents at end of period	$	3,420,272	$	2,999,559

________________________________________

¹  Includes a LIFO expense of $43.2 million and an impairment of PharMEDium assets of $361.7 million in the nine months ended June 30, 2020. Includes a LIFO credit of $79.7 million and an impairment of PharMEDium assets of $570.0 million in the nine months ended June 30, 2019.

²  Includes a $590.2 million increase in income tax receivable for the nine months ended June 30, 2020 primarily as a result of recognizing certain discrete tax benefits.

³ Purchases of common stock in the nine months ended June 30, 2020 includes $14.8 million of September 2019 purchases that cash settled in October 2019. Purchases of common stock in the nine months ended June 30, 2019 includes $24.0 million of September 2018 purchases that cash settled in October 2018 and excludes $0.1 million of June 2019 purchases that cash settled in July 2019.

SUPPLEMENTAL INFORMATION REGARDING

NON-GAAP FINANCIAL MEASURES

To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. These supplemental measures may vary from, and may not be comparable to, similarly titled measures by other companies.

The non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because such items are outside the control of the Company or are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. We have included the following non-GAAP earnings-related financial measures in this release:

•Adjusted gross profit and adjusted gross profit margin: Adjusted gross profit is a non-GAAP financial measure that excludes the gain from antitrust litigation settlements, LIFO expense (credit), certain PharMEDium remediation costs, certain PharMEDium shutdown costs, and the (credit) related to the New York State Opioid Stewardship Act (the "NYS Opioid Act"). Gain from antitrust litigation settlements and LIFO expense (credit) are excluded because the Company cannot control the amounts recognized or timing of these items. PharMEDium remediation costs are excluded because they are unpredictable expenses. The (credit) related to the NYS Opioid Act and PharMEDium shutdown costs are excluded because they are unusual and non-recurring and, in the case of the NYS Opioid Act, also non-cash. Adjusted gross profit margin is the ratio of adjusted gross profit to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental measure of the Company’s ongoing operating performance. The gain from antitrust litigation settlements relates to the settlement of lawsuits that have been filed against brand pharmaceutical manufacturers alleging that the manufacturer, by itself or in concert with others, took improper actions to delay or prevent generic drugs from entering the market. The PharMEDium remediation costs relate to costs incurred in connection with suspended production activities following U.S. Food and Drug Administration inspections. PharMEDium shutdown costs are costs incurred in connection with the permanent shutdown of the PharMEDium business. LIFO expense (credit) is affected by changes in inventory quantities, product mix, and manufacturer pricing practices, which may be impacted by market and other external influences. The NYS Opioid Act, which went into effect on July 1, 2018, established an annual $100 million fund and requires manufacturers, distributors, and importers to ratably share the assessment based upon opioids sold or distributed to or within New York state. In December 2018, the NYS Opioid Act was ruled unconstitutional by the U.S. District Court for the Southern District of New York.

•Adjusted operating expenses and adjusted operating expense margin: Adjusted operating expenses is a non-GAAP financial measure that excludes acquisition-related intangibles amortization, employee severance, litigation, and other, certain PharMEDium remediation costs, certain PharMEDium shutdown costs, impairment of PharMEDium assets, and a contingent consideration adjustment. Adjusted operating expense margin is the ratio of adjusted operating expenses to total revenue. Acquisition-related intangibles amortization is excluded because it is a non-cash item and does not reflect the operating performance of the acquired companies. We exclude employee severance amounts that relate to unpredictable and/or non-recurring business restructuring. We exclude the amount of litigation settlements and other expenses, as well as PharMEDium remediation costs, PharMEDium shutdown costs, a contingent consideration adjustment and the impairment of PharMEDium assets, that are unusual, non-operating, unpredictable, non-recurring or non-cash in nature because we believe these exclusions facilitate the analysis of our ongoing operational performance. The contingent consideration adjustment reflects an adjustment made by one of the Company’s non-wholly-owned subsidiaries, Profarma Distribuidora de Produtos Farmacêuticos S.A., of its previous estimate of contingent consideration related to the purchase price of a prior business acquisition.

•Adjusted operating income and adjusted operating income margin: Adjusted operating income is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted gross profit and adjusted operating expenses. Adjusted operating income margin is the ratio of adjusted operating income to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental way to evaluate the Company’s performance because the adjustments are unusual, non-operating, unpredictable, non-recurring or non-cash in nature.

•Adjusted income before income taxes: Adjusted income before income taxes is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted operating income. In addition, the loss on early retirement of debt in fiscal 2020 and the gain on sale of an equity investment in fiscal 2019 are excluded from

adjusted income before income taxes because they were unusual, non-operating, and non-recurring. Management believes that this non-GAAP financial measure is useful to investors because it facilitates the calculation of the Company’s adjusted effective tax rate.

•Adjusted effective tax rate: Adjusted effective tax rate is a non-GAAP financial measure that is determined by dividing adjusted income tax expense/benefit by adjusted income before income taxes. Management believes that this non-GAAP financial measure is useful to investors because it presents an effective tax rate that does not reflect unusual, non-operating, unpredictable, non-recurring, or non-cash amounts or items that are outside the control of the Company.

•Adjusted income tax expense: Adjusted income tax expense is a non-GAAP financial measure that excludes the income tax expense associated with the same items that are described above and excluded from adjusted income before income taxes. Certain discrete tax benefits primarily attributable to the income tax deduction recognized in connection with the permanent shutdown of PharMEDium as well as the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") are also excluded from adjusted income tax expense for the nine months ended June 30, 2020. In addition, the final U.S. tax reform measurement period adjustment to the one-time transition tax liability on historical foreign earnings and profits through December 31, 2017 ("Tax Reform") is excluded from adjusted income tax expense for the nine months ended June 30, 2019. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because the adjustments are unusual, non-operating, unpredictable, non-recurring or non-cash in nature.

•Adjusted net income/loss attributable to noncontrolling interest: Adjusted net income/loss attributable to noncontrolling interest excludes the non-controlling interest portion of acquisition-related intangibles amortization and a contingent consideration adjustment. Management believes that this non-GAAP financial measure is useful to investors because it facilitates the calculation of adjusted net income attributable to ABC.

•Adjusted net income attributable to ABC: Adjusted net income attributable to ABC is a non-GAAP financial measure that excludes the same items that are described above. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company's performance because the adjustments are unusual, non-operating, unpredictable, non-recurring or non-cash in nature.

•Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gain from antitrust litigation settlements; LIFO expense (credit); PharMEDium remediation costs; PharMEDium shutdown costs; the (credit) related to the NYS Opioid Act; acquisition-related intangibles amortization; employee severance, litigation, and other; impairment of PharMEDium assets; a contingent consideration adjustment; loss on early retirement of debt; and gain on sale of an equity investment; in each case net of the tax effect calculated using the applicable effective tax rate for those items. In addition, the per share impact of Tax Reform is excluded from adjusted diluted earnings per share for the nine months ended June 30, 2019 and the per share impact of certain discrete tax benefits primarily attributable to the income tax deduction recognized in connection with the permanent shutdown of PharMEDium as well as the CARES Act are also excluded from adjusted diluted earnings per share for the nine months ended June 30, 2020. Management believes that this non-GAAP financial measure is useful to investors because it eliminates the per share impact of the items that are outside the control of the Company or that we consider to not be indicative of our ongoing operating performance due to their inherent unusual, non-operating, unpredictable, non-recurring, or non-cash nature.

In addition, the Company has provided non-GAAP fiscal year 2020 guidance for diluted earnings per share, operating expense, operating income, and effective income tax rate that excludes the same or similar items as those that are excluded from the historical non-GAAP financial measures, as well as significant items that are outside the control of the Company or inherently unusual, non-operating, unpredictable, non-recurring or non-cash in nature. In addition, it has provided fiscal year 2020 adjusted free cash flow guidance. For fiscal year 2020, we have defined the non-GAAP financial measure of adjusted free cash flow as net cash provided by operating activities, excluding other significant unpredictable or non-recurring cash payments or receipts relating to legal settlements, minus capital expenditures. For the nine months ended June 30, 2020 adjusted free cash flow of $714.8 million consisted of net cash provided by operating activities of $907.8 million, plus $66.7 million in cash payments made relating to unfavorable legal settlements, minus $8.5 million in cash payments received related to favorable legal settlements, and minus capital expenditures of $251.1 million. The Company does not provide forward looking guidance on a GAAP basis for such metrics because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, LIFO expense (credit) is largely dependent upon the future inflation or deflation of brand and generic pharmaceuticals, which is out of the Company’s control, and acquisition-related intangibles amortization depends on the timing and amount of future acquisitions, which cannot be reasonably estimated. Similarly, the timing and amount of litigation settlements is unpredictable and non-recurring.

Contacts:Bennett S. Murphy

Senior Vice President, Investor Relations

610-209-5691

bmurphy@amerisourcebergen.com

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