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AmerisourceBergen Quarterly Earnings Tumbles 28%

AmerisourceBergen, one of the top U.S. drug wholesalers, said Thursday that quarterly earnings fell 28 percent as it took a write-down on its tetanus-diphtheria vaccine inventory.

Net income dropped to $87.6 million, or 50 cents per share, in the fourth quarter ended on Sept. 30 from $122 million, or 61 cents per share, a year earlier.

Excluding special items, AmerisourceBergen earned 64 cents per share, in line with the average forecast on Wall Street, according to Reuters Estimates.

Quarterly revenue rose to $16.4 billion from $15.6 billion.

For fiscal 2008, the Valley Forge, Pennsylvania-based company said it expected diluted earnings per share of $2.77 to $2.95. Wall Street's consensus forecast is $2.89.

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