AmerisourceBergen Reports Solid First Fiscal Quarter, as Opioid Litigation Proceeds as Expected

Narrow-moat AmerisourceBergen's first fiscal quarter results were in line with our expectations, with revenue growing 13.5% year over year, largely due to contribution from the Alliance Healthcare acquisition in June 2021. Following the reversal of our previous macro-level forecast that the U.S. corporate tax rate would rise to 26% in 2022 through legislation, we are raising our fair value estimate for AmerisourceBergen to $151 per share, from $144.