Amerisourcebergen Corp (ABC) Q3 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 3, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, everyone, and welcome to the AmerisourceBergen Third Quarter Fiscal 2022 Earnings Call. My name is Victoria, and I will be contour call today. I'll now pass over to your host, Bennett Murphy, Head of Investor Relations to begin. Please go ahead.

Bennett Murphy - SVP, IR

Thank you. Good morning, good afternoon, and thank you all for joining us for this conference call to discuss AmerisourceBergen's fiscal 2022 third quarter results. I am Bennett Murphy, Senior Vice President, Investor Relations. Joining me today are Steve Collis, Chairman, President and CEO; and Jim Cleary, Executive Vice President and CFO.

On today's call, we'll be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.amerisourcebergen.com. We have also posted a slide presentation to accompany today's press release on our investor website.

During this conference call, we will make forward-looking statements about our business and financial expectations on an adjusted non-GAAP basis, including, but not limited to, EPS, operating income and income taxes. Forward-looking statements are based on management's current expectations and are subject to uncertainty and change. For a discussion of QS assumptions, we refer you to today's press release and our SEC filings, including our most recent 10-K. AmerisourceBergen assumes no obligation to update any forward-looking statements, and this call cannot be or broadcast without the express permission of the company. With that, I'll turn the call over to Steve.

Steven Collis - Chairman, President & CEO

Thank you, Bennett. Good morning and good afternoon to everyone on the call. Before we discuss our results for the quarter, I want to provide a brief update on opioid-related litigation. As previously disclosed, we have reached an agreement for a settlement with the state of Oklahoma that is consistent with the state's allocations under the comprehensive settlement agreement. That brings the total number of states saving opioid-related claims to 48 or 49 eligible states. In July, we were pleased to receive a ruling from a federal judge that held that our distribution of FDA-approved medications to licensed and registered health care providers in Capell County and the City of Huntington was not a public nuisance, and we are optimistic the ruling will hold up upon appeal. Additionally, we reached an agreement with the remaining counties and municipalities of the state of West Virginia to resolve opioid-related claims. We are encouraged by this continued progress, and we will not comment deeply at this time. AmerisourceBergen continues to work diligently with our partners to combat drug diversion while supporting real solutions that help address the crisis in the communities where we live, work and serve.