Neutral View on AmerisourceBergen
Analyst Report ) with a target price of $40.00.Over the last several years, the company has been benefiting from the growth of the pharmaceutical industry in the US. We believe AmerisourceBergen should continue to benefit from growth in the pharmaceutical industry, which is driven by several factors like aging population, increased use of generics, introduction of new treatments, increased use of drug therapies and favorable legislative developments. The aforesaid points are continually helping the company, which increased its 2011 earnings guidance range following the release of the third quarter fiscal 2011 financial results. AmerisourceBergen now expects 2011 earnings to lie in the range of $2.52 - $2.56 per share (previous guidance: $2.41 - $2.49). We expect fiscal 2011 earnings to increase almost 18% year over year to $2.56.
Further, AmerisourceBergen’s generics business continues to perform well with the company benefiting from the rapid growth of generic pharmaceuticals in the US market. The generic launch of Johnson & Johnson ’s ( JNJ Analyst Report ) Lipitor in November 2011 should boost generics business revenues. With several branded products scheduled to lose exclusivity in the coming years, we expect AmerisourceBergen’s generics business to continue witnessing growth. Moreover, the introduction of a legislative pathway for biosimilars would be a major positive for the company.
We note that the company has been pretty active on the acquisition front in order to supplement organic growth, spending more than $1 billion on acquisitions in the last eight years. The October 2007 acquisition of Bellco Health has allowed AmerisourceBergen to expand its presence in New York City where Bellco has a strong presence. In 2009, AmerisourceBergen acquired Innomar Strategies Inc., a Canadian specialty pharmaceutical services company. This acquisition helped the company strengthen its position in Canada. Going forward, we believe the company will continue to pursue acquisitions, which will help drive growth. AmerisourceBergen exited the third quarter of fiscal 2011 with a cash balance of about $2.0 billion and plans to spend around $200 to $300 million in 2011 on the acquisition of pharmaceutical, distribution or related services business.
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We note that the company has been pretty active on the acquisition front in order to supplement organic growth, spending more than $1 billion on acquisitions in the last eight years. The October 2007 acquisition of Bellco Health has allowed
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A health care spending account (HSA) operates like a bank account. A pre-determined allotment is put in the HSA for each employee, and they cannot exceed their allotment. An HSA can even be set up with different classes of coverage, each with different
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Choosing a Health Spending Account (PHSP): 7 Criteria for Canadian ...
A Health Spending Account (sometimes called referred to as a PHSP) is a tax free benefit that a corporation (as an employer) provides to employees and their dependents. Company owners are included if they are also employees of the company. A Health Spending Account can be used as a standalone plan, or, if you have an existing health insurance plan (e.g., Blue Cross, Manulife, etc), it will cover all the expenses and health care services these traditional plans do not cover. The following seven criteria should be used in comparing the various Health Spending Accounts.
1) Complete payment flexibility and control . Some providers offer only a prepay or a pay-as-you-go option (funding each claim as it is submitted). There are still several legacy health care providers who charge a monthly fee for a Health Spending Account. Smaller business needs and funding capabilities using change frequently, especially in the start-up years. Flexibility should be a paramount consideration. It is best to select a Health Spending Account that provides both a prepay and a pay-as-you go option. Check carefully to ensure that you can change these options easily and without penalty.
2) Carry Forward Options . Credit carry forward is emerging as a more common requirement for the larger providers. This option allows a company to carry forward left over, or unused, health care credits from one year to the next. Fewer providers offer an expense carry forward option. Expense carry forward allows left over allocated health care credits to be reset to zero, but provides the flexibility for employees to file forgotten claims up to one year late. Expense carry forward is a great option for smaller businesses where flexibility is the key. Always make sure that the Health Spending Account provider offers your company a choice of either of these carry forward options. Unfortunately few do.
3) Real-Time Online Convenience . The convenience of real-time functionality cannot be under estimated for a Health Spending Account, or for any business health care plan. Without real-time information on claim activity and available health funding, a designated company administrator is put in a position where they either track this information themselves, or regularly chase the provider to obtain this essential information. A system with real-time, online convenience will minimize the time for an administrator; time that can be used to re-focus on core business activities. Always ensure that the Health Care Spending Account system is a real-time, online system, and one with built-in security.
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