Walgreens distribution deal helps lift AmerisourceBergen quarterly revenue by 38.5%
VALLEY FORGE, Pa. — Due in part to the new Walgreens pharmaceutical business, AmerisourceBergen on Thursday reported revenue of $29.2 billion, up 38.5%, for its fiscal year 2014 first quarter ended Dec. 31.
“In our December quarter, we delivered solid results as we onboarded substantial new business,” Steven Collis, AmerisourceBergen president and CEO, said. “We performed well operationally, made meaningful progress through a significant working capital transition, and positioned ourselves well to meet our objectives for the fiscal year.”
The 38.5% lift in revenue reflects a 46% increase in AmerisourceBergen Drug Corp. revenue and an 8% increase in AmerisourceBergen Specialty Group revenue.
In the first fiscal quarter of 2014, Pharmaceutical Distribution revenues were $28.6 billion, an increase of 39% compared to the same quarter in the prior year. ABDC revenues increased 46%, due primarily to the onboarding of the new Walgreens branded pharmaceuticals business and increased sales to a large PBM customer, as well as other large customers.
The ABSG revenue increase of 8% was driven by strong performance in blood products, vaccine and physician office distribution businesses.
Target to discontinue part-time health insurance coverage
MINNEAPOLIS — In light of the changing healthcare landscape due to healthcare reform, Target is discontinuing part-time health insurance coverage for its stores’ part-time associates, beginning April 1, according to a report in Target’s Bullseye View.
“Healthcare reform is transforming the benefits landscape and affecting how all employers, including Target, administer health benefits coverage. Our decision to discontinue this benefit comes after careful consideration of the impact to our stores’ part-time team members and to Target, the new options available for our part-time team, and the historically low number of team members who elected to enroll in the part-time plan,” Jodee Kozlak, EVP human resources at Target, told Bullseye View, an online magazine offering a behind-the-scenes look at Target initiatives and events.
According to the report, the majority of part-time associates who have been eligible for health insurance coverage don’t enroll. In fact, less than 10% of Target’s total team member population participate in the part-time plan.
To help those part-time associates, Target is providing those who are currently enrolled in Target’s health coverage and who are losing access to that coverage a $500 cash payment. The retailer also has partnered with a company that has benefits expertise to provide personalized support to associates. This includes sharing information that is customized to each team member about what insurance is available to them, the differences between plans and their impact, any off-sets available and help with the sign-up process, the report stated.
Bud Light to launch ‘Stay in the Game’ campaign
ST. LOUIS — Bud Light is launching a "Stay in the Game" campaign that will help fans to make smart choices during Super Bowl XLVIII.
"At Bud Light, we take pride in being a leader in encouraging consumers to drink responsibly," Rob McCarthy, VP Bud Light, said. "’Stay in the Game’ is designed to connect with and inspire fans to make smart decisions on Super Bowl Sunday."
The brand is partnering with NFL Hall of Famer Bruce Smith to help in getting the message out during the Big Game. Smith was pulled over in 2009 for driving under the influence. He will recount his personal story through a public service announcement that asks fans to drink responsibly by having a safe ride home after the event. Smith’s PSA can be viewed by adults ages 21 years and older on Bud Light’s Facebook and YouTube pages.
"No matter what team you’re cheering for, the Super Bowl is a day to celebrate the game of football with family and friends," Smith said. "There are many consequences with drunk driving — you can injure yourself or impact the lives of innocent people around you. I’m fortunate to partner with the Bud Light team and share my personal story so others can learn from my experience."
Bud Light also is partnering with on-demand transportation app Uber to help provide new and existing users with safe rides. Adults can visit the Bud Light Facebook page for 48 hours between Wednesday, Jan. 29 and Friday, Jan. 31 for a chance to receive one of 4,800 promotional codes for a $25 credit to their Uber account.