Amerisource Bergen Corp.

Strong FY26 performance; new segment reporting to improve visibility - FY26 delivered adjusted operating income +14% and adjusted diluted EPS +12% to $17.97; Q4 revenue $88.4B (+6%) with adjusted diluted EPS $4.66 (+21%). - Management introduced an updated operating model and 2 new reporting segments to better reflect the specialty growth strategy: - Specialty pharmaceutical & provider services - Pharmaceutical distribution & services - Rationale: align leadership/operations around end-to-end specialty, improve execution and shareholder transparency (specialty capabilities previously spread across the org).

Q4 and FY26 drivers (what actually powered results) - Q4: US segment revenue $78.3B (+5%); US operating income $998M (+22%)—supported by specialty momentum (health systems + physician practices) plus OneOncology contribution, partially offset by $2.8B manufacturer list price headwind and lower sales to a large mail order customer. - International Q4: revenue $7.8B (+5%); operating income $152M (+16% as-reported; +19% constant currency). - FY26: adjusted free cash flow $3.8B (ahead of guidance); MSOs were ~10% of enterprise operating income (excluding major MSO acquisition impacts, management cited ~13% “core” US segment growth).

FY27 outlook: solid growth but with specific known headwinds and acquisition wraparound - Consolidated FY27 guidance (adjusted): - Revenue +3% to +5% - Operating income +4% to +6% - Adjusted diluted EPS $19.40–$19.75 (headline +8% to +10%); excluding ~$0.35 from the mid-fiscal MWI/Covetrus closing, EPS growth +10% to +12%. - Segment targets: - Pharmaceutical distribution & services: long-term operating income mid single digits; FY27 operating income growth 2% to 4% (includes customer volume shift wraparound and ~$20M FX headwind). - Specialty & provider services: long-term operating income mid teens; FY27 operating income growth 18% to 21% (includes OneOncology wraparound contribution). - Guidance exclusions / transactions impacting comparability: - FY27 guidance excludes iSouth Retina and American Oncology Network until close. - MWI/Covetrus mid-fiscal close expected to create operating income headwind partially offset by below-the-line effects (~$40M in 2H), lifting “other” income loss to about $90M vs. ~$26M in FY26. - Agreement to sell ProPharma equity stake: less EPS impact because of consolidation/noncontrolling interest mechanics.