AmerisourceBergen Corporation P.O. Box 959 Valley Forge, PA 19482 AMERISOURCEBERGEN REPORTS FISCAL 2020 FOURTH QUARTER AND YEAR END RESULTS Revenue of $49.2 Billion for the Fourth Quarter, a 7.9 Percent Increase Year-Ove

AMERISOURCEBERGEN REPORTS

FISCAL 2020 FOURTH QUARTER AND YEAR END RESULTS

Revenue of $49.2 Billion for the Fourth Quarter, a 7.9 Percent Increase Year-Over-Year

Fourth Quarter GAAP Diluted EPS of $(23.74) and Adjusted Diluted EPS of $1.89

Revenue of $189.9 Billion for Fiscal Year 2020, a 5.7 Percent Increase Year-Over-Year

Fiscal Year 2020 GAAP Diluted EPS of $(16.65) and Adjusted Diluted EPS of $7.90

VALLEY FORGE, PA, November 5, 2020 - AmerisourceBergen Corporation (NYSE ABC) today reported that in its fiscal year 2020 fourth quarter ended September 30, 2020, revenue increased 7.9 percent to $49.2 billion. Revenue increased 5.7 percent to $189.9 billion for the fiscal year. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $(23.74) for the September quarter of fiscal 2020, compared to $0.63 in the prior year quarter. Adjusted diluted EPS, which is a non-GAAP measure that excludes items described below, including a $6.6 billion expense accrual related to opioid lawsuits, increased 17.4 percent to $1.89 in the fiscal fourth quarter. For fiscal year 2020, adjusted diluted EPS increased 11.4 percent to $7.90.

"AmerisourceBergen delivered strong revenue and adjusted diluted EPS growth in fiscal year 2020. Working in an unprecedented environment, our associates rallied around our purpose of being united in our responsibility to create healthier futures. They proved the resilience of our business by continuously innovating to meet customer needs and delivering unparalleled execution to meet patient needs. By focusing on our values, we ensured a stable supply chain and demonstrated the vital nature of our role in the health system, said Steven H. Collis, Chairman, President Chief Executive Officer of AmerisourceBergen.

We are well-positioned as we enter fiscal 2021, Mr. Collis continued. We will leverage our strong customer base, leadership in specialty, dedication to innovation, and successful corporate stewardship to grow our portfolio of pharmaceutical-centric services and solutions, further our execution excellence, advance our talent, and become an even more unified AmerisourceBergen. We also remain committed to delivering long-term growth and creating value for our shareholders, partners, customers, and the patients they serve.

Fourth Quarter Fiscal Year 2020 Summary Results

Below, AmerisourceBergen presents descriptive summaries of the Company's GAAP and adjusted (non-GAAP) quarterly and fiscal year results. In the tables that follow, GAAP results and GAAP to non-GAAP reconciliations are presented. For more information related to non-GAAP financial measures, including adjustments made in the periods presented, please refer to the Supplemental Information Regarding non-GAAP Financial Measures following the tables.

Fourth Quarter GAAP Results

Revenue In the fourth quarter of fiscal 2020, revenue was $49.2 billion, up 7.9 percent compared to the same quarter in the previous fiscal year, reflecting a 7.8 percent increase in Pharmaceutical Distribution Services revenue and a 10.8 percent increase in revenue within Other.

Gross Profit Gross profit in the fiscal 2020 fourth quarter was $1.3 billion, a 13.7 percent increase compared to the same period in the previous fiscal year. Gross profit in the current fiscal quarter was favorably impacted by the increases in gross profit for both Pharmaceutical Distribution Services and Other. Gross profit was also favorably impacted by a $35.8 million LIFO credit in the current year quarter versus a $57.2 million LIFO expense in the prior year period. Gross profit as a percentage of revenue was 2.74 percent, an increase of 14 basis points from the prior year quarter.

Operating Expenses In the fourth quarter of fiscal 2020, operating expenses were $7.5 billion, compared to $1.0 billion in the same prior year period primarily due to a $6.6 billion expense accrual in connection with opioid lawsuits. Operating expenses as a percentage of revenue in the fiscal 2020 fourth quarter were 15.15 percent, compared to 2.20 percent for the same period in the previous fiscal year.

Operating (Loss) Income In the fiscal 2020 fourth quarter, operating (loss) income was $(6.1) billion versus $179.8 million in the prior year quarter. Operating income was negatively impacted by the previously mentioned legal expense accrual. Operating (loss) income as a percentage of revenue in the fiscal 2020 fourth quarter was (12.41) percent compared to 0.39 percent for the same period in the previous fiscal year.

Interest Expense, Net In the fiscal 2020 fourth quarter, net interest expense of $34.7 million was down 4.7 percent versus the prior year quarter due to a decrease in interest expense, substantially offset by a decrease in interest income as a result of a decline in investment interest rates.

Effective Tax Rate The effective tax rate was 21.1 percent for the fourth quarter of fiscal 2020 reflecting the legal expense accrual and a credit related to Swiss tax reform.

Diluted Earnings Per Share Diluted earnings per share was $(23.74) in the fourth quarter of fiscal 2020 compared to $0.63 in the previous fiscal year fourth quarter. This decrease was primarily due to the legal expense accrual.

Diluted Shares Outstanding Diluted weighted average shares outstanding for the fourth quarter of fiscal 2020 were 204.1 million, a 2.7 percent decline versus the prior fiscal year fourth quarter primarily due to share repurchases made earlier in the fiscal year, net of stock option exercises.

In the fourth quarter of fiscal 2020, with regard to litigation relating to the distribution of prescription opioid pain medications, the Company recorded a $6.6 billion ($5.5 billion after tax) charge, which is excluded from its adjusted (non-GAAP) results. The Company is in advanced discussions, which are ongoing, to reach a global settlement to be paid over an 18-year period to resolve cases currently filed and that could be filed by states, counties, municipalities and other governmental entities covered by the settlement. The Company has recorded the charge now that it has determined that a loss is probable and the amount is reasonably estimable. A global settlement remains subject to contingencies that could impact whether the parties ultimately decide to move forward.

Fourth Quarter Adjusted (non-GAAP) Results

Revenue No adjustments were made to the GAAP presentation of revenue. In the fourth quarter of fiscal 2020, revenue was $49.2 billion, up 7.9 percent compared to the same quarter in the previous fiscal year, reflecting a 7.8 percent increase in Pharmaceutical Distribution Services revenue and a 10.8 percent increase in revenue within Other.

Adjusted Gross Profit Adjusted gross profit in the fiscal 2020 fourth quarter was $1.3 billion, which was up 6.4 percent compared to the same period in the previous year, due to the increases in gross profit within Pharmaceutical Distribution Services and Other primarily resulting from higher revenue. Adjusted gross profit as a percentage of revenue was 2.69 percent in the fiscal 2020 fourth quarter, a decrease of 4 basis points from the prior year quarter.

Adjusted Operating Expenses In the fourth quarter of fiscal 2020, adjusted operating expenses were $795.4 million, an increase of 0.8 percent compared to the same period in the previous fiscal year. Adjusted operating expenses as a percentage of revenue in the fiscal 2020 fourth quarter was 1.62 percent, compared to 1.73 percent for the same period in the previous fiscal year.

Adjusted Operating Income In the fiscal 2020 fourth quarter, adjusted operating income of $530.0 million increased 16.2 percent from the prior year period due to a 15.2 percent increase in operating income within Pharmaceutical Distribution Services and a 20.5 percent increase in operating income within Other. Adjusted operating income as a percentage of revenue was 1.08 percent, which was up 8 basis points from the prior year quarter.

Interest Expense, Net No adjustments were made to the GAAP presentation of net interest expense. In the fiscal 2020 fourth quarter, net interest expense of $34.7 million was down 4.7 percent versus the prior year quarter due to a decrease in interest expense, substantially offset by a decrease in interest income as a result of a decline in investment interest rates.

Adjusted Effective Tax Rate The adjusted effective tax rate was 21.7 percent for the fourth quarter of fiscal 2020 and included a discrete unfavorable item. The prior year fourth quarter effective tax rate was 19.6 percent and included a favorable discrete item.

Adjusted Diluted Earnings Per Share Adjusted diluted earnings per share was up 17.4 percent to $1.89 in the fourth quarter of fiscal 2020 compared to $1.61 in the previous fiscal year fourth quarter, primarily driven by the increase in adjusted operating income and a slightly lower diluted share count.

Adjusted Diluted Shares Outstanding Adjusted diluted weighted average shares outstanding for the fourth quarter of fiscal 2020 were 206.4 million, a 1.6 percent decline versus the prior fiscal year fourth quarter primarily due to share repurchases earlier in the fiscal year, net of stock option exercises.

The Company's operations are comprised of the Pharmaceutical Distribution Services reportable segment and other operating segments that are not significant enough to require separate reportable segment disclosure and, therefore, have been included in Other for the purpose of reportable segment presentation. Other consists of operating segments that focus on global commercialization services and animal health and includes AmerisourceBergen Consulting Services (ABCS), World Courier and MWI Animal Health (MWI).

Pharmaceutical Distribution Services Segment

Pharmaceutical Distribution Services revenue was $47.3 billion, an increase of 7.8 percent compared to the same quarter in the prior fiscal year primarily due to increased volume associated with the growth of some of its largest customers and continued strong specialty product sales. Segment operating income of $425.6 million in the fourth quarter of fiscal 2020 was up 15.2 percent compared to the same period in the previous fiscal year, primarily due to the increase in gross profit, the exit of the PharMEDium compounding business, and modest expense growth.

Revenue in Other was $2.0 billion in the fourth quarter of fiscal 2020, an increase of 10.8 percent compared to the same period in the prior fiscal year due to growth at all three operating segments MWI, ABCS, and World Courier. Operating income in Other increased 20.5 percent to $104.5 million in the fourth quarter of fiscal 2020 primarily due to an increase at World Courier.

Fiscal Year 2020 Summary Results

Summary Fiscal Year GAAP Results

In fiscal year 2020, GAAP diluted EPS was $(16.65), compared to $4.04 in the prior year. Revenue of $189.9 billion was up 5.7 percent over the last fiscal year. Gross profit increased 1.0 percent to $5.2 billion primarily due to increases in gross profit within Pharmaceutical Distribution Services and Other and was partially offset by lower gains from antitrust litigation settlements and a LIFO expense in the current year versus a LIFO credit in the prior year. Operating expenses increased 156.5 percent and operating income decreased 561.8 percent over the prior fiscal year primarily due to the expense accrual in connection with opioid lawsuits. Diluted weighted average shares outstanding in fiscal 2020 were 204.8 million, down 3.3 percent from the prior fiscal year.

Summary Fiscal Year Adjusted (non-GAAP) Results

In fiscal year 2020, adjusted diluted EPS was $7.90, an increase of 11.4 percent over the prior fiscal year primarily due to an increase in operating income, and a decrease in adjusted diluted weighted average shares outstanding. Revenue increased 5.7 percent from last fiscal year to $189.9 billion. Adjusted gross profit increased by $221.1 million, or 4.4 percent, from the prior fiscal year to $5.2 billion due to the increases in gross profit within Pharmaceutical Distribution Services and Other. Adjusted operating income increased 7.5 percent due to an increase in gross profit and a favorable comparison due to the exit of the PharMEDium compounding business, and modest expense growth. Adjusted operating income margin increased 2 basis points from 1.14 percent to 1.16 percent. Adjusted diluted weighted average shares outstanding in fiscal 2020 were 206.6 million, down 2.5 percent from the prior fiscal year.

Recent Company Highlights Milestones

AmerisourceBergen was selected by the Department of Health and Human Services to store, manage, and distribute pharmaceuticals for the Strategic National Stockpile.

Good Neighbor Pharmacy, AmerisourceBergen's national independent pharmacy network, hosted ThoughtSpot, its annual conference and tradeshow. Thousands of independent pharmacists participated in ThoughtSpot 2020 which included a virtual general session and keynote address, more than 40 on-demand continuing education sessions, and a selection of live webinars hosted on AmerisourceBergen's new virtual event platform.

AmerisourceBergen hosted its first-ever ThinkLive Trade virtual event, a three-day online summit geared toward brand, specialty and generic manufacturers. The event addressed current industry challenges and how AmerisourceBergen will collaborate with partners, manufacturers and customers to drive supply chain sophistication and optimize the development and delivery of pharmaceuticals and healthcare products in the future.

The AmerisourceBergen Foundation, a separate not-for-profit charitable giving organization, has continued making grants to organizations that promote social justice, health access and equity, and organizations that are providing relief to those impacted by the pandemic, Hurricane Sally, and wildfires throughout the West Coast.

Dividend Declaration

The Company's Board of Directors declared a quarterly dividend of $0.44 per common share, a 5% increase in its quarterly dividend rate from $0.42 per common share. The quarterly dividend of $0.44 per common share will be payable November 30, 2020, to stockholders of record at the close of business on November 16, 2020.

Fiscal Year 2021 Expectations

The Company does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Please refer to the Supplemental Information Regarding Non-GAAP Financial Measures following the tables for additional information.

Fiscal Year 2021 Expectations on an Adjusted (non-GAAP) Basis

AmerisourceBergen has introduced its fiscal year 2021 financial guidance, which reflects growth in both Pharmaceutical Distribution Services and businesses focused on Global Commercialization Services Animal Health. AmerisourceBergen does not include unidentified capital allocation opportunities into its forward-looking guidance. The Company expects

Revenue growth in the mid-single digit percent range and

Adjusted diluted earnings per share to be in the range of $8.20 to $8.45.

Additional expectations include

Adjusted operating expenses to increase in the mid-single digit percent range

Adjusted operating income growth in the mid-single digit percent range

Pharmaceutical Distribution Services segment operating income growth in the mid-single digit percent range

Other, which is comprised of businesses focused on Global Commercialization Services Animal Health, operating income growth in the mid-single digit percent range

Adjusted effective tax rate to be approximately 21 percent to 22 percent

Adjusted free cash flow to be approximately $1.5 billion

Capital expenditures in the $400 million range and

Weighted average diluted shares are expected to be between 206 million to 207 million for the fiscal year.

Conference Call Slide Presentation

The Company will host a conference call to discuss the results at 8 00 a.m. ET on November 5, 2020. A slide presentation for investors has also been posted on the Company's website at investor.amerisourcebergen.com. Participating in the conference call will be

Steven H. Collis, Chairman, President Chief Executive Officer

James F. Cleary, Executive Vice President Chief Financial Officer

The dial-in number for the live call will be (844) 808-6694. No access code is required. The live call will also be webcast via the Company's website at investor.amerisourcebergen.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.

Replays of the call will be made available via telephone and webcast. A replay of the webcast will be posted on investor.amerisourcebergen.com approximately two hours after the completion of the call and will remain available for 30 days. The telephone replay will also be available approximately two hours after the completion of the call and will remain available

for seven days. To access the telephone replay from within the U.S., dial (877) 344-7529. From outside the U.S., dial +1 (412) 317-0088. The access code for the replay is 10148255.

Upcoming Investor Events

AmerisourceBergen management will be attending the following investor conference in the coming months

J.P. Morgan Healthcare Conference, January 10-14.

Please check the website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.

About AmerisourceBergen

AmerisourceBergen provides pharmaceutical products, value-driving services and business solutions that improve access to care. Tens of thousands of healthcare providers, veterinary practices and livestock producers trust us as their partner in the pharmaceutical supply chain. Global manufacturers depend on us for services that drive commercial success for their products. Through our daily work-and powered by our 22,000 associates-we are united in our responsibility to create healthier futures. AmerisourceBergen is ranked #10 on the Fortune 500, with more than $185 billion in annual revenue. The company is headquartered in Valley Forge, Pa. and has a presence in 50+ countries. Learn more at investor.amerisourcebergen.com.

AmerisourceBergen's Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expect, likely, outlook, forecast, would, could, should, can, project, intend, plan, continue, sustain, synergy, on track, believe, seek, estimate, anticipate, may, possible, assume, variations of such words, and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. Among the factors that could cause actual results to differ materially from those projected, anticipated, or implied are the following unfavorable trends in brand and generic pharmaceutical pricing, including in rate or frequency of price inflation or deflation competition and industry consolidation of both customers and suppliers resulting in increasing pressure to reduce prices for our products and services changes in the United States healthcare and regulatory environment, including changes that could impact prescription drug reimbursement under Medicare and Medicaid increasing governmental regulations regarding the pharmaceutical supply channel declining reimbursement rates for pharmaceuticals continued federal and state government enforcement initiatives to detect and prevent suspicious orders of controlled substances and the diversion of controlled substances continued prosecution or suit by federal, state and other governmental entities of alleged violations of laws and regulations regarding controlled substances, including due to failure to achieve a global resolution of the multi-district opioid litigation and other related state court litigation, and any related disputes, including shareholder derivative lawsuits increased federal scrutiny and litigation, including qui tam litigation, for alleged violations of laws and regulations governing the marketing, sale, purchase and or dispensing of pharmaceutical products or services, and associated reserves and costs failure to comply with the Corporate Integrity Agreement material adverse resolution of pending legal proceedings the retention of key customer or supplier relationships under less favorable economics or the adverse resolution of any contract or other dispute with customers or suppliers changes to customer or supplier payment terms, including as a result of the COVID-19 impact on such payment terms risks associated with the strategic, long-term relationship between Walgreens Boots Alliance, Inc. and the Company, including principally with respect to the pharmaceutical distribution agreement and or the global generic purchasing services arrangement changes in tax laws or legislative initiatives that could adversely affect the Company's tax positions and or the Company's tax liabilities or adverse resolution of challenges to the Company's tax positions managing foreign expansion, including non-compliance with the U.S. Foreign Corrupt Practices Act, anti-bribery laws, economic sanctions and import laws and regulations substantial defaults in payment, material reduction in purchases by or the loss, bankruptcy or insolvency of a major customer, including as a result of COVID-19 the loss, bankruptcy or insolvency of a major supplier, including as a result of COVID-19 financial market volatility and disruption financial and other impacts of COVID-19 on our operations or business continuity changes to the customer or supplier mix malfunction, failure or breach of sophisticated information systems to operate as designed risks generally associated with data privacy regulation and the international transfer of personal data natural disasters or other unexpected events that affect the Company's operations the impairment of goodwill or other intangible assets (including any additional impairments with respect to foreign operations), resulting in a charge to earnings the acquisition of businesses that do not perform as expected, or that are difficult to integrate or control, or the inability to capture all of the anticipated synergies related thereto or to capture the anticipated synergies within the expected time period the Company's ability to manage and complete divestitures the disruption of the Company's cash flow and ability to return value to its stockholders in accordance with its past practices interest rate and foreign currency exchange rate fluctuations declining economic conditions in the United States and abroad and other economic, business, competitive, legal, tax, regulatory and or operational factors affecting the Company's business generally. Certain additional factors that management believes could cause actual outcomes and results to differ materially from those described in forward-looking statements are set forth (i) in Item 1A (Risk Factors), in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2019 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws.

AMERISOURCEBERGEN CORPORATION

(In thousands, except per share data)

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1 Includes a $35.8 million LIFO credit, an estimated $14.8 million assessment relating to the New York State Opioid Stewardship Act (for the period covering January 1, 2017 through December 31, 2018), and a $0.5 million gain from antitrust litigation settlements in the three months ended September 30, 2020. Includes a $57.2 million LIFO expense, $6.7 million of PharMEDium remediation costs, and a $3.1 million gain from antitrust litigation settlements in the three months ended September 30, 2019.

2 Includes a $2.2 million credit of PharMEDium shutdown costs in the three months ended September 30, 2020. Includes $7.0 million of PharMEDium remediation costs in the three months ended September 30, 2019.

3 Includes $2.0 million of employee severance, a $6,606.9 million legal accrual and $28.5 million of legal fees in connection with opioid lawsuits and investigations, and $4.2 million of other costs in connection with business transformation efforts, acquisition-related deal and integration costs, and other restructuring initiatives in the three months ended September 30, 2020. Includes $4.5 million of employee severance, $116.7 million of legal settlements, $21.3 million of litigation and opioid-related costs primarily related to legal fees in connection with opioid lawsuits and investigations, and $31.9 million of other costs in connection with business transformation efforts, acquisition-related deal and integration costs, and other restructuring initiatives in the three months ended September 30, 2019.

4 Includes a $1,078.6 million tax benefit relating to the $6.6 billion legal expense accrual in connection with opioid lawsuits, a $360.7 million tax benefit relating to Swiss tax reform, and a $20.4 million adjustment to discrete tax benefits previously recognized primarily attributable to the income tax deductions resulting from the permanent shutdown of the PharMEDium business in the three months ended September 30, 2020.

AMERISOURCEBERGEN CORPORATION

(In thousands, except per share data)

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1 Includes an estimated $14.8 million assessment relating to the New York State Opioid Stewardship Act (for the period covering January 1, 2017 through December 31, 2018), $12.6 million of PharMEDium remediation and shutdown costs, a $9.1 million gain from antitrust litigation settlements, and a $7.4 million LIFO expense in the fiscal year ended September 30, 2020. Includes a $145.9 million gain from antitrust litigation settlements, $48.6 million of PharMEDium remediation costs, a $22.5 million LIFO credit, and a $22.0 million reversal of a prior period estimated assessment relating to the New York State Opioid Stewardship Act in the fiscal year ended September 30, 2019.

2 Includes $46.8 million of PharMEDium remediation and shutdown costs and a $12.2 million adjustment to Profarma's estimate of contingent consideration related to the purchase price of one of its prior business acquisitions in the fiscal year ended September 30, 2020. Includes $20.8 million of PharMEDium remediation costs in the fiscal year ended September 30, 2019.

3 Includes $34.4 million of employee severance, a $6,606.9 million legal accrual and $115.4 million of legal fees in connection with opioid lawsuits and investigations, and $50.6 million of other costs in connection with business transformation efforts, other restructuring initiatives, and acquisition-related deal and integration costs in the fiscal year ended September 30, 2020. Includes $34.1 million of employee severance, $116.7 million of legal settlements, $68.5 million of litigation and opioid-related costs primarily related to legal fees in connection with opioid lawsuits and investigations, and $111.2 million of other costs in connection with business transformation efforts, acquisition-related deal and integration costs, and other restructuring initiatives in the fiscal year ended September 30, 2019.

4 Includes a $13.7 million gain on the sale of an equity investment in the fiscal year ended September 30, 2019.

5 Includes a $1,078.6 million tax benefit relating to the $6.6 billion legal expense accrual in connection with opioid lawsuits, $720.6 million of discrete tax benefits primarily attributable to the income tax deductions resulting from the permanent shutdown of the PharMEDium business, and a $360.7 million tax benefit relating to Swiss tax reform in the fiscal year ended September 30, 2020. Includes a $37.0 million measurement period adjustment of the one-time transition tax on historical foreign earnings and profits through December 31, 2017 in the fiscal year ended September 30, 2019.

AMERISOURCEBERGEN CORPORATION

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)