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AmerisourceBergen hit by generic concerns

August 9, 2017

AmerisourceBergen (ABC) tumbled to the bottom of the S&P 500 after Teva Pharmaceutical Industries (TEVA) cited pressures in its generic business for its earnings miss, hitting stock that has anything to do with generic drugs.

AmerisourceBergen, which “distributes specialty drugs” to its customers dropped 10% to $81.71, while the S&P 500 declined 0.2% to 2472.16. Teva Pharmaceutical Industries plunged 24% to $23.75.

AmerisourceBergen’s market capitalization fell to $17.8 billion today from $19.9 billion. It reported net income of $1.4 billion on sales of 146.9 billion in 2016.

http://bit.ly/2uF1DXa

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