(The following statement was released by the rating agency)
CHICAGO, April 24 (Fitch) Fitch Ratings has updated its report 'Navigating the
Drug Channel - Drug Distributors: A Deeper Dive.' The report is one of seven in
a series analyzing the U.S. drug channel and its participants.
The report focuses on the role of U.S. drug distributors, as well as the
industry's headwinds and tailwinds and Fitch's take on certain considerations on
the horizon. Content has been updated to reflect the most recent the most recent
financial data and industry developments, including the strategic alignment
among AmerisourceBergen Corp., Walgreen Co., and Alliance Boots GmbH.
The three largest drug distributors in the U.S. - AmerisourceBergen Corp.;
Cardinal Health, Inc.; and McKesson Corp. - together control roughly 95% of the
Future industry growth and consolidation will likely center on the rapidly
growing specialty drug market and future international integration and/or
collaboration. Fitch expects the overall reimbursement environment to remain
constrained; however, distributors are relatively insulated from these forces.
The full report, 'Navigating the Drug channel - Drug Distributors: A Deeper
Dive,' is available at 'www.fitchratings.com.'
Jacob Bostwick, CPA
Fitch Ratings, Inc.
70 W. Madison St.
Chicago, IL 60602
Bob Kirby, CFA
Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email:
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
Navigating the Drug Channel Report Series
'An Overview: Getting to the Other Side', Feb. 10, 2012'
'Pharmaceutical Manufacturing: At the Source', Feb. 28, 2012;
'Drug Distributors: A Deeper Dive', April 24, 2013 (updated);
'Pharmacy Benefit Managers (PBMs): In Flux', March 27, 2012;
'Long-Term Care Pharmacies: At the Mouth', April 20, 2012;
'Retail Pharmacies: The Last Link', May 11, 2012;
'The ABCs (and Ds) of Drug Pricing', July 25, 2012;
'Vital Signs: Currents in the Drug Channel', April 24, 2013;
'U.S. Healthcare Stats Quarterly - Fourth-Quarter 2012', April 12, 2013;
'Fitch: Walgreens Deal Likely Positive for AmerisourceBergen; No Immediate
Ratings Impact', March 19, 2013;
'Fitch Affirms Cardinal Health at 'BBB+' on AssuraMed Acquisition Announcement',
Feb. 14, 2013
'Fitch Affirms McKesson's Ratings at 'A-'; Outlook Stable', Dec. 5, 2012;
'Fitch: McKesson's Ratings Initially Unchanged by PSS World Acquisition
Announcement', Oct. 25, 2012;
'Fitch Affirms AmerisourceBergen's Ratings at 'A-'; Outlook Stable', Sept. 24,
'Fitch: Express Scripts Contract has Moderate Effect on ABC and Cardinal's
Credit Profiles', Aug. 1, 2012.
Applicable Criteria and Related Research Navigating the Drug Channel -- Drug
Distributors: A Deeper Dive
Navigating the Drug Channel ?????? An Overview: Getting to the Other Side
Navigating the Drug Channel -- Pharmaceutical Manufacturers: At the Source
Navigating the Drug Channel -- Drug Distributors: A Deeper Dive
Navigating the Drug Channel: Pharmacy Benefit Managers (PBMs) in Flux
Navigating the Drug Channel: Long-Term Care Pharmacies: At the Mouth
Navigating the Drug Channel -- Retail Pharmacies: The Last Link
Navigating the Drug Channel -- The ABCs (and Ds) of Drug Pricing
U.S. Healthcare Stats Quarterly - Fourth-Quarter 2012
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