Bergen Brunswig Corp., the third-biggest U.S. drug wholesaler, posted solid gains in second-quarter profits, reflecting the sale of a poorly performing unit and the company's improved nursing-home pharmacy business.
Net income rose to $28.2 million, or 21 cents a share, from $17.3 million, or 13 cents a share, a year earlier. The results a year ago included a charge of $6.4 million, or 5 cents a share, from discontinued operations.
Sales, excluding bulk shipments to customers' warehouses, rose 9.2% to $4.99 billion.
The Orange-based company benefited from selling its money-losing Stadtlander specialty drug unit in July and improving business at its PharMerica unit, which supplies pharmacy services to nursing homes. Bergen also signed new contracts to supply drugs to pharmacies.
Bergen last month announced plans to merge with rival AmeriSource Health Corp., a $2.3-billion transaction awaiting approval of federal regulators.