Slides, presented at Registrant's Investor Day Meeting

Welcome

Investor Day

December 11, 2007

Exhibit 99.2

Dave Yost

President &

Chief Executive Officer

Comment Regarding Forward Looking Statements

This presentation may contain certain "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. These statements are based on management’s current

expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the

expectations contained in the forward-looking statements. The following factors, among others, could cause actual results

to differ materially from those described in any forward-looking statements: competitive pressures; the loss of one or more

key customer or supplier relationships; customer defaults or insolvencies; changes in customer mix; supplier defaults or

insolvencies; changes in pharmaceutical manufacturers' pricing and distribution policies or practices; adverse resolution of

any contract or other disputes with customers (including departments and agencies of the U.S. Government) or suppliers;

regulatory

changes

(including

increased

government

regulation

the

pharmaceutical

supply

channel);

government

enforcement initiatives (including (i) the imposition of increased obligations upon pharmaceutical distributors to detect and

prevent suspicious orders of controlled substances, (ii) the commencement of further administrative actions by the U. S.

Drug Enforcement Administration seeking to suspend or revoke the

license of any of the Company’s distribution facilities to

distribute controlled substances, (iii) the commencement of any enforcement actions by any U.S. Attorney alleging violation

of laws and regulations regarding diversion of controlled substances and suspicious order monitoring, or (iv) the

commencement of any administrative actions by the board of pharmacy of any state seeking to suspend, revoke or

otherwise restrict the ability of any of the Company’s distribution facilities or businesses to distribute or dispense

pharmaceuticals in such state); changes in U.S. government policies (including reimbursement changes arising from federal

legislation, including the Medicare Modernization Act and the Deficit Reduction Act of 2005); changes in regulatory or clinical

medical guidelines and/or reimbursement practices for the pharmaceuticals we distribute, including erythropoiesis-

stimulating agents (ESAs) used to treat anemia patients; price inflation in branded pharmaceuticals and price deflation in

generics; the inability of the Company to successfully complete any transaction that the Company may wish to pursue from

time to time; fluctuations in market interest rates; operational

or control issues arising from the Company’s outsourcing of

information technology activities; success of integration, restructuring or systems initiatives; fluctuations in the U.S. dollar

Canadian dollar exchange rate and other foreign exchange rates; economic, business, competitive and/or regulatory

developments in Canada, the United Kingdom and elsewhere outside

of the United States; acquisition of businesses that do

not perform as we expect or that are difficult for us to integrate or control; any operating problems and/or cost overruns that

may be associated with the implementation of an enterprise resource planning system; changes in tax legislation or adverse

resolution of challenges to our tax positions; and other economic, business, competitive, legal, tax, regulatory and/or

operational factors affecting the business of the Company 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, 2007

and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act of 1934.

Focused on Growing Pharmaceutical

Channel

–

Demographics

–

New Bio-Tech, Specialty Products

–

Generics

Positioned in Channel for Growth

–

Customer mix favors generics

–

Specialty/biotech strength

–

Completed Distribution Network

Steady As We Grow

Right Investments for Future Growth

Acquisitions

ERP Business Transformation

Future Looks Bright

Steady As We Grow

Dave Yost

President & 33

Chief Executive Officer

Terry Haas

Executive Vice President, 20

Chief Integration Officer

Steve Collis

Executive Vice President 13

& President ABSG

Mike DiCandilo

Executive Vice President 17

& Chief Financial Officer

Today’s Speakers

Years

ABC

GAAP Diluted EPS from Continuing Operations

Steady As We Grow

$1.06

$1.57

$1.95

$2.06

$1.37

$2.26

$2.63

FY01

FY02

FY03

FY04

FY05

FY06

FY07

Focused Organization

Steady As We Grow

AmerisourceBergen

ABC

Drug

Corporation

ABC

Specialty

Group

ABPG

PMSI

Bellco

Anchored in Distribution

Differentiated with Services

ABDC

Retail

Institutional

PMSI

PBM

Mail/Rx

MS&E

ABPG

AHP

Anderson

Brecon

Steady As We Grow

Bellco

ABSG

Oncology

ASD

Besse

Lash

ICS

Xcenda

MSA

Primary Growth Drivers

Steady As We Grow

Specialty Drugs

Oncology

Physician

administered

Services

–

Manufacturers

–

Physicians

Generics

Growing Market

Customer mix

advantage

Differentiated offer

Services

–

Manufacturers

–

Dispensers

Global Opportunities

AMP

Anemia Drugs—ESAs

Political Climate

–

Presidential Election

–

Importation

New Block Buster Products

Slower Industry Growth

Steady As We Grow

Industry Issues

Steady As We Grow

Medicaid reimbursement formula for Generics

Controversy: Definition/Market price availability

Effective date: January 31, 2008

Potential Remedies

–

Increased dispensing fees in states

–

Federal legislative action (change/delay)

–

CMS redefinition

–

Legal remedy

Independents/Retail Chains: Resilient!

AMP (Average Manufacturer's Price)

Current impact: Oncology

FDA “black box”

warning

Issues:

–

CMS (July)-

no payment in patients with

hemoglobin > 10 gm/deciliter

–

Increased blood transfusions

–

Debate continues

Anniversary Impact Summer 2008

Steady As We Grow

Anemia Drugs—ESAs

Steady As We Grow …

Generics

Servicing Manufacturers & Providers

Steady As We Grow

Generic

Manufacturers

Market access

Speed to market

Data exchange

Healthcare

Providers

Quick availability

Best value generics

Support Programs

Sold as part of

portfolio

Top 3 Patent Expirations

–

Altace

$0.9 Billion

–

Fosamax

$1.9 Billion

–

Risperdal

$2.4 Billion

Unexpected Product Conversions

–

ie. Plavix

Unexpected Timing

–

ie. Topamax

Generic Opportunity CY2008

Steady As We Grow

Two players in 6-month exclusivity period

Limited players with hard-to-make drug

One player in 6-month exclusivity period

Multiple players in easy-to-make drug

ABC Generic Opportunity

Steady As We Grow

Generic Profitability

Steady As We Grow

Selling Price

Gross Margin

Gross Profit Dollars

Handling Costs

Accounts Payable

Receivable

Working Capital

Returns on Capital

Generic

$20

15%+

$3.00+

Same

Negotiable

$20

Lower

Higher

Brand Name

$100

$3.00

Same

30 days

$100

Higher

Lower

Continued Compliance Activities

–

Bellco’s Generic Telemarketing

–

Contract Requirements

Emerging Market Sourcing

–

Increasing sourcing in FY 2007 & FY 2008

Supply Chain Data Exchange

Generic Leverage

Steady As We Grow

ABC will be the leading

distributor of branded

pharmaceuticals and related

services

ABC will be the leading

distributor of generic

pharmaceuticals and related

services

ABC will be the packager of

choice for pharmaceutical

manufacturers

ABC will be the leading

distributor of specialty

pharmaceutical products and

related services

Related Services = Key Differentiator

ABC Strategic Focus

Trent

Asenda

Rep-Pharm

Health Advocates

Bellco Health

NMCR

IgG America

AMD

Xcenda

FY 06 , FY 07, FY 08 YTD

Acquisitions

Brecon

Acquisition Strategy

ABC will be the leading wholesale distributor of

generic pharmaceuticals and related services

ABC will be the leading wholesale distributor of

branded pharmaceuticals and related services

ABC will be the leading distributor of specialty

pharmaceutical products and related services

ABC will be the packager of choice for

pharmaceutical manufacturers

Steady As We Grow …

AmerisourceBergen

Drug Corporation

Manufacturers

–

Distribution

–

Receivables

–

Speed to Market

–

Data Services

Retail Healthcare Providers

Institutional Healthcare Providers

ABDC Customers

Steady As We Grow

Retail Chain Healthcare Providers

–

Regional Drugstore Chains

–

Food/Drug Combination

–

National Drugstore Chains

Smaller Community Providers

–

Community Independent Pharmacies

–

Apothecary Shops

Retail Customers

Steady As We Grow

Independents are sizable

More than $84 billion in revenue marketplace

$3.6 million in sales per pharmacy annually

41% of retail prescriptions annually

Average independent owns 1.7 pharmacies

Services to patients

91% provide nutrition counseling

86% deliver to homes

79% do compounding

Community Independents

Steady As We Grow

Good Neighbor Pharmacy

: 2,800 stores

GNP Provider Network

™

: 5,000 stores –

Largest

Diabetes Shoppe

: 1,000 stores

Private Label Products: 700 SKUs

PRxO

Generics: 5,700 SKUs

Patient management programs

Business Coaching

Promotional Programs

Retail Services

Steady As We Grow

Hospital Systems

Dialysis Clinics

PBMs

& other Mail Order Facilities

Nursing Home Pharmacies

Dept. of Defense/ other Gov’t

Agencies

Institutional Customers

Steady As We Grow

CareRx

–

Improving pharmaceutical clinical care

SupplyRx

–

Improving supply chain performance

CommunityRx

–

Improving pharmaceutical community care

Institutional Services

Steady As We Grow

ABDC Improved Model

Steady As We Grow

Number DCs

Purchasing Paradigm

Inventory

Cost Per Warehouse Line

Focus

Now/2007

Fee for Service

27 days

Lower

Transformation

Then/2001

Buy & Hold

53 days

Low

Optimiz

Steady As We Grow …

The Leaders that

Make It Happen

Terry Haas

Executive Vice President

and Chief Integration Officer

Integration Office Responsibilities

•

Implement a Business Transformation Program

patterned after the successful Optimiz

Program

•

Integrate recent Bellco Drug acquisition into

AmerisourceBergen

•

Drug Distribution Network Optimization

ABDC Optimiz Program

DC Consolidations

PkMS

Implementations

Implementations¹

Greenfield Builds

Engineered

Standards

Implementations

Implementations²

DC Reworks

Transportation Outsourcing

Completed

More than 95% of all customer volume will be managed and

processed using PkMS

by end of FY08

More than 80% of all warehouse activity will be covered under

engineered standards program by end of FY08

Bellco Drug Integration

•

Founded in 1955

•

Fiscal 2007 sales of $2.1 billion

•

3 facilities

•

270 employees

•

1,500 retail and institutional pharmacy customers

•

1,950 free-standing dialysis center customers

•

4,100 ship-to locations with a national footprint

Bellco Drug Integration

Web-based clinical

data collection,

reporting & bench-

marking technology

platform

Full-line, full-

service drug

wholesaler focused

on metro NY/NJ

Leading national

generic telesales

organization

Established

national dialysis

distributor

Nation’s largest

dedicated dialysis

GPO with 44%

market share

Bellco Drug Integration

Strategic go-to-

market plans for

each Bellco

entity integrated

with ABC

Operational

execution of

go-to-market

plans

Deal

10/1/07

Integration

Office &

Integration

Plans

established

Key Associate

Retention &

Succession

Planning

Developed

combined

Metro NY

Area market

strategy

Validated

synergies

across all

Bellco entities

Generic

Procurement

Cut-Over from

to PRxOGen

12/11/07

ABC Business Transformation

What it Is

•

ERP enabled Business

Transformation

•

Targeted at end-to-end business

processes outside of distribution

centers

•

Extension of the Optimiz program to

other parts of the business

•

Creation of a robust and scalable

business platform

•

Efficiency and ease of doing

business focused

•

Catalyst for growth

What it Is Not

A software

implementation

targeting marginal

process improvement

ERP Enabled

ABC Business Transformation

Program Focus

Develop and deploy enhanced capabilities in all

areas of ABC’s business and infrastructure

ABC

Customers

Suppliers

ABC Business Transformation

Program Focus

•

IT processes and infrastructure

•

Back office processes

•

Business unit integration / coordination

•

Suppliers

•

Customers

Self Service

•

Acquisition integration

•

Partner connectivity

•

Transforming data to information

•

Marketable information assets

Operational Efficiencies driven

by Best Practices

Ease of Doing Business

Engine for Growth

Step Function Change for

Business Intelligence

ERP Enabled

ABC

Customers

Suppliers

ABC

Customers

Suppliers

ABC Business Transformation

Expected Outcomes

IT Cost

IT Complexity

IT Flexibility

Data Quality

Informatics Opportunities

Market Flexibility

Track & Trace Readiness

Customer Experience

Supplier Experience

Process Connectivity

Business Unit Integration

Asset Efficiency

Associate Productivity

Resource Requirements

ERP Enabled

ABC

Customers

Suppliers

ABC

Customers

Suppliers

ABC Business Transformation

Phase 1

Planning &

Requirements

Phase 2

Software

Selection

Phase 3

Implementation

•

Process Improvement/

Business Requirements

•

Software Requirements

•

Organizational

Implications

•

Business Case

Finalization

•

RFP

•

Supplier Selection

•

Negotiation

•

Solution Design

•

Configuration,

Development, Testing

•

End User Training

•

Benefit Tracking

•

Phased

Implementations

•

Benefit Tracking

Organizational Change Management

Program Management

Technical Architecture

Phase 4

Wave

Deployment

Our Approach –

Doing It Right

Current Phase

ERP Enabled

ABC

Customers

Suppliers

ABC

Customers

Suppliers

ABC Business Transformation

Results Expected to Mirror Optimiz Program

ERP Enabled

ABC

Customers

Suppliers

ABC

Customers

Suppliers

3-5 year time frame

Finalizing business case

Within long term guidance

Benefits back-end loaded

ABC Business Transformation

Enhancing ABC’s proven ability to deliver value to

customers, suppliers, and shareholders through continuous

improvement initiatives

Utilizing the same approach and disciplines developed for

the Optimiz Program

Resources from the Optimiz Program redeployed and

already in full-time Business Transformation roles

Broad and deep organizational leadership and commitment

to deliver expected results

Key Takeaways

ERP Enabled

ABC

Customers

Suppliers

ABC

Customers

Suppliers

ERP Enabled

ABC Business Transformation

Program Focus

Develop and deploy enhanced capabilities in all

areas of ABC’s business and infrastructure

ABC

Customers

Suppliers

Steve Collis

Executive Vice President &

President, AmerisourceBergen

Specialty Group (ABSG)

Specialty Group

Distribution & Services to Physicians

Specialty Product Distribution & Services

Biotech Commercialization Services

2,600 associates

Steady As We Grow

•

Oncology

•

Infusion services

•

Outsourced logistics

•

Plasma-derivative products

•

Biotech products

•

Nursing support

•

Reimbursement mgt

Market Leadership

Steady As We Grow

Integrated Offerings

Oncology Revenue as a Share of

$12 Billion Specialty Business

Oncology

Revenue

Non-oncology

Revenue

Steady As We Grow

Rapidly Growing Oncology Market

Oncology treatments to exceed $45 billion

in U.S in 2008

Global oncology market is to grow at twice

the pace of overall pharmaceutical market

32% of 2006 FDA new drugs submissions

Steady As We Grow

Oncology Market Share Leader

Steady As We Grow

All Competitors

Market Share of Key

Oncology Products

(

40%)

Specialty Group

Market Share of Key

Oncology Products

(

60%)

Source: ABC estimates

Largest U.S. Oncology Distributor and

Physician Services Organization

4,600+ Community-Based Oncologists

–

More than half of all community-based

oncologists in the United States

Large Practice Program (LPP)

–

156 practices and growing

–

$3+ billion in chemotherapy sales in FY07

–

LPP larger than any other oncology GPO

Steady As We Grow

New Specialty Distribution Center

in Dothan, AL

Expanding to Meet Growth

Steady As We Grow

Anemia Market Challenge

ESA (Aranesp

and Procrit

) usage guidelines

revised downward by CMS

Degree to which commercial payers follow

CMS yet to play out

Epogen

appears to be less impacted

Government affairs work continues through

SBDA

Steady As We Grow

Dialysis/Nephrology

Second Largest ABSG Distribution Business

With Bellco, ABC has large market share in Dialysis

ASD Healthcare (distribution) and INN (GPO)

Combine with Bellco Unit

–

ASD Healthcare/INN serve pre-dialysis and chronic

kidney disease market, Bellco businesses focus

exclusively on dialysis

–

AMD –

Distribution

–

DPA –

GPO

–

CORA -

Informatics

Steady As We Grow

Distribution Achievements

Besse Medical

•

Largest Market Share in Ophthalmology

•

$1+ Billion Revenue in FY2007

ASD Healthcare

•

Amerinet’s

2007 Supplier Performance Award

•

Launched Version 2 of Cubixx, specialty

pharmaceutical product consignment cabinet

Steady As We Grow

Distribution Achievements

ICS

•

Captured Largest Market Share For Large

Biotech’s Controlled Distribution

•

Customized Distribution for an MS

Therapy Biologic with Mandated FDA

RiskMap

to Monitor Product Access

•

Strong Revenue Growth

Steady As We Grow

Pharma & Specialty Services

Xcenda

Portfolio Focused on Consulting

–

Leading pharmacoeconomic

and health outcomes

consulting company

–

More than 130 professionals (PhD, PharmD, MPH)

linking the clinical and economic value of treatments for

pharma

and biotech companies

–

Integrates Lash Group consulting and Managed Care

Network (MCN) with Xcenda’s

existing services to

create a more complete service offering

Steady As We Grow

Pharma & Specialty Services

Lash Group’s Current Focus

–

Reimbursement support

–

Patient management services

–

Integrated services that combine capabilities

with other Specialty Group companies,

including US Bioservices

IT integration to support cost efficiencies, as

well as new, innovative service models, such

as Fast Track program

Steady As We Grow

Integrated Services –

Fast Track

ABSG

Fast Track

SP Referral

ABSG

Fast Track

SP Referral

Specialty Group

Fast Track

Specialty

Pharmacy

Referral

Referral to central hub

to expedite patient start

Nursing Services

Reimbursement

& PAP to seamlessly

address exceptions

•

Automated BV

•

Coordinated

dispense

Combines expertise of Lash Group and

US Bioservices

Steady As We Grow

New Informatics Platform

Capitalizes on elements no competitor

can match:

–

Specialty segment market underserved

–

Volume of data on how products are sold,

distributed, administered and reimbursed

–

Ability to deploy resources from across

business units to create integrated solutions

for manufacturers, physicians, and managed

care companies

Steady As We Grow

New Informatics Platform

Solutions will provide unprecedented

market insight into how and why a product

is used

–

Helps manufacturers with product decisions

–

Allows provider organizations to track product

usage against patient treatment data

–

Provides practice-level data via Practice

Analyzer, embedded in physician network

member practices

Steady As We Grow

ION Practice Analyzer

Uses practice’s EMR, lab and practice management

systems to track cost-effectiveness and adherence to

therapy guidelines

Saves practice valuable time by automating data

extraction and performing calculations based upon a

patient’s data

Enables analysis of the patient’s dosages and treatment

course for an informed medical decision

Feedback from pharma

indicates that data will be unlike

anything in the industry today

Steady As We Grow

ABSG Summary

Specialty Group delivers comprehensive

solutions of market-leading quality

VALUE

Multiple options for customers to achieve

their desired end result

ALTERNATIVES

Scalable, flexible infrastructure adds real

value to solutions

TECHNOLOGY

Tangible benefits result from portfolio of

companies

SYNERGIES

#1 or #2 in all markets

SCALE

Covers virtually all specialty and biotech

categories

RELATIONSHIPS

Reach into channel via multiple platforms

CHANNEL

Mike DiCandilo

Executive Vice President &

Chief Financial Officer

Steady As We Grow …

AmerisourceBergen

Packaging Group

(ABPG)

ABPG Capabilities

Three operating companies

13 facilities totaling 1.5 Million sq ft

1,600 employees

Over 150 packaging lines

Strong regulatory compliance profiles

22 product launches in FY07

Preferred supplier to top global brand

manufacturers and preferred relationships with

large segment of generics manufacturers

Steady As We Grow

ABPG Growth Drivers

Large pharmaceutical manufacturers

rationalizing supply chain

Packaging economics favor outsourcing

Packaging is a key product differentiator

Providers asking for special packaging to

reduce costs/help patients

Steady As We Grow

APBG Business Units

Anderson

Packaging

American Health

Packaging

Brecon

Pharmaceuticals

Continue to grow by

capitalizing on

manufacturer

outsourcing trend

Add proprietary

package formats

Add complementary

packaging capabilities

Key Customers:

Large Branded

Mid-size / Small /

Virtual Branded

Specialty / Biotech

Evolving to more

specialized services

Partner to market /

differentiate products

Coordinate with ABDC

marketing programs

Key Customers:

Large Generic

Mid-size / Small

Generic

Pharmacies

One of the top

pharmaceutical contract

packagers in the UK,

serving Europe

Clinical trial and

commercial packaging

Platform for European

expansion

Key Customers:

Large Branded

Mid-size / Small /

Virtual Branded

Specialty

/ Biotech

Recently Launched

ABPG Take Aways

Packager of choice for global pharma

A leading international pharmaceutical packaging

service provider

Industry leading franchise in patient compliance

packaging and other unique formats specific to

local markets

Excellence in regulatory, quality, execution,

innovation and continuous improvement.

Steady As We Grow …

PMSI

PMSI Business Overview

Largest U.S. provider of pharmacy and specialty

managed care products and services for the workers’

compensation and catastrophically injured population

30 plus years of industry leadership, knowledge, and

experience

PMSI

(Rx Mail Fulfillment)

MS&E

(Medical Services

and Equipment)

MSA

(Medicare Set Aside

Services)

Tmesys

(PBM)

PMSI

Steady As We Grow

PMSI Top Customers

Steady As We Grow

•

Hartford

•

CNA

•

AIG

•

Liberty Mutual

P&C Insurance Carriers

•

Broadspire

•

ESIS

Third Party Administrators

•

State Fund of CA (SCIF)

•

State Fund of AZ

State & Local Government/Employers

•

PMA

•

Farmers

•

Southwest Airlines

•

Specialty Risk Services (SRS)

•

Gallagher Bassett

Workers Compensation Market

PMSI has market leading position in pharmacy and

specialty managed care services

Favorable industry trends –

Growing mid-single digits

Fragmented industry, opportunity for market share

expansion

–

Smaller competitors financially challenged and under-funded

Attractive financial metrics

–

Strong operating margins –

sustainable range from 7% to 9%

–

Low committed capital requirements

Steady As We Grow

Challenges Impacting Recent

PMSI Performance

Recent customer losses

–

Attractive market drew new players

–

New players leveraged technology

Pricing compression

–

New market entrants attempting to garner share

–

Regulatory pressure on reimbursements

Significant investment in people and technology to

address infrastructure & customer issues and restore

growth

Steady As We Grow

Turn-Around Efforts Firmly Underway

Transition to new mgt team completed Q1’07

Reorganized sales and customer relationship

management functions (account services)

Successfully integrated Health Advocates

Several key technology enhancement initiatives

underway

–

Optifil pharmacy automation; MailRx, mail processing software;

CRM; Vital-Point, web portal

Initiated major cost cutting program Q1 FY 2008

–

Expected annual savings of $9 Million

Steady As We Grow

Key PMSI Takeaways

Legacy issues impacting performance will

continue in FY 2008

–

Expect operating profit and revenue to be flat to down vs. FY

2007

Significant investments in people and

technology are underway

–

New management team made solid progress in FY 2007

–

Expect full impact to materialize in FY 2009

–

Target operating margins of 7% to 9%

Favorable market trends & market-leading

position

Steady As We Grow …

Financial Review

EPS growth of 15%

Revenue growth with market

Operating margin expansion

ROIC >

WACC

Free cash flow approximates net income

Minimum 30% of free cash returned to

shareholders

Steady As We Grow

Long Term Financial Goals

Diluted EPS from continuing operations

of $2.63, up 16% / $2.54 ex items, up 18%

Record operating revenue of $61.7 billion, up 9%

Pharmaceutical Distribution Operating Income

grew 14%, up 5 bps

ROIC > WACC

Free cash flow 232% of net income

Returns to shareholders >100% of free cash flow

Met

Exceeded

Long-Term

Goals

Steady As We Grow

Fiscal Year 2007 Results

Fiscal Year 2007 Baseline EPS*

*EPS from continuing operations. Note certain totals will not add

due to rounding.

$2.46

$(0.08)

$(0.09)

$2.63

FY07

$0.60

$(0.01)

$(0.03)

$0.63

$0.58

$(0.02)

$(0.09)

$0.69

$0.65

$(0.02)

$0.00

$0.68

$0.62

$(0.03)

$0.02

$0.63

Total

LTC

Special

Items

Reported

Steady As We Grow

Steady As We Grow

Fiscal Year 2008 Targets

Diluted EPS of $2.77-$2.95, up 13-20% over baseline

Operating revenue growth of 5% to 7%

Operating margin expansion –

single digit basis points

ROIC > WACC

Free cash flow of $450 to $525 Million

–

Includes CapEx

$125 Million

Repurchase $400 Million to $500 Million of shares

–

Interest expense up significantly

–

Average shares down 10%

Meets or Exceeds Long-Term Goals

Fiscal Year 2008 Targets

Revenue Growth and Operating Margin by Business Unit

Total Revenue Growth

5% -

Pharmaceutical

Distribution

% of Total

Segment

Revenue

Growth

ABDC

ABSG

Bellco

ABPG

100%

4% -

-5% -

N/A

10% -

15%

Other

76% -

80%

17% -

19%

1/2%

PMSI

Flat to Down

Operating

Margin Range

1.10% -

1.15%

1.70% -

1.80%

0.45% -

0.50%

10% -

12%

5% -

Steady As We Grow

1Q FY 2008 Guidance

$0.62 EPS –

Comparable to ’07

Revenue growth below 5%-7% annual range

–

Difficult Anemia Drug Comparison

–

OTN Acquisition by a Competitor

–

CVS/PharmaCare

Jan ’07 Termination

Price Increase shift 1Q 2Q

Light Flu season

Fewer Generic Launches than 1QFY07

Steady As We Grow

What’s Available?

$1.1 billion of cash and short-term investments

@ 9/30/07 ($700 million available)

Free Cash Flow of $450-$525 million expected for FY08

Total available for investment $1.1-$1.2 billion, excluding

additional borrowing capacity

Where to deploy?

Bellco $181 million

$697 million available under share repurchase program at 9/30/07

$400-$500 million expected to be repurchased in FY08

Dividend increased 50% to approximately $50 million

$400-$500 million available for further investment

Significant Financial Flexibility

Fiscal 2008 Capital Deployment

Steady As We Grow

Steady As We Grow

•Focused on Growing Pharmaceutical Channel

•Positioned in Channel for Growth

•Right Investments for Future Growth

Question & Answer

Steady As We Grow