Bergen Brunswig Stock Hits 52-Week High

Bergen Brunswig Corp. stock hit a 52-week high, an indication that the beleaguered Orange-based drug wholesaler may be starting to rebound from disappointing acquisitions that created a heavy debt load and dragged down profit. The stock gained $1.06 to close at $11.06 on the NYSE after an analyst predicted that Bergen will log better-than-expected earnings through next year because it has shed some of its poorly performing units. Others were more skeptical, however, noting that the company recently lost a potentially lucrative contract to supply drugs for several hospitals. Nevertheless, the stock has been bouncing back from its low of $4.50 in March. “I think Bergen’s taken a number of significant steps to begin the turnaround process,” said Goldman Sachs analyst Christopher McFadden, who predicted the company will earn 62 cents a share in the current fiscal year, up from his previous estimate of 54 cents but still below last year’s earnings of 95 cents. Bergen Chief Executive Robert Martini wouldn’t comment on the earnings projections. But he said he believes the company finally is on the right track.