OKLAHOMA CITY -- With its profits falling, hurt by a side business that has yet to pay off, AmerisourceBergen ( ABC) has decided to take its medicine once again. The giant health care company announced plans on Thursday to sell its PMSI workers' compensation unit, pulling the plug on a hefty investment. The company, which has shed its institutional pharmacy already, hopes to regain its strength by focusing on its core drug-distribution business. Still, AmerisourceBergen has been suffering in the meantime. The company reported Thursday that its fiscal first-quarter revenue inched up just 3.5% to $16.2 billion, missing the $17 billion consensus estimate, as the company faced challenges across multiple business lines. Net income actually fell 7% to $195 million, due to the absence of the company's institutional pharmacy and the underperformance of the other non-core business that it now plans to sell. Thanks to aggressive share repurchases and lower taxes, however, AmerisourceBergen met Wall Street's profit targets with earnings of 62 cents a share, before items. The company also forecast 2008 earnings of $2.77 to $2.95, up 13% to 20% from a year ago, which is in line with current analyst expectations. AmerisourceBergen touted the strength of its main business while attempting to justify its overall strategy. But the company's latest results still stung. Even the company's big drug-delivery operation posted some weak numbers. There, revenue climbed just 3% despite help from an acquisition. Profits slipped 1%, due to a negative shift in industry trends. But AmerisourceBergen's "other" division, home to PMSI, caused the real pain. Profits there tumbled a whopping 84% in the latest quarter. The company blamed "customer losses, price competition and a significant increase in operating expenses" -- with the latter resulting from costly upgrades -- for the shortfall. Now, AmerisourceBergen must justify its decision to sell PMSI before that investment pays off. It tried to do just that on Thursday. "Although PMSI's performance in the quarter was below our expectations, our investment in PMSI's technology and service delivery infrastructure as well as its aggressive profitability initiatives are expected to drive greater operational leverage and margin expansion," CEO David Yost stated. "The result should be significant performance improvement by fall 2008. "Nevertheless, we believe that for the appropriate value, this is the right time to sell the business as we focus on AmerisourceBergen's core pharmaceutical distribution and related services businesses to maximize shareholder value." For now, that value continues to shrink. Shares of AmerisourceBergen slipped 35 cents to $45.41 following Thursday's update. The stock continues to hover near the lower end of its 52-week range.