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By Patrick Thomas
McKesson Corp. (MCK) said it swung to a loss for its second quarter, but revenue rose about 9% from a year earlier, beating Wall Street estimates.
The Irving, Texas-based pharmaceutical supplier reported a loss of $730 million, or $3.99 a share, compared with a profit of $499 million, or $2.51 a share, a year ago.
The company said its results included roughly $1.4 billion in charges related to an impairment related to the company's exit of its investment in Change Healthcare.
Excluding one-time items, adjusted earnings were $3.60. Analysts polled by FactSet were expecting earnings of $3.03 a share, or $3.60 a share on an adjusted basis.
Revenue rose to $57.62 billion from $53.08 billion a year earlier. Analysts had expected $55.08 billion of revenue in the quarter. The company said its results were driven by growth in its U.S. pharmaceutical and specialty solutions unit, due to branded pharmaceutical price increases and higher volumes from a retail national account customer.
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(END) Dow Jones Newswires
October 30, 2019 07:32 ET (11:32 GMT)
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