McKesson Reports Higher 2Q Revenue

Date : 10/30/2019 @ 11:47AM
Source : Dow Jones News
Stock : McKesson Corp (MCK)
Quote : 151.1784  -0.9416 (-0.62%) @ 6:20PM

McKesson Reports Higher 2Q Revenue

McKesson (NYSE:MCK)
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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.

 

Write to Patrick Thomas at patrick.thomas@wsj.com

 

(END) Dow Jones Newswires

October 30, 2019 07:32 ET (11:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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