McKesson 1Q Sales, Adjusted Profit Ahead Of Expectations, But Pandemic Weighs On Volumes
August 03 2020 - 07:50AM
Dow Jones News
By Micah Maidenberg
McKesson Corp. reported flat sales for its latest quarter as the
drug and medical-supplies distributor said it felt the effects of
lower prescription volumes and fewer patient primary care visits
with people sheltering in place during the Covid-19 pandemic.
McKesson reported a profit for its fiscal first quarter of $444
million, or $2.72 a share, compared with earnings of $423 million,
or $2.24 a share, a year earlier. A gain related to after-tax
insurance proceeds helped results.
The company's adjusted profit of $2.77 a share for the period,
which ended June 30, surpassed analysts' forecasts but fell year
over year.
Revenue ticked down slightly to $55.68 billion from $55.73
billion but was higher than the $53.85 billion that analysts polled
by FactSet expected.
Quarterly revenue in its U.S. pharmaceutical and specialty
solutions totaled $45.1 billion, up 2% versus last year, the
company said. Higher volumes from national retailers in part help
to offset more demand for generic drugs and lower prescription
volumes in the quarter.
The company reported revenue dropped 5% in its medical-surgical
solutions business, "driven by declines in primary care patient
visits, partially offset by higher volumes of personal protective
equipment."
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
August 03, 2020 07:35 ET (11:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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