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McKesson misses quarterly estimates as US pharmaceuticals segment weighs
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McKesson misses quarterly estimates as US pharmaceuticals segment weighs
May 7, 2024 4:03 PM

May 7 (Reuters) - McKesson Corp ( MCK ) reported

weaker-than-expected quarterly revenue and profit on Tuesday due

to slump in demand for the company's branded and specialty drugs

that dragged sales in its U.S. pharmaceutical segment.

The drug distributor's pharmaceutical segment in the U.S.,

its largest unit by revenue that sells drugs used to treat

complex conditions such as cancer, saw weaker-than-expected

sales.

The segment also sells branded and generic drugs, as well as

over-the-counter products and vaccines.

Sales in the segment rose 11.5% in the fourth quarter to

$68.79 billion, but missed analysts' estimate of $71.65 billion,

according to LSEG data.

The rise in sales in the reported quarter was helped by

higher volumes from specialty products and partly by the demand

for GLP-1 medications.

The Texas-headquartered company forecast 2025 adjusted

per-share profit of $31.25 to $32.05, above analysts' average

estimate of $31.02 per share, according to LSEG data.

Shares of the company were down about 2% at $535 in

aftermarket trading.

On an adjusted basis, McKesson posted per-share profit of

$6.18 for the quarter ended March 31, versus analysts' estimate

of $6.34 per share.

Overall, total revenue rose about 11% to $76.36 billion,

below analysts' estimate of $79.32 billion.

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