Aug 7 (Reuters) - McKesson Corp ( MCK ) reported
weaker-than-expected first-quarter revenue on Wednesday due to
soft demand for branded and specialty drugs that dragged sales
down in its U.S. pharmaceuticals segment.
The drug distributor's pharmaceutical segment in the U.S. is
its largest unit by revenue that sells drugs used to treat
complex conditions such as cancer.
The segment recorded a 7% rise in first-quarter revenue to
$71.7 billion, but fell short of analysts' expectations of $74.1
billion.
The Texas-headquartered company raised its fiscal 2025
adjusted per-share profit to between $31.75 and $32.55 compared
to its previous forecast of $31.25 to $32.05 per share.
Analysts on average estimated $31.74 per share, according to
LSEG data.
Last month, its smaller peer Cencora ( COR ) also raised its
annual profit forecast driven by strong demand for high-priced
specialty medicines.
On an adjusted basis, McKesson posted per-share profit of
$7.88 for the quarter ended June 30, versus analysts' estimate
of $7.21 per share.
The company's total revenue rose about 6% to $79.28 billion,
short of analysts' estimate of $82.53 billion.
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.
Shares of the company fell about 6% in aftermarket trading.