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McKesson misses quarterly revenue as U.S. pharmaceutical segment weighs
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McKesson misses quarterly revenue as U.S. pharmaceutical segment weighs
Aug 7, 2024 2:06 PM

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.

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