McKesson misses quarterly revenue as U.S. pharmaceutical segment weighs, ET HealthWorld

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McKesson misses quarterly revenue as U.S. pharmaceutical segment weighs, ET HealthWorld

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London: McKesson Corp 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 ***** distributor’s pharmaceutical segment in the U.S. is its largest unit by revenue that sells drugs used to treat complex conditions such as *******.

The segment recorded a 7 per cent 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 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. (Reporting by Christy Santhosh in Bengaluru; Editing by Mohammed Safi Shamsi)

• Published On Aug 8, 2024 at 12:42 PM IST

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