- McKesson Corp MCK reported Q1 FY23 adjusted EPS of $5.83, +5% Y/Y, beating the consensus of $5.27.
- Revenues increased 7% Y/Y to $67.15 billion, surpassing the consensus of $65.14 billion.
- U.S. Pharmaceutical segment's revenues were $56.9 billion, +14%, driven by an increased volume of specialty products, including higher volumes from retail national account customers, and market growth, partially offset by branded to generic conversions.
- Prescription Technology Solutions segment revenues increased 21% to $1.1 billion, driven by volume growth related to biopharma services.
- Medical-Surgical Solutions revenues improved 3% to $2.6 billion, driven by growth in the primary care business, partially offset by lower sales of COVID-19 tests.
- The company renewed its partnership with the U.S. government with the COVID-19 vaccine distribution contract extended through July 2023. The kitting, storage, and distribution of ancillary supplies contract have been extended through January 2023.
- McKesson has settled or reached agreements to settle the opioid-related claims of all 50 states, the District of Columbia, and all eligible territories.
- Outlook: McKesson raised the FY23 adjusted EPS forecast to $23.95 - $24.65 (consensus of $23.35), up from the previous guidance of $22.90 - $23.60
- The updated outlook includes $0.35 - $0.45 related to the U.S. government's COVID-19 vaccine distribution, kitting, and storage programs; and $0.75 - $0.95 pertaining to COVID-19 tests.
- Price Action: MCK shares closed at $327.10 on Wednesday.
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MCKMcKesson Corp
$720.92-1.10%
Edge Rankings
Momentum
83.28
Growth
54.25
Quality
Not Available
Value
32.02
Price Trend
Short
Medium
Long
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