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- McKesson Corp MCK reported first-quarter FY22 adjusted EPS of $5.56, almost doubled from $2.77 a year ago, and easily beating the analyst consensus of $4.17.
- Revenues increased 13% Y/Y to $62.67 billion, surpassing the consensus of $59.9 billion, driven by higher volumes from retail national account customers and market growth, partially offset by branded to generic conversions.
- U.S. Pharmaceutical Segment revenues were $50 billion, an increase of 12% Y/Y.
- Prescription Technology Solutions Segment revenues increased 34% to $881 million. Medical-Surgical Solutions revenues improved 40% to $2.5 billion, driven by improvements in primary care patient visits and increased sales of COVID-19 tests.
- Adjusted gross profit margin improved from 4.8% to 5%.
- Outlook: McKesson increased FY22 adjusted EPS to $19.80 - $20.40 (consensus of $19.23) from previous guidance of $18.85 – $19.45.
- Guidance assumes $0.80 - $1.00 adjusted EPS related to the U.S. government’s COVID-19 vaccine distribution and kitting programs.
- Related: Distributors Announce Proposed Opioid Settlement Agreement.
- The Board of Directors had increased the quarterly dividend by 12% to $0.47 per share.
- Price Action: MCK shares closed at $205.37 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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