McKesson Q2 revenues up 11% to $33 billion

SAN FRANCISCO — McKesson on Thursday reported $33 billion in revenues for the second quarter ended Sept. 30, up 11% compared to the year-ago period. Second-quarter adjusted earnings per diluted share was $2.27, up 19%.

“McKesson delivered another quarter of strong operating performance,” stated John Hammergren, chairman and CEO. “I am pleased with the excellent performance across all of our businesses for the first half of our fiscal year. Based on our performance to date and our expectations for the fiscal year, we are updating our previous outlook and now expect adjusted earnings per diluted share of $8.40 to $8.70 for the fiscal year ending March 31, 2014.”

Distribution Solutions revenues were up 11% in the second quarter, driven mainly by strong growth in U.S. pharmaceutical direct distribution and services revenues due to market growth, mix of business and one additional sales day.

Canadian revenues, on a constant currency basis, increased 14% for the second quarter primarily due to market growth and new customer wins. Including an unfavorable currency impact of 5%, Canadian revenues increased 9% for the second quarter.

Medical-Surgical distribution and services revenues were up 68% for the second quarter, driven primarily by the acquisition of PSS World Medical and market growth.

Technology Solutions revenues were up 8% in the second quarter compared to the prior year, driven primarily by acquisitions completed in the prior year.

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