McKesson's Q1 up 37% to $44.1 billion

SAN FRANCISCO — McKesson on Thursday reported revenues of $44.1 billion for the first quarter ended June 30, up 37%. 
 
“McKesson fiscal first quarter results represent a strong start to the year with solid execution across our business and particularly strong growth in our Distribution Solutions segment,” stated John Hammergren, chairman and CEO. “Based on the strength of our Distribution Solutions results in the first quarter and our confidence in the full year, we are raising our previous outlook and now expect adjusted earnings per diluted share from continuing operations of $10.50 to $10.90 for the fiscal year ending March 31, 2015.”
 
First-quarter adjusted earnings per diluted share from continuing operations was $2.49, up 18% compared to $2.11 a year ago.
 
Distribution Solutions revenues were $43.3 billion, up 38% for the quarter on a constant currency basis, mainly driven by the contribution from the acquisition of Celesio and market growth.
 
Specifically, North America pharmaceutical distribution and services revenues of $34.3 billion, which include results from U.S. Pharmaceutical, McKesson Canada and McKesson Specialty Health, were up 15% for the quarter on a constant currency basis, primarily reflecting market growth.
 
International pharmaceutical distribution and services revenues were $7.6 billion, an increase of 3% on the underlying results of Celesio, as reported, on a constant currency basis.
 
Medical-Surgical distribution and services revenues of $1.4 billion were up 2% for the quarter, driven by market growth.
 
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