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McKesson Corporation stock price
McKesson Corporation latest news:
Amazon homing in on medical devices/supplies, not pharma: Jefferies
The possibility of online retailer Amazon.com Inc. entering the pharmaceutical industry has sent the stocks of drug distributors and pharmacy-benefit managers quaking in recent months, but a new report from Jefferies analysts suggests that Amazon is instead homing for the medical devices and supplies industries. Correspondence between two state pharmacy boards and Amazon reveals that those state licenses can only be used for medical device and supplies distribution, the Jefferies report said, based on information that was obtained through a Freedom of Information Act request. This direction was likely chosen to avoid "the more comprehensive regulatory requirements associated with the Wholesale Drug Distribution Act," Jefferies analyst Brian Tanquilut said. That has created an overhang on stocks like AmerisourceBergen Corp. , Cardinal Health Inc. , McKesson Corp. , Express Scripts Holding Co. , CVS Health Corp. and Walgreens Boots Alliance Inc. ; "Unfortunately, we believe only time will refute these investor concerns," he said. Amazon shares have surged 15% over the last three months, compared with a 4.5% rise in the S&P 500 and a 6.6% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE 1-Drug distributor McKesson to buy CVS's specialty distribution unit
Nov 6 (Reuters) - Drug distributor McKesson Corp
said on Monday it would buy drugstore operator CVS Health Corp's
specialty distribution unit in a deal valued at $735
million in cash.
Drug stocks drop after report that Amazon has obtained pharmacy licenses
The stocks of companies in the pharmaceutical supply chain dropped in Thursday afternoon trade after a report by the St. Louis Post-Dispatch that online retailer Amazon has obtained approval to become a wholesale distributor in a number of states. Amazon has received approval in at least 12 states, the St. Louis Post-Dispatch reported. Speculation about an Amazon pharmacy entry has swirled since a CNBC report on the subject earlier this year, but Amazon has repeatedly declined to comment on or confirm any interest in pharmacy. Such a move would likely threaten a number of industry players, including drug wholesalers, pharmacy chains and pharmacy-benefit managers, middlemen that negotiate drug prices. Rite Aid Corp. shares dropped 5.6% in Thursday afternoon trade, CVS Health Corp. shares dropped 4.8%, Express Scripts Holding Company shares dropped 3.5%, McKesson Corp. shares dropped 3.4%, AmerisourceBergen Corp. shares dropped 4.4%, Walgreens Boots Alliance shares dropped 3.7% and Cardinal Health Inc. shares dropped 2.5%, compared with a 0.2% rise in the S&P 500 . Many of the stocks have plunged in the last several months on concerns about Amazon. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Markets Right Now: Technology, banks lead rebound
Technology companies and banks lead stocks higher at midday as companies like McKesson and Twitter rise following solid quarterly reports
Markets Right Now: Technology, banks lead early rebound
Technology companies and banks lead stocks higher in early trading as companies like McKesson and Twitter rise following solid quarterly reports
McKesson shares rise on Q2 profit, revenue beats
McKesson Corp. shares rose as much as 5% in premarket trade Thursday after the company reported second-quarter profit and revenue beats. Earnings for the latest quarter declined to $1 million, or one cent per share, from $307 million, or $1.34 per share in the year-earlier period. Adjusted earnings-per-share were $3.28, above the FactSet consensus of $2.80. Revenue rose to $52.06 million from $49.96 billion, compared with the FactSet consensus of $51.73 million. Results "were driven by organic growth across multiple business units, including the company's strategic sourcing benefits through ClarusONE, a lower share count and incremental profit contribution from acquisitions," McKesson said. Earnings also include impairment and restructuring charges of $2.60 related to changes made to the company's United Kingdom retail pharmacy business, which McKesson said was prompted by U.K. government reimbursement reductions. McKesson lowered its 2018 EPS guidance to $4.80 to $6.90, below previous guidance of $7.10 to $9.00. The company's new 2018 EPS guidance comes in below the FactSet consensus of $8.07. McKesson shares have plummeted 9% over the last three months, compared with a 3.2% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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