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McKesson Corporation stock price
McKesson Corporation latest news:
McKesson misses profit expectations but raises outlook and boosts dividend
McKesson Corp. reported Thursday a fiscal first-quarter net profit of $309 million, or $1.45 a share, down from $542 million, or $2.38 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.46, below the FactSet consensus of $2.83. The health care supply company said revenue rose to $51.05 billion from $49.73 billion but was below the FactSet consensus of $51.23 billion. "First-quarter results included the lapping effect of the lower profit contribution from increased price competition in our independent pharmacy business in Fiscal 2017 and weaker pharmaceutical manufacturer pricing trends in our U.S. Pharmaceutical business within our Distribution Solutions segment, and lower profit in our Technology Solutions segment driven primarily by the contribution of the majority of the businesses to Change Healthcare," the company said in a statement. McKesson raises its fiscal 2018 adjusted EPS outlook to $11.80 to $12.50 from $11.75 to $12.45. Separately, the company raised its quarterly dividend by 21% to 34 cents a share from 28 cents a share. The stock, which was still inactive in premarket trade, has run up 18.4% year to date, while the SPDR Health Care Select Sector ETF has climbed 16.2% and the S&P 500 has gained 10.7%.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.
Drug wholesaler to make board change after opioid protest
Top U.S. drug wholesaler McKesson has decided to create an independent board chairman, responding to a Teamsters-led shareholder protest over its role in distributing opioids.
UPDATE 1-McKesson shareholders vote against exec pay structure
July 26 (Reuters) - McKesson Corp's shareholders
voted against the company's executive pay policy, following a
campaign that criticized the drug wholesaler for its role in the
U.S. opioid drug epidemic.
UPDATE 1-Three US state treasurers seek change in McKesson exec pay policy
July 25 (Reuters) - U.S. state treasurers from Illinois,
Pennsylvania and West Virginia on Tuesday urged drug distributor
McKesson Corp to appoint an independent chair and link
executive pay with progress in combating opioid epidemic.
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