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Exhibit 99.1
McKESSON REPORTS FISCAL 2019 FOURTH-QUARTER AND FULL-YEAR RESULTS
| Fourth-quarter fiscal 2019 revenues of $52.4 billion and full-year fiscal 2019 revenues of $214.3 billion, a full-year increase of 3%. |
| Fourth-quarter GAAP loss per diluted share from continuing operations of $(4.17) and full-year GAAP earnings per diluted share from continuing operations of $0.17. |
| Fourth-quarter Adjusted Earnings per diluted share of $3.69, up 6% from a year ago. Full-year Adjusted Earnings per diluted share of $13.57, up 8% from a year ago. |
| Fiscal 2019 cash flow from operations of $4.0 billion and free cash flow of $3.5 billion. McKesson returned $1.9 billion to shareholders through share repurchases and dividends in fiscal 2019. |
| Fiscal 2020 Financial Outlook: Adjusted Earnings of $13.85 to $14.45 per diluted share. |
| Renewed pharmaceutical distribution relationship with CVS Health through June 2023. |
| Cost Savings Target Update: Increased previously announced anticipated annual savings by $100 million to approximately $400 million to $500 million by end of fiscal 2021. |
IRVING, Texas, May 8, 2019 McKesson Corporation (NYSE:MCK) today reported that revenues for the fourth quarter ended March 31, 2019, were $52.4 billion compared to $51.6 billion a year ago, an increase of 2% on a reported basis and an increase of 3% on an FX-adjusted basis. For the fiscal year, McKesson had revenues of $214.3 billion, compared to $208.4 billion a year ago, an increase of 3% on a reported and FX-adjusted basis.
McKesson delivered solid adjusted operating results, and we are pleased to conclude fiscal 2019 with adjusted EPS growth of 8%, said Brian Tyler, chief executive officer. We successfully executed in a challenging environment and took action to address the headwinds in our European business. McKesson exits fiscal 2019 with improving momentum across many of our businesses. Our financial flexibility, reinforced by a strong balance sheet and solid cash flow generation, positions us to continue delivering shareholder value.
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Operating profit and operating profit margin for 2018 were favorably affected by procurement benefits, higher LIFO credits and a pre-tax gain of $43 million recognized from the 2018 sale of an equity method investment, partially offset by competitive sell-side pricing environment and net cash proceeds representing our share of antitrust legal settlements received in 2017.
Refer to Financial Note 24, "Commitments and Contingent Liabilities," to the accompanying consolidated financial statements appearing in this Annual Report on Form 10-K for more information; Gain from an escrow settlement of $97 million (pre-tax and after-tax) representing certain indemnity and other claims related to our 2017 acquisition of Rexall Health; Pre-tax credit of $90 million ($66 million after-tax) related to the derecognition of a tax receivable agreement ("TRA") payable to the shareholders of Change Healthcare Inc. ("Change"); and Higher operating expenses due to our business acquisitions and to support growth Non-cash goodwill impairment charges of $1,283 million (pre-tax and after-tax) for the European Pharmaceutical Solutions segment and $455 million (pre-tax and after-tax) for our Rexall Health reporting unit in Other.
At March 31, 2019, both CS and PS reporting units had no remaining goodwill balances; Pre-tax restructuring and asset impairment charges of $331 million ($273 million after-tax), primarily representing employee severance and exit-related costs related to the 2019 restructuring initiatives, as further discussed below; Non-cash pre-tax long-lived asset impairment charges of $245 million ($207 million after-tax) primarily for our U.K. business (mainly pharmacy licenses) driven by additional government reimbursement reductions and competitive pressures in the U.K.; Higher opioid-related costs of $151 million ($122 million after-tax) primarily related to litigation expenses.
We consider an accounting estimate to be critical if the estimate requires us to make assumptions about matters that were uncertain at the time the accounting estimate was made and if different estimates that we reasonably could have used in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on our financial condition or results from operations.
Any material changes in key assumptions, including failure to meet business plans, negative changes in government reimbursement rates, deterioration in the U.S. and global financial markets, an increase in interest rates or an increase in the cost of equity financing by market participants within the industry or other unanticipated events and circumstances, may decrease the projected cash flows or increase the discount rates and could potentially result in an impairment charge.
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Ticker: MCK
CIK: 927653
Form Type: 10-K Annual Report
Accession Number: 0000927653-19-000009
Submitted to the SEC: Wed May 15 2019 3:44:22 AM EST
Accepted by the SEC: Wed May 15 2019
Period: Sunday, March 31, 2019
Industry: Wholesale Drugs Proprietaries And Druggists Sundries