Mckesson Corp (MCK) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Exhibit 99.1

McKESSON REPORTS FISCAL 2020 SECOND-QUARTER RESULTS

IRVING, Texas, October 30, 2019 – McKesson Corporation (NYSE:MCK) today reported results for the second quarter ended September 30, 2019.

Fiscal 2020 Second-Quarter and Year-to-Date Result Summary

“McKesson’s second-quarter results reflect continued momentum across the business as well as further progress against our cost savings initiatives,” said Brian Tyler, chief executive officer. “As we look forward to the second half of our fiscal year, we remain confident in the strength of our broad set of solutions and capabilities, delivering execution against our strategic imperatives as we become a more focused and efficient organization.”

Revenues increased 9% year-over-year, primarily driven by growth in the U.S. Pharmaceutical and Specialty Solutions segment, largely due to branded pharmaceutical price increases and higher volumes from a retail national account customer.

Loss per diluted share of $(3.99) included charges of approximately $1.4 billion, or $5.73 per diluted share, primarily related to an impairment in connection with McKesson’s planned exit of its investment in Change Healthcare. Adjusted Earnings per diluted share of $3.60 was flat year-over-year, as a lower share count and growth in the Medical-Surgical and McKesson Prescription Technology Solutions (MRxTS) businesses were offset primarily by the lapping of a prior year pre-tax benefit of $90 million, or $0.33 per diluted share, related to a reversal of a contractual liability associated with McKesson’s investment in Change Healthcare. Excluding the prior year benefit of $0.33 per diluted share from Adjusted Earnings, second-quarter results per diluted share increased 10%.

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