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

Mckesson Corp

CIK: 927653 Ticker: MCK

Exhibit 99.1

 

LOGO

McKESSON REPORTS FISCAL 2020 SECOND-QUARTER RESULTS

 

   

Total revenues of $57.6 billion, reflecting 9% growth.

 

   

Loss per diluted share of $(3.99) and Adjusted Earnings per diluted share of $3.60.

 

   

Reaffirmed fiscal 2020 Adjusted EPS guidance range of $14.00 to $14.60.

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

 

     Second Quarter     Year-to-Date  

($ in millions, except per share amounts)

   FY20     FY19      Change     FY20     FY19      Change  

Revenues

   $ 57,616     $ 53,075        9   $ 113,344     $ 105,682        7

Net income / (loss)1

   ($ 729   $ 498        (246 )%    ($ 300   $ 359        (184 )% 

Adjusted Earnings1,2

   $ 661     $ 714        (7 )%    $ 1,286     $ 1,303        (1 )% 

Earnings / (loss) per diluted share

   ($ 3.99   $ 2.51        (259 )%    ($ 1.62   $ 1.79        (191 )% 

Adjusted Earnings per diluted share2

   $ 3.60     $ 3.60        —       $ 6.91     $ 6.50        6

 

1 

Represents continuing operations attributable to McKesson

2 

Represents a non-GAAP financial measure; refer to the reconciliations of non-GAAP financial measures included in accompanying schedules

“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%.

 

1


The following information was filed by Mckesson Corp (MCK) on Wednesday, October 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mckesson Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders' Equity
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical)
Business Combinations
Business Combinations (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Narrative (Details)
Debt And Financing Activities
Debt And Financing Activities - Commercial Paper (Details)
Debt And Financing Activities - Long Term Debt (Details)
Debt And Financing Activities - Revolving Credit Facilities (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Narrative (Details)
Earnings Per Common Share - Schedule Of Computation For Basic And Diluted Earnings Per Common Share (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Narrative - Intangible Assets (Details)
Goodwill And Intangible Assets, Net - Schedule Of Changes In The Carrying Amount Of Goodwill And Narrative (Details)
Goodwill And Intangible Assets, Net - Schedule Of Information Regarding Intangible Assets (Details)
Goodwill Impairment Charges
Goodwill Impairment Charges (Details)
Hedging Activities
Hedging Activities (Tables)
Hedging Activities - Derivative Instruments Fair Value (Details)
Hedging Activities - Narrative (Details)
Income Taxes
Income Taxes (Details)
Investment In Change Healthcare Joint Venture
Investment In Change Healthcare Joint Venture (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Maturity Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Schedule Of Future Minimum Rental Payments Under Operating Leases (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Pension Benefits
Pension Benefits - Narrative (Details)
Redeemable Noncontrolling Interests And Noncontrolling Interests
Redeemable Noncontrolling Interests And Noncontrolling Interests (Tables)
Redeemable Noncontrolling Interests And Noncontrolling Interests - Narrative (Details)
Redeemable Noncontrolling Interests And Noncontrolling Interests - Schedule Of Changes In Redeemable Noncontrolling Interests And Noncontrolling Interests (Details)
Related Party Balances And Transactions
Related Party Balances And Transactions (Details)
Restructuring And Asset Impairment Charges (Tables)
Restructuring, Impairment And Related Charges
Restructuring, Impairment And Related Charges - Narrative (Details)
Restructuring, Impairment And Related Charges - Summary Of Restructuring Activity (Details)
Restructuring, Impairment And Related Charges - Summary Of Restructuring Charges (Details)
Segments Of Business
Segments Of Business (Details)
Segments Of Business (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies Narrative (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Changes In Accumulated Other Comprehensive Income (Loss) By Component (Details)
Stockholders' Equity - Schedule Of Other Comprehensive Income (Loss), Net Of Tax (Details)
Ticker: MCK
CIK: 927653
Form Type: 10-Q Quarterly Report
Accession Number: 0000927653-19-000021
Submitted to the SEC: Wed Oct 30 2019 12:03:30 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Wholesale Drugs Proprietaries And Druggists Sundries

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