McKesson profit up 37%, helped by generic drugs
Drug distributor McKesson Corp. said its fiscal second-quarter profit rose 37% as generic drugs helped cut costs and the company sold more computer systems. A gain on income-tax expense boosted earnings.
Net income for the quarter ended Sept. 30 rose to $229 million, or 75 cents a share, from $167 million, or 53 cents, a year earlier, San Francisco-based McKesson said. Revenue rose 5% to $22.4 billion. Profit beat analyst estimates.
Increased sales of generic versions of drugs such as the blood thinner Plavix and the Medicare Part D prescription benefit for people 65 and older fueled demand at retail pharmacies, adding sales for drug distributors.
Sales of computers and information technology helped the company’s performance, said Lisa Gill, a JPMorgan Securities Inc. analyst in New York.
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