McKesson said its revenues rose 15% from a year earlier for the 3 months ended December 31, 2023, and diluted earnings per common share from continuing operations attributable to McKesson Corporation fell from $7.65 to $4.42.

1. 01

   McKesson said its revenues rose 15% from a year earlier for the 3 months ended December 31, 2023, and diluted earnings per common share from continuing operations attributable to McKesson Corporation fell from $7.65 to $4.42.

2. 02

   The company said it recognized a provision for bad debts of $515 million for the 3 months ended December 31, 2023 and $725 million for the 9 months ended October 2023, related to the bankruptcy of its customer Rite Aid.

3. 03

   U.S. Pharmaceutical segment revenues rose $11.1 billion (18%) from the same period a year earlier for the 3 months ended December 31, 2023. The company cited growth in specialty pharmaceuticals and higher volumes from retail national account customers as drivers of the increase.

4. 04

   McKesson said it recognized a net discrete tax benefit of $141 million for the 3 months ended December 31, 2023, including a release of a valuation allowance of $154 million, and that its reported income tax rate was (2.9)%.

Key figures

Quarter ended December 31, 2023

Revenue

$80.9B

Operating income

$642M

Net income

$589M

EPS

$4.42

Gross profit

$3.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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