McKesson (MCK), the drug and health supplies distribution giant, badly missed sales estimates for the June fiscal first quarter late Wednesday. Its earnings topped views, with the help of stock buybacks. MCK stock took a beating in early Thursday stock market action.
However, McKesson rivals Cencora (COR) and Cardinal Health (CAH) largely sidestepped any selling pressure. That suggests McKesson's issues are specific to its business, rather than surfacing a wider problem for the health care sector.
McKesson cited a number of factors for the weaker-than-expected revenue, including a key customer's "shift from brand to biosimilar" for Humira, used to treat arthritis. The company also cited "significant less demand" for Covid test kits and related products. Additionally, McKesson noted a slow pace of product launches in the quarter.
https://www.investors.com/news/mckesson-earnings-beat-sales-miss-mck-stock/
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