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McKesson Sales Grow in 1Q fiscal 2011

Drug distributor McKesson Corp. (NYSE: MCK), San Francisco, CA, reported that revenues for the first quarter ended June 30, 2010 were $27.5 billion compared to $26.7 billion a year ago.

"I am pleased to report that McKesson is off to a solid start for Fiscal 2011, driven by strong performance in our Distribution Solutions segment," said John H. Hammergren, CEO.

Distribution Solutions revenues were up 3 percent in the first quarter. U.S. pharmaceutical distribution revenues were up 2 percent for the quarter, reflecting market growth adjusted for mix of business. In the quarter, the distributor continued to see a shift of revenues to direct store delivery from sales to customers' warehouses.

Canadian revenues, on a constant currency basis, grew 5 percent for the quarter due to market growth and one additional day of sales. Including a favorable currency impact of 15 percent, Canadian revenues increased 20 percent for the quarter. Medical-Surgical distribution revenues were flat for the quarter.

In Technology Solutions, revenues were up 2 percent for the quarter. Services revenues grew 1 percent, reflecting higher software maintenance partially offset by lower implementation revenues. Implementation revenues were down due to longer installation cycles associated with the sale of more complex enterprise revenue management and clinical software solutions. Software revenues were up 4 percent and hardware revenues were up 21 percent.

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