Morningstar

Morningstar, Inc.

Equity Bottom-Up

McKesson reported mixed quarterly results, with lighter-than-expected revenue yet better-than-expected earnings. As we have heard consistently on earnings calls from companies under our coverage, generic drug pricing appears to have stabilized and branded inflation rates were in the midsingle digits as expected, which implies that volumes were likely softer than expected. Strong cost controls and share repurchases drove EPS upside relative to our expectations. Shares were up 5% intraday based on…

We are reassessing the pharmaceutical distribution segment in light of the evolving competitive and regulatory environment. Based on continued decline of pharmaceutical spend growth and external shock threats, we are lowering our moat ratings for all three distributors from wide to narrow with a negative moat trend outlook. We are also reducing our fair value estimates
Despite the stable foothold provided by the oligopoly market structure where the three companies handle 90% of the market, the…

We are reassessing the pharmaceutical distribution segment in light of the evolving competitive and regulatory environment. Based on continued decline of pharmaceutical spend growth and external shock threats, we are lowering our moat ratings for AmerisourceBergen, Cardinal Health, and McKesson from wide to narrow with a negative moat trend. We are also reducing our fair value estimates
Despite the stable foothold in the oligopoly market, where the three companies handle 90% of the market, the…

United States

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise.  In addition, McKesson offers analytic, care management, and patient solutions for payers.

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