McKesson lifts annual profit forecast after strong quarterly results

(Reuters) - Drug distributor McKesson Corp on Wednesday raised its annual profit forecast, banking on strong demand for specialty medicines.

The company now expects adjusted per-share profit of $26.80 to $27.40 for 2024 from its prior forecast of $26.55 to $27.35.

Its U.S. pharmaceutical segment that sells specialty drugs, which are costly medications to treat complex conditions such as cancer, recorded a 16% rise in revenue to $69.8 billion.

The unit also distributes products including branded and generic drugs as well as over-the-counter products and vaccines.

Company's sales rose 10% to $77.2 billion, ahead of analysts' estimates of $76.03 billion, according to LSEG data, partly helped by demand for new GLP-1 weight loss and diabetes drugs.

On an adjusted basis, McKesson reported a profit of $6.23 for the quarter ended Sept. 30, compared with analysts' estimates of $6.15 per share.

(Reporting by Pratik Jain in Bengaluru; Editing by Anil D'Silva)