McKesson posts flat quarterly profit
NEW YORK, July 23 (Reuters) - Pharmaceutical wholesaler McKesson Corp (MCK.N) reported flat quarterly profit on Wednesday, but revenue rose 9 percent, helped by an acquisition that contributed to growth in the drug distribution business.
The San Francisco-based company posted a net profit of $235 million, or 83 cents per share, for its fiscal first quarter ended June 30, compared with a profit of $235 million, or 77 cents per share, a year ago.
Analysts on average expected 80 cents per share, according to Reuters Estimates.
After a strong 2007 performance, McKesson shares are down more than 15 percent in 2008 in what has been a tough year for the major players in the sector. The shares of rivals Cardinal Health Inc (CAH.N) and AmerisourceBergen Corp (ABC.N) are down about 9 percent and 12 percent, respectively. (Reporting by Bill Berkrot; Editing by Andre Grenon)
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