UPDATE 3-McKesson posts flat profit, raises EPS forecast

(Adds company comments from conference call)

By Bill Berkrot

NEW YORK, July 23 (Reuters) - Pharmaceutical wholesaler McKesson Corp (MCK.N: Quote, Profile, Research, Stock Buzz) reported a flat quarterly profit on Wednesday, but revenue rose 9 percent and the company raised its full-year earnings forecast.

Net profit was $235 million, or 83 cents per share, for the fiscal first quarter ended June 30, compared with $235 million, or 77 cents per share, a year earlier.

That topped analysts' average expectations by 3 cents, according to Reuters Estimates, but the company said per-share profit was helped by share repurchases totaling $130 million.

McKesson, which said last quarter that it expected business to accelerate in the second half of its fiscal year, raised its full-year earnings forecast to a range of $4.00 to $4.15 per share from its prior view of $3.75 to $3.90.

The San Francisco-based company said it still expected second-quarter results to be flat to up slightly.

McKesson said it planned to release a tax reserve of $65 million in the September quarter, which contributed to its revised forecast.

"The guidance without the tax reserve really stays the same," said Deutsche Bank analyst Barbara Ryan.