McKesson Corporation Extends Pharmaceutical Distribution Agreement With CVS Health

Rhea-AI Summary

McKesson Corporation (NYSE: MCK) announced an extension of its partnership with CVS Health to distribute pharmaceuticals through June 2027. This partnership, which has lasted over 20 years, aims to improve health outcomes for patients. Additionally, McKesson will release its second-quarter fiscal 2023 earnings results on November 1, 2022, with a conference call scheduled at 4:30 PM Eastern Time. The live webcast will be accessible through McKesson's Investor Relations website.

Positive

• Extended partnership with CVS Health through June 2027.
• Longstanding relationship with CVS Health of over 20 years.

Negative

• Forward-looking statements indicate potential delays in finalizing contract.
• Uncertainty in realizing expected financial and operational benefits from contract renewal.

Announces second-quarter fiscal 2023 earnings release date

IRVING, Texas--(BUSINESS WIRE)-- McKesson Corporation (NYSE: MCK) today announced that it has signed an agreement in principle to extend its partnership with CVS Health to distribute pharmaceuticals to mail order and specialty pharmacies, retail pharmacies and distribution centers through June 2027.

“We are pleased to continue our long-standing relationship with CVS Health and value the shared commitment of improving health outcomes for all patients,” said Brian Tyler, chief executive officer, McKesson. “We are privileged to extend our partnership of more than 20 years to continue developing value propositions for patients utilizing our diverse set of differentiated assets and capabilities.”

Additionally, McKesson will release its second-quarter fiscal 2023 financial results after market close on Tuesday, November 1, 2022. The company will host a live webcast of the earnings conference call for investors at 4:30 PM Eastern Time to review its financial results.

The live webcast will be available on McKesson’s Investor Relations website at http://investor.mckesson.com, along with the company’s earnings press release, financial tables and slide presentation.

About McKesson Corporation

McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable. Learn more about how McKesson is impacting virtually every aspect of healthcare at McKesson.com and read Our Stories.

CAUTIONARY STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 related to an agreement in principle. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, we undertake no obligation to update or revise our forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. Although it is not possible to predict or identify all such risks and uncertainties, we encourage investors to read the risk factors described in our most recent annual and periodic report filed with the Securities and Exchange Commission. Risk factors related to the anticipated definitive contract include, but are not limited to: there could be delays in signing a definitive contract due to protracted negotiations; the parties might fail to sign a definitive contract for the term extension; and we might not realize all of the financial and operational benefits that we expect from a contract renewal.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220929005855/en/

Rachel Rodriguez, 469-260-0556 (Investors)

Rachel.Rodriguez@McKesson.com



David Matthews, 214-952-0833 (Media)

David.Matthews@McKesson.com

Source: McKesson Corporation

FAQ

What is McKesson's partnership extension with CVS Health about?

McKesson announced an agreement to extend its partnership with CVS Health for pharmaceutical distribution until June 2027.

When will McKesson release its second-quarter fiscal 2023 earnings?

McKesson will release its earnings on November 1, 2022.

What time is McKesson's earnings conference call scheduled?

The earnings conference call is scheduled for 4:30 PM Eastern Time.

What are the risks associated with McKesson's partnership with CVS Health?

Risks include potential delays in signing the definitive contract and uncertainty in expected benefits from the renewal.