McKesson reports Q4, fiscal-year results

SAN FRANCISCO — Sales at McKesson were $28.9 billion during fourth quarter 2011 and $112.1 billion for fiscal year 2011, according to financial results announced Tuesday.

Sales for the quarter represented an 8% increase over $26.6 billion in fourth quarter 2010, while sales for the year increased by 3% over 2010’s $108.7 billion.

Profits for the quarter were $422 million, a 21% increase over fourth quarter 2010, while profits for the year were $1.2 billion, a 5% decrease from fiscal year 2010’s $1.26 billion.

“Our fourth-quarter results wrapped up another solid full-year financial performance, driven by strong execution in Distribution Solutions,” McKesson chairman and CEO John Hammergren said. “I’m pleased that we exceeded our initial expectation for both earnings and cash flow.”

Revenues from Distribution Solutions increased by 8% for the quarter and 3% for the year, while U.S. pharmaceutical distribution revenues increased by 9% during the quarter due to market growth and the October 2010 purchase of U.S. Oncology.