Tue, Jun. 28, 9:42 AM
- Drug distributor McKesson (MCK +2.6%) announces that it will combine its Technology Solutions unit with tech firm Change Healthcare Holdings to create a new healthcare information technology company with pro forma annual revenues of $3.4B. McKesson will own ~70% of the combined entity while Change will own ~30%.
- $6.1B in debt will fund the transaction, including $2.7B to retire existing Change Healthcare debt, $1.25B in cash payments to McKesson and $1.75B in cash payments to Change stockholders. The remainder will be used for transaction-related expenses. Annual synergies are expected to be more than $150M by the second year.
- The combined company will deliver a broad range of solutions aimed at lowering healthcare costs, improving patient access and outcomes and simplifying the transition to value-based care for providers, payers and consumers.
- McKesson will transfer the majority of its McKesson Technology Solutions businesses to the venture, except RelayHealth Pharmacy and its Enterprise Information Solutions (EIS) unit. The company also announced today that it intends to explore strategic alternatives for the EIS business.
Tue, Jun. 21, 5:06 AM
- Drug distributor McKesson (NYSE:MCK) has held talks about merging its information technology unit, called Technology Solutions, with Change Healthcare, Reuters reports.
- A combination would create one of the biggest players in the healthcare information technology sector, potentially worth more than $10B, including debt.
Wed, May 25, 4:26 PM
Mon, May 16, 9:44 AM
Wed, May 4, 5:08 PM
- McKesson (NYSE:MCK) fiscal Q4 results ($M): Total Revenues: 46,678 (+3.9%); Operating Expenses: 2,112 (-4.7%).
- Net Income: 431 (+226.5%); EPS: 1.88 (+235.7%); CF Ops (FY): 3,672 (+18.0%). Consensus: EPS of $3.14 on revenues of $46.85B.
- Fiscal 2017 guidance: EPS: $13.30 - 13.80; CF Ops growth: 15%.
- Fiscal Q1 consensus: EPS of $3.21 on revenues of $49.64B.
Wed, May 4, 4:33 PM
Tue, May 3, 5:35 PM
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Fri, Mar. 18, 12:56 PM
- Vitae Pharmaceuticals (VTAE +8.2%) upgraded to Buy from Hold by Stifel. Price target set at $15 (105% upside).
- Johnson & Johnson (JNJ +0.8%) upgraded to Overweight from Neutral by JP Morgan. Price target raised to $112 (4% upside) from $102.
- HCA Holdings (HCA +2.8%) upgraded to Overweight from Neutral by JP Morgan. Price target raised to $85 (12% upside) from $76.
- Epizyme (EPZM +9.8%) upgraded to Buy from Neutral by H.C. Wainwright. Price target raised to $25 (127% upside) from $22.
- Agenus (AGEN +2.7%) upgraded to Buy from Hold with a $7 (81% upside) price target by Maxim Group.
- Juno Therapeutics (JUNO +2.6%) upgraded to 4.5 stars (out of a possible 5.0) by the Vetr Community. The implied price target is $45.47 (17% upside).
- Alnylam Pharmaceuticals (ALNY +3.2%) upgraded to Overweight from Neutral by JP Morgan. Price target lowered to $81 (37% upside) from $111.
- Amicus Therapeutics (FOLD +4.3%) upgraded to Buy from Neutral by Janney Capital. Price target raised to $12 (59% upside) from $10.
- Pernix Therapeutics Holdings (PTX -5%) downgraded to Market Perform from Outperform by Oppenheimer. $9 price target removed.
- Valeant Pharmaceuticals (VRX -6.6%) downgraded to Neutral from Buy by Nomura. Price target lowered to $60 (116% upside) from $175. Morgan Stanley maintains Equal Weight rating but lowers price target to $39 (40% upside) from $98. Stifel rates it a Buy but lowered its price target to $65 (134% upside) from $200. Rodman & Renshaw rates it a Buy with a $118 (324% upside) price target (from $150). Piper Jaffray downgraded it to Underweight from Neutral with no price target.
- AstraZeneca (AZN -1.5%) downgraded to Hold from Buy by Jefferies. Price target lowered to 4,350p (12% upside) from 4,900p.
- Cardinal Health (CAH +1.4%) and McKesson (MCK +4.4%) both downgraded to Market Perform from Outperform by Cowen & Company. Price targets lowered to $90 (11% upside) and $173 (9% upside), respectively.
Thu, Mar. 17, 3:38 AM
- McKesson (NYSE:MCK) is firing 1,600 people, or about 4% of its U.S. workforce, to cut costs after the drug distributor lost some key customers.
- The company began a strategic review in January and determined that "reductions to our workforce would be necessary to align our cost structure with our business needs," according to an e-mailed statement.
- McKesson began telling workers about the layoffs in mid-March.
- Update: In a March 18 regulatory filing, the company says its restructuring plan should be substantially completed by fiscal year-end March 31, 2019. It intends to record a $250M - 275M pre-tax charge this calendar quarter (fiscal Q4) with the remaining $25M - 80M to be recognized no later than fiscal Q4 2019. The bulk of the charges pertain to severance and employee-related costs. The company expects its Cost Alignment Plan to deliver $170M - 190M in net pre-tax savings in fiscal 2017 and another $70M - 90M in fiscal 2018.
Fri, Mar. 4, 9:44 AM
- Walgreens Boots Alliance (NASDAQ:WBA) upgraded to Buy from Neutral by Mizuho Securities. Price target raised to $75 (6% downside risk).
- Acceleron Pharma (NASDAQ:XLRN) upgraded to Buy from Neutral by Janney Capital. Price target lowered to $39 (39% upside) from $45.
- Keryx Biopharmaceuticals (NASDAQ:KERX) upgraded to Outperform from Market Perform by FBR Capital. Price target is $10 (145% upside).
- Zimmer Biomet Holdings (NYSE:ZBH) downgraded to Hold from Buy by Argus Research.
- Valeant Pharmaceuticals (NYSE:VRX) downgraded to Hold from Buy by Canaccord Genuity. Price target lowered to $75 (15% upside) from $125. Downgraded to Sector Perform from Outperform by RBC Capital. Price target lowered to $85 (31% upside) from $194.
- TeamHealth Holdings (NYSE:TMH) downgraded to Hold from Buy by Jefferies. Price target lowered to $65 (44% upside).
- McKesson (NYSE:MCK) downgraded to Neutral from Buy by Mizuho Securities. Price target lowered to $164 (1% upside).
- Diplomat Pharmacy (NYSE:DPLO) downgraded to Neutral from Overweight by JP Morgan. Price target lowered to $30 (9% upside) from $52.
- Rockwell Medical (NASDAQ:RMTI) downgraded to Hold from Buy by Stifel. $19 price target removed. Also downgraded to Hold from Buy by Craig-Hallum.
- China Biologic Products (NASDAQ:CBPO) downgraded to Neutral from Outperform by Credit Suisse. Price target raised to HK$129.
- Orexigen Therapeutics (NASDAQ:OREX) downgraded to Sector Perform from Outperform by RBC Capital. Price target lowered to $1 (43% upside) from $5.
- Vivus (NASDAQ:VVUS) downgraded to Sector Perform from Outperform by RBC Capital. Price target lowered to $1 (6% downside risk) from $4.
Wed, Mar. 2, 8:56 AM| Wed, Mar. 2, 8:56 AM | 1 Comment
Thu, Feb. 25, 3:16 PM
- Mega drug distributor McKesson (MCK) agrees to acquire two privately held medical firms that focus on the oncology space for a total of $1.2B.
- Manhattan Beach, CA-based Vantage Oncology, LLC, is a national provider of radiation oncology, medical oncology and integrated cancer care services.
- Cary, NC-based Biologics, Inc. provides oncology pharmacy services.
- The transactions, expected to close in fiscal Q1 2017 (calendar Q2), should add $0.11 to non-GAAP EPS in fiscal '17.
Mon, Feb. 1, 9:17 AM
- In a regulatory filing, McKesson (NYSE:MCK) discloses that it has inked a deal to sell its Brazilian drug distribution business that it acquired in its transaction with Celesio AG for an undisclosed sum. It will book an impairment charge to discontinued operations of $70M - 90M. The deal should close this quarter.
Wed, Jan. 27, 4:59 PM
- McKesson (NYSE:MCK): Q4 EPS of $3.18 beats by $0.05.
- Revenue of $47.9B (+3.0% Y/Y) misses by $890M.
Wed, Jan. 27, 4:55 PM
Wed, Jan. 27, 4:28 PM
- McKesson (NYSE:MCK) declares $0.28/share quarterly dividend, in line with previous.
- Forward yield 0.67%
- Payable April 1; for shareholders of record March 1; ex-div Feb. 26.
McKesson Corp. is a health services and information technology company, which provides medicines, pharmaceutical and care management products. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The McKesson Distribution Solutions segment... More
Industry: Drugs Wholesale
Country: United States
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