good Brian our everyone. will relate comments existing and segment to morning structure. you, Thank today My
International, in quarter results comments Solutions Solutions. XXXX, of US with begin financial Technology As his our discussed Brian Prescription four and the report to reportable opening segments, we'll Pharmaceutical, fiscal in second effective Medical-Surgical
in recast structure earnings second your a with modeling new to quarter under ahead of segment structure. the financials the assist issue new our will of We call
quarter McKesson's was Our June ability times. during a to testament challenging to execute
the on results the provide quarter morning chain. and provide the provide Our resilience supply McKesson key and results first XXXX people, results. speak outlook the comments our role of this to we commentary of my leadership are business that plays This on the that recent important the trends the our dedication morning to underpin healthcare of an our in update the fiscal I'll assumptions balance implications of our I'll an Throughout XXXX. our for fiscal and observing update I'll
April Earnings visits specialty in expectations patient May on our included that fourth interactions quarter fiscal segments assumption severely the the lockdown this we finished would European we lockdown will physician, restrictions. our be distancing Canadian quarter. improve gradually in shape and combination and of first to Those US, requirements patients. by In on social peak focus pandemic our the discipline unique oncology expected, first impacted expectations As our provider the second quarter Call. relative of with and a and bottom to levels May, pharmacy global the and placed framework. that in continue with guidance markets laid curve in XXXX We customers with and as our recovery line beginning quarter was and out and navigated of global the what we believe Through quarter, original and out ahead our pressures was of the
of and of However, most than an of Prescription our see through Specialty largely had increase Medical-Surgical has we outlook across as began acceleration the transactions, to and interactions were and progress restrictions June, pronounced than openings our earlier our volumes in an impacts demand This markets volume world. recovered and favorable at pace track elective as recover patient that original business easing had sooner across in we demand procedures had to we the anticipated began businesses. contemplated.
now on in updated slide can earnings website. Section the results quarter our The of presentation, first Investors and our which first is first guidance assumptions summary Let to of posted be me turn results. found our our quarter quarter
quarter point impacted one on I quarter. first out our results adjusted that GAAP to item results, details want Before I our in provide the only more
with During the the $XX recorded related McKesson's for first to million program. settlement quarter, action gain insurance we monitoring an controlled connection proceeds of after-tax in shareholder of received derivative the substances
first earnings on for consolidated quarter, four. Now results our let's adjusted of a transition the with our starting discussion slide to results
consolidated were Specialty compared and and a Pharmaceutical negative were from First visits, primarily revenues million year. lower higher patient volumes care volumes the segment the the $XX.X impact US and Solutions prior account national prescription result within flat of Market primary retail by offset COVID-XX. to of growth quarter
Although quarter. for original expectations this flat-to-prior our the year, exceeded result
X% as gross First the of profit prescription and results quarter volumes were adjusted mix was year-over-year, lower down transaction pandemic.
year, business. partially XX% quarter First X% operating year-over-year, efforts the the decrease quarter, expenses offset down investments Change in to prior a year. from was cost in adjusted our operating of mitigation the in of by the decreased the prior the of adjusted $XX to again These expectations. pandemic. was driven increased compared response increase year. Healthcare an prior When ahead were million $XXX was to excluding by operating X% the presented expense COVID-XX of profit the Adjusted headwinds results quarter, XX%, the by compared for profit Interest approximately as million
XX.X% the tax adjusted Our was quarter. rate for
We assume to full-year continue the tax the expect of may We of anticipate during XX% discrete vary we approximately includes result a anticipated quarter-to-quarter I the XX%, and vary a as tax tax approximately tax which rate that year. realize adjusted could quarter, discrete reporting items that from course fiscal in to this to would worldwide second favorable item a mix adjusted of of our would result in remind rate which our XX%. the of you X% second earnings. quarter to
offset diluted share by the XX.X XX% lapping pandemic company's impact of in decrease the was year, driven Healthcare. results, XX% were quarter share adjusted $XXX shares year. business prior down up primarily share Change approximately partially investment in year-over-year, earnings items COVID-XX by and by wrapping year the the First a investment which million, prior prior prior of the Healthcare, driven year our compared the Change shares exit the quarter due of successful negative were the lowered our diluted These of repurchases. to weighted from $X.XX, per contribution million to lower the by and our average compared quarter shares our consolidated In in first count to outstanding across a
in generic the segment negative growth can billion offset I'll be retail Specialty through branded conversions COVID-XX throughout oncology slides account on were were and national in Prescription volumes. start practices review telemedicine all approximately up was Oncology up and volumes improved transaction XX% April, our results, the and by quarter visits which our visits. our over US Solutions. were the Next, driven and which above transaction April and with found levels were market on for May, improved for higher prescription were I'll expectations June. Revenues $XX.X in Pharmaceutical visits in however, account partially to five In of and of in XX% now June. pre-pandemic X% seven uneven This impact by volumes. of XX% quarter,
$XXX a points, investments, to driven margin volumes growth offset strategic First adjusted segment was by business. XXX solutions oncology result and lower the including decrease million, provider for profit quarter X% pandemic X The of a adjusted points. operating the by basis quarter our first a basis decreased partially operating as in portfolio of
about negative the offset talk days period I'll by retail driven of decreased pharmacy $X.X were extra the and sell prior basis, X% compared Next billion pandemic impact to revenues a for distribution X% businesses the quarter, two partially On an FX decrease where year-over-year. year. pharmaceutical by adjusted of Pharmaceutical the the Solutions, on in European the revenues
year-over-year an $XX lower when expense the in for days to was increased which volumes adjusted two lower adjusted XX minute discussed points. at million. operating period, by additional X segment to actions was the first operating in basis basis an adjusted sell margin earlier. on FX profit prior a Brian I'd of compared operating in spend pandemic. due million, On X% The driven points, increase to taken by quarter flat UK partially to the like adjusted offset quarter the First the $XX profit operating year, basis, the
quarter UK our operations. impact a difficult was rest our on the a than very had of and quarter the COVID first The operations pandemic greater European
to demand environment in material prior adapted pre-pandemic state Our our remained changing reductions We to home lockdown identified of below business, Volumes imposed. a orders have to after we the to COVID-XX. UK levels. have our the accelerate operating In wake saw teams digital. steady, opportunity transition with were an increased however the
business our capabilities, Our in investment the levels digital from business but pre-pandemic Revenues growth to on strong and in quickly grew from increase moved continue a over and Echo our online capacity. Echo strong growth XXX% our trajectory.
care benefit health us positions a Our the movement to digital the investment from digital patients environment. strategy of UK in in to
we the accelerating business. impact uncertain actions in severity in the COVID However, the of are our outlook, UK given
quarter, environment future the and position to restructuring we profitability. and During of COVID in announced the the difficult continue UK business in operating to wake evolving to actions the the for adapt to better
quarter, As a of incremental rationalization in the in took additional along optimization result, we our with UK, cost include footprint charges which further efforts. the
we're Solutions, improved see the at Medical-Surgical onset to encouraged patient now to of return to Moving mobility saw we starting what versus procedure the and pandemic.
in XX% partially and declines care according June. our business. example, growth down X%, visits April business, volume of the care billion XX% the in quarter, nearly extended by were For down late on were the offset primary in approximately XX% to to were which by pandemics $X.X person improved primary driven IQVIA, as impact it for care Revenues to
increased including revenues of equipment. quarter volumes First protective personal
the a the mix. XX% by an operating the decrease shelter-in-place Segment closures an year Canadian basis, with basis at includes decreased were customer and of billion for XX% demand driven of for XX%, to fiscal the decrease First US, which of exit by was FX our impact In guidelines. by volumes product business, points, the first of of care the decreased revenues lower as primary quarter, margin pandemic. part negative adjusted review finishing in profit On both the points Other, year-over-year. $XXX of temporary revenues physician unprofitable a $X.X lower driven primarily business onset a the basis the driven to customer result quarter and in adjusted quarter business, in of operating due adjusted million, across the XXX offices XXX
$XXX and the basis, the $XXX negative down by was quarter on adjusted profit in along with the of adjusted operating First within the contribution primarily in impact XX% on businesses company's both pandemic the Change investment year the from FX driven prior million, reported million Other. lapping Healthcare, of
the Corporate, moving Excluding $XXX prior XX% And McKesson XX% million a an to year-over-year. approximately lapping the down year. year litigation Change, primarily reported the in prior-year to by investment corporate activities was cost Other driven prior of in contribution gain expenses one-time adjusted opioid which in increase year-over-year, from was the of from quarter, and an increase compared
approximately Excluding the benefit, prior increased year-over-year. year one-time expenses corporate XX%
For the related first reported net $XX quarter, opioid of we million. expenses litigation
Now of found on balance billion. ended a XX. quarter to on the cash, which with cash We can slide $X.X be
During the billion. free we had $X.X negative cash of flow quarter,
effects vary quarter-to-quarter, cash Our day introduced flow. current the of of further of resulting volatility the timing, close the impacted metrics working of will cash resulting including flow week from in the COVID-XX from environment capital has and quarter. that marks free operating The by our the a dynamics
working and to a key volumes capital us expenditures. capital $XXX for free quarter, flow. in generate fundamentals made McKesson cash during remains opportunities improving give growth However, priority million and will Investment of continue we strong solid the confidence we
$XX investments the shareholders strategic on cash technology We initiatives. internal through our in in continue of payment growth areas and to dividends. We as such focus return our million to
range $XXX share to $XXX of $X.X we in and million have remaining outstanding billion million. repurchase on expect continue authorization weighted the We our to shares
range for to also in fiscal We billion $X.X free cash $X.X flow XXXX. the billion to of anticipate continue
Let the me talk transition balance our XXXX. for of fiscal now and about outlook
rooted compete role reiterating we long-term of In important we to capabilities. today. clear We continue well in I supply with play in which are positioned are We in two in assets key prospects, and chain. assumptions the remain a differentiated outlined confident markets strategy believe macro the we set our healthcare we am which in the a May,
we shelter-at-home a to COVID-XX one not what the May, and customer we certainty to First, wave today. could underlying in lockdowns. days assume reiterate systemic is in of second defense we that and occur my insolvency Similar events. lead which comments economic will assume not from do know cause to did assumptions weeks coming I'd And these any the second, would that change
I'd about factors. think with key our you outlook, As of our relationship two the highlight performance strong
for and behavior. and while First, of reality is ourselves environment in continue highly disciplined approach in with services. environment the the remains a to evolving not is of prescription invest and our situation has control oncology pandemic execute and biopharma the impact areas macroeconomic strategy, remains and specialty, months. weeks This cases intersection the seeing the under undoubtedly completely growth patient second, hospitalizations. areas to in the the And of to ability the volumes and positive improved, many to our dynamic a The virus with likely increased continue that over coming position fluid
the with level and levels. of physicians, We prescription elective the continue procedure to interactions healthcare expect primary transaction oncologists the mobility of and for to volumes patients, demand the trajectory of recovery to closely quarterly care
believe and the and most see first adjusted to fiscal operating sequential severely continue impacted of over the the year. quarter the revenue expect we We to improvement will be profit balance
linear. on past Based than originally what we XX-days, the believe do a be take will our that we believe not we've in observed full in However, may business contemplated. recovery longer the recovery
However, second to we continue the growth to year. half expect as the in the prior of year compared
Let details me few our of outlook. provide a
consolidated mentioned consolidated profit year on X%. now this the will the As previously decline anticipate up XXXX We to operating the XXXX. operating expectations, adjusted growth recovery earlier the revenues on we continue and provided in end year full-year, second and exclude between volumes the the enterprise original adjusted from now of high half to and for a basis. to X% prior our in Change And versus growth with of increase the fiscal a decline between X% and expect X% fiscal original to is from sequentially for X% X% throughout year-over-year we of results fiscal expect range result you grow of earlier, Healthcare anticipate the the as profit guidance, when I
little Let me about a segments. talk bit the
of year. Specialty In full-year X% flat recovery range to operating the profit the quarter up fiscal Europe, year. adjusted and quarter first increased our and to to above segment operating were anticipated US profit compared be prior Given now in in mitigation expect In second to results adjusted down growth provider the solutions to outlook year, XXXX, of X% expect improved to Pharmaceutical half prior segment we of we activities the in the the by fiscal cost expectations, response Solutions our for than continue compared pandemic. earlier the X% driven of business to
of modest As first be in expect revenues European now improvement aggregate to X% timeline performance compared down prior of to in quarter up to across segment the year. X% range this the a we result and Europe, recovery
expect profit now the we environment decline recovery curve, profit X% and X% challenging operating of due to remains markets operating now operating between decline in earlier for XXXX. Europe. expect in The in many we half X% second the to Additionally, to fiscal adjusted the between recovery adjusted X% and flattening segment
Turning Segment. to Medical-Surgical our
opening began primary see the in improvements month volume June. As discussed the my in business to in care remarks, we of
and We we the the of are higher segment X% fiscal to segment the within X%. XXXX down of between of operating within recovery care, increase now segment volumes pace for updating result the extended our in XX% to adjusted outlook and an of and the a X% segment. As revenue increase in primary range expect profit care
to the the continue XX% project the expect year prior between We year, half to and XX%. compared and second growth in fiscal be of now to
business decline more of as the to XX% volumes a now June, the to Canadian between revenues and result back anticipate for Turning to normalized fiscal of XXXX. segment return we X% half in Other, in
costs million will in than $XXX approximately including Excluding we on outlook now and half when of year. fiscal segment be original investment corporate XX% year growth Within the the we greater to compared continue to the fiscal versus second in our expenses our anticipate opioid-related in to anticipate $XXX business, now million. to the technology prior million. corporate Healthcare, opioid-related higher range be of the the costs we that impact of Based increased $XXX expect Change XXXX, for
XXXX Based returning credit and of first per raising our our investing customers grade the results underpins how share a outlook from to form the uncertainties updated diluted of the that we're share the In we outlook capital the These results, to adjusted year brought foundation we fiscal $XX.XX rating. quarter previous pandemic. and strategy on our our macro full of have to in fiscal closing, areas which environment range for on to diluted financial our deployment, volumes this We share. $XX.XX balanced environment, to and of with business our outlook of we're earnings per quarter to and our healthy $XX.XX per approach $XX.XX transaction solid proud responded solid by balance cash generation a aligned despite supporting are growth shareholders. dynamics view investment pleased flexibility, our across sheet, on were cash the to dynamic our a first a
compared stable as to to fundamentals. an over over In half that Our yourself the of that, time ask to in limit call to balance turn disciplined allow question the with to you others strong for the strong we're positioned unknowns, With the questions. but deliver have be and execution to combined your execution our environment I'll many second to The growth delivered I year. businesses operator. continues external our just the continued opportunity of one financial position, year participate. prior the present interest and sheet to solid results, resilient with Turn operator the well to
