Thank communities the fiscal take When as hold on was Fiscal everyone. our earlier. you, XXXX ago, Brian pandemic Brian talked as we year, finished an economies. about spoke and unprecedented our was a year good XXXX just COVID to we beginning afternoon and
McKesson’s we call, level outlook fiscal that highest year the provided history. XXXX XXX-year our in quite uncertainty full During possibly with of
have As clarity, our result McKesson’s of said momentum focus, execution pandemic, and of I since the is strategic discipline. the operating the outset
over new for a a operating company, been we’ve in As ways year.
to We’re the continue execute proud of way innovate. and our teams
overview stronger to us an update in the are our I’ll We fiscal continue including and in delivering than give detailed with our results. XXXX can the our compelling performance fourth a website. more which of And quarter an be fiscal XXXX future. Investors our found financial in the fiscal fiscal before XXXX now outlook, ability our results, even section XXXX We pandemic. provide Today, results confidence start on
Our and fiscal year grew range. guidance our share of XX% $XX.XX diluted per adjusted XXXX updated earnings within above full
the to and trajectory of first Volume experiencing year earlier followed year, segments to impact began fiscal of the COVID trajectory our to of originally the remainder Our volume decline our correlating COVID-XX. of with due fiscal virus. the improvements in quarter each were the a anticipated nonlinear than on
a and a season U.S. Our volatility a COVID winter impacted flu the cold from of as portions fiscal business. storm weak of our fourth continuation as quarter Pharmaceutical that well and experienced
supply also Ventures and We COVID-XX from our on quarters, benefits investments segments, previous McKesson similar Pharmaceutical gains in portfolio. in within our distributing unplanned recognized And quarter, vaccines the recognized kits and fourth our role we leadership equity Medical-Surgical to U.S. respectively. ancillary two
earnings company’s our of increase the now adjusted diluted the in the tax to to a contribution distribution were and in the year, $X.XX, quarter rate count. kitting items was Healthcare. government earnings Let prior higher fourth a share lower year of discussion contribution me U.S. investment per vaccine the from driven for quarter. Change offset partially Fourth of the XX% move COVID-XX and an by adjusted from prior the compared by results share These programs
COVID-XX XX% year. paper contributed operating other, million Change XXXX, in reduction impact grew Healthcare by of COVID-XX of in $XX recorded to expenses joint in of oncology XX%. services. quarter fourth prior the in to the investments by kits German increased the our of Interest wholesale profit operating $X our was and the and national driven in Alliance. U.S. the the venture kitting approximately flat partially operating which supply retail billion increase X. related prior pandemic largely of was quarter, Let’s and by from and billion COVID-XX driven When distribution the transition the expenses by COVID, the our role be ancillary the demand expenses adjusted the of due XX% Consolidated German segment, prior retirement customers offset Walgreens the charges year, growth through onset programs Walgreens billion vaccines our of decline the year offset Boots contribution $X.X previously in $XX.X expenses and excluding an venture for with distributing Boots and details $XX to in the increase, Slide by in offset increased by the led vaccine the of and contribution of wholesale COVID-XX can results, compared increase a and now X% partially distribution year inventory profit which year-over-year, the the to decreased compared prior a market consolidated to to by fiscal operating of to of due growth approximately Adjusted expense This balances. quarter operating was year and account debt volumes higher previously revenues our year higher to the of Adjusted driven a the and was tests. mentioned found profit quarter, X% gross lower on in as contribution million Adjusted business commercial compared Alliance. joint prior with prior our business Pharmaceutical biopharma primarily Medical-Surgical to was COVID-XX support to demand of segment
in fourth the a investment of rate share Ventures our our per driven results, of diluted up adjusted net McKesson of expectations. exit year-over-year, with Healthcare XXX XX.X% open-market million, gains tax-free was $X.XX the of associated quarter, line the approximately investments. our XXXX activity. earnings weighted for share repurchase other Our by with quarter adjusted in average decrease X% also includes equity consolidated million per diluted fiscal share diluted $XX and at wrapping end were Fourth shares or successful Change quarter In pretax tax
million approximately shares. the shares exit As a investment outstanding reminder, our Healthcare our Change lowered XX.X of by
results, and product and the the offset in Adjusted initiatives. previously billion, of mentioned prior year by with contribution conversions. for Revenues of in contribution season. Moving COVID weak higher company’s now the year the segment Adjusted by an the year and volumes X% $XX $X.X driven of the Pharmaceutical. operating market prior X, the which the by COVID-XX initiatives costs growth X% growth distribution of customers, cold a operating oncology growth profit to mentioned increased from by X company’s in prior account and U.S. pandemic be pandemic specialty the growth higher quarter flu starting driven driven were demand distribution, higher pandemic by vaccine billion, the offset the partially increase vaccine on of fourth increase through demand previously and year increase costs quarter onset Slides support full oncology distribution, from of to by our found to support operating partially impact national impact the in offset operating by the million, COVID-XX in driven can from profit driven X%, in retail COVID-XX branded-to-generic by and onset increased by $XXX the
product, an and $XXX support volumes in organic to finished were revenues in as operating investment the to the and increased our million, profit profit of access to by customers. programs Next driven We AMP, was higher momentum our solutions by of offerings to operating Solutions. costs adjusted organic from Technology growth was contributed new the which which year quarter. support the the year, technology Solutions, these Adjusted million, access was biopharma the investments, and by growth $XXX from higher Prescription quarter by to strong million, flat from supported on prior adherence of biopharma including the to year driven Technology adherence fourth offset growth company’s increase Full quarter strategy. with XX% $XXX profit X%, in service growth
by the Medical-Surgical $X.X to Solutions, now driven Moving COVID-XX revenues billion XX%, up were tests. demand quarter, in for primarily
profit test We of year outlined the levels. adjusted full the operating $XXX increased kit XX% million for For million. with XX% for associated quarter, COVID products increased were that case $XXX to rate demand to closely previously and PPE the COVID and
Although throughout through volume COVID-XX levels QX continued trended U.S. cases as test the moderated quarter. levels COVID the quarter, fourth these significantly lower kit from
As at moderate. quarter, would conferences fourth we our demand discussed anticipated levels we these various elevated during that of
Medical-Surgical for this position demands levels, sooner PPE. volatility supply and took of associated unprecedented year, to the our COVID-XX we and a and for these unpredictable levels. in had the pandemic, occurred demand procured The business the in tests our with demand lower on the early calls supply meet we quickly We As PPE. market in the demand demand discussed and prior for built products with anticipated, demand tapering elevated and customers levels to impacted COVID action for than business levels levels case we from
related In related $XX result, to recorded products. charges these products and a some As quarter, experienced million our fourth market-driven of inventory PPE charges. we
by impacted during and season. was of a and to elective approximately partially levels flu elective visits, of patient quarter. procedures weaker below IQVIA, prior continuation the business the underlying from According XX% Our procedures trended at lower a cold times resulting year
tests, segment the operating of COVID-XX kits profit incremental the increased vaccine, and of in adjusted PPE approximately Excluding X% impact for supply distribution ancillary this COVID-XX quarter. the in
with Boots the was the volumes, contribution International the also our the XXXX. with segment, quarter joint decrease billion, corresponded to Alliance November onset were the revenues a segment increase XX% wholesale Similar Next, FX-adjusted effective year by prior impacted to X, of a basis, which international, COVID-XX venture on business Pharmaceutical the pandemic. Walgreens U.S. of in the primarily of driven year-over-year, $X.X decreased where an revenues XX%, German in by
due revenue to of and our profit segment divestiture operating X% On adjusted X% Fourth FX-adjusted basis, FX-adjusted X% quarter $XXX an X% an million. year-over-year increased an German adjusted profit previously profit wholesale FX down operating adjusted increase, basis, X% decreased operating the increased $XXX XXXX on profit from mentioned the million. was COVID-XX by onset impact to basis. million business, to to for year-over-year the increased increased full adjusted the $XXX X% the the Excluding to driven pandemic. of on $XXX Adjusted operating fiscal again volume And million. year
Moving on million McKesson investments decrease were corporate corporate, for Ventures to adjusted portfolio by $XXX year-over-year equity million, driven expenses. the XX% and a of expenses year our quarter, $XX onetime gains of on prior approximately within
For $X.XX interest were $XXX driven our prior gains adjusted income. within the of per offset by $XXX X% earnings equity million, lower adjusted investments of full year, or expenses Ventures corporate portfolio, diluted approximately on McKesson the compared a partially share decrease to of million by year,
in of As net companies within adjustments value fair two previous the Ventures. quarters, our related McKesson to several portfolio
our within million can’t anticipate As spend. portfolio expenses of of will And losses practice litigation or Until a executed, and when occur. earnings portfolio opioid-related $XXX in XXXX. may include of continue and companies impacts therefore, gains level discussed, guidance. our We reported reached not predict we we a settlement Ventures is has to fiscal previously similar for we our Ventures
across end enterprise. the XXXX finally, marked our we transform also estimate approximate opioid-related previously $XXX the XXXX, fiscal to For And our fiscal cost program announced reductions X-year to operating million. model and of drive litigation
million to has biopharma XXXX. the growth to fiscal the are have savings A of X-year achieved areas our in original of end our $XXX $XXX by proud oncology savings in million reinvested portion We services. been and of target of
efficiency generation. to now focus Turning sharp XX, we on continue capital flow cash place Slide working to and a
and customer efficiency. of from levels with including a uneven flow growth impacted on expectations. cash pandemic, XXXX, of generated of capital the quarter focus cash XXXX, profit fiscal by of we long our record COVID-XX billion, resulting flow cash of $X.X our and For continued fiscal continued our XXXX, fiscal ahead track generation, In ended was of balance another our solid free billion, flow $X.X cash year we In the demand. working operating we
vaccines the experienced our These bond debt, working In the were issued line attractive million actions capital strengthen includes $XXX our of of stated de-lever operating with We our at and financial million $XXX from a made balance to Over we resulting we modestly fiscal utilized which market kits. We of COVID-XX increased to and rates. of anticipated higher year, further capital in volatility levels our cash ancillary quantities dividends. from with We intent and XXXX, sheet cash we effects position. which further our expenditures, continued the primarily PPE. to all to COVID-XX a work and billion $XXX flow. and in biopharma our while as COVID resulting customers, well support in the efforts. the of kitting of of course repurchases additional returned free vaccine of investments this volatility, shareholders meeting dynamics In through introduced U.S. of the COVID-XX we’re early payment needs evolving $XXX cash the investments portion in million QX, testing the environment of million our our and services retire billion $X supply our a government distribute strategic share flow of and to of increasing oncology approximately as inventory initiatives growth of $X
Let me social XXXX. key virus, underpin increased that our outlook. of not now our additional for spend outlook of shelter-in-place macro-level wave a minutes a start or assumptions by a framing I’ll fiscal do on distancing. And We the assume XXXX return couple few fiscal
varied trends were XXXX the in year. year, and volume discussed course nonlinear of throughout we’ve fiscal over the the As
Our markets have not environment. in fully dynamic recovered, remain a and we
a is recent recovery broader by We that are, forthcoming. signs however, encouraged
at fiscal the half a vaccinations from We expect and our anticipate COVID rate levels improvement demonstrate increasing levels with We to line will of pre-COVID decreasing half prescription in volumes XXXX, volume XXXX in prescription of of fiscal first engagement fiscal cases. through and second our continue steady patient XXXX. to the the our return end of the
half of earnings range $XX.XX the XXXX, $XX.XX, the we be more weighted back fiscal expect to per diluted fiscal share in year. heavily of the For to adjusted towards
segments. expect the I across you also with than key each will all the outlining our growth assumption, through of instead items, walk starting We core Rather segments.
profit list assumptions, XXXX our and to driven presentation. XX Pharmaceutical a X% expect to refer For Adjusted to our XX XXXX. improve business. performance X% full slide in in expected through market growth increase deliver supplemental to to of segment, revenue to is as volumes X% Slides our to operating please fiscal growth we the In specialty U.S. X% by fiscal compared continue strong
the to $X.XX expected to Our related outlook $X.XX approximately XXXX. This first in quarter. includes also be fiscal approximately COVID-XX realized in compares in majority to fiscal XXXX, with our vaccine $X.XX distribution
leading We our to to continue in future oncology position will increase investments growth. support invest and and differentiated also in
We for will in growth. Normalizing operating COVID-XX we profit headwind X% represent investments, expect investments to XXXX. adjusted expect these vaccine continued core growth X% distribution approximate approximately the and $X.XX our fiscal an
Finally, we stable. anticipate branded And yet approximate fiscal with increases, remains market consistent which mid-single-digit XXXX. the pharmaceutical competitive is generic pricing to
to utilization, continue performance driven benefits making improving growth with and customers. XX% growth for we our confidence grow Technology overall provides segment, of the ability Prescription been offerings approach profit investments recognize our gives to be customers. our continue of positive supply to as spread. we and by combined our to the In biopharma expect organic adjusted Solutions We to revenue operating pleased technology disciplined we’ve costs of to us in XX% with volume pricing stability our the and generate ClarusONE, and and competitive This which in
contribution closures, notable as the and COVID patient kits Now, reduced underlying from well XXXX social equipment as protective and to transitioning personal the saw impacts to test office business due of distancing to Medical-Surgical fiscal visits. impacts
fiscal growth. case strong position moderate test the expect long-term vaccinations continue XXXX, to further these for delivered decrease. results we for Our increase Medical-Surgical as business demand against challenges, PPE and and we COVID kits In business to counts and
As return in we business. continue Primary patients their to providers, to Extended expect segments of and this Care growth our
kitting $X.XX growth this lower as dynamics, expect X% be is down the from be to these quarter. of a timing flat Given approximately X% contribution business year portion expect offset the when growth, supplies be in to a profit executing is ancillary compares to our first the was test with realized in to in of Again, COVID-XX of adjusted we kitting COVID of operating majority over Included Due distribution contract related realized began XXXX. larger to by in growth vaccines. This guidance $X.XX the contribution will revenue revenue fiscal we fiscal kits. we underlying and XXXX. our in to to and X% HHS, to our $X.XX for prior
of impairments from the approximately Excluding our COVID-XX and operating fiscal to expect kits products, XX% and we contribution of program, contribution profit the COVID-XX XX%. the PPE and distribution XXXX kitting related growth year-over-year adjusted for test
our as joint Finally, we Walgreens of quarter a revenues the decline of compared to in segment, venture contribution German wholesale Alliance grow the our to third the to to international year, with in this X% fiscal X% business expect XXXX. the and reflects Boots prior
to view, X% operating We growth led we expect continue profit operating our profit compared recovery expect adjusted as X% and XXXX. core from And to geographies to of in X% improvement the X%, turning growth revenue consolidated segment fiscal to now the COVID-XX. adjusted the business by
Ventures We investments our expenses million expect to per in vary XXXX within expenses approximately McKesson corporate $XXX of share by our equity realize to were reminder, million. the approximately from that quarter anticipated to we million as And year includes $XXX a diluted adjusted offset items a $XXX $X.XX net tax course to fiscal discrete corporate be XX%, full which or quarter gains We and tax rate the year. of portfolio. XX% of from expect assume during may to
in continue As our operating to his remarks, we to Brian mentioned and models efficiencies. evolve drive transform
we In plan result $XXX strategy a our to for in partial remote a certain on the next this go-forward million part work estate employees will of incur make evolution, executing to This including real flexibility, our real charges footprint. increase estate efficiencies, a changes reduction supporting to to restructuring basis. will to model to transition million increased of year. this approximately $XXX we GAAP-only plan, As over
$XX to we We underway expect realization annual fiscal to expect $XX see These of implemented. savings do these when actions actions in of and year, million material fiscal fully will result upcoming XXXX. therefore, not the benefit this million a get in will in approximately
time. additional in stages we later of planning this and will at are detail early a We the provide
to has the up term with reinforced on outlook Let managing year our and few cash comments our a importance assets me XXXX The innovation fiscal through capital wrap enhance past a our leverage our capital deployment. deployment a further positioning with on balanced sharp focus to and the differentiated flow for long approach for and of business and disciplined investments growth competitive and capabilities.
property approximately software and cash capitalized billion, $X.X billion net acquisitions to expenses. free expect which We of $X.X of flow is
we these the respect continues maintain of rating. of repurchases. first supporting oncology our is these services our by investment-grade modest current complement our to with consider on be With accelerate growth of priority capital the strategies, deployment capital capital strategies. with We commitment shareholders for use options, credit start share-growing dividend return flexibility growth organic to to a focused and capital share we retaining through and growth acquisitions our deployment, to our our followed to drivers and biopharma As
in we to there’s business that continue at continue the to have future. stock. great believe execute value We in And high and the a confidence and level, in we today our
Slide to XXXX indicated which billion we incorporates the more heavily our of outlook fiscal on be XX, first the approximately year. to $X weighted of plans will As stock, repurchase expect half fiscal
weighted fiscal of average we range result million be approximately diluted for to shares to activity, of this XXXX a million. the estimate As XXX.X in XXX.X outstanding
option use to through McKesson put non-controlling of We available also cash anticipate of shareholders. a shares to Europe purchase rate in exercises
cash in will put of their option the of approximately XX% our retained acquired estimate could put billion, the the a We XXXX. stakeholders put Celesio, fiscal section which $X.X shares. originally in McKesson activities to options interest reminder, payments minority result of be for non-controlling option cash statement. rate in flow a expires QX As remaining up the The remaining financing reflected that shareholders of right
During XXXX, capped in strong of COVID-XX environment, in vaccine role model setting our the the these we options. of kits supply continuing our fiscal growth. and XXXX, McKesson to unprecedented performance continue our distributing put transformation, look acceleration role of forward We an we as response. In stage for fiscal in we used the pandemic $XX pandemic ancillary operating for response and leadership million exercise by an X-year delivered off cash rate
our position. for fiscal financial by balance with momentum business, growth XXXX operating all outlook continued of across supported in confidence the Our our the segments sheet strong reflects and the of strength
and our growth continue will as strategies to invest oncology connected we We and to biopharma in these services customers delivering our areas, partners. in of our build ecosystems out value
in could In our the and like growth. to been of all We’re their the would position year ability to McKesson. dedication not thank the associates leverage patients. if McKesson results acknowledge for execution capabilities commitment customers and across closing, have and not accelerate world and to The achieved confident unrelenting our for I this to possible dedication, we our team
with XXXX me fiscal call in And Q&A. in results XXXX. turn our pleased Holly, fiscal back with are outlook We confident you our for the to and let for that,
