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BUSINESS
May 30, 2008 | From Times Wire Services
Drug distributor McKesson Corp. artificially inflated drug prices for state-funded health programs, costing consumers millions of dollars, according to Connecticut Atty. Gen. Richard Blumenthal. Blumenthal accused San Francisco-based McKesson of conspiring with Hearst Corp.'s First DataBank unit, a publisher of drug-price lists, to inflate the average wholesale prices for its pharmaceuticals. Connecticut joined California in suing McKesson after a federal court judge certified a class-action suit against the company in March.
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BUSINESS
March 11, 2010
Wholesale inventories shrink again Businesses trimmed inventories at the wholesale level again in January even though sales rose for a 10th consecutive month. The drop in inventories underscored that businesses remain cautious about restocking their depleted shelves. The Commerce Department said wholesale inventories fell 0.2% in January following a 1% drop in December. Sales were up a solid 1.3%, the best showing since a 3.6% rise in November. ORANGE JUICE Florida freeze forces price hike PepsiCo says it's raising prices on its popular Tropicana orange juice because of the freeze that slammed Florida's citrus crop.
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BUSINESS
October 22, 2008 | Times Wire Reports
Walgreen Co., the largest U.S. drugstore chain, agreed to acquire McKesson Corp.'s specialty pharmacy unit. Terms of the purchase weren't disclosed.
BUSINESS
May 5, 2009 | Times Wire Reports
Drug distributor McKesson Corp. posted an 8% drop in fiscal fourth-quarter profit after the company wrote down the value of an investment and reported flat sales that missed Wall Street's expectations. McKesson said its profit decreased to $281 million, or $1.01 a share, from $307 million, or $1.05, a year earlier. The latest quarter includes a charge of $59 million, or 22 cents a share, to write down the value of its investment in Parata Systems and a tax-related gain of $22 million, or 8 cents.
BUSINESS
August 29, 2008 | From Times Wire Services
McKesson Corp. won dismissal of a proposed class-action lawsuit over claims it inflated wholesale prices of prescription medicines in violation of antitrust laws. The New England Carpenters Health Benefits Fund failed to demonstrate the anticompetitive effects resulting from McKesson's alleged conduct, U.S. District Judge Patti Saris said in Boston.
BUSINESS
May 3, 2008 | From Times Wire Services
McKesson Corp., the largest U.S. drug distributor, agreed to pay $13.3 million to settle government claims over the company's distribution of two often-abused prescription drugs. The agreement with the Drug Enforcement Administration and the Justice Department calls for San Francisco-based McKesson to suspend temporarily the distribution of hydrocodone, a morphine-like drug, and alprazolam, an anti-anxiety drug, from two of the company's 31 distribution centers, the company said.
BUSINESS
May 21, 2008 | From Times Wire Services
The city of San Francisco is suing McKesson Corp. over allegations that the nation's largest prescription drug distributor fixed prices on hundreds of name-brand drugs. The suit alleges that San Francisco-based McKesson artificially hiked the difference between what pharmacies paid wholesalers and charged healthcare plans for the same drugs, costing the city and state hundreds of millions of dollars. McKesson denied the accusations and said it planned to "vigorously defend" itself against the suit.
BUSINESS
March 25, 2008 | From Bloomberg News
McKesson Corp., the biggest U.S. drug distributor, must face a class-action lawsuit over claims that it wrongfully inflated the wholesale price of prescription medicines, causing millions of consumers to pay too much. U.S. District Judge Patti Saris in Boston certified the class action Wednesday, court records show. The class was certified under federal racketeering statutes, meaning that whatever damages may eventually be awarded would be tripled, lawyers said. San Francisco-based McKesson didn't immediately comment.
BUSINESS
April 15, 1985
Directors of McKesson and Spectro voted unanimously to merge the two large distributors of drug and health-care products. The agreement calls for McKesson to pay $20 a share for Spectro's common stock for a total of about $161 million. McKesson, based in San Francisco, is a leading distributor of drug and health-care products, wine and spirits, bottled water and chemicals. Spectro is based in Jenkintown, Pa.
NEWS
December 12, 2001 | Bloomberg News
Washington Mutual Inc. agreed to buy some of the assets of National Australia Bank Ltd.'s HomeSide Lending Inc. unit for $1.9 billion to expand its mortgage business. The HomeSide purchase gives Washington Mutual 2 million customers, 2,700 staff and offices in Jacksonville, Fla., and San Antonio. Melbourne-based National Australia will retain HomeSide's troubled mortgage portfolio, although Washington Mutual will provide the services on those loans, such as processing and escrow payments.
BUSINESS
November 22, 2008 | Times Wire Reports
McKesson Corp. agreed to pay $350 million to settle claims it fraudulently inflated the price of more than 400 prescription drugs. McKesson, the largest U.S. medicine distributor, will also set aside $143 million to settle claims from federal and state health programs. The settlement and the reserve will result in an after-tax charge of $311 million, or $1.14 a share, in the current quarter, the company said. It admitted no wrongdoing.
BUSINESS
October 29, 2008 | Times Wire Reports
McKesson Corp., the biggest U.S. drug distributor, said fiscal second-quarter profit increased 32% on higher sales of medicines and healthcare information systems. Net income climbed to $327 million, or $1.17 a share, from $247 million, or 83 cents, a year earlier, San Francisco-based McKesson said. It attributed earnings of 27 cents a share to the release of a $76-million tax reserve. Earnings excluding special items missed analysts' estimates. Revenue for the three months ended Sept.
BUSINESS
October 22, 2008 | Times Wire Reports
Walgreen Co., the largest U.S. drugstore chain, agreed to acquire McKesson Corp.'s specialty pharmacy unit. Terms of the purchase weren't disclosed.
BUSINESS
August 29, 2008 | From Times Wire Services
McKesson Corp. won dismissal of a proposed class-action lawsuit over claims it inflated wholesale prices of prescription medicines in violation of antitrust laws. The New England Carpenters Health Benefits Fund failed to demonstrate the anticompetitive effects resulting from McKesson's alleged conduct, U.S. District Judge Patti Saris said in Boston.
BUSINESS
May 30, 2008 | From Times Wire Services
Drug distributor McKesson Corp. artificially inflated drug prices for state-funded health programs, costing consumers millions of dollars, according to Connecticut Atty. Gen. Richard Blumenthal. Blumenthal accused San Francisco-based McKesson of conspiring with Hearst Corp.'s First DataBank unit, a publisher of drug-price lists, to inflate the average wholesale prices for its pharmaceuticals. Connecticut joined California in suing McKesson after a federal court judge certified a class-action suit against the company in March.
BUSINESS
May 21, 2008 | From Times Wire Services
The city of San Francisco is suing McKesson Corp. over allegations that the nation's largest prescription drug distributor fixed prices on hundreds of name-brand drugs. The suit alleges that San Francisco-based McKesson artificially hiked the difference between what pharmacies paid wholesalers and charged healthcare plans for the same drugs, costing the city and state hundreds of millions of dollars. McKesson denied the accusations and said it planned to "vigorously defend" itself against the suit.
BUSINESS
May 5, 2009 | Times Wire Reports
Drug distributor McKesson Corp. posted an 8% drop in fiscal fourth-quarter profit after the company wrote down the value of an investment and reported flat sales that missed Wall Street's expectations. McKesson said its profit decreased to $281 million, or $1.01 a share, from $307 million, or $1.05, a year earlier. The latest quarter includes a charge of $59 million, or 22 cents a share, to write down the value of its investment in Parata Systems and a tax-related gain of $22 million, or 8 cents.
BUSINESS
May 6, 2008 | From Times Wire Services
McKesson Corp.'s fiscal fourth-quarter profit rose 19% because of strong sales in its drug distribution and technology units. The San Francisco-based company said Monday that it earned $307 million, or $1.05 a share, compared with $257 million, or 85 cents, a year earlier. Quarterly revenue rose 9% to $26.23 billion. Excluding special costs related to litigation, the nation's largest prescription drug distributor earned $1.04 a share in the quarter ended March 31. On that basis, analysts surveyed by Thomson Financial expected earnings of $1 a share.
BUSINESS
May 3, 2008 | From Times Wire Services
McKesson Corp., the largest U.S. drug distributor, agreed to pay $13.3 million to settle government claims over the company's distribution of two often-abused prescription drugs. The agreement with the Drug Enforcement Administration and the Justice Department calls for San Francisco-based McKesson to suspend temporarily the distribution of hydrocodone, a morphine-like drug, and alprazolam, an anti-anxiety drug, from two of the company's 31 distribution centers, the company said.
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