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McKesson Wins Renewed $4 Billion/Year VA Drug-Supply Contract

By Jon Kamp Of DOW JONES NEWSWIRES The U.S. Department of Veterans Affairs has awarded drug wholesaler McKesson Corp. (MCK) a contract worth about $4 billion a year to supply medication to VA facilities, despite a push from competitors to take the business. McKesson has served as the VA's prime pharmaceutical vendor for the last eight years, but the contract expires in one month. Competitors AmerisourceBergen Corp. (ABC) and Cardinal Health Inc. (CAH) were both competing to win the business. Shares of McKesson rose 4.1% to $91.50 in after-hours trading, fueled by relief the company didn't lose the business. Shares of the competing companies were higher as well. The big three wholesalers are expected to post combined sales above $300 billion in their current fiscal years, so the VA business isn't a game changer for any of the companies. Nevertheless, Wall Street was watching the process closely because contracts of this size don't change hands often. Analysts surveyed by Thomson Reuters anticipate McKesson alone pulled in revenue of $121.41 billion in its most recent fiscal year, which ended in March. The VA announced the contract award -- which came later than expected due to protests from two small drug suppliers -- late Wednesday. According to a post on the Federal Business Opportunities website, the government expects savings of about $3.26 billion through the life of the contract, which could run another eight years. Officially, the contract is for a base period of two years with three optional two-year extensions. The new contract goes into effect May 10. The VA said the total contract award dollar amount is $31.62 billion. The contract award was posted here: https://www.fbo.gov/index?s=opportunity&mode=form&id=1628e823c380dfc0de5c62fc20250b21&tab=core&tabmode=list&= -By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com

Stock News for Cardinal Health (CAH)
DateTimeHeadline
02/11/201611:06:06Schedule 13g<br /> (sc 13g/a)
02/11/201609:00:00Community Pharmacists Sync to Improve Patient Results and Business...
02/10/201613:22:09Amended Statement of Ownership (sc 13g/a)
02/10/201610:18:29Amended Statement of Ownership (sc 13g/a)
02/04/201619:58:00Cardinal Health Expert Shares How Hospitals Can Prepare For 340B...
02/02/201616:05:00Cardinal Health Board of Directors Approves Quarterly Dividend
02/01/201612:05:00Cardinal Health Revenue Rises 23% - Update
02/01/201608:50:00Cardinal Health Revenue Rises 23%
02/01/201608:41:00Cardinal Health Revenue Rises 23%
02/01/201607:03:06Current Report Filing (8-k)
02/01/201607:00:00Cardinal Health Reports Second-Quarter Results For Fiscal 2016
01/19/201616:24:51Statement of Changes in Beneficial Ownership (4)
01/14/201609:00:00Cardinal Health Ranked Among Most LGBT-Inclusive Places to Work...
01/12/201607:30:00Cardinal Health Reaffirms Fiscal 2016 Non-GAAP Diluted Earnings...
01/04/201616:10:00Cardinal Health to Release Second-Quarter Results for Fiscal...
12/14/201509:00:00Survey Shows Hospital Decision Makers Identify Supply Chain Effectiveness...
12/11/201509:00:00Invitation to Improve Community Drug Disposal Programs Through...
12/02/201516:24:19Statement of Changes in Beneficial Ownership (4)
12/01/201516:30:16Statement of Changes in Beneficial Ownership (4)
11/19/201516:30:00Strong Results Reported for the Cordis INCRAFT® AAA Stent Graft...

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