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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
04/02/201417:42:06Cardinal Health to Pay $320 Million to Buy AccessClosure
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest -2-
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Holdings As Of -2-
11/15/201307:04:50Bridgewater Associates LP 3Q 13F: Largest Purchases
11/15/201307:04:49Bridgewater Associates LP 3Q 13F: Holdings As Of Sep 30
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Holdings As Of Sep 30
11/15/201306:39:13CR Intrinsic Investors 3Q 13F: Holdings As Of Sep -2-
11/15/201306:38:48CR Intrinsic Investors 3Q 13F: Largest Sales
10/31/201309:00:09Cardinal Health 1st-Quarter Profit Up 25%
10/31/201308:56:35Correction to Cardinal Health Earnings Story
10/31/201308:11:07Cardinal Health 1st-Quarter Profit Up 25% on Stronger Margins...
08/01/201308:18:04Cardinal Health Swings to 4th-Quarter Loss on Asset Write-Down
05/02/201308:20:07Cardinal Health Profit Rose 3.6%; Dividend Raised
05/02/201308:00:12Cardinal Health Third-Quarter Profit Rose 3.6%; Dividend Raised
04/25/201308:21:03Cardinal, McKesson Renew Distribution Agreements With CVS
03/19/201309:25:51U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH

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