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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
07/01/201508:13:30Current Report Filing (8-k)
06/25/201509:03:29Annual Report of Employee Stock Plans (11-k)
06/25/201509:00:26Annual Report of Employee Stock Plans (11-k)
06/23/201517:17:07Current Report Filing (8-k)
06/18/201508:30:00New Clinical Studies Prove that Asking Patients the Right Questions...
06/17/201516:48:46Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/17/201509:15:00Cardinal Health Among 64 Employers Recognized by National Business...
06/17/201506:02:53Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/16/201509:18:02Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/05/201514:54:46Cardinal Health To Buy Generics Distributor Harvard Drug For...
06/05/201509:19:52U.S. Hot Stocks: Hot Stocks to Watch
06/05/201509:05:01Amended Current Report Filing (8-k/a)
06/05/201508:10:04Cardinal Health To Buy Generics Distributor
06/05/201508:05:03Cardinal Health To Buy Generics Distributor Harvard Drug Group...
06/05/201507:43:00/C O R R E C T I O N -- Cardinal Health/
06/05/201507:05:12Current Report Filing (8-k)
06/05/201507:00:00Cardinal Health To Acquire The Harvard Drug Group For $1.115...
05/29/201507:09:32Specialized Disclosure Report (sd)
05/28/201509:10:10J&J Accepts Cardinal Health Offer for Heart Business
05/28/201508:56:34J&J Accepts Cardinal Health Offer for Heart Business

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