Drug distributor McKesson forecasts Q2 profit below estimates

London: Drug distributor McKesson on Thursday forecast second-quarter profit below Wall Street estimates, sending its shares down 9 per cent .

The company said in a filing it expects adjusted profit for the second quarter to be between $6.70 and $7 per share, below analysts' average estimate of $7.39, according to LSEG data.

McKesson added it will sell its Canadian pharmacy businesses, Rexall and Well.ca, to private equity firm Birch Hill to prioritise investments for growing its oncology and biopharma services platforms.

McKesson missed first-quarter revenue estimates last month, hurt by tepid demand for branded drugs that dragged sales down in the U.S. pharmaceuticals unit, its largest segment.

However, McKesson and peer Cencora had raised their annual profit forecasts in August on strong demand for their high-priced specialty medicines. (Reporting by Puyaan Singh in Bengaluru; Editing by Shreya Biswas)