McKesson, the parent company of LloydsPharamcy and AAH Pharmaceuticals, today announced a 16 per cent profit increase across its business in Europe.

In its third-quarter fiscal 2020 financial results, McKesson reported a £61.6 million ($80 million) adjusted operating profit in its European Pharmaceutical Solutions segment, 16 per cent up from the same period last year.

The latest increase follows profit drops in the first and second quarters, for which the company blamed “the challenging retail pharmacy environment in the UK”.

The third quarter ended on December 31, 2019, also saw a three per cent increase in the European business revenues on constant currency terms to $7.1 billion, driven primarily by the growth in the pharmaceutical distribution business.

Overall, the revenues increased five per cent to £45.6 billion ($59.2 billion) “primarily driven by growth in the U.S. Pharmaceutical and Speciality Solutions segment”.

“We delivered solid operating performance and we are pleased to report third-quarter adjusted earnings results ahead of our expectations,” said Brian Tyler, chief executive officer.

“McKesson’s unwavering focus on strategic and operational execution is demonstrated in the adjusted operating profit growth we reported in the third quarter across our core operating segments.

“Additionally, we have deployed meaningful capital toward share repurchases year-to-date, delivering further value to our shareholders. Our outlook for fiscal 2020 adjusted EPS remains unchanged from the prior guidance we provided on January 13th, 2020.”

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