McKesson Corporation

Welcome to McKesson's first quarter fiscal 2024 earnings conference call. Please be advised that today's conference is being recorded. At this time, I would like to turn the call over to Rachel Rodriguez, VP of Investor Relations. Please go ahead.

Thank you, operator. Good afternoon and welcome everyone to McKesson's first quarter fiscal 2024 earnings call. Today I'm joined by Brian Tyler, our Chief Executive Officer, and Britt Vitilone, our Chief Financial Officer. Brian will lead off, followed by Britt, and then we'll move to a question and answer session. Today's discussion will include forward-looking statements, such as forecasts about McKesson's operations and future results. Please refer to the cautionary statements in today's earnings release and presentation slides available on our website at investor.mckesson.com. and to the risk factors section of our most current recent annual and periodic SEC filings for additional information concerning risk factors that could cause our actual results to materially differ from those in our forward-looking statements. Information about non-GAAP financial measures that we will discuss during this webcast, including a reconciliation of those measures to GAAP results, can be found in today's earnings release and presentation slides. The presentation slides also include a summary of our results for the quarter and updated guidance. With that, let me turn it over to Brian.

Thank you, Rachel, and good afternoon, everybody. We appreciate you joining us on our call today. McKesson reported a strong fiscal first quarter driven by really broad-based momentum across the businesses. We delivered $74.5 billion in total revenues and $7.27 in adjusted earnings per diluted share, both exceeding our expectations. The performance in the quarter included a favorable time impact from a discrete tax item. But the thing we're most importantly focused on and pleased with is the strong operational performance of the underlying business, which gives us the confidence to raise our guidance range for fiscal 2024 adjusted earnings per diluted share from $26.10 to $26.90 to an updated range of $26.55 to $27.35. Before I review our business performance in the quarter, I want to provide an update on the utilization trends that we've been observing. In the first quarter, we saw solid growth in prescription volumes and patient visits.