America’s largest drug distributor is under new leadership after its long-serving CEO—and consistently one of the country’s highest paid—John Hammergren retired in April. He left the wholesaler much expanded from when he began his run at the company 17 years ago. That trend continued in 2018: Revenue grew 4.9% due to rising drug prices, increased sales to existing customers, and through acquisitions. Profits took a hit partly because of one-time charges involving its European business and Rexall, a Canadian drug store chain McKesson acquired in 2016. Like its two major competitors, McKesson is facing a growing number of lawsuits for its alleged role in the nation’s opioid epidemic; it has denied any wrongdoing.
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News about McKesson
John Hammergren is retiring after nearly two decades on the job.
The decision to sue is seen as an acknowledgment opioid makers won’t get serious about settling until the cases go to trial.
The president's drug price proposals didn't shake big pharma and other health care companies.
Attorney General Jeff Sessions announced a "statement of intent" to prop up suits against opioid makers and distributors.
Sparking a selloff in the shares of a host of health care-related companies.