McKesson posted higher revenue in its fiscal first quarter, helped by increased prescription volumes and distribution of specialty products, and raised its adjusted earnings outlook for the year.

The Irving, Texas-based pharmaceutical distributor on Wednesday reported a profit of $614 million, or $5.15 a share, compared with $784 million, or $6.25 a share, in the same quarter a year earlier.

Adjusted earnings were $9.93 a share. Analysts polled by FactSet expected $9.56 a share.

Revenue rose to 8% to $105.38 billion, ahead of the $103.88 billion expected by analysts.

The company's profit slipped primarily due to a redemption value adjustment of $293 million, which was related to redeemable non-controlling interests for the medical-surgical solutions segment, which it sold a minority interest to Apollo affiliates for $1.25 billion in June.

Its revenue rose 5% in its North American pharmaceutical segment, its largest, primarily due to higher prescription volume. Revenue rose 33% in its oncology and multispecialty segment, 9% in its prescription technology solutions segment and 4% in its medical-surgical solutions segment.

The company now expects adjusted per-share earnings between $44.20 and $45, up from its prior range of $43.80 to $44.60.