UPDATE 1-Drug distributor McKesson's profit misses estimates

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July 27 (Reuters) - Drug wholesaler McKesson Corp reported a much lower-than-expected quarterly profit as the pace of branded drug price increases slowed and competition intensified.

The company said its results were hurt by lapping effect of increased price competition in its independent pharmacy business and weaker pharmaceutical manufacturer pricing trends.

Net income attributable to McKesson fell to $309 million, or $1.45 per share, in the first quarter ended June 30, from $542 million, or $2.38 per share, a year earlier.

Excluding items, the company earned $2.46 cents per share, below analysts' average estimate of $2.83, according to Thomson Reuters I/B/E/S.

Revenue rose nearly 3 percent to $51.05 billion, missing analysts' estimate of $51.23 billion.

The company's shareholders on Wednesday voted against its executive pay policy, and said its compensation committee will conduct a thorough review of the current executive compensation plan.

McKesson, one of the largest U.S. distributors of pharmaceutical drugs, slashed its fiscal-year earnings forecast in October as it raised concerns about aggressive pricing tactics from competitors and moderating pace of branded drug price increases. (Reporting by Ankur Banerjee and Anuron Kumar Mitra in Bengaluru; Editing by Saumyadeb Chakrabarty and Amrutha Gayathri)