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McKesson (MCK) investor relations material
McKesson Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic priorities and business evolution
Four key growth pillars: people/culture, oncology/multispecialty, biopharma services, and North American pharmaceutical distribution, with a focus on modernizing and accelerating the portfolio.
Modernization initiatives include technology upgrades, automation, digital transformation, and AI to enhance operational efficiency and customer experience.
New organizational structure enhances alignment to strategy, with three core segments: North American Pharmaceutical, Oncology & Multi-Specialty, and Prescription Technology Solutions.
Ongoing separation of the Medical-Surgical Solutions business via IPO and spin-off, targeting completion by the second half of 2027 as a tax-free public separation while maintaining dividend levels and credit ratings.
Strategic acquisitions have expanded capabilities in clinical trials, prescription technology, and specialty care, reinforcing leadership in key growth areas.
Financial performance and guidance
Fiscal 2026 guidance raised: adjusted operating profit growth of 10%-14% and adjusted EPS growth of 15%-17% over the prior year, with FY26 adjusted EPS guidance at $38.05–$38.55.
Oncology & Multi-Specialty segment expects 27%-31% revenue growth and 49%-53% adjusted operating profit growth, driven by organic volumes and recent acquisitions.
Prescription Technology Solutions segment guidance increased to 9%-13% revenue growth and 11%-15% adjusted operating profit growth, reflecting strong demand for access and affordability solutions.
Long-term adjusted EPS growth target updated to 13%-16%, with Oncology & Multi-Specialty expected to deliver 13%-16% adjusted operating profit growth, North American Pharmaceutical 5%-8%, and Prescription Technology Solutions 10%-13%.
Free cash flow expected at $4.4–$4.8 billion in FY26, with robust balance sheet and leverage targeted at ~1.3x.
Business segment highlights and growth drivers
Leading position in North American pharmaceutical distribution, with 1/3 of pharmaceuticals distributed in the region and >99% inventory service level, leveraging scale, automation, and strategic partnerships.
Specialty pharmaceuticals, especially oncology, are key growth engines, with specialty distribution revenues reaching $90 billion in fiscal 2025 and 18% CAGR since 2021.
Oncology & Multi-Specialty platform expanded through acquisitions and joint ventures, supporting 3,300+ providers and 2.4 million annual patient visits.
Biopharma services platform addresses access, affordability, and adherence, enabling over 100 million patient medication accesses and $10 billion in annual out-of-pocket savings.
Canadian operations exhibit strong growth, with a leading independent pharmacy network and expanded specialty health solutions.
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Frequently asked questions
Global Healthcare Solutions
McKesson Corporation is a healthcare company, providing a wide range of services and solutions in the United States and internationally. The company operates through several segments, including U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. McKesson also offers technological, clinical support, and business solutions to specialty practices. McKesson Corporation is headquartered in Irving, Texas, and its shares are listed on the New York Stock Exchange.
Roots in the 1800s
The company has a history that stretches back to 1833 in NYC when it was founded as an importer and wholesaler of drugs and chemicals. Today, McKesson is one of the largest healthcare companies in the world, playing a critical role in pharmaceutical distribution and healthcare technology. The company is heavily involved in the distribution of pharmaceuticals and medical supplies, healthcare technology, and providing network infrastructure for the healthcare industry. Some similar companies traded on the public markets are Cardinal Health and Henry Schein.
The Business Segments
The company has diversified its operations into several business segments, each catering to different facets of the healthcare industry.
U.S. Pharmaceutical and Specialty Solutions: This is the largest segment of McKesson’s operations. It distributes pharmaceuticals and other healthcare-related products to a variety of customers, including retail pharmacies, hospitals, health systems, and physician offices. The segment is crucial for the supply of branded, generic, and over-the-counter pharmaceuticals. It also offers specialized solutions for oncology and other complex therapeutic areas, along with services like inventory management, technology solutions, and business support.
European Pharmaceutical Solutions: McKesson has a significant presence in Europe through its subsidiary McKesson Europe, where it operates a network of pharmacies, not just in the wholesale and distribution of pharmaceuticals, but also in direct-to-consumer retail operations. This segment includes the distribution of drugs, and healthcare products, and the operation of retail pharmacies in several European countries.
Medical-Surgical Solutions: This segment provides medical-surgical supply distribution, logistics, and other services to healthcare providers, including acute care hospitals, ambulatory surgery centers, community health centers, and office-based healthcare practitioners. The focus is on delivering a comprehensive range of products and services that are essential for the day-to-day operations of healthcare facilities, ensuring they have the necessary medical supplies and equipment.
Prescription Technology Solutions: This newer segment focuses on developing and providing software, analytics, and network solutions to pharmacies, healthcare providers, and payers. The aim is to optimize the healthcare supply chain, improve patient adherence to medications, and support pharmacy operations.
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