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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.Investor Day 2025 summary23 Sep, 2025
Strategic priorities and business evolution
Maintains a consistent strategy focused on people, oncology, multi-specialty, biopharma services, and modernizing assets, with ongoing tactical evolution to drive long-term, sustained growth.
Modernization initiatives include technology upgrades, automation, digital transformation, and investments in AI to enhance operational efficiency and customer experience.
Ongoing separation of the medical-surgical segment is underway, targeting a tax-free public separation by the second half of 2027, aiming to create two focused, well-capitalized healthcare leaders 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.
Emphasis on people, culture, and leadership development as foundational to sustained growth.
Financial performance and guidance
Expects fiscal 2026 adjusted operating profit growth of 10–14% and adjusted EPS growth of 15–17% over the prior year, with FY26 adjusted EPS guidance raised to $38.05–$38.55.
Long-term adjusted EPS growth target raised to 13–16%, with oncology and multi-specialty segment targeted for 13–16% AOP growth, and Prescription Technology Solutions for 10–13%.
Specialty distribution revenue reached $90 billion in fiscal 2025, growing at an 18% CAGR since 2021.
Free cash flow projected at $4.4–$4.8 billion in 2026, supporting $17 billion in share repurchases and nine consecutive years of dividend increases, with leverage targeted at ~1.3x.
Five-year share price performance outpaced S&P 500 and S&P 500 Health Care indices, with a 357% increase.
Growth platforms and market positioning
Oncology and multi-specialty remain central, with the U.S. Oncology Network now supporting 3,300 providers and 2.4 million annual patient visits.
Expansion into retina and ophthalmology through acquisitions like US Retina and Prism Vision Group, replicating the oncology platform model.
Biopharma services platform leverages technology to improve access and affordability, supporting over 700 programs, nearly 200 biopharma partners, and enabling over 100 million patient medication accesses with $10B in annual out-of-pocket savings.
Prescription Technology Solutions segment is a leader in access and affordability, with GLP-1 related solutions representing 11% of segment revenue in fiscal 2025.
Leading position in North American pharmaceutical distribution, with one-third of pharmaceuticals distributed in the region and over 99% inventory service level.
Medical-Surgical separation capital allocation impact?
What drives the 49-53% FY26 Oncology AOP growth?
Biopharma: How to shift AOP mix to higher-margin services?
MedSurg separation: capital redeployment strategy?
Multi-specialty expansion: criteria for new areas?
Drug pricing policy impact on GPO/MSO margins?
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Next McKesson earnings date
Q2 20265 Nov, 2025
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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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