McKesson (MCK) Barclays 28th Annual Global Healthcare Conference summary

Leadership transition and guidance

• CFO announced retirement, remaining in role until May 29 and will advise on MedSurg separation.

• No changes to financial guidance or strategy due to the transition; guidance reaffirmed.

• Fiscal 2026 and 2027 guidance will be incorporated before CFO's departure.

Recent financial and operational performance

• Achieved 16% adjusted EPS growth and 13% adjusted operating profit growth year-over-year in fiscal 3Q.

• Strong performance in North American pharmaceutical distribution, Oncology, Multispecialty, and government meds businesses.

• Continued portfolio management and progress on MedSurg separation.

North American pharmaceutical business trends

• Revenue growth of 9% and operating profit growth near 9% after adjusting for unusual items.

• Specialty revenues outpace other healthcare areas; efficiency gains drive operating leverage.

• Utilization trends remain stable and in line with expectations; macroeconomic factors have not disrupted volume.

• Generic pricing is stable and competitive, supported by scale and sourcing partnerships.