Financial Data and Key Metrics Changes - Consolidated revenues increased 10% year-over-year to $103 billion, with adjusted earnings per diluted share rising 39% to $9.86 [5][21][39] - Gross profit increased 9% to $3.5 billion, while operating profit reached a record of $1.6 billion, up 26% year-over-year [22][23] - Interest expense declined 6% to $68 million, and the effective tax rate was 17.5%, down from 21% in the prior year [24][39] Business Line Data and Key Metrics Changes - North American Pharmaceuticals segment revenues were $86.5 billion, an increase of 8%, with operating profit up 13% to $851 million [25][26] - Oncology and Multispecialty segment revenues increased 32% to $12 billion, with operating profit rising 71% to $397 million [26][27] - Prescription Technology Solutions segment revenues increased 9% to $1.4 billion, with operating profit up 20% to $261 million [27] Market Data and Key Metrics Changes - Revenues from GLP-1 medications were $13.2 billion, a 24% increase year-over-year [26] - The company reported strong performance in health systems, benefiting from increased traffic and market-leading share [55] Company Strategy and Development Direction - The company introduced a new reporting structure to enhance transparency and focus on growth areas, specifically in Oncology and Multispecialty segments [6][21] - The strategy includes significant investments in automation and technology to improve operational efficiency and customer experience [14][15][39] - The company is targeting to separate the Medical-Surgical Solutions business through an IPO, expected to be completed by the second half of calendar 2027 [17][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, raising guidance for adjusted earnings per diluted share to $38.35-$38.85, reflecting strong first-half performance [5][33] - The company anticipates revenue growth of 11%-15% and operating profit growth of 12%-16% for fiscal 2026 [34][39] Other Important Information - The company reported a free cash flow of $2.2 billion for the quarter, with $4 billion in cash and cash equivalents [29][39] - Corporate expenses were flat year-over-year at $151 million, reflecting operational efficiencies [28][39] Q&A Session Summary Question: Understanding revenue growth versus operating profit expansion - Management noted that operating margin expansion was driven by a mix of new products and enhanced programs, particularly in Prescription Technology Solutions [41][42][43] Question: Oncology and Multispecialty guidance maintenance - Management indicated that strong growth was anticipated, with half driven by acquisitions and organic growth at about 13% year-over-year [49][50][51] Question: Health system strength - Management highlighted strong performance in the health system segment, attributing it to market-leading share and increased volumes [54][55] Question: Tax rate guidance - Management clarified that the tax rate for the second half is expected to be slightly higher, with specific guidance for the third quarter at 23%-25% [58][59] Question: Specialty trend continuation - Management confirmed continued good traffic and volumes in oncology, with a focus on treating more complicated patients [62][63] Question: Cash pay channel impact - Management expressed that the impact of cash pay channels on the prior authorization business is expected to be minimal, emphasizing their commitment to work with policymakers [72][75][76]

Financial Data and Key Metrics Changes - Consolidated revenues increased 10% year over year to $103 billion, with adjusted earnings per diluted share rising 39% to $9.86 [4][18][23] - Operating profit reached a record $1.6 billion, up 26% year-over-year, driven by growth across all operating segments [21][38] - Interest expense declined 6% to $68 million, and the effective tax rate was 17.5%, down from 21% in the prior year [22][23] Business Line Data and Key Metrics Changes - North American pharmaceuticals segment revenues were $86.5 billion, an increase of 8%, with operating profit increasing 13% to $851 million [23][24] - Oncology and multi-specialty segment revenues rose 32% to $12 billion, with operating profit increasing 71% to $397 million [24][25] - Prescription technology solutions segment revenues increased 9% to $1.4 billion, with operating profit rising 20% to $261 million [25] Market Data and Key Metrics Changes - Revenues from GLP-1 medications were $13.2 billion, a 24% increase year-over-year [24] - The oncology and multi-specialty segment's growth was supported by expanded distribution and contributions from recent acquisitions [19][24] Company Strategy and Development Direction - The company introduced a new reporting structure to enhance transparency and sharpen strategic alignment, focusing on oncology and multi-specialty segments [5][18] - The strategy includes significant investments in automation and technology to improve operational efficiency and customer experience [13][14][38] - The company is targeting to separate the medical-surgical solutions business through an initial public offering, expected to be completed by the second half of calendar 2027 [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, raising the guidance for adjusted earnings per diluted share to $38.35-$38.85, reflecting strong second-quarter performance [4][31] - The company anticipates revenue growth of 11%-15% and operating profit growth of 12%-16% for fiscal 2026 [32][38] - Management highlighted the importance of maintaining operational discipline and strategic focus to drive long-term value creation [18][29] Other Important Information - The company ended the quarter with $4 billion in cash and cash equivalents, indicating strong liquidity [28] - Free cash flow for the second quarter was $2.2 billion, with $907 million returned to shareholders through share repurchases and dividends [28][38] Q&A Session Summary Question: Understanding revenue growth versus operating profit expansion - Management noted that operating margin expansion was seen across all segments, driven by a mix of new products and access programs [40][41] Question: Oncology and multi-specialty segment guidance - Management indicated that strong growth was anticipated, with half driven by acquisitions and organic growth at about 13% year-over-year [44][45] Question: Health system business performance - Management expressed satisfaction with the health system business, noting strong volume growth and market-leading share [46] Question: Tax rate guidance for the year - Management clarified that the tax rate for the second half is expected to be slightly higher, with specific guidance for the third quarter at 23%-25% [48] Question: Specialty trend expectations - Management confirmed continued good traffic and volumes in oncology, supported by new partners and complex therapies [49][50] Question: Impact of cash pay channel on prior authorization business - Management stated that the cash pay channel's impact is expected to be minimal, as the eligible population remains small [53][55] Question: SG&A and gross profit trends - Management highlighted the favorable mix of businesses and continued focus on efficiency as key drivers of the observed trends [56][58] Question: Market decisions and gains - Management clarified that the gains from market decisions were non-recurring and included in the reported figures [59][62] Question: Drug Supply Chain Security Act impact - Management noted that the implementation was smooth and added value to services, but it is not expected to be a material driver of growth [63]

Core Insights - McKesson raised its fiscal 2026 profit forecast, indicating confidence in its growth prospects [1] Company Summary - The company is focusing on strong growth in its oncology and specialty drug distribution businesses, which are expected to drive profitability [1]

McKesson Corporation Second Quarter Fiscal 2026 Earnings Call November 5, 2025 1 © 2021 McKesson Corporation. All rights reserved. Cautionary Statements Cautionary Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward- looking statements may be identified by their use of terminology such as "believes," "expects," "anticipates," "may," "will," "should," "seeks," "approxim ...

Exhibit 99.1 McKESSON CORPORATION REPORTS FISCAL 2026 SECOND QUARTER RESULTS AND RAISES FULL YEAR ADJUSTED EPS GUIDANCE IRVING, Texas, November 5, 2025 - McKesson Corporation (NYSE:MCK) today announced results for the second quarter ended September 30, 2025. Second quarter revenues were $103.2 billion, an increase of 10% from a year ago, driven by growth in the North American Pharmaceutical segment, due to increased prescription volumes from retail national account customers, and growth in the distribution ...

Core Insights - McKesson Corporation (MCK) is set to report its second-quarter fiscal 2026 results on November 5, with expectations of a solid performance following a strong start to the year, where revenues increased by 23% year over year to $97.8 billion and adjusted earnings per share (EPS) rose by 5% to $8.26 [2][3] Financial Performance - The upcoming quarterly results are anticipated to show a more normalized pace of growth compared to the first quarter, which was boosted by acquisitions and specialty drug volumes [3] - The Zacks Consensus Estimate for earnings is $8.92 per share, reflecting a 26.2% year-over-year improvement, while revenue estimates are pegged at $104.66 billion, indicating an 11.8% year-over-year increase [6][10] Segment Performance - The U.S. Pharmaceutical segment, McKesson's largest business, is expected to remain the primary growth driver, with revenues in the first quarter surging by 25.4% to $90 billion, supported by prescription volume growth and strong GLP-1 medication sales [7][8] - The Prescription Technology Solutions (RxTS) segment is projected to continue its growth trajectory, with revenues expected to increase by 7.4% to $1.36 billion, driven by high prior authorization volumes and expanding business [11][12] - The Medical-Surgical Solutions segment is likely to maintain modest growth of 2-6%, while international operations are expected to see limited growth due to divestitures impacting sales [13][14] Operational Efficiency - McKesson's broad-based strength is attributed to expanding specialty pharmaceutical demand, effective execution in oncology and multi-specialty services, and digital access solutions that enhance medication affordability [4] - Automation initiatives and disciplined cost management are expected to support margins, despite potential headwinds from higher operating costs related to recent acquisitions [5][10] Earnings Outlook - The model predicts an earnings beat for McKesson this earnings season, supported by a positive Earnings ESP of +1.16% and a Zacks Rank of 1 (Strong Buy) [15][16]

Core Viewpoint - McKesson (MCK) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for McKesson suggest an improvement in the company's underlying business, likely leading to an increase in stock price [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [9][10]. Recent Performance of McKesson - McKesson is expected to earn $38.05 per share for the fiscal year ending March 2026, with no year-over-year change, but the Zacks Consensus Estimate has increased by 2.3% over the past three months [8].

Core Insights - McKesson (MCK) is valued at $100.9 billion and operates in healthcare services and information technology across four segments [1] - The stock has shown strong technical momentum, gaining 9.12% since a "Buy" signal was issued on September 23 [2] - McKesson has reached an all-time high of $811.86 in intraday trading on October 27 [4] - The stock has a 100% "Buy" opinion from Barchart, with shares up nearly 60% over the past year [6] - Analyst sentiment is positive, with price targets reaching up to $984 despite some valuation concerns [6] Technical Indicators - McKesson has a Weighted Alpha of +52.53 and a Relative Strength Index (RSI) of 70.21 [7] - The stock recently traded at $810.29, with a 50-day moving average of $734.34 [7] - There is a technical support level around $803.12 [7] Financial Projections - Revenue is projected to grow by 13.88% this year and an additional 8.26% next year [8] - Earnings are estimated to increase by 16.00% this year and another 13.37% next year [8]

来源：环球市场播报 麦克森公司（McKesson）股价创下1983年以来的历史高位。 ...

Core Insights - McKesson Corporation has a market capitalization of $97.9 billion and is a leader in healthcare services and information technology, operating through four segments: U.S. Pharmaceutical, Prescription Technology Solutions, Medical-Surgical Solutions, and International [1] Financial Performance - McKesson is expected to announce its fiscal Q2 2026 results on November 5, with analysts forecasting an adjusted EPS of $8.92, representing a 26.2% increase from $7.07 in the same quarter last year [2] - For fiscal 2026, analysts predict an adjusted EPS of $38.12, a 15.3% increase from $33.05 in fiscal 2025 [3] Stock Performance - Over the past 52 weeks, McKesson's stock has increased by 54.9%, outperforming the S&P 500 Index's rise of 15.1% and the Health Care Select Sector SPDR Fund's decline of 3.1% [4] Recent Developments - Despite reporting a better-than-expected Q1 2026 adjusted EPS of $8.26 and revenue of $97.83 billion, McKesson's shares fell by 5.8% the following day due to a 10.7% drop in GAAP EPS to $6.25, attributed to a $189 million bad debt provision related to the Rite Aid bankruptcy [5] Analyst Ratings - The consensus rating for McKesson stock is bullish, with a "Strong Buy" rating from 12 out of 17 analysts, while the average price target is $839.27, indicating a potential upside of 6.3% from current levels [6]