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 ...

Financial Performance - McKesson reported record revenue of $103.2 billion for the second quarter, a 10% increase compared to the prior year[2]. - Adjusted Earnings per Diluted Share increased by 39% to $9.86, up from $7.07 in the previous year[8]. - The company raised its fiscal 2026 Adjusted Earnings per Diluted Share guidance by $0.30 to a range of $38.35 to $38.85, indicating 16% to 18% growth compared to the prior year[5][15]. - Net income attributable to McKesson Corporation for the second quarter was $1.11 billion, a significant increase from $241 million in the prior year[4]. - Revenues for the three months ended September 30, 2025, were $103,150 million, a 10% increase from $93,651 million in the same period of 2024[28]. - Net income attributable to McKesson Corporation for the three months ended September 30, 2025, was $1,110 million, representing a 361% increase compared to $241 million in the prior year[30]. - Diluted earnings per share for the three months ended September 30, 2025, reached $8.92, a 377% increase from $1.87 in the same quarter of 2024[30]. - Adjusted earnings (Non-GAAP) for the three months ended September 30, 2025, were $1,227 million, a 34% increase from $915 million in the same period of 2024[30]. - Total revenues for the six months ended September 30, 2025, were $200,977 million, a 16% increase from $172,934 million in the same period of 2024[37]. - Net income for the six months ended September 30, 2025, was $1,994 million, a 60% increase from $1,247 million in the same period of 2024[42]. Cash Flow and Investments - Cash flow from operations for the quarter was $2.4 billion, resulting in Free Cash Flow of $2.2 billion after capital expenditures of $196 million[9]. - Net cash provided by operating activities increased by 109% to $2,420 million for the three months ended September 30, 2025, compared to $720 million for the same period in 2024[44]. - Free Cash Flow (Non-GAAP) for the six months ended September 30, 2025, was $2,224 million, representing a 233% increase from $335 million in the same period of 2024[44]. - Net cash used in investing activities was $3,588 million for the six months ended September 30, 2025, compared to $373 million in the same period of 2024, indicating a significant increase in investment activity[44]. - The company reported a net decrease in cash, cash equivalents, and restricted cash of $1,847 million for the six months ended September 30, 2025, compared to a decrease of $2,074 million in the same period of 2024[44]. - Cash and cash equivalents at the end of the period were $4,004 million for the six months ended September 30, 2025, up from $2,509 million in the same period of 2024[42]. Segment Performance - The North American Pharmaceutical segment revenues reached $86.5 billion, an 8% increase driven by higher prescription transaction volumes[13]. - The Oncology & Multispecialty segment revenues grew by 32% to $12.0 billion, supported by increased provider and specialty distribution growth[13]. - North American Pharmaceutical segment revenues increased by 8% to $86,481 million from $80,018 million year-over-year[35]. - Operating profit for the North American Pharmaceutical segment rose by 146% to $852 million compared to $347 million in the prior year[35]. - The company reported an operating profit margin of 0.99% for the North American Pharmaceutical segment, up from 0.43%[35]. Shareholder Returns - The company returned $1.6 billion to shareholders in the first six months, including $1.4 billion in stock repurchases[10]. - The company declared dividends of $0.82 per common share, a 15% increase from $0.71 in the same quarter of 2024[28]. Strategic Initiatives - McKesson's strategic focus on oncology and multispecialty services continues to drive sustainable long-term growth[3]. - The company announced a definitive agreement to sell its retail and distribution businesses in Norway, subject to customary closing conditions[13]. Financial Adjustments and Non-GAAP Measures - Free Cash Flow (Non-GAAP) is defined as net cash from operating activities minus payments for property, plant, and equipment, with reconciliations provided in financial statements[59]. - The company believes Non-GAAP measures provide useful supplemental information for assessing operating performance and comparing financial results with industry peers[61]. - Management uses both GAAP and Non-GAAP measures for financial planning, resource allocation, and assessing business performance[62]. - Non-GAAP adjusted results should not be viewed as a substitute for GAAP financial results[62]. Liabilities and Restructuring - Total liabilities related to litigation increased by $657 million for the six months ended September 30, 2025, compared to $386 million in the same period of 2024[42]. - The company incurred pre-tax restructuring, impairment, and related charges of $110 million for the six months ended September 30, 2025, compared to $244 million in the same period of 2024[48]. - The company incurs restructuring charges related to operational changes, including employee severance and facility closure costs, which are not part of its underlying business[56].

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]