Core Insights - McKesson reported consolidated revenue of $106.2 billion, reflecting an 11% year-over-year growth, attributed to strong performance across various segments, including higher prescription volumes and contributions from recent acquisitions [1][3]. Financial Performance - The company achieved record quarterly revenue and adjusted operating profit, with double-digit growth in adjusted operating profit in Oncology, Multispecialty, and Biopharma Services [2][3]. - For fiscal 2026, McKesson raised its earnings per diluted share guidance to $38.80 to $39.20, indicating a year-over-year growth of 17% to 19% [2][3]. - Gross profit increased by 10% to $3.7 billion, while operating expenses rose by 7% to $2.1 billion, resulting in a 138 basis point improvement in operating expenses as a percentage of gross profit [6][7]. Segment Performance - Oncology and Multispecialty revenue surged by 37% to $13 billion, driven by provider growth and expanded specialty distribution [5][9]. - North American Pharmaceutical revenue reached $88.3 billion, up 9%, supported by higher prescription volumes [8]. - GLP-1 distribution revenue was $14 billion, marking a 26% increase year-over-year [5][8]. Cash Flow and Capital Deployment - McKesson generated $1.1 billion in free cash flow for the quarter and $9.6 billion for the trailing twelve months, attributed to strong operational performance [4][18]. - The company returned $781 million to shareholders during the quarter, including $680 million in share repurchases [4][19]. Strategic Initiatives - McKesson is progressing towards an IPO of its Medical-Surgical business by the second half of 2027 [4][13]. - The company completed the divestiture of its retail and distribution businesses in Norway, marking its exit from Europe [14]. - Investments in automation and AI-driven capabilities are enhancing operational efficiency and productivity [6][16]. Regulatory Environment - The company is actively managing the implications of the Inflation Reduction Act's Medicare Part D price changes, viewing the policy landscape as manageable [17].

Financial Data and Key Metrics Changes - Adjusted diluted EPS increased by 9% to $4.08, driven by strong performance in the U.S. Healthcare Solutions segment [14] - Consolidated revenue reached $85.9 billion, up 5.5%, attributed to growth in both reportable segments [14] - Consolidated gross profit rose by 18% to $3.0 billion, with a gross profit margin of 3.48%, an increase of 37 basis points [15] - Operating income increased by 12% to $1.1 billion, reflecting strong execution and growth in the U.S. Healthcare Solutions segment [15] Business Line Data and Key Metrics Changes - U.S. Healthcare Solutions revenue was $76.2 billion, up 5%, with operating income increasing by 21% to $831 million, driven by the RCA acquisition and specialty growth [18] - International Healthcare Solutions revenue was $7.6 billion, up approximately 10% on an as-reported basis, but operating income decreased by 14% due to timing of manufacturer price adjustments [20][21] - Revenue in Other was $2.1 billion, up 6%, primarily due to growth at MWI Animal Health [21] Market Data and Key Metrics Changes - Strong sales growth in the U.S. for GLP-1 products increased by $1 billion or 11% over the prior year quarter [14] - International Healthcare Solutions segment experienced a decline in operating income, largely due to lower performance in the European distribution business [21] Company Strategy and Development Direction - Cencora's strategy focuses on strengthening leadership in specialty pharmaceuticals, leading with market leaders, and enhancing patient access to pharmaceuticals [7] - The acquisition of OneOncology is expected to drive significant value creation and support long-term growth [13] - The company aims to leverage its MSO platform to enhance solutions for providers and biopharma, focusing on clinical research and data-driven insights [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term guidance, citing strong performance despite headwinds from lost customers [33] - The company anticipates continued growth in the U.S. Healthcare Solutions segment, with adjusted operating income growth now expected to be in the range of 14%-16% [24] - Management highlighted the importance of strategic partnerships with health systems to drive future growth [42] Other Important Information - The company has paused share repurchases to prioritize debt paydown following the OneOncology acquisition [16][75] - Adjusted free cash flow for the quarter was negative $2.4 billion, with expectations of approximately $3 billion for the full year [17] Q&A Session Summary Question: Operating income growth and deceleration concerns - Management clarified that adjusted operating income growth in the U.S. was 21% in the December quarter, and they remain confident in long-term guidance despite challenging comparisons [31][34] Question: MSO platform opportunities for AOI growth - Management discussed leveraging clinical trial excellence and revenue cycle management capabilities across the MSO platform to drive growth [38][40] Question: Strategic partnerships with health systems - Management emphasized the importance of understanding health systems' strategies to foster growth in specialty pharmaceuticals [42] Question: International segment timing dynamics - Management explained that the international segment faced a timing difference for manufacturer price adjustments, but they expect a rebound in performance [54] Question: Revenue guidance changes and OneOncology contribution - Management indicated that OneOncology's impact on revenue guidance is limited due to its lower revenue business model but will enhance operating income margins [80]

Financial Performance and Guidance - Cardinal Health raises its fiscal year 2026 non-GAAP diluted EPS guidance to at least $10.00, up from the previous range of $9.65 to $9.85[5] - The company anticipates approximately $3.4 billion in operating earnings for fiscal year 2026[19] - Cardinal Health expects approximately $3.25 billion in adjusted free cash flow for fiscal year 2026[20] Specialty Growth - Specialty revenue is projected to exceed $50 billion in fiscal year 2026, representing a 16% compound annual growth rate (CAGR) over three years[5, 35] - BioPharma Solutions is expected to grow over 30% in fiscal year 2026[37, 45] - Cardinal Health's MSOs contribute approximately $4.5 billion in higher-margin revenue[42] Strategic Initiatives - Cardinal Health is introducing ContinuCare Pathway to simplify diabetes supply management for pharmacies and patients, partnering with Publix Super Markets Inc[7] - The company is prioritizing growth in therapeutic areas such as autoimmune, urology, and oncology[37] - Cardinal Health aims to achieve $1 billion in higher-margin revenue from BioPharma Solutions by fiscal year 2028[43] Overall Strategy - Cardinal Health is focused on simplification, expanding in Specialty, accelerating other growth businesses, and executing GMPD Improvement Plan initiatives[34] - The company highlights a consistent track record, unique breadth of capabilities, and a resilient business model[57]

Core Insights - McKesson reported revenue of $103.15 billion for the quarter ended September 2025, reflecting a year-over-year increase of 10.1% [1] - The earnings per share (EPS) was $9.86, up from $7.07 in the same quarter last year, resulting in an EPS surprise of +10.54% compared to the consensus estimate of $8.92 [1] Revenue Performance - Prescription Technology Solutions revenue was $1.38 billion, slightly below the average estimate of $1.39 billion, with a year-over-year increase of +8.8% [4] - Medical-Surgical Solutions revenue was $2.95 billion, matching a 0% change year-over-year, but below the estimated $3.02 billion [4] - Oncology & Multispecialty revenue reached $12.04 billion, slightly exceeding the estimate of $12.02 billion [4] - Other revenue was reported at $302 million, surpassing the average estimate of $269 million [4] - North American Pharmaceutical revenue was $86.48 billion, below the estimated $88.02 billion [4] Adjusted Operating Profit - Adjusted Operating Profit for Medical-Surgical Solutions was $249 million, slightly above the estimate of $246.33 million [4] - Adjusted Operating Profit for Prescription Technology Solutions was $261 million, exceeding the estimate of $245.96 million [4] - Adjusted Operating Profit for North American Pharmaceutical was $851 million, significantly above the estimate of $772.24 million [4] - Adjusted Operating Profit for Oncology & Multispecialty was $397 million, above the estimate of $356.64 million [4] - Adjusted Operating Profit for Corporate was reported at -$151 million, better than the estimate of -$166.06 million [4] - Adjusted Operating Profit for Other was $25 million, exceeding the estimate of $13.11 million [4] Stock Performance - McKesson shares have returned +12.2% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for further outperformance in the near term [3]

Financial Performance - Fiscal Year 2025 - Cencora's revenue increased by 93% year-over-year to $3213 billion[22] - Adjusted diluted earnings per share grew by 163% year-over-year to $1600[21] - Adjusted operating income increased by 158% year-over-year[20] - U S Healthcare Solutions segment operating income increased by 218% year-over-year[20] - International Healthcare Solutions segment operating income declined by 91% year-over-year[20] Q4 Fiscal Year 2025 Performance - Revenue grew by 59% year-over-year[12] - Consolidated adjusted operating income increased by 202% year-over-year[12] - U S Healthcare Solutions segment operating income increased by 251% year-over-year[12] - International Healthcare Solutions segment operating income declined by 20% year-over-year[12] Fiscal Year 2026 Guidance - Revenue is projected to grow by 5% to 7%[25] - Adjusted operating income is expected to grow by 8% to 10%[10] - Adjusted diluted earnings per share are projected to be between $1745 and $1775[25]

Core Insights - Cardinal Health reported a strong first quarter for fiscal year 2026, with revenues of $64 billion, marking a 22% increase from the previous year [1][2] - The company raised its fiscal 2026 outlook based on this performance, anticipating non-GAAP diluted EPS in the range of $9.65 to $9.85, reflecting a growth of 17% to 20% [10][11] Financial Performance - First quarter fiscal year 2026 revenues reached $64 billion, up from $52.3 billion in the same quarter of fiscal year 2025, representing a 22% year-over-year increase [2][11] - GAAP operating earnings increased by 18% to $668 million, while non-GAAP operating earnings rose by 37% to $857 million [1][11] - GAAP diluted EPS increased by 11% to $1.88, and non-GAAP diluted EPS surged by 36% to $2.55 [1][11] Segment Performance - The Pharmaceutical and Specialty Solutions segment generated revenues of $59.2 billion, a 23% increase from $48 billion in the prior year, with segment profit rising 26% to $667 million [3][4] - The Global Medical Products and Distribution segment saw a modest revenue increase of 2% to $3.2 billion, with segment profit significantly improving from $8 million to $46 million [5][7] - The "Other" segment reported a 38% revenue increase to $1.6 billion, with segment profit growing 60% to $166 million, driven by various operating segments [8][9] Guidance and Outlook - Cardinal Health raised its guidance for non-GAAP diluted EPS to a range of $9.65 to $9.85, up from the previous range of $9.30 to $9.50, reflecting strong first quarter performance and expected contributions from the acquisition of Solaris Health [10][11] - The company also increased its adjusted free cash flow expectations to $3.0 billion to $3.5 billion, up from $2.75 billion to $3.25 billion [10][11] Recent Developments - Cardinal Health's Sonexus Access and Patient Support business onboarded over 30 new specialty therapies in Q1, supporting growth expectations of over 30% for the BioPharma Solutions business in fiscal year 2026 [19] - The company announced the opening of a new flagship Pharmaceutical and Specialty Solutions distribution center in Indianapolis, expected to be operational by Fall 2027 [19] - An accelerated share repurchase program of $375 million was initiated in the first quarter of fiscal year 2026 [19]

Core Insights - McKesson reported $97.83 billion in revenue for the quarter ended June 2025, a year-over-year increase of 23.4% [1] - The EPS for the same period was $8.26, compared to $7.88 a year ago, with a surprise of +0.36% over the consensus estimate [1] Revenue Breakdown - U.S. Pharmaceutical revenue was $89.95 billion, exceeding the average estimate of $87.36 billion, with a year-over-year change of +25.4% [4] - Prescription Technology Solutions revenue reached $1.43 billion, surpassing the $1.35 billion estimate, reflecting a +15.6% year-over-year change [4] - International revenue was $3.74 billion, slightly above the $3.67 billion estimate, representing a +1.3% change year-over-year [4] - Medical-Surgical Solutions revenue was $2.7 billion, matching the estimate, with a +2.5% year-over-year change [4] Adjusted Operating Profit - Adjusted Operating Profit for U.S. Pharmaceutical was $950 million, below the average estimate of $965.96 million [4] - Adjusted Operating Profit for International was $99 million, slightly below the $100.22 million estimate [4] - Adjusted Operating Profit for Medical-Surgical Solutions was $244 million, exceeding the estimate of $215.97 million [4] - Adjusted Operating Profit for Prescription Technology Solutions was $269 million, above the $249.95 million estimate [4] - Adjusted Operating Profit for Corporate was -$138 million, worse than the average estimate of -$108.6 million [4] Stock Performance - McKesson shares returned -2% over the past month, while the Zacks S&P 500 composite increased by +0.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]

Group 1 - The core viewpoint of the news is that Jiuzhoutong is focusing on its new product strategy and has shown significant growth in revenue and profit in 2024, with a strong emphasis on brand promotion and marketing capabilities [1][2] - In 2024, Jiuzhoutong's total sales revenue from its general agency brand promotion business (including pharmaceuticals and medical devices) reached 19.267 billion yuan, with a gross profit of 2.16 billion yuan [1] - The company has introduced a total of 2,247 specifications of pharmaceuticals and medical devices, with 52 single products achieving sales exceeding 100 million yuan [1] Group 2 - Jiuzhoutong reported a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan for the year 2024, with a year-on-year revenue growth of 2.58% and a net profit growth of 39.88% [2] - In the first quarter of 2025, the company achieved a revenue of 42.016 billion yuan, representing a year-on-year growth of 3.82%, and a net profit of approximately 970 million yuan, which is an increase of 80.38% compared to the same period last year [2]