Mckesson Corporation

Q1 performance: strong beat and broad-based momentum - Revenues +8% to ~$105.4B; adjusted EPS +20% to $9.93, both exceeding expectations. - 3 segments delivered double-digit operating profit growth. - Drivers highlighted: stable utilization/volume growth, specialty strength (especially oncology), and disciplined execution plus operating leverage (expenses improving as a % of gross profit by ~150 bps YoY).

Guidance raised (key upside) - FY27 adjusted EPS raised to $44.20–$45.00 (from $43.80–$44.60). - Implies ~13%–15% adjusted EPS growth (explicitly noting it is excluding Norway divestiture impact and a gain on sale related to the US oncology network). - FY27 outlook: revenue growth 5%–9% and operating profit growth 9%–13%.

Segment fundamentals: North American Pharma strength + Oncology acceleration - North American Pharmaceuticals: revenues +5%; operating profit +19% to $894M. - Topline headwinds mentioned: lower branded pharma pricing from WAC decreases and branded-to-generic conversions—but the call emphasized limited impact on operating profit. - GLP-1: distribution revenues ~$15B, +~$3B (+24%) YoY; sequential +13%—a major growth engine. - Oncology & Multispecialty: revenues +33% to $14.2B; operating profit +41% to $405M. - Growth mix: ~24% normalized for the acquisition contribution (“core ventures”), with the rest driven by existing penetration + new business. - Mentioned Florida Cancer integration success; also said they’re lapping the acquisition starting this quarter.