Mckesson Corporation

Strong Q2 performance; raises FY27 EPS guidance - Revenues: +8% YoY to $111B - Adjusted EPS: +18% YoY to $11.68 - Operating profit: +13% to $1.9B (operating leverage: operating expenses as % of gross profit improved by ~141 bps) - Guidance raised: FY27 adjusted EPS to $45.60–$46.40 (from $44.20–$45.00), implying 17%–19% adjusted EPS growth overall.

FY27 outlook: segment growth expectations + free cash flow + capital returns - Revenue growth: 6%–10% (FY27) - Operating profit growth: 12%–16% (FY27) - Segment outlook (key ranges): - North American Pharmaceuticals: revenue +5% to +9%, operating profit +14% to +18% (GLP-1 and specialty strength; partial headwind from branded pricing/WAC changes) - Oncology & Multispecialty: revenue +20% to +24%, operating profit +18% to +22% (provider solutions & specialty distribution strength; earlier-year gains excluded in some comparisons) - Prescription Technology Solutions: revenue +2.5% to +6.5%, operating profit +11% to +15% (access/prior auth; expected normalization after CMS GLP-1 bridge early demand) - MedSurg: revenue +1% to +6%, operating profit -4% to flat (mix/channel dynamics; illness season variability) - Cash flow & capital deployment: FCF expected $4.5B–$4.9B - Share repurchases: plan to repurchase about $5B in FY27 (already bought ~$3.4B through Q2) - Dividend: continuing—returned $990M to shareholders in Q2 via buybacks + dividends.

M&A / investments that expand oncology and biopharma capabilities (and how they show up in reporting) - Precision Medicine Group (PMG) acquisition (closed): ~$2.25B - Reported in Oncology & Multispecialty - Accretive: estimated +$0.10–$0.20 adjusted EPS in FY27, with ~+$1.60–$1.80 by end of year 3 (synergy ramp; bolsters clinical research/trials and market access/commercialization capabilities). - Option Care Health (minority investment): ~$1.4B for 49% - Expected to close 1H calendar 2027 - Equity-method accounting (not included in segment margin profiles; expected to flow in other income / AOP rather than segment operating results). - Strategic theme: expanding community/home infusion access for specialty therapies (potential oncology adjacency).