McKesson Corporation McKesson Week Day 3: Oncology & Multispecialty Segment

Research evidence excerpt

McKesson Corporation McKesson Week Day 3: Oncology & Multispecialty Segment

J P M O R G A N North America Equity Research

14 May 2026

McKesson Corporation Overweight

MCK, MCK US

McKesson Week Day 3: Oncology & Multispecialty Price (13 May 26):$737.18

Segment

Managed Care and Facilities

On Day 3 of McKesson Week, we take a deeper dive into the company’s Oncology Lisa C. Gill AC

& Multispecialty (O&M) segment. O&M is MCK’s fastest growing segment, (1-212) 622-6466

which includes its scaled practice management offerings such as the U.S. lisa.c.gill@jpmorgan.com

Oncology Network. Oncology & Multispecialty accounted for ~12% of total sales John Stansel, CFA

but ~20% of total adjusted operating profit in FY26, growing >50% supported by (1-212) 622-0083

recent FCS and PRISM acquisitions. MCK was the first distributor to john.stansel@jpmorgan.com

meaningfully invest in MSOs and we see its scale as providing a competitive Benjamin Rossi

advantage in the community oncology space. In this note, we highlight the key (1-212) 622-9603

benjamin.rossi@jpmorgan.com

trends impacting the segment as well as several important product offerings and

Cole Harris

partnerships, such as the U.S. Oncology Network. We are hosting a call with CEO (1-212) 622-9068

Brian Tyler and CFO Britt Vitalone on Friday, May 15th, please reach out to us or cole.harris@jpmorgan.com

your J.P. Morgan sales contact for details. J.P. Morgan Securities LLC

• MCK's large specialty presence is enhanced by its MSO and services

capabilities, supporting a mid-teens long-term operating profit growth

target. In FY26, MCK delivered +31% y/y revenue growth in the Oncology

& Multispecialty segment, while adjusted operating income grew +53% y/y,

benefiting from solid volumes but primarily from the FCS and PRISM

contracts.