Drug Supply Chain: The Mix Effect: May Onco Data Shows Sales Moderation

Research evidence excerpt

Drug Supply Chain: The Mix Effect: May Onco Data Shows Sales Moderation

Deutsche Bank

Research

North America Industry Date

United States 1 July 2026

Drug Supply Chain

Health Care Industry Update

Healthcare Technology &

Distribution

The Mix Effect: May Onco Data Shows

Sales Moderation

George Hill

May Snapshot: Steady Volumes and Dollar Sales Growth Moderation Continue:

Research Analyst

In case you missed last month’s report, we are beginning to track Oncology +1-212-250-7822

prescription data within IQVIA each month to monitor utilization trends in this

specialty, providing greater insight into performance in McKesson’s oncology & Liz Li

Research Associate

specialty segment, Cardinal’s oncology unit, Cencora’s OneOncology, and broader

+1-617-251-2782

MCO specialty drug trends. As a reminder, we are using the NSP data from IQVIA

as our core data set, which tracks physician administered (Part B) and outpatient Maxi Ma, CFA

(Part D) oncology drug sales into provider organizations, pharmacies, and other Research Associate

healthcare providers, giving a perspective into wholesaling and supply-side +1-901-338-2175

demands. The monthly NSP data is wholesale-level data and can be choppier than

the retail-level NPA data, so we will track the monthly figures as well as growth on

a rolling three-month average basis to smooth out the reporting unevenness; unless

otherwise specified, we will provide percentage growth on a rolling three-month

average basis. Overall, May reported Rx unit growth of 6.4% y/y appears to be in line

with the last 12-month (LTM) average growth rate of ~6.2%, and is above the April

growth rate of 6.3% y/y. However, May dollar sales growth of 7.8% y/y is well below

the LTM average of ~15% as the growth has moderated for the fifth consecutive

month.