McKesson Corporation F1Q27 Quick Take: Beat and Raise Underpinned by North American Pharmaceutical Strength

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

McKesson Corporation

Overweight

F1Q27 Quick Take: Beat and Raise Underpinned by

North American Pharmaceutical Strength

MCK, MCK US

Price (05 Aug 26):$877.23

Managed Care and Facilities

After the close today, MCK reported F1Q27 adjusted EPS of $9.93, +20% y/y and

ahead of JPM/consensus estimates of $9.34/$9.53, and Adjusted operating profit

of $1.65B, ahead of JPMe/consensus of $1.56B/$1.57B, with the beat broad-based

across the core distribution and specialty segments. North American Pharma

contribution was ahead of our estimate and consensus (adj. operating profit of

$894M vs. JPMe/consensus of $797M/$808M), while Oncology and

Multispecialty operating profit was also ahead of consensus (+41% y/y at $405M

vs JPMe/consensus of $383M/$376M). RxTS growth was in-line to slightly better

than expected (adj. operating profit of $303M vs. JPMe/consensus of $301M). On

balance, we see this print as ahead of expectations, particularly with North

American Pharmaceutical Distribution accelerating sequentially.

Lisa C. Gill AC

(1-212) 622-6466

John Stansel, CFA

(1-212) 622-0083

Benjamin Rossi

(1-212) 622-9603

Cole Harris

(1-212) 622-9068

J.P. Morgan Securities LLC

The company raised FY27 adjusted EPS guidance range to $44.20–$45.00, a $0.40

increase at the midpoint, which represents y/y growth of ~+13% to +15% off of

MCK’s baseline and compares to our current estimate of $44.18 and Bloomberg

consensus of $44.26. The raise to adj. EPS guidance is underpinned by raised adj.

operating profit guidance in the North American Pharmaceutical segment of high

end of +5.5% to +9.5% growth, while reaffirming Oncology & Multispecialty

guidance of +13.5% to +17.5% and RxTS guidance of +11.0% to +15.0% growth.

The company also increased the effective tax rate guidance to 18% to 19% from

17% to 19% previously. We think the current trends in Pharma Distribution,

Oncology & Multispecialty and RxTS will be a focus for investors on the call, and

we will look for commentary around the trends embedded in MCK’s updated

guidance as well as any key factors to consider for FY27. A variance analysis for

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