McKesson Corp: Resilient pharma and biosimilar opportunities: BofA Conference Takeaways

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McKesson Corp: Resilient pharma and biosimilar opportunities: BofA Conference Takeaways

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McKesson Corp

Resilient pharma and biosimilar

opportunities: BofA Conference Takeaways

Maintain Rating: BUY | PO: 900.00 USD | Price: 736.16 USD

Stable utilization and favorable trends in specialty 12 May 2026

We hosted a fireside chat with McKesson’s EVP and CFO Britt Vitalone to discuss the Equity

durability of growth in core pharma distribution, underlying trends in specialty, impact of

Allen Lutz, CFA

evolving channel dynamics with GLP-1s, and long-term growth outlook. Within the core Research Analyst

North American Pharmaceutical segment, management highlighted stable utilization BofAS +1 646 855 4380

trends and specialty distribution growth. GLP-1 distribution revenue growth declined 4% allen.lutz@bofa.com

q/q, but McKesson still expects continued growth in GLP-1s. While segment revenues Hanna Lee

declined sequentially in FY4Q due to the impact of the IRA, branded pricing declines, and Research Analyst BofAS

softer GLP-1 revenues, management emphasized margins expanded in the quarter as +1 646 855 3682

gross profit and operating profit were not impacted. On the recent launch of a biosimilar hanna.y.lee@bofa.com

version of Neulasta, McKesson is still observing the receptivity of the launch while DevResearchWeerasuriyaAnalyst

evaluating broader opportunities. We come away from the conversation optimistic about BofAS

McKesson’s ability to co-manufacture more biosimilars over time. Overall, McKesson +1dev.weerasuriya@bofa.com646 855 5707

reiterated confidence in long-term targets, with FY27 segment EBIT guidance at or

above the high-end across all three segments.

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