McKesson Corporation McKesson Week Day 4.5: Takeaways from Our C-Suite Conference Call

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McKesson Corporation McKesson Week Day 4.5: Takeaways from Our C-Suite Conference Call

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

15 May 2026

McKesson Corporation Overweight

MCK, MCK US

McKesson Week Day 4.5: Takeaways from Our C-Suite Price (14 May 26):$747.23

Conference Call

Managed Care and Facilities

For the last day of McKesson Week, we discuss key points from the conference call Lisa C. Gill AC

we hosted this morning with CEO Brian Tyler and CFO Britt Vitalone. In our view, (1-212) 622-6466

the discussion was positive, with management sounding confident as they lisa.c.gill@jpmorgan.com

reviewed many of the trends and current momentum supporting MCK’s FY27 John Stansel, CFA

guidance, which translates into ~14% to 16% adj. EPS growth excluding several (1-212) 622-0083

nonrecurring factors. MCK has developed (and continues to invest in) a scalable john.stansel@jpmorgan.com

platform focused on key growth pillars (oncology and biopharma services) that are Benjamin Rossi

large and growing markets with attractive margin profiles to support continued (1-212) 622-9603

benjamin.rossi@jpmorgan.com

enterprise growth. We discuss takeaways from the call in greater detail below.

Cole Harris

Reach out to us or your J.P. Morgan sales contact for replay details. (1-212) 622-9068

• Oncology and Multispecialty reflects a unique platform given its scale and cole.harris@jpmorgan.comJ.P. Morgan Securities LLC

integration, Core Ventures (FCS) integration has been tracking to plan,

and PRISM represents an opportunity to take the U.S. Oncology Network

strategy and apply it to Retina.

• The company highlighted the continued strong organic and inorganic

growth of the US Oncology Network, with over 570 providers added in

FY26, the largest number of providers added in over 15 years.