U.S. Healthcare Technology & Distribution "Expert Call: Private Drug Dis..."

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U.S. Healthcare Technology & Distribution "Expert Call: Private Drug Dis..."

Global Research

25 May 2026ab

U.S. Healthcare Technology & Distribution Equities

AmericasExpert Call: Private Drug Distributor Highlights

Stable Trends and Competitive Whitespace Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

Morris & Dickson Highlights Competitive Gains In Health Systems And Stable +1-212-713 3630

Profits Despite IRA Cuts

Andrea Alfonso

On Friday, we hosted Morris & Dickson’s CEO Jody Hatcher and CFO Braden Hunter. Key Analyst

takeaways: (1) M&D disclosing a first national retail pharmacy account win (as andrea.alfonso@ubs.com

secondary distributor) to onboard later in the year, (2) stable core profit trends despite +1-212-713 1342

IRA-related cuts, and (3) M&D sees ripe opportunity to dislodge the competition via Jayna Francis

better servicing. M&D is the 4th largest U.S. drug distributor, historically regional but Associate Analyst

now nationally licensed in all 50 states, serving diverse customer segments including jayna.francis@ubs.com

independent pharmacies, health systems, and infusion clinics. The company has shifted +1-212-713 4939

its business mix to approximately 70% health systems and 30% retail, reflecting

significant growth in health system partnerships and specialty segments. In case you

missed it, replay link will be available until June 5th by clicking here.

Profitability Trends Remain Solid Despite IRA

M&D estimates the Inflation Reduction Act (IRA) caused a 3% revenue headwind in 1Q

but did not materially affect gross profit or EBIT due to renegotiated manufacturer

contracts maintaining fee-for-service economics. In addition to IRA cuts, M&D

suggested some impact from weather as well as customer mix effects (e.g., swayed by