CAH, COR, MCK: While Zero-Calorie GLP-1 Rev Growth Fades– The Reacceleration of Oncology Should Give MCK/COR Profit a Boost

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CAH, COR, MCK: While Zero-Calorie GLP-1 Rev Growth Fades– The Reacceleration of Oncology Should Give MCK/COR Profit a Boost

Equity Research

9 July 2026

CAH, COR, MCK

While Zero-Calorie GLP-1 Rev

Growth Fades– The Reacceleration

COR OVERWEIGHTof Oncology Should Give MCK/COR

U.S. Healthcare Technology NEUTRAL & DistributionProfit a Boost Price Target USD 350.00

Price (08-Jul-26) USD 309.57

With mixed March quarterly results, investors have grown Potential Upside/Downside +13.1%

more critical of the distributors. We do not expect anything Source: Bloomberg, Barclays Research

stellar on the top-line as GLP-1 rev growth fades and the IRA CAH OVERWEIGHT

U.S. Healthcare Technologytakes hold on yoy growth, but we believe the reacceleration NEUTRAL & Distribution

of Part B oncology revs could provide MCK/COR a profit boost Price Target USD 258.00

Price (08-Jul-26) USD 237.15

Potential Upside/Downside +8.8%

The three wholesalers all missing consensus revenues last quarter was eye-opening, and Source: Bloomberg, Barclays Research

somewhat misleading – but clearly a cause for concern at lofty valuation levels earlier this

year. As a reminder we believe the revenue shortfall across the group was driven by, 1)IRA price

MCK OVERWEIGHT

reductions, 2)slower than expected GLP-1 growth, and 3)some transition of specialty Part D U.S. Healthcare Technology NEUTRALdrugs away from the distribution channel. We would highlight that all these trends are still in & Distribution

place, but we would suggest the market has a much better appreciation today vs. 90 days ago. Price Target USD 925.00

We also emphasize that these trends have only a relatively minor impact on operating profit and Price (08-Jul-26) USD 818.66