McKesson Corporation: Model Update

研报英文原文证据摘录

McKesson Corporation: Model Update

Lisa C. Gill AC North America Equity Research

(1-212) 622-6466 02 July 2026 J P M O R G A N

lisa.c.gill@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Our rating on McKesson is Overweight. We point to a positive

longer-term fundamental outlook for the drug distribution

industry, driven by an aging population, increased utilization of

prescription drugs, and margin-enhancement opportunities. We

believe the underlying pharmaceutical distribution business

continues to see favorable dynamics, with recent contract wins

such as Optum enhancing growth. We highlight several factors

that should drive a positive tailwind for McKesson over time,

including the company’s differentiated strategy around

YTD 1m 3m 12m oncology and biopharma services, strong growth in specialty,

Abs -6.4% 4.5% -12.0% 5.5% and the potential impact from biosimilars, cost-savings

Rel -15.7% 6.1% -25.8% -15.2%

opportunities, and accretive uses of cash flow.

Company Data

Valuation

Shares O/S (mn) 123

52-week range ($) 999.00-637.00 Our December 2026 price target of $1,015 is based on an 21.0x

Market cap ($ mn) 94,240.96 P/E multiple applied to our calendar year 2027e adj. EPS of

Exchange rate 1.00 $48.35. 21.0x reflects a premium to MCK’s current valuation

Free float (%) 100.0%

3M ADV (mn) 1.12 based on our CY 2026e estimates, but we believe the premium

3M ADV ($ mn) 876.5 is justified given the increased long-term growth outlook and

Volatility (90 Day) 26 favorable fundamental backdrop with robust pharmaceutical

Index S&P 500

BBG ANR (Buy | Hold | Sell) 17|2|0 utilization and strong demand for MCK’s integrated services.

Key Metrics (FYE Mar)

Performance Drivers$ in millions FY26A FY27E FY28E FY29E

Financial Estimates