US Healthcare C2Q Drug Distributor Preview: Sentiment, Setups and Signposts

研报英文原文证据摘录

US Healthcare C2Q Drug Distributor Preview: Sentiment, Setups and Signposts

Global Research

20 July 2026ab

US Healthcare Equities

AmericasC2Q Drug Distributor Preview: Sentiment,

Setups and Signposts Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

UBS Call: An In-line Print And Reiteration Should Be Good Enough For COR +1-212-713 3630

Intra-sector rotation, management changes and fears around oncology economics have Andrea Alfonso

provided opportunity. The macro is stable or better: sequentially improving script growth Analyst

in C2Q and the June recovery in chemotherapy scripts are offset partially by andrea.alfonso@ubs.com

deterioration in GRx pricing. Our best idea here is COR, where concerns over the +1-212-713 1342

implied guidance ramp should become clearer as OneOncology accretion and easier Brett Gasaway

opex comps are better understood. We expect a solid print at MCK, but its contract Analyst

with CVS and longer-term Keytruda economics concerns may cap near-term brett.gasaway@ubs.com

performance. We have few concerns about CAH’s print, but its premium +1-212-713 4820

valuation raises the bar for FY27 guidance quality. Investor concerns include:

Impact of changing GLP-1 marketplace; 340B dynamics; oncology trends and Keytruda

IRA impact; COR’s ability to prove compounding OneOncology accretion and sustain

enterprise AOI growth despite CFO leadership/portfolio transition (MWI); CAH’s

elevated valuation, next M&A target, and makeup of FY27 guidance (e.g. will

CAH guide towards higher end of Pharma LRP ex-Solaris?, cadence, etc.); and MCK’s

CVS contract uncertainty ($200M-$300M in annual EBIT), new CFO commentary, and

potential for tax-rate-driven EPS volatility in F1Q27. Group NTM P/E valuations have