State of the Industry – Attractive Entry Point on Solid Fundamentals

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State of the Industry – Attractive Entry Point on Solid Fundamentals

Idea

July 29, 2026 06:15 AM GMT

Morgan Stanley & Co. LLCMHealthcare Distribution | North America Erin Wright

Equity Analyst

State of the Industry – Erin.Wright1@morganstanley.comMichelle Foley +1 212 761-6137

Research Associate

Michelle.Foley@morganstanley.com +1 212 761-4056

Attractive Entry Point on Solid Linda Bolduc

Linda.Bolduc@morganstanley.com +1 617 856-8009

Fundamentals Derek Gross

Derek.Gross@morganstanley.com +1 212 761-2455

We are OW-rated all distributors. While we have seen some Craig Hettenbach

recent recovery, we view it as an attractive entry point into EquityCraig.Hettenbach@morganstanley.comAnalyst +1 212 761-6435

relatively clean prints. The group is more insulated from the Jialin Jin

utilization debate & we expect C2Q can showcase durable ResearchJay.Jin@morganstanley.comAssociate +1 212 761-3913

fundamentals. Watch for: CAH '27 guide, MDLN PV analysis.

Healthcare Services & Distribution

North America

Key Takeaways Industry View Attractive

Despite some recent relief, distributors haven't fully recovered, and we believe

the group still offers an attractive buying opportunity. OW MCK, CAH, MDLN,

COR.

C2Q prints should highlight steady fundamentals, consistent execution and

visibility on growth with continuing drivers across Specialty (inflected in June).

Disties relatively more insulated from utilization shifts that have reverberated

across the rest of HC services; albeit Medical dist. somewhat more exposed.

MCK & COR first qtr under new CFOs. CAH issuing FY27 guidance will be another

important read on the sustainability of growth.

Util./macro/idio factors have weighed on MDLN, but a 2H normalization is baked

in. We've tracked 14 PV wins YTD vs 31 in '25.