McKesson reported a robust start to fiscal 2026, delivering record consolidated revenues of $97.8 billion, up 23% year over year, and adjusted operating profit of $1.4 billion, up 9%. Three of its four segments posted double-digit adjusted operating profit growth, underpinning management’s decision to raise full-year EPS guidance to $37.10-$37.90. The quarter featured strong growth in U.S. Pharmaceutical, led by GLP-1 prescriptions and the onboarding of a strategic customer, along with meaningful contributions from the acquisitions of PRISM Vision and Core Ventures in the oncology and multispecialty platforms. Pharmacy technology services (RxTS) also posted double-digit revenue and profit gains, aided by higher third-party logistics volumes and prior authorization programs.
Management framed the quarter as a foundation for durable, long-range growth, supported by strategic portfolio actions (PRISM Vision and Core Ventures) and a disciplined capital deployment program (debt issuance, share repurchases, and a dividend increase). The company also signaled ongoing portfolio optimization, including the planned separation of the Medical-Surgical segment and the exit of the Norway operation (held-for-sale accounting), which is expected to contribute modestly to EPS in fiscal 2026 while preserving long-term value creation. Near-term execution remains focused on automation, scale efficiencies, and expanding high-growth platforms (oncology, biopharma services, and RxTS) to drive operating leverage and cash flow.
Overall, the quarter demonstrates McKesson’s resilience and strategic repositioning to accelerate growth in high-value healthcare services while managing portfolio changes and policy dynamics. Investors should monitor: (1) the trajectory of RxTS volumes and GLP-1 programs, (2) integration progress and revenue/operating profit contribution from PRISM Vision and Core Ventures, (3) the held-for-sale impact from Norway, (4) the evolving regulatory/policy landscape (e.g., MSN discussions) and (5) the company’s ongoing capital return and alignment with free cash flow targets.