McKesson Corporation · NYSE:MCK

McKesson — Q2 FY2027 Earnings Presentation

32 slides from McKesson's earnings presentation, Nov 4, 2026

  1. Slide 1: McKesson Corporation Second Quarter Fiscal 2027 Earnings Call

    McKesson Corporation Second Quarter Fiscal 2027 Earnings Call November 4, 2026 1 © 2026 McKesson Corporation. All rights reserved.

  2. Slide 2: Cautionary Statements

    Cautionary Statements Cautionary Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by their use of terminology such as “

  3. Slide 3: Accelerating Long-Term Growth and Value Creation

    Accelerating Long-Term Growth and Value Creation Our Company Priorities Grow Focus Strengthen Oncology & Modernize On People North Multispecialty & Accelerate and Culture American and Biopharma the Portfolio Distribution Platforms Organic Growth Operating Leverage Capital Allocation 13% to 16% Long-

  4. Slide 4: Second Quarter Fiscal 2027 Results

    Second Quarter Fiscal 2027 Results 4 © 2026 McKesson Corporation. All rights reserved.

  5. Slide 5: Company Highlights

    SECOND QUARTER FISCAL 2027 RESULTS Company Highlights Company Updates Q2 QUARTERLY REVENUE • Signed an agreement to extend its pharmaceutical distribution partnership with CVS Health through June $111.0B 8% 2032 • On October 5, 2026, McKesson signed a definitive agreement to invest approximately $1.

  6. Slide 6: Consolidated Adjusted Financial Information

    SECOND QUARTER FISCAL 2027 RESULTS Consolidated Adjusted Financial Information Q2 Fiscal 2027 Results Adjusted Results Q2 YoY YTD YoY ($ and shares in millions, except per share amounts) FY 27 Change FY 27 Change GAAP Revenues $ 110,957 8% $ 216,337 8% Gross Profit $ 3,903 10 % $ 7,580 12 % Operatin

  7. Slide 7: Adjusted Earnings Per Share Results

    SECOND QUARTER FISCAL 2027 RESULTS Adjusted Earnings Per Share Results Q2 Fiscal 2027 year-over-year $0.72 $(0.70) $1.80 $11.68 $9.86 Q2 FY26 Operating Performance Capital Allocation Other1 Q2 FY27 Adj. EPS Adj. EPS See endnotes for details 7 © 2026 McKesson Corporation. All rights reserved.

  8. Slide 8: North American Pharmaceutical

    SECOND QUARTER FISCAL 2027 RESULTS North American Pharmaceutical Results Q2 YoY YTD YoY ($ in millions) FY 27 Change FY 27 Change North American Pharmaceutical Revenue $ 91,360 6 % $ 178,133 5% Adjusted Segment Operating Profit $ 1,040 22 % $ 1,934 21 % Adjusted Segment Operating Profit Margin 1.14

  9. Slide 9: Oncology & Multispecialty

    SECOND QUARTER FISCAL 2027 RESULTS Oncology & Multispecialty Results Q2 YoY YTD YoY ($ in millions) FY 27 Change FY 27 Change Oncology & Multispecialty Revenue $ 14,980 24 % $ 29,202 29 % Adjusted Segment Operating Profit $ 427 8% $ 832 22 % Adjusted Segment Operating Profit Margin 2.85 % (45) bp 2.

  10. Slide 10: Prescription Technology Solutions

    SECOND QUARTER FISCAL 2027 RESULTS Prescription Technology Solutions Results Q2 YoY YTD YoY ($ in millions) FY 27 Change FY 27 Change Prescription Technology Solutions Revenue $ 1,520 10 % $ 3,086 10 % Adjusted Segment Operating Profit $ 307 18 % $ 610 15 % Adjusted Segment Operating Profit Margin 2

  11. Slide 11: Medical-Surgical Solutions

    SECOND QUARTER FISCAL 2027 RESULTS Medical-Surgical Solutions Results Q2 YoY YTD YoY ($ in millions) FY 27 Change FY 27 Change Medical-Surgical Solutions Revenue $ 3,097 5% $ 5,916 5% Adjusted Segment Operating Profit $ 225 (10) % $ 420 (15) % Adjusted Segment Operating Profit Margin 7.27 % (118) bp

  12. Slide 12: Corporate

    SECOND QUARTER FISCAL 2027 RESULTS Corporate Results Q2 YoY YTD YoY ($ in millions) FY 27 Change FY 27 Change Corporate Adjusted Corporate Expenses $ (147) (3) % $ (291) 1% Q2 Adjusted Corporate Expenses decrease driven by disciplined expense management, partially offset by technology infrastructure

  13. Slide 13: Efficient Capital Deployment and Financial Discipline Drive Shareholder Value

    SECOND QUARTER FISCAL 2027 RESULTS Efficient Capital Deployment and Financial Discipline Drive Shareholder Value ($ in millions) $3,070 $(123) $(990) $(504) $(89) $6,528 $5,164 Q1 Cash1 Operating Cash Flow Capital Expenditures Share Repurchases Long-Term Debt2 Other3 Q2 Cash1 + Dividends 6/30/26 9/3

  14. Slide 14: Fiscal 2027 Outlook

    Fiscal 2027 Outlook On the following slides, McKesson presents an overview of its fiscal 2027 Outlook and assumptions. McKesson does not provide forward-looking guidance on a GAAP basis as the company is unable to provide a quantitative reconciliation of forward-looking Non-GAAP measures to the most

  15. Slide 15: Fiscal 2027 Adjusted Outlook

    FISCAL 2027 ADJUSTED OUTLOOK Fiscal 2027 Adjusted EPS Outlook $45.60 to $46.40 Strong Business Performance Capital Deployment Anticipate fiscal 2027 Adjusted Operating Profit growth of Anticipate approximately $5.0 billion in share repurchases in 12% to 16% compared to prior year fiscal 2027, of whi

  16. Slide 16: Raising Fiscal 2027 Adjusted EPS Outlook

    FISCAL 2027 ADJUSTED OUTLOOK Raising Fiscal 2027 Adjusted EPS Outlook 19% to 21% growth $45.60 to $46.40 $39.11 $38.37 FY26 Norway USON FY26 Operating Capital Allocation Other1 MMS Noncontrolling FY27 Performance Gains Performance Interest Actual Baseline Outlook See endnotes for details 16 © 2026 M

  17. Slide 17: Consolidated Metrics

    FISCAL 2027 ADJUSTED OUTLOOK Consolidated Metrics Metric Fiscal 2027 Outlook Fiscal 2026 Actual Earnings per Diluted Share $45.60 to $46.40 $39.11 Previously $44.20 to $45.00 Revenues 6% to 10% growth 12% growth Previously 5% to 9% growth Operating Profit 12% to 16% growth 15% growth Previously 9% t

  18. Slide 18: Segment Metrics

    FISCAL 2027 ADJUSTED OUTLOOK Segment Metrics ADJUSTED REVENUE OPERATING PROFIT North American Pharmaceutical 5.0% to 9.0% growth 14.0% to 18.0% growth Previously 4.0% to 8.0% growth Previously High end of 5.5% to 9.5% growth Oncology & Multispecialty 20.0% to 24.0% growth 18.0% to 22.0% growth Previ

  19. Slide 19: Endnotes

    Endnotes These notes refer to the financial metrics and/or defined terms presented on: Slide 3 – Accelerating Long-Term Growth and Value Creation 1. Long-Term Adjusted EPS Growth Target refers to Long-Term Adjusted EPS Growth which excludes gains or losses associated with McKesson Venture’s portfoli

  20. Slide 20: Appendix

    Appendix 20 © 2026 McKesson Corporation. All rights reserved.

  21. Slide 21: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Three Months Ended September 30, Six Months Ended September 30, 2026 2025 Change 2026 2025 Change Net in

  22. Slide 22: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions, except per share amounts) Three Months Ended September 30, Six Months Ended September 30, 20

  23. Slide 23: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions) Three Months Ended September 30, Six Months Ended September 30, 2026 2025 Change 2026 2025 C

  24. Slide 24: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions) Three Months Ended September 30, Six Months Ended September 30, 2026 2025 Change 2026 2025 C

  25. Slide 25: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions, except per share amounts) (a) Certain computations may reflect rounding adjustments. Any per

  26. Slide 26: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Schedule 3 Three Months Ended September 30, 2026 2025 Change As reported As adjusted As reported As adjuste

  27. Slide 27: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Schedule 3 Six Months Ended September 30, Continued 2026 2025 Change As reported As adjusted As reported As

  28. Slide 28: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation Q2 Fiscal 2027 and Q2 Fiscal 2026 McKESSON CORPORATION Schedule 6 RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP) (unaudited) (in millions) Three Months Ended September 30,(1) Six Months Ended September 30, 2026 2026 2025 Change GAAP CASH FLOW CATEGORIES

  29. Slide 29: Financial Statement Notes

    Financial Statement Notes McKESSON CORPORATION 1 of 1 FINANCIAL STATEMENT NOTES 1. Transaction-related expenses and adjustments for the three months and six months ended September 30, 2026 include pre-tax charges of $46 million ($34 million after-tax) and $114 million ($84 million after-tax), respec

  30. Slide 30: Supplemental Non-GAAP Financial Information

    Supplemental Non-GAAP Financial Information McKESSON CORPORATION SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION 1 of 3 In an effort to provide investors with additional information regarding the Company's financial results as determined by generally accepted accounting principles ("GAAP"), McKesson Cor

  31. Slide 31: Supplemental Non-GAAP Financial Information

    Supplemental Non-GAAP Financial Information SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 2 of 3 • Adjusted Segment Operating Profit (Non-GAAP) and Adjusted Segment Operating Profit Margin (Non-GAAP): We define Adjusted Segment Operating Profit as GAAP segment operating profit, excluding a

  32. Slide 32: Supplemental Non-GAAP Financial Information

    Supplemental Non-GAAP Financial Information SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 3 of 3 Other adjustments - The Company evaluates the nature and significance of transactions qualitatively and quantitatively on an individual basis and may include them in the determination of our ad

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