Mckesson Corporation · NYSE:MCK
Mckesson — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
27 slides from Mckesson's conference presentation, Jan 13, 2026
Slide 1: McKesson Corporation J.P. Morgan Healthcare Conference
McKesson Corporation J.P. Morgan Healthcare Conference January 13, 2026 Brian Tyler Chief Executive Officer 1 © 2026 McKesson Corporation. All rights reserved.
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
Slide 3: McKesson is a diversified healthcare services leader, advancing health outcomes for all
McKesson is a diversified Pharmacies healthcare services leader, Providers advancing health outcomes for all Biopharma • Scalable platforms Employers • Operational excellence Payers • Deep partnerships Patients 3 © 2026 McKesson Corporation. All rights reserved.
Slide 4: Delivering on Multi-Year Strategic Priorities
Delivering on Multi-Year Strategic Priorities Delivering Growth Against Strategic Priorities Disciplined Portfolio Management & Optimization Superior Long-Term Track Record Focused Capital Allocation Leading to Significant Value Creation 4 © 2026 McKesson Corporation. All rights reserved. © 2026 McK
Slide 5: Accelerating Long-Term Growth
Accelerating Long-Term Growth Our Purpose: • Integrity & Inclusion • Respect Advancing Health Outcomes for All® • Customer-first • Excellence • Accountability Our Company Priorities: Grow Focus Strengthen Modernize Oncology & On People North & Accelerate Multispecialty and Culture American the Portf
Slide 6: Value Creating Portfolio Transformation
Value Creating Portfolio Transformation 3 FY20 Segment Structure FY26 Segment Structure US Pharmaceutical and Specialty Solutions North American Pharmaceutical US Pharmaceutical Oncology & Multispecialty Oncology & Specialty Solutions Prescription Technology Solutions Prescription Technology Solutio
Slide 7: …Delivering Superior Results
…Delivering Superior Results FY20 Results FY26 Outlook2 Adjusted Operating Profit $3.8B ~9% CAGR1 Adjusted Operating Profit $6.3B - $6.5B Adjusted EPS $14.95 ~17% CAGR1 Adjusted EPS $38.35 - $38.85 Free Cash Flow $3.9B +$500M - $900M Free Cash Flow $4.4B - $4.8B ROIC3 11% ~1900 bps ROIC3 ~30% Levera
Slide 8: Differentiated and Scaled Oncology & Multispecialty Platforms
Differentiated and Scaled Oncology & Multispecialty Platforms 2007/ 2010 2016 2020 2022 2024 2025+ 2008 Onmark® GPO Onmark Vision GPO Specialty Managed Services Cell, Gene & Distribution Organization Specialty Advanced Pharmacy Clinical Therapies Platform Data & Insights Group Research Research Expa
Slide 9: Differentiated Oncology & Multispecialty Platforms
Differentiated Oncology & Multispecialty Platforms #1 Oncology & Multispecialty GPOs Oncology Retina Clinical Commercial 3,300 + Research Services 200+ providers providers Practice Drug Management Distribution Growing Retina & and GPO 1.4+ million Ophthalmology platform patients supported annually 9
Slide 10: Oncology Market is Large, Growing & Complex
Oncology Market is Large, Growing & Complex 425+ Oncology drugs on the market in 1H 2025 People in America will 41% be diagnosed with 1 cancer this year 1 Proportion of clinical trials focused on oncology3 Patients living 60% with cancer today 2 Oncology drug spend growth (2025-2029)4 See footnotes
Slide 11: Community Oncology Market Growth
Community Oncology Market Growth DRUG PRACTICE COMMERCIAL CLINICAL DISTRIBUTION MANAGEMENT SERVICES RESEARCH ~$80B ~$10B ~$15B ~$10B Addressable Addressable Addressable Addressable Market 1 Market 1 Market 1 Market 1 Provider Solutions Onmark® and Unity GPOs Onmark Vision GPO Lower Higher Margin Mar
Slide 12: Intentional Biopharma Services Platform Development
Intentional Biopharma Services Platform Development Unmatched leadership in biopharma services and solutions Prescription Technology Intelligent Network Solutions (RxTS) • Pharmacy claims • Automated insurer • Patient assistance • Automated hub • Prescription price • Electronic patient switch and dr
Slide 13: Leading Biopharma Services Solutions
Leading Biopharma Services Solutions Access >100 million times enabled patient access to medication annually Affordability McKesson’s >$10 billion comprehensive suite of out-of-pocket savings for patients annually of solutions Adherence enable better health outcomes 12 million prescriptions prevente
Slide 14: Oncology, Multispecialty & Biopharma Services Are Key Growth Drivers
Oncology, Multispecialty & Biopharma Services Are Key Growth Drivers Large and growing market with significant unmet needs Unmatched portfolio of assets providing differentiated value proposition across key stakeholder groups Integrated solutions supporting accelerated drug discovery, expanded patie
Slide 15: Delivering Consistent & Exceptional Earnings Growth
Delivering Consistent & Exceptional Earnings Growth ~18% Adjusted EPS CAGR 1 (FY21 to FY26F) $38.35 to $38.85 $33.05 $27.44 $25.94 $23.69 $17.21 FY21 FY22 FY23 FY24 FY25 FY26F See footnotes for details 15 © 2026 McKesson Corporation. All rights reserved.
Slide 16: Fiscal 2026 Adjusted EPS Outlook
Fiscal 2026 Adjusted EPS Outlook $38.35 to $38.85 Strong Business Performance Capital Deployment Anticipate Fiscal 2026 Adjusted Operating Profit growth of Anticipate approximately $2.5 billion in share repurchases in 12% to 16% compared to prior year Fiscal 2026 Fiscal 2026 Adjusted Earnings per Di
Slide 17: Long-Term Financial Growth Targets
Long-Term Financial Growth Targets Adjusted Operating Profit Growth Oncology & Prescription Capital North American Multispecialty Technology Deployment Pharmaceutical Solutions • Sustain Strong FCF Conversion • Investments in Growth • Capital Return to 5% to 8% 13% to 16% 10% to 13% Shareholders • F
Slide 18: Compelling Long-Term Financial Profile
Compelling Long-Term Financial Profile Proven track record of distinctive financial performance Consistent strategy anchored in high-performing, differentiated portfolio Active portfolio management delivering optimized value creation Strategic capital deployment delivering superior shareholder retur
Slide 19: © 2026 McKesson Corporation. All rights reserved.
19 © 2026 McKesson Corporation. All rights reserved.
Slide 20: Footnotes
Footnotes These notes refer to the financial metrics and/or defined terms presented on: Slide 5 – Accelerating Long-Term Growth 1. Long-Term Adjusted EPS Growth Target refers to Long-Term Adjusted EPS Growth which excludes gains or losses associated with McKesson Venture’s portfolio investments Slid
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2020 McKESSON CORPORATION RECONCILIATION OF FREE CASH FLOW (NON-GAAP) AND FREE CASH FLOW CONVERSION (NON-GAAP) (Unaudited) (in millions) 2020 GAAP CASH FLOW CATEGORIES Net cash provided by operating activities $ 4,374 Net cash used in investing activi
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2020 McKESSON CORPORATION RECONCILIATION TO ADJUSTED LEVERAGE RATIO (NON-GAAP) (Unaudited) (in millions) 2020 Net income (loss) (GAAP) $ 1,120 Depreciation (GAAP) 321 Amortization (GAAP) 601 Loss on debt extinguishment (GAAP) - Interest expense (GAAP)
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2025, 2024, 2023, 2022, 2021, and 2020 McKESSON CORPORATION RECONCILIATION OF GAAP EPS TO ADJUSTED EPS (NON-GAAP) (Unaudited) ($ in millions, except per share amounts) 2025 2024 2023 2022 2021 2020 Earnings per diluted common share from continuing ope
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2020 McKESSON CORPORATION RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Unaudited) (in millions) 2020 Income (loss) from continuing operations before interest expense and income taxes (GAAP) $ 1,393 Adjustments (Non-GAAP) (a
Slide 25: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information McKESSON CORPORATION 1 of 3 SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION 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
Slide 26: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 2 of 3 LIFO inventory-related adjustments - LIFO inventory-related non-cash charges or credit adjustments. Gains from antitrust legal settlements - Net cash proceeds representing the Company’s share o
Slide 27: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 3 of 3 The Company internally uses both GAAP and Non-GAAP financial measures in connection with its own financial planning and reporting processes. Management utilizes Non-GAAP financial measures when
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