Mckesson Corporation · NYSE:MCK
Mckesson — Investor Day (September 2025)
117 slides from Mckesson's investor day presentation, Sep 23, 2025
Slide 1: Advancing Health Outcomes for All
Advancing Health Outcomes for All® INVESTOR DAY | SEPTEMBER 23, 2025
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
McKesson is a diversified Pharmacies healthcare services leader, Providers advancing health outcomes for all through scalable Biopharma platforms, operational excellence, and deep Employers partnerships Payers Patients 3 ©2025 McKesson Corporation. All rights reserved.
Slide 4: Agenda
Agenda Brian Tyler Advancing Our Priorities Chief Executive Officer Britt Vitalone Portfolio Update Executive Vice President, Chief Financial Officer Kirk Kaminsky Group President, North American Pharmaceutical Services North American Pharmaceutical Jason Hammonds Oncology & Multispecialty President
Slide 5: Advancing our Priorities
Advancing our Priorities Brian Tyler Chief Executive Officer 5
Slide 6: Delivering on Multi-Year Strategic Priorities
ADVANCING OUR PRIORITIES Delivering on Multi-Year Strategic Priorities Delivering Growth Against Strategic Priorities Disciplined Portfolio Management & Optimization Superior Long-Term Track Record Focus on People Focused Capital Allocation Leading to and Culture Significant Value Creation 6 ©2025 M
Slide 7: Advancing Strategy Through Tangible Results
ADVANCING OUR PRIORITIES Advancing Strategy Through Tangible Results Grow Focus Oncology, Strengthen Modernize on People Multispecialty North & Accelerate and Culture and American the Portfolio Biopharma Distribution Platforms Leading to Superior Financial Returns and Value Creation 7 ©2025 McKesson
Slide 8: Execution Delivering Earnings Growth & Value Creation
ADVANCING OUR PRIORITIES Execution Delivering Earnings Growth & Value Creation Adjusted Operating Profit +10% Strong track record and sustained success Clear and consistent strategy CAGR1 FY21 FY26F Operational efficiency delivering measurable value Adjusted EPS +17% Increasing Return on Invested Ca
Slide 9: Evolving Industry Trends
ADVANCING OUR PRIORITIES Evolving Industry Trends $23.69 $17.21 BIOPHARMA SHIFTING EVOLUTION OF DEVELOPING DRUG PIPELINE INNOVATION DEMOGRAPHIC S THE DATA AND POLICY DYNAMICS AND EVOLVING AND INCREASED AI LANDSCA PE LANDSCA PE THERAPIES UTILIZATION 9 ©2025 McKesson Corporation. All rights reserved.
Slide 10: People and Culture are the Foundation for Growth
ADVANCING OUR PRIORITIES People and Culture are the Foundation for Growth Best Talent Philosophy Grow and Empower Future Leaders Inclusion, Care & Belonging Grounded in our I2Care and ILEAD Values 10 ©2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day
Slide 11: Our Board of Directors
ADVANCING OUR PRIORITIES Our Board of Directors Significant Depth and Breadth of Experience Brian Tyler Donald Knauss Dominic Caruso Lynne Doughtie W. Roy Dunbar Deborah Dunsire Julie Gerberding James Hinton Bradley Lerman Maria Martinez Kevin Ozan Kathleen Wilson-Thompson 11 ©2025 McKesson Corporat
Slide 12: McKesson Executive Team
ADVANCING OUR PRIORITIES McKesson Executive Team Deep Industry Leadership Brian Tyler Joan Eliasek Francisco Fraga Nimesh Jhaveri Kirk Kaminsky Chief Executive Officer President, EVP, Chief Information Officer, EVP & Chief Impact Officer Group President, North American North American & Chief Technol
Slide 13: Oncology Leads Drug Investment and Innovation
ADVANCING OUR PRIORITIES Oncology Leads Drug Investment and Innovation Drug Spend by Therapeutic Category: 2025 1 Strategic focus on Oncology, the largest therapeutic category measured by drug spend Differentiated Oncology offerings including practice management; real-world data, evidence, and techn
Slide 14: Differentiated Oncology & Multispecialty Platform
ADVANCING OUR PRIORITIES Differentiated Oncology & Multispecialty Platform #1 Oncology & Multispecialty GPOs ~ 3,300 Clinical Commercial providers in The U.S. Oncology Network Research Services Supported more than Drug 1.4 million Practice Management Distribution and GPO patients with The U.S. Oncol
Slide 15: Leading Biopharma Services Solutions
ADVANCING OUR PRIORITIES 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 milli
Slide 16: Scaled Distribution Network Supports Growth
ADVANCING OUR PRIORITIES Scaled Distribution Network Supports Growth Extended Operational Footprint Excellence Distribute ~ 1/3 99.9% of pharmaceuticals in Order accuracy North America Customer-First State of the Art Mindset Network >99% 90% Inventory service level Fulfillment automation in new DCs
Slide 17: Strategic Portfolio Evolution
ADVANCING OUR PRIORITIES Strategic Portfolio Evolution FY20 Business Composition FY25 Business Composition Adjusted Operating Profit Adjusted Operating Profit Other (Change Healthcare) Other (Norway) U.S. Pharmaceutical Medical Surgical 1% North American 6% Pharmaceutical International 17% 10% Medic
Slide 18: Strategic Acquisitions Accelerate Growth Pillars
ADVANCING OUR PRIORITIES Strategic Acquisitions Accelerate Growth Pillars Enhancing clinical trial services A history of value-accretive Adding prescription price transparency acquisitions that and benefit insights tools supports our strategy in Oncology, Developing retina and ophthalmology capabili
Slide 19: Modernizing and Accelerating the Enterprise
ADVANCING OUR PRIORITIES Modernizing and Accelerating the Enterprise Modernizing Enhancing Customer Optimizing Driving Infrastructure Experience Operations Technology • Advancing technology • Digitizing customer • Maximizing working • Unifying & modernizing and automation in care centers capital eff
Slide 20: Key Takeaways
Key Takeaways Diversified healthcare services leader Executing the strategy and delivering sustainable profit growth and cash flows Positioned to win in oncology, multispecialty and biopharma services Financial strength & flexibility Delivering shareholder value creation Compelling Investment Thesis
Slide 21: Portfolio Update
Portfolio Update Britt Vitalone Chief Financial Officer This is a marker slide only – don’t use 9/4/25
Slide 22: Disciplined Approach to Capital Allocation
PORTFOLIO UPDATE Disciplined Approach to Capital Allocation Strategic Importance STRATEGIC IMPORTANCE Financial FINANCIAL Performance PERFORMANCE • Enterprise strategy alignment • Operating Profit growth • Industry profile and positioning • Cash flow/ROIC • Enterprise synergies • Shareholder Value C
Slide 23: Portfolio Decisions Anchored in Enterprise Strategy
PORTFOLIO UPDATE Portfolio Decisions Anchored in Enterprise Strategy Leads to Superior Long-Term Shareholder Returns Organic Growth + Operating Leverage 1 Accelerate Growth + Advance Oncology, Multispecialty & Biopharma Free Cash Flow • Organic: Modernize and accelerate the enterprise + • Inorganic:
Slide 24: Transforming our Portfolio to Accelerate Growth
PORTFOLIO UPDATE Transforming our Portfolio to Accelerate Growth FY20 Segment Structure Exited/Announced Exit FY26 Segment Structure 3 US Pharmaceutical and Specialty Solutions North American Pharmaceutical US Pharmaceutical Oncology & Multispecialty Oncology & Specialty Solutions Prescription Techn
Slide 25: Medical Surgical Separation: Guiding Principles
PORTFOLIO UPDATE Medical Surgical Separation: Guiding Principles Value Capital Strategic Transparency Discipline Creation Allocation Alignment & Focus Optimize and Deliver Sustainable Streamline Capital Invest and Grow Sharpen Market Allocation Aligned Simplify Operating Shareholder Value Differenti
Slide 26: Market Leaders with Distinct Value
PORTFOLIO UPDATE Market Leaders with Distinct Value McKesson Corporation Medical-Surgical (RemainCo) (NewCo) Diversified North American Alternate Site Medical-Surgical Healthcare Services Leader Supplies & Solutions Leader FY25 Revenues1 $347.7B FY25 Revenues1 $11.4B 1 1 FY25 Adjusted EBITDA $4.8B F
Slide 27: Medical-Surgical: Separation Overview
PORTFOLIO UPDATE Medical: Separation Overview STRUCTURE EXECUTION NEXT STEPS ✓ Expect separation to be tax- ✓ Manageable complexity ✓ Establish independent free to McKesson (MCK) organizational structures and its shareholders ✓ NewCo largely separate today ✓ Finalize capital ✓ Dividend levels to str
Slide 28: North American Pharmaceutical Services
North American Pharmaceutical Services Kirk Kaminsky Group President North American Pharmaceutical Services 28 © 2025 McKesson Corporation. All rights reserved. 2
Slide 29: North American Pharmaceutical Services
NORTH AMERICAN PHARMACEUTICAL SERVICES North American Pharmaceutical Services Scaled Distribution Businesses with Diversified Customer Footprint Differentiated, scaled platforms and Leading Oncology Platform across Care Continuum innovative solutions delivering value to Positioned for Multispecialty
Slide 30: Our Services and Solutions
NORTH AMERICAN PHARMACEUTICAL SERVICES Our Services and Solutions North American Pharmaceutical Distribution Oncology & Multispecialty US PHARMA DISTRIBUTION MCK CANADA Provider Solutions Onmark® and Unity GPOs Full Line Wholesale Distribution Specialty Distribution Executing and Delivering Supporte
Slide 31: Overview: North American Pharmaceutical Services
NORTH AMERICAN PHARMACEUTICAL SERVICES Overview: North American Pharmaceutical Services North American Pharmaceutical Services Kirk Kaminsky, Group President North American Pharmaceutical Distribution Oncology & Multispecialty Joan Eliasek, President Jason Hammonds, President U.S. Pharmaceutical McK
Slide 32: North American Pharmaceutical Distribution
NORTH AMERICAN PHARMACEUTICAL SERVICES North American Pharmaceutical Distribution Diversified Customer Portfolio Our scale and Distinctive Strategic Partnerships differentiated value Scaled Strategic Sourcing Platform proposition delivers best-in-class solutions Operational Excellence for providers
Slide 33: Stable and Growing Market
NORTH AMERICAN PHARMACEUTICAL SERVICES Stable and Growing Market US Pharmaceutical Market 1 (Invoice Prices) Key Market Trends +7% Aging population CAGR $1,156B +9% CAGR $812B Rising chronic disease incidence $522B New innovative therapies Growing supply chain complexity 2019 2024 2029F 33 © 2025 Mc
Slide 34: Specialty Growth Acceleration
NORTH AMERICAN PHARMACEUTICAL SERVICES Specialty Growth Acceleration US Pharmaceutical Sector 1 Continued specialty spend 54% growth through 2029 1 +60% +39% 47% 46% Oncology Immunology 53% 2019 2024 Specialty Traditional 34 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Da
Slide 35: McKesson's Diverse Specialty Footprint
NORTH AMERICAN PHARMACEUTICAL SERVICES McKesson’s Diverse Specialty Footprint Health Systems Retail National Accounts Oncology & Multispecialty Canada Community Pharmacies 35 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day 35
Slide 36: Distribution Playbook Delivers Customer Success
NORTH AMERICAN PHARMACEUTICAL SERVICES Distribution Playbook Delivers Customer Success PRODUCT SUPPLY CHAIN SOURCING OPERATIONS CUSTOMER RELATIONSHIPS 36 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day
Slide 37: Vibrant and Diversified Customer Base
NORTH AMERICAN PHARMACEUTICAL SERVICES Vibrant and Diversified Customer Base HEALTH U.S. SPECIALTY SYSTEMS GOVERNMENT PHARMACY / MAIL • Leading market position • Department of Veterans • Serve 2 of top 3 • Strong partnerships Affairs pharmacies in the US with all major GPOs • CDC Vaccines for Childr
Slide 38: Scaled and Automated Network Drives Growth
NORTH AMERICAN PHARMACEUTICAL SERVICES Scaled and Automated Network Drives Growth STATE OF NEXT THE ART GENERATION NETWORK MODERN DISTRIBUTION COLD CHAIN REDUNDANCY TECHNOLOGY • Delivers >1/3 of • Full suite of capabilities • 27 distribution centers • AI Powered logistics America’s medicines includi
Slide 39: It's Not Just a Package, It's a Patient
NORTH AMERICAN PHARMACEUTICAL SERVICES Mission-Driven Operations It’s Not Just a Package It’s a Patient 39 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day
Slide 40: Sourcing Leadership with ClarusONE
NORTH AMERICAN PHARMACEUTICAL SERVICES Sourcing Leadership with ClarusONE Growing Markets Access to 2%-3% projected generic market growth between 2026-2029 1 Affordable Medicines Cost Leadership with Supply Scale, growth and supplier relationships Stability Scale Expansion 2024: Successfully onboard
Slide 41: Building Distinctive Partnerships
NORTH AMERICAN PHARMACEUTICAL SERVICES Building Distinctive Partnerships Leveraging joint Providing pharmaceutical distribution services for 30+ years expertise and capabilities to address Founded ClarusONE Joint Venture healthcare challenges and Partnered with US Antibiotics, taking a advance strat
Slide 42: Building Distinctive Partnerships
NORTH AMERICAN PHARMACEUTICAL SERVICES Building Distinctive Partnerships The breadth of our assets Launched Sarah Canon Research Institute (“SCRI”) Joint Venture and customer-first Developed GPO relationship with mindset resonates with HealthTrust Purchasing Group the largest leaders in Contracted f
Slide 43: North American Pharmaceutical Distribution
North American Pharmaceutical Distribution Joan Eliasek President North American Pharmaceutical 43 © 2025 McKesson Corporation. All rights reserved. 43
Slide 44: McKesson Canada
NORTH AMERICAN PHARMACEUTICAL DISTRIBUTION McKesson Canada Unparalleled national distribution reach Market leader Customer-centric service innovation partnering with and excellence biopharma to provide Improved access through expanded access and biopharma partnerships and offerings affordability to
Slide 45: Canadian Market Exhibiting Strong Growth
NORTH AMERICAN PHARMACEUTICAL DISTRIBUTION Canadian Market Exhibiting Strong Growth Canadian Pharma Rx Market Key Market Trends 1 (spend in CAD $) +7% Aging and robust population growth CAGR $67B Rising chronic diseases +9% CAGR Growing specialty drug pipeline $47B Generics drug expansion due to $31
Slide 46: McKesson Canada Overview
NORTH AMERICAN PHARMACEUTICAL DISTRIBUTION McKesson Canada Overview DISTRIBUTION RETAIL SPECIALTY HEALTH • State of the art distribution • Foster independent pharmacies • Patient Support Programs in network serving 9,000 through 6 retail banners & key therapeutic areas pharmacies and all sites of ca
Slide 47: Fastest Growing and Largest Independent Pharmacy Network in Canada
NORTH AMERICAN PHARMACEUTICAL DISTRIBUTION Fastest Growing and Largest Independent Pharmacy Network in Canada Our value proposition to pharmacies 2,700+ +630 locations since 1932 total stores +470 locations • Best-in-class distribution Including over 680 independent/ non-branded stores since 1964 se
Slide 48: Distinct Breadth of Specialty Health Solutions
NORTH AMERICAN PHARMACEUTICAL DISTRIBUTION Distinct Breadth of Specialty Health Solutions Patient Support Programs Targeted Biopharma Partnerships • One-McKesson value proposition with specialized Wholesale, manufacturer solutions 3PL & Healthcare Specialized Partnerships Distribution Distinctive Of
Slide 49: Spotlight: Infusion Capability
NORTH AMERICAN PHARMACEUTICAL DISTRIBUTION Spotlight: Infusion Capability Canada’s premier accredited infusion clinic network Over 139,000 infusions and injections administered in community settings annually 66 INVIVA private infusion clinics, with first private clinic to provide radioligand therapy
Slide 50: Oncology & Multispecialty
Oncology & Multispecialty Jason Hammonds President Oncology & Multispecialty 50 © 2025 McKesson Corporation. All rights reserved. 50
Slide 51: Oncology & Multispecialty
ONCOLOGY & MULTISPECIALTY Oncology & Multispecialty Empower Community Providers Develop a scaled, market- leading platform of integrated Transform Care with Proprietary Technology solutions that supports accelerated drug discovery, Enhance Biopharma Commercialization expanded patient access, and imp
Slide 52: Our Oncology Platform Connects Providers to Drug Discovery and Biopharma Commercialization
ONCOLOGY & MULTISPECIALTY Our Oncology Platform Connects Providers to Drug Discovery and Biopharma Commercialization Biopharma BIOPHARMA PROVIDERS Enabling physicians to Accelerating development and practice world-class care maximizing commercial success Commercialization & Care Delivery Clinical Re
Slide 53: Unparalleled Specialty Distribution Breadth
ONCOLOGY & MULTISPECIALTY Unparalleled Specialty Distribution Breadth Group Purchasing Organizations Specialty Distribution Services • #1 oncology & multispecialty GPOs • $3.2B in savings and rebates • 14,000+ providers across specialties • Medically Integrated Dispensing Specialty Pharmacy • Oncolo
Slide 54: Differentiated and Scaled Specialty Platforms
ONCOLOGY & MULTISPECIALTY Differentiated and Scaled Specialty 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 Res
Slide 55: Community Oncology Market Growth
ONCOLOGY & MULTISPECIALTY 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 G
Slide 56: Oncology Market is Large, Growing & Increasingly Complex
ONCOLOGY & MULTISPECIALTY Oncology Market is Large, Growing & Increasingly 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 s
Slide 57: Community Oncology is at the Heart of Cancer Care
ONCOLOGY & MULTISPECIALTY Community Oncology is at the Heart of Cancer Care High Quality & Accessible care + Lower Total Cost of Care More than half of Americans + diagnosed with cancer receive Integrated Services treatment in community settings & Capabilities = High-quality Patient Outcomes 57 © 20
Slide 58: The US Oncology Network: Partner of Choice
ONCOLOGY & MULTISPECIALTY The US Oncology Network: Partner of Choice for Community Oncology Physician-Led Lead in value-based care Deliver Leading Unlock growth and Management Services diversification Capital to pursue site and service growth Support clinical services Modernize with technology Leadi
Slide 59: Unparalleled Reach in Community Oncology
ONCOLOGY & MULTISPECIALTY Unparalleled Reach in Community Oncology Number of 700+ Locations providers +119% 3,271 1,491 2017 2025 Number of 2.40M patient visits +109% 1.15M ~45% of the U.S. population lives within 20 miles of a practice location in The US Oncology Network 2017 2025 59 © 2025 McKesso
Slide 60: Sarah Cannon: Expanding Cutting-Edge Research
ONCOLOGY & MULTISPECIALTY Sarah Cannon: Expanding Cutting-Edge Research in the Community Setting 1,300+ Research physicians Accelerating Drug Development 200+ Locations in 20+ states Enhanced site connectivity with 850+ First in human trials SCRI’s scaled, seamless operations model enabling faster 3
Slide 61: Multispecialty Platform Expansion
ONCOLOGY & MULTISPECIALTY Multispecialty Platform Expansion Vision care extends our multispecialty footprint, supported by scalable infrastructure and differentiated capabilities Extends success and expertise developed over years in community oncology OUR ONGOING COMMITMENT: Onmark Vision GPO Broade
Slide 62: Key Takeaways
Key Takeaways Empower Community Providers Transform Care with Proprietary Technology Enhance Biopharma Commercialization Expand Access to Clinical Trials and Therapies Solutions to Accelerate Drug Development 62 © 2021 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day © 2025 McKe
Slide 63: North American Pharmaceutical Services
NORTH AMERICAN PHARMACEUTICAL SERVICES North American Pharmaceutical Services Scaled Distribution Businesses with Diversified Customer Footprint Differentiated, Leading Oncology Platform scaled platforms and across Care Continuum innovative solutions Positioned for Multispecialty Growth delivering v
Slide 64: Accelerating Our Biopharma Platform
Accelerating Our Biopharma Platform Kevin Kettler President Prescription Technology Solutions McKesson Proprietary and Confidential 9/4/25
Slide 65: Biopharma Services Market Opportunity
ACCELERATING OUR BIOPHARMA PLATFORM Sizeable Opportunity To Solve Complex Biopharma Challenges Improving Access of patients experience delays in receiving their medication Managing Affordability Biopharma of patients expressed concern Services Market over medication costs Opportunity Delivering Adhe
Slide 66: Innovative Biopharma Companies Continue to Meet Healthcare Needs
ACCELERATING OUR BIOPHARMA PLATFORM Innovative Biopharma Companies Continue to Meet Healthcare Needs of Patients Biopharma Pipeline $812B 2024 US medicine 2 spend • 1,920 clinical trial starts in the US in 2024 1 • 50-55 novel substances expected to 9% launch per year through 2029 in the US 3 Growth
Slide 67: Our Strategy is Clear
ACCELERATING OUR BIOPHARMA PLATFORM Our Strategy is Clear Enhance & Expand Core Solutions Our scaled and Leverage Innovation to Drive Growth differentiated network unlocks medication Increase Solutions for Specialty Medications access and affordability – delivering measurable Modern Technology & Aut
Slide 68: Intentional Biopharma Services Platform Development
ACCELERATING OUR BIOPHARMA PLATFORM 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 pric
Slide 69: Scaled Platform Addressing Biopharma Needs
ACCELERATING OUR BIOPHARMA PLATFORM Scaled Platform Addressing Biopharma Needs Biopharma RxTS Biopharma Services Platform Customer Challenges Loss of Launch Growth Maturity Formulary access Exclusivity barriers Patient drop off and adherence Creating Scaling Maintain Navigating Awareness Reach Marke
Slide 70: Powering Success for Biopharma
ACCELERATING OUR BIOPHARMA PLATFORM Powering Success for Biopharma 19 Brands 35 Programs Deepening Customer Relationships Evolution of a Top 5 Customer Over Time Direct to Patient Patient Consent Management 1 Brand Access Enrollment 1 Program Appeals Complex Prior Authorization Support Prior Authori
Slide 71: Patient-Centric Solutions Drive Biopharma Value
ACCELERATING OUR BIOPHARMA PLATFORM Patient-Centric Solutions Drive Biopharma Value Biopharma Providers & 700+ brands spanning all Health Systems lifecycle stages across ~1 million providers with 95% of therapy areas 350+ EHRs integrated PATIENTS Health Plans Pharmacies & PBMs 50,000+ pharmacies 96%
Slide 72: Solutions that Support the Patient's Journey
ACCELERATING OUR BIOPHARMA PLATFORM Solutions that Support the Patient’s Journey BETTER DECREASED REDUCED ENHANCED DIRECT ACCESS COSTS ABANDONMENT SUPPORT ACCESS “I can stay on “I understand the “I can get my “I can access the “I can afford to pickup treatment when treatment and make support availab
Slide 73: Solutions that Help Patients Start, Stay On, and Afford Therapy
ACCELERATING OUR BIOPHARMA PLATFORM Solutions that Help Patients Start, Stay On, and Afford Therapy ACCESS AFFORDABILITY THIRD-PARTY SOLUTIONS & OTHER SOLUTIONS LOGISTICS • Support patient access to • Create visibility to patient • Support title & non-title branded medications covered affordability
Slide 74: Differentiated Biopharma Services Platform
ACCELERATING OUR BIOPHARMA PLATFORM Differentiated Biopharma Services Platform Third-Party Logistics Affordability & Other Access Third-Party Logistics services for Solutions offered at point of Automated insurer approval for biopharma manufacturers prescribing/dispensing drug coverage Title & Non
Slide 75: Key Takeaways
Key Takeaways Connecting Stakeholders and Enhancing Biopharma Value Large and growing market with significant unmet needs Unmatched portfolio of assets providing differentiated value proposition across key stakeholder groups Scaled connectivity into pharmacies, providers, and payers has driven prove
Slide 76: Disciplined Execution + Sustainable Value Creation
Disciplined Execution + Sustainable Value Creation Britt Vitalone Chief Financial Officer 9/4/25
Slide 77: Compelling Long-Term Financial Profile
SUSTAINABLE VALUE CREATION Compelling Long-Term Financial Profile Proven track record of distinctive financial performance Consistent strategy anchored in high-performing, differentiated portfolio Focused operations delivering measurable value Disciplined capital deployment driving superior sharehol
Slide 78: Agenda
Agenda Overview of New Segmentation Updated Fiscal 2026 Guidance Outstanding Track Record Long-term Financial Outlook McKesson 2025 Investor Day © 2025 McKesson Corporation. All rights reserved.
Slide 79: Agenda
Agenda Overview of New Segmentation Updated Fiscal 2026 Guidance Outstanding Track Record Long-term Financial Outlook McKesson 2025 Investor Day © 2025 McKesson Corporation. All rights reserved.
Slide 80: Introducing New Segments
SEGMENTATION UPDATE Introducing New Segments Prior Reporting Structure New Reporting Structure U.S. Pharmaceutical North American Pharmaceutical • U.S. Pharmaceutical • U.S. Pharmaceutical • Oncology & Multispecialty • Canada Oncology & Multispecialty Prescription Technology Solutions Prescription T
Slide 81: Increased Transparency & Focus on Growth Strategies
SEGMENTATION UPDATE Increased Transparency & Focus on Growth Strategies ($ millions) REVENUES FY24 B/(W) FY25 North American Pharmaceutical 261,368 17% 304,507 Oncology & Multispecialty 30,490 21% 36,862 Prescription Technology Solutions 4,769 9% 5,216 Medical-Surgical Solutions 11,309 1% 11,380 Oth
Slide 82: Large, Growing Segments
SEGMENTATION UPDATE Large, Growing Segments North American Pharmaceutical Oncology & Multispecialty Prescription Technology Solutions U.S. Pharma MCK Drug Distribution Distribution Canada Practice Management • Breadth of Product Capabilities • Diverse Channel Distribution Footprint • Scaled & Automa
Slide 83: Accelerating Specialty Growth
SEGMENTATION UPDATE Accelerating Specialty Growth Specialty Distribution Footprint1 Specialty Distribution Revenue2 Health 18% Retail National Systems Accounts $90B+ Oncology & Multispecialty CAGR Canada FY21 FY25 Community Pharmacies 83 © 2025 McKesson Corporation. All rights reserved. McKesson 202
Slide 84: Agenda
Agenda Overview of New Segmentation Updated Fiscal 2026 Guidance Outstanding Track Record Long-term Financial Outlook McKesson 2025 Investor Day © 2025 McKesson Corporation. All rights reserved.
Slide 85: Raising FY26 Adjusted EPS Outlook
FISCAL 2026 GUIDANCE UPDATE Raising FY26 Adjusted EPS Outlook Consolidated metrics REVENUES ADJUSTED OPERATING ADJUSTED FREE CASH PROFIT EPS FLOW 11% to 15% growth 10% to 14% growth $38.05 to $38.55 $4.4 to $4.8 billion No change Previously 9% to 13% Previously $37.10 to $37.90 No change ADJUSTED IN
Slide 86: Raising FY26 Adjusted EPS Outlook
FISCAL 2026 GUIDANCE UPDATE Raising FY26 Adjusted EPS Outlook Segment metrics ADJUSTED REVENUE OPERATING PROFIT North American Pharmaceutical 10% to 14% growth 3% to 7% growth Oncology & Multispecialty 27% to 31% growth 49% to 53% growth Prescription Technology Services 9% to 13% growth 11% to 15% g
Slide 87: Core Segments Demonstrating Accelerated Growth
FISCAL 2026 GUIDANCE UPDATE Core Segments Demonstrating Accelerated Growth Adjusted Operating Profit ($ in millions) Adjusted Operating Profit Outlook FY26 FY25 Growth Outlook Guidance Range North American Pharmaceutical $3,145 3% to 7% growth $3,240 – $3,370 Oncology & Multispecialty $936 49% to 53
Slide 88: Agenda
Agenda Overview of New Segmentation Updated Fiscal 2026 Guidance Outstanding Track Record Long-term Financial Outlook McKesson 2025 Investor Day © 2025 McKesson Corporation. All rights reserved.
Slide 89: Delivering Consistent & Exceptional Earnings Growth
LONG TERM TRACK RECORD Delivering Consistent & Exceptional Earnings Growth ~17% Adjusted EPS CAGR 1 (FY21 to FY26F) $38.05 to $38.55 $33.05 $27.44 $25.94 $23.69 $17.21 FY21 FY22 FY23 FY24 FY25 FY26F 89 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day
Slide 90: Superior Long-Term Performance
LONG TERM TRACK RECORD Superior Long-Term Performance 5-year Share Price Performance 1 +357% +97% +30% 2025 Investor Day MCK S&P 500 (SPX) S&P 500 Health Care (HCX) 90 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day
Slide 91: Successful Execution of Our Framework
LONG TERM TRACK RECORD Successful Execution of Our Framework Adjusted Operating Profit Adjusted EPS Capital Management +17% Cumulative Free Cash Flow2 +10% Free Cash Flow Returned to Shareholders3 $26B $18B+ 73% CAGR 1 CAGR 1 FY21 FY26F FY21 FY26F FY21 FY26F 91 © 2025 McKesson Corporation. All right
Slide 92: Delivering Operating Expense Leverage
LONG TERM TRACK RECORD Delivering Operating Expense Leverage Operating Expense Leverage1 ~1200 bps Operating Leverage Tactics ✓ Operational Excellence 69% ✓ Highly Automated Distribution Network 57% ✓ Strategic Sourcing and Supply Initiatives ✓ Modernizing & Accelerating Technology Portfolio ✓ Lean
Slide 93: Strong Free Cash Flow Provides Financial Flexibility
LONG TERM TRACK RECORD Strong Free Cash Flow Provides Financial Flexibility Free Cash Flow Free Cash Flow Conversion Leverage 1 1 2 $5.2B $4.4 - 140% 2.3x $4.6B $4.8B 125% 123% $3.9B $3.9B $3.6B 107% 99% 98% 1.5x 1.4x 1.4x 1.3x 1.3x FY21 FY26F FY21 FY26F FY21 FY26F • Solid operating performance • Ca
Slide 94: Clear & Consistent Capital Allocation Strategy
CAPITAL ALLOCATION Clear & Consistent Capital Allocation Strategy Maximizing ROIC and Delivering Sustainable Shareholder Value 1 (FY21 to FY26F) Operational Execution Free Cash Flow ~$26B Return Capital Growth to Shareholders Organic Initiatives Strategic M&A 2 Dividends Share Repurchases $4.2B $6.3
Slide 95: Reliable and Consistently Growing Dividend
CAPITAL ALLOCATION Reliable and Consistently Growing Dividend 13% CAGR 1 FY21 FY22 FY23 FY24 FY25 FY26F 2 3 Dividends Paid Adj. EPS 95 © 2025 McKesson Corporation. All rights reserved. McKesson 2025 Investor Day
Slide 96: Consistent Return of Capital to Shareholders
CAPITAL ALLOCATION Consistent Return of Capital to Shareholders Share Repurchase Program Weighted Average Shares 1 ~19% Shares Repurchased ~$17B FY21 to FY26F 154.7M Weighted Average $373.83 124.6M Repurchase Price 2 Compound Annual Return 3 ~40% 6/30/21 6/30/25 96 ©©2025 2025McKesson McKessonCorpor
Slide 97: Agenda
Agenda Overview of New Segmentation Updated Fiscal 2026 Guidance Outstanding Track Record Long-term Financial Outlook McKesson 2025 Investor Day © 2025 McKesson Corporation. All rights reserved.
Slide 98: Shareholder Value Creation Framework
LONG TERM OUTLOOK Shareholder Value Creation Framework Organic Growth • Revenue growth at or above market + Operating Leverage • Disciplined tactics driving margin efficiency + • Modernizing and accelerating the enterprise Free Cash Flow with innovation and technology solutions + • Delivering operat
Slide 99: Updating Long-Term Financial Growth Targets
LONG TERM OUTLOOK Updating 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%
Slide 100: Key Takeaways
Key Takeaways Differentiated growth pillars in oncology, multispecialty, and biopharma services Disciplined portfolio management aligned to strategy Advancing and modernizing enterprise Delivering shareholder value creation Consistent execution and performance lead to compelling investment thesis 10
Slide 101: Supplemental Information
Supplemental Information 101 © 2021 McKesson Corporation. All rights reserved.
Slide 102: Glossary
Glossary Acronym Defined Term Acronym Defined Term AI Artificial intelligence FDA Food and Drug Administration AOP Adjusted Operating Profit FY Fiscal year B Billion GPO Group purchasing organization BPS Basis points M Million CAD Canadian dollar M&A Mergers and acquisitions CAGR Compound annual gro
Slide 103: Footnotes
Footnotes These notes refer to the financial metrics and/or defined terms presented on: Slide 8 – Execution Delivering Earnings Growth & Value Creation 1. CAGRs are from Fiscal 2021 to Fiscal 2026 guidance midpoint. Slide 13 – Oncology Leads Drug Investment and Innovation 1. Source: Evaluate Pharma.
Slide 104: Footnotes
Footnotes Slide 55 – Community Oncology Market Growth 1. Total Addressable Market is McKesson estimates based on market data from IQVIA and represents market size specific to community oncology and specialty. Slide 56 – Oncology Market is Large, Growing & Increasingly Complex 1. Statistic from Ameri
Slide 105: Footnotes
Footnotes Slide 93 – Strong Free Cash Flow Provides Financial Flexibility 1. Represents a Non-GAAP financial measure. See Supplemental Non-GAAP Financial Information for details. 2. Represents Adjusted Leverage Ratio (Non-GAAP). See Supplemental Non-GAAP Financial Information for details. Slide 94 –
Slide 106: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2025, 2024, 2023, 2022, 2021, and 2020 McKESSON CORPORATION RECONCILIATION OF FREE CASH FLOW (NON-GAAP) AND FREE CASH FLOW CONVERSION (NON-GAAP) (Unaudited) (in millions) 2025 2024 2023 2022 2021 2020 GAAP CASH FLOW CATEGORIES Net cash provided by ope
Slide 107: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2025, 2024, 2023, 2022, 2021, and 2020 McKESSON CORPORATION RECONCILIATION TO ADJUSTED LEVERAGE RATIO (NON-GAAP) (Unaudited) (in millions) 2025 2024 2023 2022 2021 2020 Net income (loss) (GAAP) $ 3,481 $ 3,160 $ 3,722 $ 1,287 $ (4,340) $ 1,120 Depreci
Slide 108: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED EBITDA (NON-GAAP) (Unaudited) (in millions) a) Refer to our applicable filings with the SEC for footnote disclosures included in our Form 8-K filed on September 18t
Slide 109: 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) Refer to slide 111 for all footnote references 109 ©©2021 2025McKesson McKessonCorp
Slide 110: 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 OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Unaudited) (in millions) 2025 2024 2023 2022 2021 2020 Gross profit (GAAP) $ 13,323 $ 12,828 $ 12,358 $ 13,130 $ 12,14
Slide 111: 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 OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (Unaudited) (in millions) a) Certain computations may reflect rounding adjustments. b) We calculate loss pe
Slide 112: 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 OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Unaudited) (in millions) a) Refer to our applicable filings with the SEC for footnote disclosures included in our Earn
Slide 113: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2025 and 2024 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Unaudited) (in millions) a) Refer to our applicable filings with the SEC for footnote disclosures included in our Form 8-K filed on Sep
Slide 114: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Full Year Fiscal 2020 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (c) (Unaudited) (in millions) a) Refer to our applicable filings with the SEC for footnote disclosures included in our Form 8-K filed on May 6th,
Slide 115: 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 116: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 2 of 3 • Adjusted Operating Profit (Non-GAAP): We define Adjusted Operating Profit as GAAP income from continuing operations before interest expense and income taxes, excluding amortization of acquisi
Slide 117: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 3 of 3 Claims and litigation charges - Adjustments to certain of the Company’s reserves, including those related to estimated probable settlements for its controlled substance monitoring and reporting