Q2: 2025-11-05 Earnings Summary

EPS of $9.86 beats by $0.81

| Revenue of $103.15B (10.14% Y/Y) misses by $969.96M

McKesson Corporation (MCK) UBS Global Healthcare Conference 2025 November 10, 2025 9:30 AM EST

Company Participants

Britt Vitalone - Executive VP & CFO

Conference Call Participants

Kevin Caliendo - UBS Investment Bank, Research Division

Presentation

Kevin Caliendo UBS Investment Bank, Research Division

Good morning, everybody. Thank you for coming to the UBS Healthcare Conference. I’m Kevin Caliendo, UBS Healthcare IT distribution analyst. And we are really, really proud and happy to have Britt Vitalone, who is the Executive Vice President and Chief Financial Officer of McKesson. Britt, thanks so much for coming today.

Britt Vitalone Executive VP & CFO

Thanks for having me.

Question-and-Answer Session

Kevin Caliendo UBS Investment Bank, Research Division

It’s been a great few years. It’s been a great more than a few years, but it’s been especially great few years. Maybe take us through a little bit, I want to start with North American Pharmaceutical because you’ve had this business for a long time. You broke it out this year. You separated the Specialty business from North American Pharma. And I was a little bit surprised to see the margins of North American Pharma stand-alone were stronger than I thought they might be ex the Oncology or ex the Specialty business. I know you rolled Canada into that. But are they – if we go back and look, like what’s changed in that business? What’s made it stronger for you in the past, and we still track the generic stuff and generic pricing and generic mix and everything, that doesn’t seem to be changing. So something else is improving. Maybe just talk a little bit about that?

Britt Vitalone Executive VP & CFO

Yes, I’m happy to. Maybe I’ll just start at a little bit higher level, what we’ve been doing over the last several years. And we’ve had a

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