McKesson boosts 2026 profit forecast amid specialty drug growth

By Bageshri Banerjee

Feb 4 (Reuters) – McKesson Corporation raised its fiscal 2026 profit forecast on Wednesday, betting on strong growth in its oncology and specialty drug distribution businesses.

The largest pharmaceutical distributor in the U.S. also said it is on track to spin off its medical-surgical business, with an initial public offering by the second half of 2027.

U.S. drug distributors have been expanding into specialty medicines for serious diseases like cancer and rheumatoid arthritis, which are considered to be more profitable.

McKesson now expects adjusted earnings per share in the range of $38.80 to $39.20 for fiscal 2026, compared to its previous outlook of $38.35 to $38.85.

Analysts, on average, expect a profit of $38.70 per share, according to data compiled by LSEG.

The Texas-based company reported third-quarter revenue of $106.16 billion, compared to expectations of $105.86 billion.

On an adjusted basis, the largest pharmaceutical distributor in the U.S. earned $9.34 per share in the quarter, beating analysts’ estimates of $9.22 per share.

McKesson’s U.S. pharmaceutical unit — its largest segment by revenue — recorded sales of $88.3 billion, an increase of 9%, driven by increased prescription transaction volumes.

“Our results highlight the strength of our core distribution businesses and the meaningful progress we are making against our strategic priorities,” said Brian Tyler, chief executive officer.

Earlier on Wednesday, peer Cencora also raised its 2026 profit forecast, capitalizing on surging demand for high-cost specialty drugs.

(Reporting by Bageshri Banerjee; Editing by Vijay Kishore)