McKesson Corporation (MCK) presented its Q1 financial performance and growth strategy at the Wells Fargo 21st Annual Healthcare Conference on Tuesday, September 8, 2026. The company reported significant revenue and profit growth across its segments, driven by strong momentum in its North America Pharmaceutical Distribution (NAPD) business and strategic acquisitions.
In Q1, McKesson achieved a 5% revenue growth in the NAPD segment, with an adjusted operating profit (AOP) growth of 19%. The company's full-year NAPD AOP growth guidance is set at 9.5%. The oncology and multi-specialty segment saw a 33% revenue growth and a 41% AOP growth, with organic AOP growth of 15%. The prescription technology solutions (RxTS) segment reported a 9% revenue growth and a 13% AOP growth, matching its long-term target range.
The medical-surgical segment experienced a 4% revenue growth but a 20% AOP decline due to one-time administrative costs. McKesson's full-year AOP guidance for this segment is between 0% and 4% growth. The company's stock was trading around $908, with a market capitalization of $105.86 billion, a P/E ratio of 24.28, and a PEG ratio of 0.46.
McKesson's Chief Financial Officer, Kenny Weise, highlighted the company's commitment to deploying $5 billion back to shareholders in the year, with $2.5 billion already achieved through share repurchases in Q1. The company also announced a 15% dividend increase, representing a 32% dividend growth over the last 12 months.
The company's enterprise strategy, rethought about seven years ago, focuses on people, culture, and talent, reinvigorating the growth in the core North American supply chain businesses. McKesson is allocating its growth and capital around oncology and biopharma services, where it has differentiated capabilities.
McKesson's recent $2.25 billion acquisition of Precision Medicine Group (PMG) is expected to provide incremental value for biopharma partners around drug innovation, clinical services, commercialization, and access to patients. The company also mentioned its BRIDGE program, which began in July and aims to streamline prior authorization decisions, with 95% of decisions reached within 30 minutes or less.
McKesson's Chief Executive Officer, Brian Tyler, emphasized the company's engagement with customers day to day, viewing renewals as an ongoing process rather than an event. He also highlighted the company's joint venture, ClarusONE, for sourcing generics, focusing on stability of supply, competitive pricing, and partnership with customers downstream.
The company's Wellverse platform is targeting the back half of 2025 for its IPO, and scribing tools have been rolled out to more than 80% of US Oncology Network providers. McKesson's biosimilars and generics market contains about 95 approved biosimilar products, with 74 to 75 actively in the market, and CoverMyMeds interfaces with 50,000 different pharmacies.
