McKesson Falls After Q1 Revenue Misses Estimates Despite Profit Beat

McKesson Corp. (NYSE:MCK) shares fell after the health care distributor reported first-quarter calendar 2026 revenue of $96.3 billion, up 6% from a year earlier but below analyst expectations. Adjusted earnings were $11.69 a share, 1.1% above consensus estimates. Management said revenue was pressured by lower branded pharmaceutical sales, including manufacturer price declines tied to the Inflation Reduction Act and a sequential decline in GLP-1 medication volumes. Growth in specialty pharmaceutical distribution and oncology and multispecialty provider networks helped offset some of the weakness. McKesson said its fiscal-year outlook assumes continued specialty pharmaceutical growth, stable prescription utilization, technology-services demand and benefits from automation and AI initiatives. The company also cited potential variability from product launches, biosimilar transitions and acquisitions. McKesson plans to separate its Medical-Surgical Solutions segment and continue share repurchases. The stock traded at $735.35 after the report, down from $753.84 before earnings.