McKesson Tops Q2 2027 EPS Expectations, Raises Full-Year Guidance

McKesson reported adjusted earnings of $11.68 per diluted share for its fiscal second quarter of 2027, beating the Wall Street estimate of $10.75. Revenue came in at $110.96 billion, exceeding expectations and up roughly 7.6% from a year ago. The beat marks the fifth consecutive quarter in which the company has topped consensus EPS forecasts.

The standout driver was the Oncology and Multispecialty segment, where revenue jumped 24% to $14.98 billion, powered by broader demand for provider solutions and specialty distribution. North American Pharmaceutical, the company's largest segment at $91.36 billion in revenue, saw adjusted operating profit surge 22% to $1.04 billion on higher specialty product volumes to health systems and strategic accounts. Prescription Technology Solutions also contributed, with revenue growing 10% to $1.52 billion.

Medical-Surgical Solutions posted a 10% decline in adjusted operating profit, hurt by an unfavorable product mix in the ambulatory care channel, even as segment revenue grew 5% to $3.1 billion. McKesson is actively preparing to separate that unit into an independent company; Apollo Funds has already acquired an approximately 13% minority stake as part of that process.

Management responded to the quarter's momentum by lifting full-year adjusted EPS guidance to a range of $45.60 to $46.40, up from the prior range of $44.20 to $45.00, implying growth of 17% to 19% over the prior year. The company also declared a quarterly dividend of $0.94 per share, up 15% from $0.82. Beyond the guidance raise, McKesson announced a definitive agreement to invest approximately $1.4 billion for an approximately 49% minority interest in Option Care Health and completed the acquisition of Precision Medicine Group, signaling continued portfolio expansion heading into the back half of fiscal 2027.