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CREDIT UPDATE: McKesson (MCK: A3/BBB+/A-): 2Q25

CREDIT UPDATE

Not a spread mover:

  • Revenues $93.7bn +21%;  +5.3% ahead of estimates
  • Adj Earnings $915m +9% yoy; 2.2% ahead of consensus
  • Raises guidance for EPS by 1.7% mid-range equates to 18%-20% growth vs FY24
  • Acquiring control of Florida Cancer Specialists; selling Canadian retail business. Implies higher margins going forward
  • Raising share buybacks from $2.8bn to $3.2bn – not ideal for bondholders
  • Last issued in $ Sep ’24 – no imminent need.  Next maturity is the EUR Nov ‘25

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