(Reuters) -Drug distributor McKesson raised its fiscal 2026 profit forecast on Wednesday, betting on strong growth in its oncology and specialty drug distribution businesses.
Shares of the company rose about 2% in extended trading.
Drug distributors in the United States are expanding their presence in the market for specialty medicines, which treat complex conditions such as rheumatoid arthritis and cancer, due to their high profit margins.
McKesson now expects adjusted earnings per share in the range
of $38.35 to $38.85 for fiscal 2026, compared to its previous outlook of $38.05 to $38.55 per share. Analysts, on average, expect a profit of $38.33 per share, according to data compiled by LSEG.
Earlier on Wednesday, peer Cencora also raised its 2026 profit forecast and said it will invest over $1 billion through 2030 to expand its U.S. network.
On an adjusted basis, McKesson earned $9.86 per share in the quarter, beating analysts' estimates of $9.02 per share.
The company reported second-quarter revenue of $103.15 billion, compared to expectations of $104.13 billion.
The drug distributor's U.S. pharmaceutical unit — its largest segment by revenue — recorded sales of $86.5 billion. That was 8% higher than last year, but missed the consensus estimate of $87.40 billion.
In September, McKesson said it would restructure into four segments to sharpen focus on high-margin businesses, such as cancer medicines, to boost growth.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Alan Barona)
