Health Care Distributors

Schneider Electric SE agreed to acquire U.S.-based engineering software developer PTC Inc. for $22.6 billion, or €20.1 billion, paying $205 per share in an all-cash deal. The transaction was among a string of major deals reported across sectors this week. Viatris said it will acquire all outstanding shares of Pacira BioSciences for $36.50 per share in cash, an aggregate equity value of $1.65 billion, while CD&R and McKesson agreed to acquire Option Care Health for $32.05 per share, valuing it at approximately $5.8 billion including debt, sending its shares up 34% in early trading Tuesday. Energy Transfer agreed to acquire Vaquero Midstream in a $2.625 billion deal consisting of $1.95 billion in cash and about 33.3 million newly issued Energy Transfer common units, and Cenovus Energy agreed to acquire Athabasca Oil in a cash-and-stock deal valued at about C$5.7 billion, a 14% premium to Athabasca's 20-day volume-weighted average trading price. Canadian utilities Emera and Canadian Utilities agreed to an all-stock merger worth C$14.3 billion, or US$10 billion, creating a combined company with a C$72 billion enterprise value and a regulated rate base of C$45 billion serving roughly 6 million customers. Separately, TKO LLC proposed to acquire Service Properties Trust's entire hospitality portfolio for $2.0 billion, and CCC Intelligent Solutions soared 13% in after-hours trading on a report that GTCR and Elliott Investment Management are in advanced discussions to purchase the car-insurance software firm.

Shanghai Pharmaceuticals announced that its subsidiary, Shanghai First Biochemical Pharmaceutical, has received a Drug Registration Certificate from the National Medical Products Administration for Clevidipine Injectable Emulsion, granting approval for production. The product is available in 50 ml: 25 mg and 100 ml: 50 mg specifications, registered as a Category 3 chemical drug, with the company having invested approximately 52.2 million yuan in research and development. The product is indicated for hypertensive patients who cannot take oral medication. In 2025, hospital procurement of injectable calcium channel blockers with the same mechanism in mainland China reached 911.39 million yuan. Following approval, the product is expected to benefit from medical insurance payment support, increase market share, and enhance the company's competitiveness.

McKesson Corporation is partnering with private equity firm Clayton, Dubilier & Rice to acquire Option Care Health, Inc. for $5.8 billion including debt, taking the infusion-services provider private at $32.05 per share, a 37% premium to its previous closing price. Under the structure announced on October 6, CD&R will own 51% of the business while McKesson will hold 49% and retain the right to acquire its partner's stake in the future. The deal extends McKesson's push beyond traditional pharmaceutical distribution into higher-value specialty services, following its previously announced $2.25 billion agreement to acquire Precision Medicine Group. Option Care, which served more than 315,000 patients last year through home-based services and 184 care centers, reported second-quarter revenue up 1.9% to $1.44 billion and adjusted EBITDA up 3% to $117.5 million, and withdrew its 2026 guidance of $5.675 billion to $5.775 billion in revenue following the announcement. Analysts at Barrington and William Blair both downgraded Option Care to Market Perform, calling the $32.05-per-share offer attractive and a competing bid unlikely, while Morgan Stanley maintained an Overweight rating and a $977 price target on McKesson.

Toho Holdings is in advanced talks to acquire PHC Holdings in a potential Japan healthcare sector transaction valued at more than JPY 200 billion. The move would push the ¥240.1 billion pharmaceutical wholesaler further into medical devices, diagnostic reagents and healthcare technology, turning a pure distributor into a broader healthcare platform. The talks reflect a wider trend of privatizations and consolidation in Japan's healthcare industry. The key question now is whether Toho Holdings moves from due diligence to a formal tender offer, and on what terms, with investors likely to focus on the premium to PHC's last trading price, the proposed financing mix, and any concrete targets for returns or cash generation. Questions already surround dividend coverage by free cash flow and past one-off items in results, so higher funding needs and integration risk could weigh on the stock if the deal proceeds.

Shanghai Pharmaceuticals announced on October 9 that its subsidiary Shanghai No.1 Biochemical & Pharmaceutical Co., Ltd. received the Drug Registration Certificate for Clevidipine Injectable Emulsion from the National Medical Products Administration, and the drug has been approved for production. Clevidipine Injectable Emulsion is mainly used to treat hypertension in patients for whom oral medication is unsuitable or expected to be ineffective.

Shanghai Pharmaceuticals announced that its subsidiary Shanghai First Biochemical Pharmaceutical has received the Drug Registration Certificate for Clevidipine Emulsion Injection from the National Medical Products Administration, with specifications of 50ml:25mg and 100ml:50mg, registered as a Category 3 chemical drug. The drug is mainly used to treat hypertension when oral medication is inappropriate or expected to be ineffective. It was originally developed by AstraZeneca and approved for marketing in the United States in August 2008. Shanghai First Biochemical Pharmaceutical submitted its marketing application in July 2024 and was accepted, with cumulative R&D investment of approximately 52.2 million yuan. The company stated that this approval will help expand the drug's market share and enhance market competitiveness, but drug sales are affected by uncertainties such as national policies and the market environment, and sales may fall short of expectations. Investors should be aware of the risks.

Shanghai Pharmaceuticals announced on October 9 that its subsidiary SPH No.1 Biochemical & Pharmaceutical has received the Drug Registration Certificate for Clevidipine Injectable Emulsion from the National Medical Products Administration. The drug has been approved for production and is mainly used to treat hypertension in patients for whom oral medication is unsuitable or expected to be ineffective. As of the announcement date, the company has invested approximately 52.2 million yuan in research and development for this drug. According to the IQVIA database, in 2025, the procurement amount of injectable calcium channel blockers with the same mechanism as Clevidipine Injectable Emulsion in mainland China hospitals was 911 million yuan. In the first half of 2026, Shanghai Pharmaceuticals achieved revenue of 147.47 billion yuan and net profit attributable to the parent company of 3.504 billion yuan.

Shanghai Pharmaceuticals announced that its subsidiary Shanghai First Biochemical Pharmaceutical received the Drug Registration Certificate for Clevidipine Injectable Emulsion from the National Medical Products Administration, granting approval for production. The drug is mainly used to treat hypertension in patients for whom oral medication is unsuitable or expected to be ineffective. As of the announcement date, the company has invested approximately 52.2 million yuan in research and development for this drug.

Option Care Health has agreed to be acquired by CD&R and McKesson for $32.05 per share in cash, sending OPCH shares 32.7% higher to close at $31. The offer represents a roughly 37% premium to Option Care Health's October 5, 2026 closing price and values the company at approximately $5.8 billion in enterprise value. The deal underscores the strategic appeal of Option Care's home and alternate-site infusion care platform and reduces near-term uncertainty around its standalone outlook. Ahead of its upcoming report, Option Care is expected to post quarterly earnings of $0.48 per share, up 6.7% year over year, on revenues of $1.47 billion, up 2.4% from the year-ago quarter, with the consensus EPS estimate unchanged over the last 30 days. The stock currently carries a Zacks Rank #2 (Buy).

Option Care Health Inc. has agreed to be acquired by Clayson, Dubilier, & Rice LLC and McKesson Corp. for $5.8 billion, sending its shares up as much as 33 percent to $31.11 on Tuesday. The definitive agreement values the infusion therapy provider at $32.05 per share, a 37 percent premium over its closing price of $23.37 on Monday before the announcement. CD&R will serve as controlling shareholder with 51 percent ownership, while McKesson will hold the remaining 49 percent. The transaction is expected to close in the first half of 2027, subject to customary closing conditions including approval by Option Care Health shareholders, after which the company will cease trading on the Nasdaq exchange. Option Care Health has cancelled its live conference call and withdrawn its previously disclosed financial guidance, which had projected low to mid single digit sequential revenue growth and mid-single-digit growth in adjusted EBITDA.

CD&R and McKesson have agreed to acquire Option Care Health for $32.05 per share, valuing the company at approximately $5.8 billion including debt, sending OPCH shares up 34% in early trading on Tuesday. Under the definitive agreement, CD&R will take a majority stake of approximately 51% in Option Care Health, while McKesson will invest approximately $1.4 billion for a minority interest of approximately 49%. Option Care Health will continue to operate as a separate company under its existing management team. Following the closing of the transaction, McKesson intends to account for its minority interest using the equity method of accounting, recording its share of Option Care Health's net income or loss in Other Income, net.

Cardinal Health announced in October 2026 that it had entered into a binding Letter of Intent to extend its existing distribution agreement with CVS Health through June 30, 2032, maintaining the current scope of distribution services. The long-dated extension reinforces the durability of Cardinal Health's core distribution relationships and underscores the importance of scale partnerships in its business model. The company's narrative projects $297.6 billion in revenue and $3.0 billion in earnings by 2029, requiring 5.4% yearly revenue growth and an earnings increase of about $1.3 billion from $1.7 billion today. The extended CVS agreement supports that core distribution pillar but does not directly change the near-term focus on product quality risks from the levothyroxine and Webcol recalls, or cost pressure in the Global Medical Products and Distribution segment. The most relevant recent announcement alongside the CVS extension is Cardinal Health's August 2026 unsecured US$4.0 billion revolving credit agreement through 2031, which refreshes its funding flexibility and gives the company financial room to keep investing in automation, specialty distribution and at-home solutions.

Dr. Wirot Wasusuttikulkan, Chief Executive Officer of SMD Rise Public Company Limited, or SMD100, informed the Stock Exchange that the company's board meeting on October 2, 2026 approved the establishment of a new subsidiary to provide medical diagnostic imaging technology services in Thailand, covering X-ray, Ultrasound, CT Scan, PET/CT, MRI, radiation therapy, and digital health solutions, serving hospitals and related project customers. The new subsidiary is named SMD Remag (Thailand) Company Limited, with registered capital of 10 million baht, in which SMD100 holds 51% and Remag Group (Thailand) Company Limited holds 49%. The company expects to begin recognizing revenue from this business in the second quarter of 2027, using the company's working capital as the funding source for the establishment. At the same time, the meeting also approved the dissolution of SMD Pharmatics Company Limited, a wholly owned subsidiary that imports and distributes automated medication dispensing systems and related equipment and provides full installation and system integration services, due to financial performance that did not meet targets. The dissolution does not significantly affect the company's operations or financial position.

SMD Rise Public Company Limited, or SMD, informed the Stock Exchange of Thailand that its board of directors, at its 6/2569 meeting on 2 October 2569, approved the establishment of a new subsidiary named SMD REMAC (Thailand) Company Limited with registered capital of 10 million baht, divided into 100,000 ordinary shares at a par value of 100 baht each. SMD will hold 51% and REMAC Group (Thailand) Company Limited will hold 49%. The new company will provide medical diagnostic services using imaging technology in Thailand, covering X-ray, Ultrasound, CT Scan, PET/CT, MRI, radiotherapy, and digital health solutions, serving hospitals and related project customers. The company expects SMD REMAC to begin generating revenue in the second quarter of 2570, using the company's working capital as the funding source for the establishment. The transaction does not constitute a connected transaction and is not a significant transaction under the criteria of the Capital Market Supervisory Board. In addition, the board meeting approved the dissolution of SMD Pharmaceutics Company Limited, a wholly owned subsidiary in which SMD holds 100%, which operates the import and distribution of automated drug dispensing systems and related equipment and provides turnkey system installation services, because its financial performance did not meet targets.

Cardinal Health has extended its drug distribution agreement with CVS Health through June 2032, sending its shares up 3.7% in Thursday trading. The pharmaceutical distributor said it entered into a binding Letter of Intent to extend the existing distribution agreement through June 30, 2032, maintaining the current scope of distribution services. "We value our long-standing partnership with CVS Health and look forward to continuing to bring our best-in-class capabilities together to serve their customers," said Jason Hollar, CEO of Cardinal Health. In connection with the contract renewal, Cardinal Health reaffirmed its fiscal year 2027 non-GAAP EPS guidance of 13% to 15% growth, or $12.40 to $12.60, and maintained its long-term non-GAAP EPS growth rate guidance of 12% to 14%. The company said further updates may be provided during its upcoming first quarter earnings call on November 5, 2026.

McKesson Corporation announced it has signed an agreement in principle to extend its partnership with CVS Health to distribute pharmaceuticals to mail order and specialty pharmacies, retail pharmacies, and distribution centers through June 2032. The Irving, Texas-based company said the extension builds on a relationship of more than 25 years, according to chair and chief executive officer Brian Tyler. McKesson is reaffirming its fiscal year 2027 adjusted EPS guidance of $44.20 to $45.00 and its long-term adjusted EPS growth rate of 13% to 16%. Further updates will be provided during the company's second quarter fiscal 2027 earnings call on November 4, 2026. The company cautioned that the deal remains an agreement in principle and that risks include possible delays in signing a definitive contract, a failure to sign one, or not realizing all expected financial and operational benefits.

Cardinal Health announced it has entered into a binding Letter of Intent to extend its existing pharmaceutical distribution agreement with CVS Health through June 30, 2032, continuing the current scope of distribution services. "We value our long-standing partnership with CVS Health and look forward to continuing to bring our best-in-class capabilities together to serve their customers," said Cardinal Health CEO Jason Hollar. In connection with the renewal, Cardinal Health reaffirmed its fiscal year 2027 non-GAAP EPS guidance of 13% to 15% growth, or $12.40 to $12.60, along with its long-term non-GAAP EPS growth rate guidance of 12% to 14%. The company said further updates may be provided during its upcoming first quarter earnings call on November 5, 2026.

PHC Holdings, which manufactures medical-related equipment, said on the 1st that it has received a non-binding initial acquisition proposal from Toho Holdings, a major pharmaceutical wholesaler. The announcement followed a report the previous day, and Toho Holdings also said it is "considering the matter mentioned in the article," though it said no decision has been made at this point. According to a Bloomberg report on September 30, Toho Holdings aims to acquire all shares through a tender offer, with the acquisition amount expected to exceed 200 billion yen. Domestic investment funds also showed interest in acquiring PHC, but Toho is currently the only buyer candidate in concrete acquisition talks. PHC's largest shareholder is the U.S. investment firm KKR, which holds about 38 percent. According to the report, PHC and KKR have each hired financial advisors and have been seeking a buyer for PHC in line with KKR's exit.

McKesson raised its fiscal 2027 adjusted EPS guidance to $44.20-$45.00, implying 15-17% growth at the midpoint, after first-quarter revenues rose 8% to $105.4 billion and adjusted EPS climbed 20% to $9.93. The oncology and multispecialty segment drove much of the momentum, with revenues up 33% to $14.2 billion and operating profit up 41%, or roughly 24% revenue growth excluding the Core Ventures acquisition, and management now expects 14.5-18.5% segment revenue growth for fiscal 2027. North American Pharmaceutical generated $15 billion of GLP-1 distribution revenues in the quarter, more than 14% of total revenues, up approximately 24% year over year and 13% sequentially. Offsetting those gains, the medical-surgical solutions segment posted just 4% revenue growth to $2.8 billion while operating profit fell 20% to $195 million, and management guided to only 1-6% revenue growth and flat-to-4% operating-profit growth for that unit in fiscal 2027. McKesson also flagged continued uncertainty from 340B reform and the IRA Part D framework, which is not scheduled to take effect until January 2028, while the Zacks Consensus Estimate for fiscal 2027 EPS has improved 3 cents to $44.64 over the past 30 days.

Renmintongtai announced after market close on September 29 that it recently received Civil Judgment No. 50, Civil First Instance, Harbin Intermediate People's Court, 2025, confirming that multiple construction contracts and agreements signed between the company and Heilongjiang Provincial No. 7 Construction Engineering Co., Ltd. are invalid, and ordering Provincial No. 7 Construction to return overpaid project funds of more than 55.18 million yuan, and to withdraw from and hand over the construction site of the Sanjing Women's Specialist Hospital complex project. The dispute began in 2014, when Provincial No. 7 Construction sued Sanjing Pharmaceutical for payment of 30 million yuan in project progress payments. In 2017, the company lost both the first and second trials, and in 2018, more than 32.55 million yuan was deducted from the company's account and enforcement was completed. In 2021, the Provincial High Court ruled to revoke the original first and second instance judgments and remanded the case for retrial. In 2023, the first retrial judgment dismissed Provincial No. 7 Construction's claims, but both parties appealed. In 2024, the case was again remanded to Harbin Intermediate People's Court for retrial, entering the first-instance stage of the second retrial. This judgment also orders Provincial No. 7 Construction to hand over project-related materials. The case acceptance fee for the main action of approximately 841,600 yuan shall be borne by Provincial No. 7 Construction. The project cost appraisal fee and the project quality and reinforcement appraisal fee totaling 1.555 million yuan shall be borne 60% by Provincial No. 7 Construction and 40% by the company. The announcement cautioned that the case is still in the first-instance stage of the second retrial, both parties have the right to appeal, and the final judgment result and its impact on the company's profits remain uncertain.

Henry Schein amended and restated its revolving credit facility, increasing total commitments to $1.25 billion and extending the termination date to September 19, 2031. The medical products distributor's shares traded at $86.37, up 0.98% over one day and 1.80% over seven days, though the 30-day return slipped 3.52% while the year-to-date return stands at 12.43%. The 1-year total shareholder return of 30.74% suggests investors have read the upgraded facility and a recent guidance raise as supportive of both growth plans and perceived risk. The most followed valuation narrative pegs fair value at $98.19, above the latest close, with the company expecting more than 50% of non-GAAP operating income to come from high-margin businesses such as Specialty Products, Technology, and private-label offerings. Risks to that case include scanner pricing pressure eroding equipment margins faster than expected or multi-year analyst forecasts proving too optimistic.

McKesson has raised its full-year adjusted earnings per share guidance, a move that comes as its share price slipped 1.2% and trailed the broader market. The stock has fallen 3.95% over the past 30 days, even after a 13.86% 90-day return and a 5.58% gain year to date, while total shareholder return stands at 18.50% over one year. The most followed narrative values McKesson at a fair value of $980.73 against a last close of $869.36, implying the stock is 11% undervalued, a view held by 61 investors. That story leans on the company's oncology ecosystem, including the US Oncology Network, PRISM and Precision Medicine Group, as a central driver of revenue mix and margin potential. Risks to the narrative include drug pricing pressure on already thin margins and higher costs and customer churn from a recent cyber incident.

Healthy Lead Public Company Limited, or HL, is preparing to expand into the pet health products market to capture the Pet Humanization trend, as pet owners increasingly treat their pets as family members. Supakorn Panthukanon, Chief Executive Officer of HL, said the company will source and distribute products in the supplement, vitamin, and pet medication categories to meet rising demand from pet owners, and as another channel to extend its customer base and create long-term growth opportunities. This move into the Pet Health market is part of HL's strategy to expand its health product portfolio, after the company accelerated business expansion in the second half of 2026 through both adding distribution channels and developing new products. Most recently, the company opened a new iCare branch on Phutthamonthon Sai 4 to increase service space and expand its customer base, while continuing to develop innovative products under the Prime brand, including Prime Immuliv, Prime G3, as well as products that enhance the absorption of key active ingredients, or Bioavailability Enhancers, and products in the skincare group. Meanwhile, herbal products under the Q brand have won international awards, reflecting its approach to product development aimed at expanding the product portfolio and adding diversity to the business. The company views the pet health market as having growth potential in line with the Pet Humanization trend, which is leading pet owners to spend more on healthcare, disease prevention, and improving their pets' quality of life. It is therefore another market that HL plans to use as a base to extend revenue and create future growth opportunities.

Healthy Lead Public Company Limited, or HL, is pushing aggressively to expand its customer base in the second half of 2026, opening a new iCare branch on Phutthamonthon Sai 4 while accelerating development of innovative products under the Prime brand, its health-care supplement line. These include Prime Immuliv, Prime G3, a bioavailability enhancer product, as well as skin-care products and herbal products under the Q brand that have won international awards. Chief Executive Officer Supakorn Phanthukanon is pursuing an aggressive push into the Pet Health market to capture the pet humanization trend by sourcing and distributing supplements, vitamins, and medicines for pets, meeting the needs of owners who are increasingly focused on their pets' health and quality of life. It is another high-potential market that HL is preparing to build on to create long-term growth opportunities.

HL is pressing ahead with full force to expand its customer base in the second half of 2026 by opening a new iCare branch at Phutthamonthon Sai 4, while accelerating the development of innovative products under the Prime brand, a line of health-care supplements including Prime Immuliv, Prime G3 and an absorption-enhancing product, as well as skin-care products and herbal products under the Q brand that have won international awards. The company is also moving into the Pet Health market in line with the pet humanization trend by sourcing and distributing supplements, vitamins and medicines for pets. Meanwhile, PTG has received the Human Rights Awards 2026 at the outstanding level in the large business organisation category for the second consecutive year. TMAN, for its part, has opened the Heaven Herb factory in Pathum Thani province, showcasing the potential of a production base driven by modern technology, with a target of creating 15 new products within five years to meet global demand and the growing longevity trend, while continuing to transform the factory with an investment budget of 50 million baht per year to help drive Thailand toward becoming a Global Wellness Hub.

McKesson is expected to post earnings of $10.72 per share for the current quarter, a year-over-year change of +8.7%, with the Zacks Consensus Estimate rising +1.4% over the last 30 days. The consensus earnings estimate of $44.64 for the current fiscal year indicates a year-over-year change of +14.1% and has remained unchanged over the last 30 days, while the next fiscal year's consensus estimate of $49.83 points to a change of +11.6%. The consensus sales estimate of $110.14 billion for the current quarter points to a year-over-year change of +6.8%, and the $429.09 billion and $459.25 billion estimates for the current and next fiscal years indicate changes of +6.4% and +7%, respectively. McKesson reported revenues of $105.38 billion in the last reported quarter, a year-over-year change of +7.7%, with EPS of $9.93 versus $8.26 a year ago, beating the Zacks Consensus Estimate of $104.39 billion by +0.95% on revenue and posting an EPS surprise of +5.19%. The stock carries a Zacks Rank #3 (Hold) and a Zacks Value Style Score of B, indicating it trades at a discount to its peers.

Cencora raised its full-year adjusted EPS outlook and announced a US$1b buyback after a stronger fiscal third quarter, and said it plans to brief investors at two New York healthcare conferences. The upbeat earnings message has not lifted the shares in the near term, with a 7 day share price return of down 3.98% and a 30 day share price return of down 2.91% from US$308.78, while the 90 day share price return stands at 13.82%, the 1 year total shareholder return at 7.28% and the 5 year total shareholder return at 165.36%. The most followed narrative values Cencora at a fair value of $372.58, above the recent $308.78 close and below the $369.31 analyst price target, built on a 7.24% discount rate and assumptions of revenue rising to $394.5b and earnings reaching $3.4b by 2029, with the shares trading on a 24.3x P/E at that point. That narrative also weighs the added debt from OneOncology alongside recent acquisitions such as Retina Consultants of America, and warns the story could change quickly if lower fee biosimilars keep squeezing margins or if international logistics weakness drags on group profitability longer than analysts expect.

Cardinal Health said it expects adjusted earnings per share to grow 13% to 15% in fiscal 2027, driven primarily by operating-income growth across its three reporting segments and five operating businesses. Speaking at the Morgan Stanley Global Healthcare Conference, CEO Jason Hollar said the company reiterated its longer-term EPS growth target of 12% to 14% and plans $1 billion in share repurchases, with lower interest expense and a slightly higher expected tax rate among below-the-line factors. Within Pharmaceutical and Specialty Solutions, generic-drug volume is expected to grow slightly above the usual 2% to 3% range, while specialty growth is expected to approach a double-digit rate after expanding 25% in fiscal 2026, and BioPharma Solutions is targeting $1 billion in revenue by fiscal 2028 from $550 million in fiscal 2025. Cardinal Health expects its other segment to deliver 15% to 18% adjusted operating-income growth in fiscal 2027, with about 2 percentage points from the Strive Medical acquisition and a small late-year contribution from AdaptHealth's diabetes business. In Global Medical Products and Distribution, the company absorbed a $450 million tariff impact in fiscal 2026 and mitigated about two-thirds through sourcing and other operating actions, and Hollar said the year-end renewal of the CVS distribution contract rests on a very strong relationship.

Cardinal Health expects growth to normalize in fiscal 2027 after fiscal 2026 delivered double-digit earnings growth in all five operating segments, CEO Jason Hollar said at a Baird event. Hollar said the prior year's outperformance was driven by strong healthcare utilization, specialty growth, new customer wins, acquisitions and operational execution, and that unusually strong specialty growth and customer onboarding will be less pronounced in fiscal 2027. Cardinal's specialty business grew 25% in fiscal 2026, and the company is expanding its specialty and at-home strategy through three managed-services organization platforms focused on oncology, urology and gastroenterology, plus bolt-on acquisitions, including four completed in the most recent quarter. The Strive Medical acquisition has closed, while the purchase of AdaptHealth's diabetes business is expected to close in the second half of fiscal 2027, expanding Cardinal's continuous glucose monitoring presence; Hollar noted only 35% of people eligible for a CGM through insurance coverage actually have one. Cardinal plans to add three more automated distribution centers for small-parcel shipping of higher-value at-home products, and Hollar said cash flow was strong in fiscal 2026, putting the company about 90% of the way toward its previously announced $10 billion objective.

Cencora reported fiscal third-quarter results on August 5, with revenue up 5.1% to $84.8 billion and adjusted earnings per share up 12.0% to $4.48, while management raised its full-year adjusted EPS outlook to $17.75 to $17.95. The company also repurchased $1 billion of its own stock during the quarter, completing in one quarter the buybacks it had expected to finish by the close of calendar 2026, and the board declared a $0.60 quarterly dividend payable August 31 to holders of record on August 14. Adjusted operating income rose 17.0% while revenue grew only 5.1%, helped by adjusted gross profit that jumped 23.2% as adjusted gross margin widened 61 basis points to 4.16%, with the February OneOncology acquisition lifting margins in the US business. US Healthcare Solutions grew operating income 15.9%, while International Healthcare Solutions operating income rose 20.8%. Adjusted operating expenses jumped 26.8% because OneOncology brought expenses along with its profits, net interest expense rose $58.9 million from a year earlier, and lower-margin GLP-1 drugs plus an oncology customer lost in 2025 and lower sales to a large mail order customer weighed on US revenue.

Cencora is using artificial intelligence to roughly halve the time it takes to make some medical treatment decisions, according to the company's global chief data and information officer, Pawan Verma. Speaking with WSJ Leadership Institute President Alan Murray at the WSJLI Technology Council Summit, Verma described a retinal oncology use case in which doctors analyze large volumes of imaging data to determine treatment. He said Cencora is helping cut a decision process that can take 30 to 90 days roughly in half, speeding access to treatment.

Alluvium Asset Management raised its stake in McKesson Corporation to 6.8% of the Conventum – Alluvium Global Fund, according to the fund's second-quarter 2026 investor letter. The fund said McKesson, the Irving, Texas-based drug distributor, fell 12.6% in the quarter even though its full-year results came in perfectly in line with expectations, and management gave strong guidance for next year's earnings while reiterating 13%-16% long-term growth expectations. After feeding those numbers through its model, Alluvium said its valuation rose 18%, and with the share price trading below that level it bought a little more. McKesson closed at $899.56 per share on September 15, 2026, returning 5.37% over the past month and 29.95% over the past 52 weeks, with a market capitalization of $106.21 billion and a trading range of $687.68 to $999.00. The fund itself declined 1.4% in EUR terms, 2.2% in USD terms and 3.9% in AUD terms in the quarter, a period it described as a sharp shift from geopolitical uncertainty and oil market volatility to an equity rally led by semiconductor companies.