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McKesson’s fair value estimate has shifted only slightly, moving from about US$995.27 to about US$997.67 per share, while recent Street price targets cluster higher in the US$1,040 to US$1,050 range. Analysts are linking those upper tier targets to execution around biosimilars, co-manufacturing, and specialty distribution, while also pointing out where expectations could be getting full. As you read on, you will see how these moving pieces fit together and what to watch as the McKesson story continues to evolve.
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BofA lifted its McKesson target to US$1,040 from US$970, pointing to biosimilar optionality after McKesson received a National Drug Code for a biosimilar version of Neulasta and highlighting potential in co-manufacturing.
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Barclays raised its target to US$1,050 from US$960 and expects the shares to “remain in favor” as some investors look for perceived safety within healthcare, reinforcing interest in McKesson at higher valuation levels.
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BofA also cites seven large biosimilars expected to come to market over the next few years, including four it views as directly addressable for McKesson, which it uses to support a higher implied opportunity set.
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Morgan Stanley, TD Cowen, Wells Fargo, Mizuho, JPMorgan, and Baird have all issued upward target revisions in recent months, indicating broad analyst interest in McKesson’s execution in distribution, specialty, and related services.
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Barclays flags valuation as a watchpoint, noting that McKesson is trading at about a 15% premium to its three year average, which may limit potential upside if execution around biosimilars, co-manufacturing, or specialty distribution falls short of expectations.
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We’ve flagged 1 risk for McKesson. See which could impact your investment.
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McKesson’s long serving CFO, Britt Vitalone, plans to retire after a 20 year career with the company. He will move into a strategic advisor role to support the CFO transition and the planned separation of the Medical Surgical Solutions business.
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Kenny Cheung, previously Executive Vice President and CFO at Sysco, is expected to join McKesson as CFO effective May 29, 2026. He brings experience across global financial planning and analysis, accounting, audit, tax, and corporate finance.
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Between October 1, 2025 and December 31, 2025, McKesson repurchased 800,000 shares for US$652.29m. This completed a total of 64,000,000 shares repurchased for US$18,429.89m under the buyback first announced on May 24, 2018.
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AOP Health US, LLC reported that its critical care therapy Rapiblyk (landiolol) is now more widely available in the US through several distributors, including McKesson. This expands access for hospitals and health systems through preferred purchasing channels.