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McKesson slips in Q2 as drug-distributor concerns resurface
An investor letter tied the decline to worries about GLP-1 cash-pay demand, specialty pharmacy exposure, and a coming wave of loss-of-exclusivity events.
Janus Henderson Global Sustainable Equity Fund said McKesson Corporation shares were among the largest detractors in its Q2 2026 investor letter, pointing to renewed investor concerns for drug distributors. In the letter, Janus Henderson cited a wider “derating” of drug distributors, with the slide attributed in part to GLP-1 cash-pay concerns and a shift in market focus toward insurers. The fund also flagged rising anxiety about specialty pharmacy exposure ahead of a large wave of loss-of-exclusivity events over the next five years. The outlet said the concern is that lower drug pricing could pressure distributor margins, even as Janus Henderson noted its investment thesis for McKesson remains unchanged. The story also provided McKesson’s recent trading metrics, including a July 15 close at $796.35 per share, a market capitalization of $93.23 billion, a one-month return of 9.60%, and a 52-week gain of 15.82%.