McKesson's (MCK) specialty drug exposure and integrated business model should help offset regulatory pricing pressure, though near-term GLP-1-related headwinds may weigh on growth in its insurance-processing segment, RBC Capital Markets said Wednesday in a report.

RBC expects specialty drugs to account for more than 55% of total drug spending by 2028 and said biosimilar introductions may add $250 million in operating income by that year.

Inflation Reduction Act pricing changes are expected to create a 70-basis-point revenue headwind, while reduced employer coverage for GLP-1 drugs may pressure prior-authorization activity and cut operating-income growth in its services segment by 5% to 10%, the report said.

RBC also cited risks from pharmacy benefit managers steering prescriptions toward "captive specialty pharmacies" as more generic biologics enter the market.

RBC initiated coverage of McKesson stock with a sector perform rating and an $845 price target.

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