How did McKesson's operating expenses trend in Q3 2025?

McKesson's operating expenses increased by 2% in Q3 2025, reaching $1.9 billion. This growth was primarily driven by higher costs to support the expansion of the US Pharmaceutical segment. Despite the increase, the company is implementing cost optimization initiatives that are expected to deliver $100 million in savings, enhancing operational efficiencies across its segments.

1. **Strategic Investments and Acquisitions**: McKesson's operating expenses were influenced by strategic investments and acquisitions. The company acquired a controlling interest in PRISM Vision, which enhanced its specialty services platform and capabilities in ophthalmology and retina management.
2. **Revenue Growth**: The increase in operating expenses was partly offset by strong revenue growth. McKesson reported an 18% increase in revenue to $95.3 billion, driven by growth in the US Pharmaceutical segment and oncology platform.
3. **Cost Optimization Initiatives**: To manage costs effectively, McKesson is implementing cost optimization initiatives. These initiatives are expected to deliver $100 million in savings, indicating the company's focus on enhancing operational efficiencies.

In conclusion, while McKesson's operating expenses increased in Q3 2025, the company's strategic investments, revenue growth, and cost optimization initiatives suggest a proactive approach to managing expenses and enhancing long-term value.