MCKESSON CORP

McKesson Corporation

Overview

McKesson is a diversified healthcare services company focused on improving health outcomes and access to affordable care. It partners with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products, and services. McKesson’s fiscal year runs April 1 to March 31. Public filings (10-K and related reports) are available on the company’s Investors site and the SEC site. The company reports ongoing investments in distribution centers, data and analytics, and exploration of AI to support growth and efficiency.

Segment structure (fiscal 2026)

McKesson reports four reportable segments:

• North American Pharmaceutical
• Oncology & Multispecialty
• Prescription Technology Solutions
• Medical-Surgical Solutions

Former Norwegian operations were moved into Other, and prior segment information has been recast to reflect the current structure. McKesson is pursuing a planned separation of the Medical-Surgical Solutions segment into an independent company. In fiscal 2026, Apollo Global Management funds announced an intended acquisition of approximately 13% minority ownership in the Medical-Surgical Solutions segment via about $1.25 billion in convertible preferred equity, subject to regulatory approvals.

Segment details

North American Pharmaceutical

Purpose: Distribution and logistics for branded, generic, specialty, biosimilar, and OTC drugs in the U.S. and Canada. The segment also sells financial, operational, and clinical solutions to pharmacies and provides consulting, outsourcing, technology, and other services.

Key facts:

• U.S. distribution footprint: 27 distribution centers, including two strategic redistribution centers.
• Canada: McKesson Canada offers automation and technology solutions, specialty health services, and biopharma services through the INVIVA network and a national infusion clinics network.
• Sourcing: Generic drugs sourced through the ClarusONE joint venture with Walmart Inc.
• Primary U.S. customer channels: Retail National Accounts (Central Fill, Strategic Redistribution Centers, McKesson SynerGx, Inventory Management, ExpressRx Track); Community Pharmacy and Health (Health Mart network of about 3,900 independent pharmacies, Health Mart Atlas/Atlas Specialty, McKesson Reimbursement Advantage, McKesson Provider Pay, McKesson Amplify, McKesson OneStop Generics, Pinpoint Community Solutions, FrontEdge, RxOwnership Program); Institutional Healthcare Providers (advisory services, McKesson Plasma and Biologics, outpatient/retail/specialty pharmacy, contracting and purchasing optimization, supply assurance).
• Technology and services: McKesson Pharmacy Systems, MacroHelix, and Supply Logix support retail and hospital operations.

Oncology & Multispecialty

Purpose: Solutions for oncology and other specialty practices, including technology, practice consulting, vaccine distribution, and specialty drug distribution.

Key assets and capabilities:

• U.S. Oncology Network
• 80% controlling interest in PRISM Vision
• 51% controlling interest in SCRI (oncology research network)
• Ontada: oncology technology and insights business providing software, data insights, and real-world evidence
• Offers research, insights, technologies, and services to support cancer and specialty care needs, including GPO relationships.

Prescription Technology Solutions

Purpose: Connects patients, pharmacies, providers, PBMs, health plans, and biopharma to deliver medication access solutions across the patient journey.

Scale and services:

• Connections with most electronic health record systems, over 50,000 pharmacies, and more than 1,000,000 providers; integrations with many PBMs and health plans.
• Supported over 650 biopharma brands in the past year.
• Services include medication access and affordability, prescription decision support, price transparency, benefit insight, dispensing support, patient enrollment, and third-party logistics/wholesale distribution support.
• Recent outcomes: helped patients save about $10 billion on brand and specialty medications, prevented roughly 12 million prescriptions from being abandoned due to affordability, and facilitated access approximately 135 million times in the past year.

Medical-Surgical Solutions

Purpose: Provider of medical-surgical supplies, laboratory equipment, pharmaceutical distribution, logistics, biomedical maintenance, and related services for non-acute and alternate-site care.

Key facts:

• Customer base: more than 336,000 customers.
• Product offering: over 270,000 products from national brands plus a private-label line of more than 4,000 products.
• Services: U.S. distribution centers and solutions to improve inventory visibility, operational efficiency, and clinical support; focus on ambulatory care, extended care, government, and online marketplaces.
• Separation plan: intended to become an independent company; Apollo funds plan to acquire ~13% minority ownership via $1.25 billion in convertible preferred equity, subject to regulatory approvals.

Across the segments, McKesson emphasizes scale, a broad product and service portfolio, and technology-enabled solutions to support healthcare stakeholders.

Global footprint and capabilities

McKesson operates distribution and logistics networks across the U.S. and Canada and uses technology to improve safety, reliability, and product availability. The company emphasizes data, analytics, and AI capabilities to support growth initiatives and operational efficiency. Key partnerships and investments include ClarusONE with Walmart, INVIVA in Canada, PDCI Market Access, the U.S. Oncology Network, Ontada, SCRI, and PRISM Vision.

Customers and suppliers (revenue and receivables concentration)

• The ten largest customers (including GPOs) accounted for about 73% of consolidated revenues in fiscal 2026.
• Largest customer: CVS Health Corporation, about 24% of consolidated revenues in fiscal 2026; the distribution partnership was extended to June 2027.
• The next two largest customers accounted for about 11% and 10% of consolidated revenues in fiscal 2026.
• The ten largest customers comprised roughly 43% of total trade accounts receivable as of March 31, 2026; CVS represented about 21% of trade accounts receivable.
• Largest supplier accounted for 11% of total purchases; the ten largest suppliers together accounted for about 71% of total purchases.

These concentrations reflect long-standing relationships with a relatively small number of major customers and suppliers.

People and human capital

As of March 31, 2026, McKesson employed more than 43,000 people worldwide, including about 1,400 part-time employees. Geographic distribution: approximately 38,000 employees in the U.S., about 5,000 in Canada, and roughly 400 in the rest of the world. The company emphasizes a culture of belonging, training and education benefits, pay-for-performance, safety, and compliance.

Research and development

R&D expenses:

• $103 million for the year ended March 31, 2026
• $91 million for the year ended March 31, 2025
• $77 million for the year ended March 31, 2024

Regulation, compliance, and risk context

McKesson operates in highly regulated environments with oversight from agencies such as the DEA, FDA, HHS, CMS, and state boards. Regulatory areas include pharmaceuticals, devices, data privacy (HIPAA, GDPR, Canada’s PIPEDA, U.S. state privacy laws), cybersecurity, AI governance, and environmental regulations. The company continues to monitor regulatory developments that could affect operations, including healthcare reform, 340B program dynamics, DSCSA compliance, BFSF rule changes, and antitrust considerations.

Forward-looking items

The company has ongoing initiatives related to segment separation, data and AI programs, and strategic partnerships that could affect operations and costs as these plans progress and as regulatory reviews are completed.