MCKESSON CORP (MCK)

McKesson Corporation is a diversified healthcare services company that traces its business roots to 1833. It was incorporated in Delaware in 1994 and has a fiscal year ending March 31. The company partners with biopharma companies, care providers, pharmacies, manufacturers and governments to deliver insights, products and services intended to make quality care more accessible and affordable.

Beginning in the second quarter of fiscal 2026, McKesson reports four segments. North American Pharmaceutical distributes branded, generic, specialty, biosimilar and over-the-counter drugs and other healthcare products in the U.S. and Canada, and sells financial, operational, clinical and consulting solutions to pharmacies. Its offerings include the Health Mart franchise network of about 3,900 independent pharmacies, and in Canada about 2,600 independent pharmacies under banners such as IDA, Guardian and Uniprix. Oncology & Multispecialty provides specialty drug distribution, group purchasing organizations, technology, practice consulting and vaccine distribution. It supports the U.S. Oncology Network and includes an 80% interest in PRISM Vision, a 51% interest in Sarah Cannon Research Institute and the Ontada oncology technology and insights business. Prescription Technology Solutions offers electronic prior authorization, price transparency, benefit insight, dispensing support, patient enrollment and third-party logistics. Medical-Surgical Solutions supplies medical-surgical products, laboratory equipment and pharmaceuticals, with more than 270,000 national brand products and over 4,000 own-brand products. The Norwegian operations, previously reported in Other, were sold during fiscal 2026.

Customers include retail national accounts, community pharmacies, hospitals, health systems and long-term care providers, as well as community oncology and other specialty physician practices, biopharma and life sciences companies, pharmacy benefit managers and health plans. Prescription Technology Solutions connects with over 50,000 pharmacies, more than 1,000,000 providers and over 650 biopharma brands. Medical-Surgical Solutions serves more than 336,000 customers in non-acute settings, including physician offices, surgery centers, post-acute care facilities, hospital reference labs and home health agencies. The company announced its intention to separate Medical-Surgical Solutions into an independent company. On April 20, 2026, it agreed to sell funds managed by affiliates of Apollo Global Management about a 13% minority interest in the segment for roughly $1.25 billion of convertible preferred equity, subject to regulatory approvals.

The U.S. pharmaceutical business operates through 27 distribution centers, including two strategic redistribution centers, and uses technology and Six Sigma methods to improve efficiency. It also sources generic drugs through the ClarusONE joint venture with Walmart. The company faces strong competition in all segments. Its primary distribution competitors are Cencora and Cardinal Health, and it also competes with specialty distributors, group purchasing organizations, technology firms, contract research organizations and regional medical supply distributors. It holds patents, copyrights and trademarks but does not consider any business dependent on a single one. As of March 31, 2026, it had more than 43,000 employees, about 38,000 of them in the U.S. and 5,000 in Canada.