McKesson Corporation

What does McKesson do?
McKesson distributes pharmaceutical products, including brand-name drugs, generic drugs, and specialty medications, to pharmacies, hospitals, physician offices, and other healthcare providers across the United States and Canada. The company also operates the US Oncology Network, distributes medical-surgical supplies, and provides technology solutions to biopharma manufacturers through its Prescription Technology Solutions segment.

Is McKesson publicly traded?
Yes. McKesson Corporation trades on the New York Stock Exchange under ticker symbol MCK. The company has no controlling shareholder, with ownership distributed among institutional investors including Vanguard Group and BlackRock.

What is McKesson's annual revenue?
McKesson reported consolidated revenue of $403.4 billion for fiscal year 2026, which ended March 31, 2026. This represented a 12% increase from $359.1 billion in fiscal year 2025. Adjusted earnings per diluted share were $39.11, up 18% year over year.

Who is McKesson's CEO?
Brian Tyler has served as Chief Executive Officer of McKesson since April 2019, succeeding John Hammergren. Tyler has led the company's strategic focus on oncology and biopharma services as higher-growth businesses within the healthcare distribution ecosystem.

When was McKesson founded?
McKesson was founded in 1833 by John McKesson and Charles Olcott in New York City as Olcott & McKesson, making it one of the oldest continuously operating companies in the United States.

What is McKesson's role in the opioid settlement?
McKesson, along with Cencora and Cardinal Health, reached a $21 billion settlement with U.S. states and local governments in 2022 to resolve claims that the three distributors failed to adequately monitor suspicious opioid orders. McKesson's share of the settlement is approximately $7.9 billion, to be paid over 18 years.

What is McKesson's largest customer?
CVS Health Corporation is McKesson's largest customer, accounting for approximately 24% of total consolidated revenue in fiscal year 2026. The pharmaceutical distribution partnership between McKesson and CVS extends to June 2027. McKesson's ten largest customers collectively account for approximately 73% of consolidated revenue.

McKesson is one of the oldest continuously operating companies in the United States, tracing its origins to 1833 when John McKesson and Charles Olcott founded Olcott & McKesson in New York City as an importer and wholesaler of therapeutic drugs and chemicals. The company grew steadily through the 19th century, building one of the first comprehensive drug distribution networks in the United States.

In 1853, the company was renamed McKesson & Robbins following a partnership change. The company expanded nationally through the late 19th and early 20th centuries, establishing distribution centers across the country and building relationships with pharmacies, hospitals, and healthcare providers. McKesson became one of the largest pharmaceutical wholesalers in the United States by the mid-20th century.

The company went public in 1940, providing capital for continued expansion. Throughout the latter half of the 20th century, McKesson grew through acquisitions and organic expansion, diversifying into medical-surgical supplies, healthcare technology, and services alongside its core pharmaceutical distribution business.

In 1999, McKesson merged with HBO & Company (HBOC), a healthcare information technology company, in a transaction valued at approximately $14 billion. The merger created McKessonHBOC, intended to be a comprehensive healthcare services company combining distribution and technology. Shortly after the merger closed, McKesson discovered that HBOC had been improperly recognizing revenue, leading to a massive accounting restatement and significant financial and legal consequences. Several HBOC executives were subsequently convicted of fraud. The company reverted to the McKesson name in 2001 and eventually divested most of its healthcare IT businesses.

Throughout the 2000s and 2010s, McKesson rebuilt its reputation and expanded its pharmaceutical distribution business through organic growth and acquisitions. The company acquired US Oncology in 2010 for approximately $2.16 billion, gaining a network of oncology practices and specialty pharmaceutical distribution capabilities that became a significant growth platform.

McKesson expanded internationally through the acquisition of Celesio AG, a German pharmaceutical distribution company, in 2014 for approximately $8.3 billion. Celesio provided McKesson with significant operations in Germany, the United Kingdom, and other European markets. McKesson subsequently divested its European operations, completing the sale of its European pharmaceutical distribution businesses to the PHOENIX Group in 2023 to focus on its North American core business.

Brian Tyler became CEO in April 2019, succeeding John Hammergren, who had led the company for nearly two decades. Tyler has led McKesson's strategic refocus on oncology and biopharma services as higher-growth, higher-margin businesses within the healthcare distribution ecosystem.

In May 2025, McKesson announced its intent to separate its Medical-Surgical Solutions business, a move designed to streamline the portfolio and focus capital on pharmaceutical distribution and biopharma services. The separation is part of a broader strategy to accelerate growth and modernize the company's business mix.

McKesson has not published independently verified sustainability disclosures through frameworks such as CDP or SBTi, and it is not a certified B Corporation. The company reports on environmental and social initiatives through its corporate responsibility program, but the following information is drawn from company-reported claims and should be evaluated accordingly.

McKesson's environmental initiatives include commitments to reduce carbon emissions from its distribution network, optimize transportation routes to reduce fuel consumption, and improve energy efficiency at distribution centers. The company operates one of the largest pharmaceutical distribution networks in North America, making logistics efficiency both an environmental and operational priority.

On the social side, McKesson focuses on healthcare access through its biopharma services platform, which helped patients access their medicine 100 million times in fiscal year 2025. The company also runs programs to address health equity and support underserved communities.

Governance practices include a majority independent board, separation of CEO and board chair roles, and standing audit, compensation, and nominating committees. The company is subject to extensive regulatory oversight as a pharmaceutical distributor, including Drug Enforcement Administration monitoring of controlled substance distribution.

McKesson's most significant legal matter is its participation in the $21 billion opioid settlement reached in 2022. McKesson's share of approximately $7.9 billion is the largest of the three major distributors, reflecting its scale in pharmaceutical distribution. The settlement resolved claims that McKesson failed to adequately monitor and report suspicious orders of opioid medications, contributing to the opioid epidemic. The payments are structured over 18 years, creating a long-term financial obligation.

The 1999 HBOC accounting fraud, which occurred shortly after McKesson's acquisition of HBO & Company, resulted in significant financial losses for McKesson shareholders and criminal convictions for several HBOC executives. While McKesson was a victim of the fraud rather than a perpetrator, the episode damaged the company's reputation and resulted in substantial legal costs.

Regulatory scrutiny of pharmaceutical distribution practices remains elevated following the opioid settlement. McKesson operates under a Corporate Integrity Agreement with the U.S. Department of Justice, which requires enhanced compliance monitoring and reporting. The Drug Enforcement Administration continues to monitor the company's controlled substance distribution practices.

Customer concentration risk is a structural concern. CVS Health accounts for approximately 24% of consolidated revenue, and the top ten customers account for approximately 73%. Loss or renegotiation of a major customer contract could materially affect revenue.