MCKMcKesson
- Employees
- 43,000
- Headquarters
- Irving, TX
- CEO
- Brian S. Tyler
- Next results
- around Feb 3, 2027
6 paragraphs in Risk Factors of the 10-K filed May 8, 2026 with nothing like them in the 10-K filed May 9, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 59 Health care companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Anti-bribery and anti-corruption laws increase our compliance burden and expose us to risks.
Read in the 10-K ↗
The adoption and use of AI in our business operations exposes us to risks and uncertainties.
Similar paragraph at 8 of 59 other Health care companies: AMGN, BIIB, DHR, ELV, RVTY, UNH, VRTX, VTRSWe increasingly rely on technologies powered by or incorporating AI in our internal operations and business processes. The use of AI technologies introduces risks and uncertainties. AI can generate outputs that are false, misleading, incomplete, biased, or inconsistent. AI performance may degrade over time, or earlier than we planned, due to changes in inputs, data drift, updates by vendors, adversarial manipulations, and other causes. Our investments in AI may not yield anticipated benefits, and we might expend significant resources to maintain responsible and effective AI capabilities. Reliance on third-party AI tools and solutions may expose us to risks that are outside of our control, including compliance gaps. Our AI policies and safeguards may not be sufficient to protect us against negative outcomes, such as the misuse or loss of data or the compromise of our intellectual property. Any of the foregoing risks could adversely impact our reputation, our business operations, and our financial position or results of operations.
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Our planned separation of Medical-Surgical Solutions is contingent upon the satisfaction of certain conditions, may not be completed on the currently contemplated terms or timeline, or at all, and, if completed, may not achieve the intended financial and strategic benefits.
Similar paragraph at 1 of 59 other Health care companies: JNJThe Company intends to separate the Medical-Surgical Solutions segment into an independent company (“NewCo”). The separation is expected to be effected, ultimately, through a split-off or spin-off, or a combination of both (the “Exit”), intended to qualify as a tax-free transaction to the Company and its stockholders for U.S. federal income tax purposes. Completion of the planned separation will be subject to the satisfaction of various conditions, including, among others: the receipt of a favorable opinion from outside legal counsel as to the tax-free nature of the Exit; the effectiveness of a registration statement to be filed with the SEC; the receipt of other governmental approvals; the finalization of the NewCo capital structure; and the approval of our Board of Directors. The planned separation is complex in nature, and unanticipated business, market, governmental, or other developments could delay or prevent completion of the separation or cause the separation to occur on less favorable terms. We face certain risks in connection with the separation, including, among others: the diversion of management’s attention from other business operations and priorities; a determination by the Internal Revenue Service (the “IRS”) or any court that the Exit (or any aspect thereof) is taxable for U.S. federal income tax purposes; and challenges in maintaining transitional services and operational continuity between the Company and NewCo, in establishing or maintaining standalone functions and infrastructure at NewCo, or in retaining existing or attracting new business and operational relationships, including with customers, suppliers, and employees. There can be no assurance that the separation, if completed, will achieve the intended financial and strategic benefits (which are based on a number of assumptions, some or all of which may prove incorrect) or provide greater value to our stockholders than is currently reflected in our stock price, or that the dissynergies from the separation will not be greater than expected. Any of these factors could negatively affect our stock price or have a materially adverse impact on our business operations and on our financial condition or results of operations.
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As described under “Healthcare Program Regulation” in Item 1 of Part I above, our business is subject to a broad range of recent and ongoing reform efforts, and challenges to those efforts, that could affect healthcare program access and spending, pharmaceutical pricing and reimbursement, and distribution economics. These include: the IRA; the OBBBA; Executive Order 14297; CMS rulemaking on BFSFs and proposed rebate models; 340B program litigation and developments; and state drug pricing legislation. Additionally, the pace and volume of healthcare reform initiatives and changes heighten the risks for our business.
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New in the latest 10-Q
22 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
• the acquisition of Precision Medicine Group, LLC (“Precision Medicine”), a global provider of clinical research and biopharma commercialization services, for cash of approximately $ 2.25 billion (subject to customary post-closing adjustments).
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• the acquisition of a controlling interest in Spectrum Vision Partners (“Spectrum Vision”), a provider of ophthalmology and retina management services, for approximately $ 525 million (subject to customary post- closing adjustments).
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The operating results of these businesses will be reported within the Oncology & Multispecialty segment beginning on the acquisition date in the third quarter of fiscal 2027. The acquisitions will be accounted for as business combinations and the analyses to assign fair values to the assets acquired, liabilities assumed, and noncontrolling interest in Spectrum Vision is currently underway.
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During the three months ended September 30, 2026 and 2025, the Company recognized a net discrete tax benefit of $ 105 million and $ 119 million, respectively, related to the release of a valuation allowance in a foreign jurisdiction based on management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. As of each reporting date, the Company considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets and has determined that there is sufficient positive evidence to conclude that it is more likely than not that these additional deferred tax assets will be realized and reduced the valuation allowance accordingly.
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The Company’s $ 500 million of 1.30 % Notes matured on August 15, 2026. The notes were repaid using cash on hand.
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In October 2026, the Company’s € 500 million of 1.625 % Notes matured and were repaid using cash on hand.
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(6) Represents forward-starting interest rate swap locks to hedge forecasted interest payments on an anticipated debt issuance.
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of the hedging instrument. The difference between the change in the fair value of the excluded component and the amount amortized into earnings during the period is recorded in other comprehensive loss.
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In September 2026, the Company entered into $ 200 million of forward-starting interest rate swap locks to hedge interest payments on an anticipated debt issuance.
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On October 17, 2024, the Company was served with a qui tam complaint filed in the United States District Court for the Eastern District of New York by a relator alleging that, from 2010 through at least 2012, the Company submitted false certifications to the government in support of Horizon Clinicals, an electronic health record product. United States ex rel. James Thompson v. McKesson Corporation, No. 16-CV-2891. The United States has declined to intervene in the case. The complaint seeks relief under the False Claims Act including damages, treble damages, civil penalties, attorney fees, and costs of suit. On September 30, 2026, the district court granted the Company’s motion to dismiss the complaint in its entirety.
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Since September 2026, the Company has been served with multiple putative class action complaints filed in the United States District Court for the Northern District of Texas, the first of which is O’Connor v. McKesson Corporation, Civil Action No. 3:26-cv-02929-L. The complaints allege a failure to properly secure and safeguard consumer protected health information and personally identifiable information following a cybersecurity incident and alleged data exfiltration by cybercriminals. The complaints seek relief including injunctive relief, damages, interest, attorney fees, and costs of suit.
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Programs Balance at March 31, 2025 $ 7,469 Q1 Shares repurchased - Open market 0.8 $709.84 (590) Q2 Shares repurchased - Open market 1.2 $693.25 (809) Balance at September 30, 2025 $ 6,070
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On October 5, 2026, we entered into a definitive agreement to acquire a 49% minority interest in Option Care Health, Inc. (“Option Care Health”), an independent provider of home and alternate site infusion services, for estimated cash consideration of approximately $1.4 billion. Under the agreement, Clayton, Dubilier & Rice, LLC (“CD&R”) will hold a majority interest of 51% in Option Care Health. The transaction is currently expected to close in the first half of calendar year 2027, subject to customary closing conditions, regulatory approvals, and Option Care Health shareholder approval. Upon completion of the transaction, Option Care Health will be accounted for as an equity method investment. The agreement includes a framework to acquire additional ownership interest from CD&R in future periods, subject to specified conditions and regulatory approvals.
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• the acquisition of Precision Medicine Group, LLC (“Precision Medicine”), a global provider of clinical research and biopharma commercialization services, for cash of approximately $2.25 billion (subject to customary post-closing adjustments).
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• the acquisition of a controlling interest in Spectrum Vision Partners (“Spectrum Vision”), a provider of ophthalmology and retina management services, for approximately $525 million (subject to customary post- closing adjustments).
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The operating results of these businesses will be reported within the Oncology & Multispecialty segment beginning on the acquisition date in the third quarter of fiscal 2027. The acquisitions will be accounted for as business combinations and the analyses to assign fair values to the assets acquired, liabilities assumed, and noncontrolling interest in Spectrum Vision is currently underway. Refer to Financial Note 2, “Business Acquisitions and Divestitures,” to the consolidated financial statements included in this Quarterly Report for additional information regarding these transactions.
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Additional information regarding the factors affecting our results is included in "Results Of Operations" within the consolidated discussion of Revenues.
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Revenues are also impacted by changes in wholesale acquisition cost, including from inflation or deflation, which depend on manufacturer actions, competitive factors, and other developments. Refer to the “Trends and Uncertainties” section above for additional information regarding impacts on revenues.
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On August 15, 2026, $500 million of 1.30% Notes matured and were repaid using cash on hand.
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Programs Balance at March 31, 2025 $ 7,469 Q1 Shares repurchased - Open market 0.8 $709.84 (590) Q2 Shares repurchased - Open market 1.2 $693.25 (809) Balance at September 30, 2025 $ 6,070
Read in the 10-Q ↗
Other information
On September 4, 2026, Michele Lau, our Executive Vice President and Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 5,880 shares of the Company’s common stock. The duration of the trading arrangement is until September 7, 2027, or earlier if all transactions under the trading arrangement are completed or if the trading arrangement is otherwise terminated according to its terms. The trading arrangement was entered into during an open trading window period and Ms. Lau represented to us that she intended for it to satisfy the requirements for the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The number of shares subject to the arrangement includes shares that may be withheld by the Company to satisfy income tax withholding and remittance obligations in connection with the net settlement of equity awards.
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On September 10, 2026, LeAnn Smith, our Executive Vice President and Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 3,606 shares of the Company’s common stock. The duration of the trading arrangement is until September 10, 2027, or earlier if all transactions under the trading arrangement are completed or if the trading arrangement is otherwise terminated according to its terms. The trading arrangement was entered into during an open trading window period and Ms. Smith represented to us that she intended for it to satisfy the requirements for the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The number of shares subject to the arrangement includes shares that may be withheld by the Company to satisfy income tax withholding and remittance obligations in connection with the net settlement of equity awards.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed May 8, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
Other than factual updates discussed in this Quarterly Report on Form 10-Q, there have been no material changes for the period covered by this Quarterly Report on Form 10-Q to the risk factors disclosed in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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