Drug distribution and specialty care
McKesson Corporation
McKesson sources pharmaceuticals and medical products from manufacturers and distributes them to large pharmacy chains, hospitals, community pharmacies, and care providers. Revenue is concentrated in North American pharmaceutical distribution, while inventory purchases from drugmakers are its core cost. It has also expanded specialty-care services by acquiring controlling interests in oncology and ophthalmology organizations.
MCK Updated Sep 11, 2026 3 AI consumers· 3 recurring
Per the valuechain.wiki graph, McKesson Corporation is directly linked to 11 companies (9 supply, 2 revenue relationships) and reaches 24 companies within two hops; the links are backed by 16 dated sources, 10 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · FY2026 total revenue of $403.43 billion
- Segments · North American Pharmaceutical · Oncology & Multispecialty · Prescription Technology Solutions · Medical-Surgical Solutions
Revenue from
- CVS Health High confidence· Revenue share 24 percent · FY2026 · CVS Health share of McKesson FY2026 consolidated revenue
CVS Health is McKesson's largest customer. CVS represented about 24% of consolidated fiscal 2026 revenue, and the pharmaceutical distribution partnership runs through June 2027.Confirms EN Drug Channels Institute Published Oct 1, 2025: The 2025-26 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors: Report Overview - Walmart Inc Medium confidence
Walmart is both a distribution customer served by McKesson for more than 30 years and its generic-drug sourcing partner. No counterparty-specific revenue amount or share was disclosed.Confirms EN McKesson Corporation Published Sep 23, 2025: McKesson 2025 Investor Day Corrected TranscriptConfirms KO NewsPim Published Apr 7, 2025: [GAM] McKesson Reaches New Highs Despite Tariff Shock, Part 2
Pays to
- Pfizer Inc. High confidence· Revenue share 25 percent · FY2025 · Share of Pfizer 2025 total revenue generated from McKesson as a wholesaler customer
McKesson purchases pharmaceuticals as one of Pfizer's U.S. wholesaler customers. Pfizer's reverse disclosure shows that McKesson generated 25% of Pfizer's 2025 total revenue; this is not McKesson's supplier-spend share. - Merck & Co. High confidence· receivables share 22 percent · 2025-12-31 · Share of Merck total accounts receivable attributable to McKesson at year-end 2025
McKesson is a wholesaler customer that purchases Merck products. Merck's reverse disclosure attributes about 22% of its year-end 2025 accounts receivable to McKesson; this is not McKesson's supplier-spend share. - Vertex Pharmaceuticals Incorporated High confidence
McKesson is Vertex's largest disclosed customer and accounted for 22% of Vertex's total gross product revenues in FY2025. - Gilead Sciences, Inc. High confidence
McKesson and its specialty distributor affiliates are major U.S. wholesale customers of Gilead and represented 24% of Gilead's total gross product sales in FY2025. - Amgen High confidence
McKesson, the largest U.S. drug wholesaler and Amgen's single biggest channel, accounted for 34% of Amgen's total gross revenues in FY2025 ($26.25B gross product sales). - Lilly (Eli) High confidence
McKesson serves as a direct channel for Lilly's revenue by purchasing Lilly products, and Lilly's 10-K discloses that each of the three U.S. wholesalers (McKesson, Cencora, and Cardinal) accounts for 10%+ of consolidated revenue, with Lilly selling to these wholesalers rather than pharmacies, making its concentration on McKesson as the largest U.S. wholesaler both a source of channel bargaining power and the layer where the gross-to-net gap (rebates, PBMs) forms. - Bristol-Myers Squibb Company High confidence
McKesson is BMS's largest U.S. pharmaceutical wholesale customer, with gross revenue to McKesson representing 36% of BMS's U.S. gross revenue in 2025, up from 34% in 2024. - Johnson & Johnson Medium confidence
McKesson is an authorized U.S. wholesaler for J&J Innovative Medicine, and although J&J disclosed that three wholesalers handled a substantial share of FY2025 gross revenue, it did not map the percentages to names, so no McKesson-specific amount is assigned.Mentions EN Morningstar Equity Research Published Apr 30, 2024: US Drug Distribution: Industry Landscape - Becton, Dickinson and Company Medium confidence
McKesson is a major independent distributor supplying BD products to U.S. healthcare providers, while BD revenue attributable to McKesson is not disclosed.Confirms EN U.S. Court of Appeals for the Seventh Circuit via Justia Published Mar 18, 2022: Marion Diagnostic Center, LLC v. Becton Dickinson & Co., No. 21-1513
Investments
- Community Oncology Revitalization Enterprise Ventures, LLC High confidence· Amount $2.5B · acquisition completed 2025-06-02 · Cash consideration for a 70% controlling interest in Core Ventures
McKesson acquired a 70% controlling interest in Core Ventures for $2.5 billion in cash in June 2025. The organization supports the business and administrative operations of a Florida oncology practice and joined McKesson's oncology platform.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| UnitedHealth Group Incorporated | lead2 | +45.2 | +6.9 | +0.8 | -2.4 | -33.1 | +21.9 |
| Elevance Health, Inc. | lead2 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| CVS Health | lead1 | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| Walmart Inc | lead1 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| McKesson Corporation | node | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +11 |
| Merck & Co. | benef1 | +1.8 | +49.4 | +1 | -6.3 | +9.8 | +44.9 |
| Amgen | benef1 | +0.9 | +20.4 | +13.5 | -6.8 | +29.7 | +36.3 |
| Johnson & Johnson | benef1 | +11.4 | +6 | -8.6 | -4.8 | +47.5 | +35.1 |
| Gilead Sciences, Inc. | benef1 | +30 | +23.6 | -2 | +18.7 | +36.6 | +24.5 |
| Becton, Dickinson and Company | benef1 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Vertex Pharmaceuticals Incorporated | benef1 | -7.1 | +31.5 | +40.9 | -1 | +12.6 | +20.5 |
| Pfizer Inc. | benef1 | +66.7 | -10.4 | -41.3 | -2.2 | +0.6 | +20.2 |
| Lilly (Eli) | benef1 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +7.5 |
| Moderna | benef2 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Veeva Systems | benef2 | -6.2 | -36.8 | +19.3 | +9.2 | +6.2 | +23.2 |
| Agilent Technologies, Inc. | benef2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Edwards Lifesciences Corporation | benef2 | +42 | -42.4 | +2.2 | -2.9 | +15.2 | +5.5 |
| Daiichi Sankyo | benef2 | -23.1 | +59.8 | +9.7 | -2.1 | -32.4 | -0.2 |
| Shionogi & | benef2 | +15 | -2.2 | +17.8 | -1 | +42.4 | -7.3 |
| Samsung Biologics | benef2 | -6.8 | +8.6 | +5.8 | +28.7 | +5 | -17.1 |
| Yuhan Corporation | benef2 | -9 | -2.3 | +19.7 | +119.9 | -16.7 | -24.2 |
| LigaChem Biosciences | benef2 | -26.2 | -18.1 | +37.1 | +151 | +60.5 | -54.7 |
| ABL Bio | benef2 | +15.9 | -31.3 | +14.2 | +65.2 | +443.9 | -63.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
McKesson Corporation operates across Drug distribution and specialty care. It stayed steadily positive in recent years and is +11% in 2026. The supply side (avg +33.4%) has moved harder than the stock (+11%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Merck & Co. (+44.9%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It has also expanded specialty-care services by acquiring controlling interests in oncology and ophthalmology organizations.
Analysis generated from returns as of 2026-09-04