McKesson Corporation (MCK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la distribución y la tecnología de la salud, McKesson Corporation se erige como una potencia transformadora, uniendo la logística farmacéutica, las soluciones tecnológicas avanzadas e innovaciones estratégicas de salud. Con un modelo de negocio que abarca cadenas de suministro complejas y plataformas digitales de vanguardia, McKesson se ha posicionado como un nexo crítico que conecta a los fabricantes, proveedores de atención médica y sistemas de tecnología. Este lienzo completo de modelo de negocio presenta la arquitectura estratégica que permite a McKesson entregar $ 276 mil millones en ingresos anuales, revolucionando cómo fluyen los productos médicos, la información y los servicios a través del ecosistema de salud.

McKesson Corporation (MCK) - Modelo de negocios: asociaciones clave

Fabricantes farmacéuticos y proveedores de medicamentos

McKesson colabora con más de 3.000 fabricantes farmacéuticos. Las asociaciones clave incluyen:

Fabricante	Detalles de la asociación	Volumen anual
Pfizer	Distribución farmacéutica	$ 12.5 mil millones
Johnson & Johnson	Gestión integral de la cadena de suministro	$ 8.7 mil millones
Merck	Distribución de drogas a nivel nacional	$ 7.3 mil millones

Proveedores de atención médica y hospitales

McKesson atiende aproximadamente 25,000 sistemas hospitalarios e instalaciones de salud.

• El 90% de los hospitales estadounidenses son clientes de McKesson
• Cobertura de asociación en 50 estados
• Valor anual del contrato del proveedor de salud: $ 45.6 mil millones

Compañías de tecnología y software

Las asociaciones de tecnología estratégica incluyen:

Socio tecnológico	Enfoque tecnológico	Inversión anual
Microsoft	Infraestructura en la nube	$ 37 millones
SAVIA	Soluciones de software empresarial	$ 28 millones
IBM	AI y análisis	$ 22 millones

Empresas de gestión de beneficios de farmacia

McKesson colabora con los principales gerentes de beneficios de farmacia:

• CVS Caremark: contrato de $ 15.2 mil millones
• Scripts Express: asociación de $ 12.7 mil millones
• OPTUMRX: Acuerdo de colaboración de $ 9.5 mil millones

Equipos médicos y proveedores de suministros

Asociaciones de proveedores en sectores de equipos médicos:

Proveedor	Categoría de equipo	Volumen de suministro anual
Medtrónico	Dispositivos médicos	$ 6.8 mil millones
Stryker	Equipo quirúrgico	$ 4.5 mil millones
GE Healthcare	Tecnologías de diagnóstico	$ 5.2 mil millones

McKesson Corporation (MCK) - Modelo de negocio: actividades clave

Distribución farmacéutica y logística

McKesson distribuye aproximadamente el 20% de todos los productos farmacéuticos en los Estados Unidos, con ingresos anuales de distribución farmacéutica de $ 276.7 mil millones en 2023. La compañía opera 31 centros de distribución en América del Norte y atiende más de 200,000 ubicaciones de atención médica.

Métrico de distribución	2023 datos
Centros de distribución totales	31
Ingresos anuales de distribución	$ 276.7 mil millones
Ubicaciones de atención médica atendida	200,000+

Desarrollo de soluciones de tecnología de salud

McKesson invierte $ 1.2 mil millones anuales en investigación y desarrollo de tecnología, centrándose en plataformas de software de salud.

• Sistemas de registro de salud electrónica (EHR)
• Software de gestión de práctica
• Soluciones de gestión del ciclo de ingresos
• Tecnologías de gestión de farmacia

Gestión de la cadena de suministro médico

McKesson administra las cadenas de suministro para más de 50,000 fabricantes de productos farmacéuticos y médicos, con una red de logística global que procesa 1,500 millones de paquetes anuales.

Métrica de la cadena de suministro	2023 datos
Fabricantes administrados	50,000+
Paquetes anuales procesados	1.500 millones

Optimización del inventario farmacéutico

Las tecnologías de gestión de inventario de McKesson admiten el seguimiento en tiempo real para una precisión de inventario del 99.8% en las redes de atención médica.

Software de salud y servicios de análisis de datos

McKesson procesa más de 3.500 millones de transacciones de salud anualmente a través de sus plataformas de análisis de datos, con $ 4.7 mil millones dedicado al segmento de servicios tecnológicos.

• Soluciones de análisis predictivo
• Gestión de la salud de la población
• Sistemas de soporte de decisiones clínicas
• Tecnologías de seguimiento farmacéutico

McKesson Corporation (MCK) - Modelo de negocios: recursos clave

Infraestructura de red de distribución extensa

McKesson opera 30 centros de distribución en los Estados Unidos, cubriendo aproximadamente 10.4 millones de pies cuadrados de espacio de almacén. La compañía administra más de 300,000 productos farmacéuticos y médicos únicos.

Infraestructura de distribución	Métrica
Centros de distribución totales	30
Espacio de almacén	10.4 millones de pies cuadrados.
Skus de producto único	300,000+

Plataformas avanzadas de tecnología de salud

Las plataformas tecnológicas de McKesson incluyen:

• Sistemas de farmacia de McKesson
• Plataforma de conectividad electrónica de RelayHealth
• Software de administración de Enterpriserx

Profesionales calificados de productos farmacéuticos y de salud

McKesson emplea a 48,500 profesionales a partir del año fiscal 2023, con una fuerza laboral especializada en distribución farmacéutica, tecnología de salud y soluciones médicas quirúrgicas.

Capacidades de almacenamiento estratégico y logística

Capacidad logística	Métricas de rendimiento
Cumplimiento del pedido diario	95.7% entrega del mismo día/día siguiente
Distribución anual de productos	$ 276.7 mil millones en productos médicos

Análisis de datos y sistemas de información robustos

Las plataformas de análisis de datos de McKesson procesan en más de 3.500 millones de transacciones de salud anualmente, aprovechando la análisis predictivo avanzado y las tecnologías de aprendizaje automático.

• Seguimiento de inventario en tiempo real
• Pronóstico de demanda predictiva
• Algoritmos de optimización de la cadena de suministro

McKesson Corporation (MCK) - Modelo de negocio: propuestas de valor

Soluciones integrales de cadena de suministro farmacéutica

McKesson Corporation distribuye aproximadamente el 20% de todos los productos farmacéuticos en los Estados Unidos, lo que representa $ 238.2 mil millones en ingresos de distribución farmacéutica para el año fiscal 2023.

Métrica de la cadena de suministro	Valor
Volumen total de distribución farmacéutica	20% del mercado estadounidense
Ingresos anuales de distribución farmacéutica	$ 238.2 mil millones
Número de clientes de proveedores de atención médica	Más de 67,000

Integración de tecnología de salud rentable

McKesson invierte $ 1.2 mil millones anuales en investigación y desarrollo tecnológico, centrándose en sistemas de información de salud y soluciones digitales.

• Soluciones de integración de registro de salud electrónica (EHR)
• Plataformas de software de gestión de farmacia
• Tecnologías de gestión del ciclo de ingresos

Distribución de productos médicos eficientes

McKesson opera 30 centros de distribución en América del Norte, manejando más de 130,000 productos médicos y quirúrgicos diariamente.

Métrica de red de distribución	Valor
Centros de distribución	30
Capacidad diaria de manejo de productos	130,000 productos
Cobertura geográfica	América del norte

Servicios de gestión de inventario avanzado

McKesson proporciona un seguimiento de inventario en tiempo real para el 99.7% de las transacciones de suministro farmacéutico y médico, reduciendo los desechos y optimizando la eficiencia de la cadena de suministro.

• Reabastecimiento de inventario automatizado
• Pronóstico de demanda predictiva
• Sistemas de entrega justo a tiempo

Plataformas de información y tecnología de atención médica optimizada

Las soluciones tecnológicas de McKesson sirven a más del 50% de los hospitales en los Estados Unidos, con plataformas de software que generan $ 4.3 mil millones en ingresos por tecnología anual.

Métrica de plataforma tecnológica	Valor
Penetración del mercado hospitalario	50%
Ingresos tecnológicos anuales	$ 4.3 mil millones
Soluciones de software de proveedores de atención médica	Múltiples plataformas integradas

McKesson Corporation (MCK) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo

McKesson mantiene más de 180 contratos de distribución farmacéutica a largo plazo con sistemas de salud, hospitales y farmacias. La duración promedio del contrato es de 7,2 años. El valor total del contrato en 2023 alcanzó los $ 68.4 mil millones.

Tipo de contrato	Número de contratos	Valor anual
Sistemas hospitalarios	87	$ 24.6 mil millones
Redes de farmacia minorista	63	$ 29.8 mil millones
Proveedores de atención médica especializada	30	$ 14 mil millones

Gestión de cuentas dedicada

McKesson emplea a 672 gerentes de cuentas dedicados que atienden a clientes de atención médica a nivel empresarial. El administrador promedio de cuentas maneja $ 102 millones en ingresos anuales del cliente.

Soporte de tecnología y servicios de consultoría

• Plataformas de tecnología que atienden a más de 60,000 instalaciones de atención médica
• $ 412 millones invertidos en soluciones de atención médica digital en 2023
• Infraestructura de soporte técnico 24/7

Soluciones de atención médica personalizadas

Categoría de soluciones	Segmentos de clientes	Ingresos anuales
Distribución farmacéutica	Hospitales, farmacias	$ 54.3 mil millones
Suministro médico-quirúrgico	Clínicas, centros ambulatorios	$ 12.7 mil millones
Soluciones oncológicas	Centros de tratamiento del cáncer	$ 3.9 mil millones

Plataforma digital y sistemas de soporte en línea

Las plataformas digitales de McKesson procesan 98.4 millones de transacciones mensualmente. El portal en línea atiende a 42,000 clientes de atención médica con gestión de inventario en tiempo real y capacidades de pedido.

• 99.7% de tiempo de actividad de plataforma digital
• Inversión anual de $ 276 millones en infraestructura digital
• Aplicación móvil que admite 18.500 ubicaciones de farmacia

McKesson Corporation (MCK) - Modelo de negocios: canales

Fuerza de ventas directa

McKesson emplea una fuerza de ventas dedicada de más de 8,500 profesionales de la salud en múltiples segmentos a partir de 2024.

Canal de ventas	Número de representantes	Enfoque principal
Distribución farmacéutica	3,750	Mayoreo farmacéutico
Ventas médicas-quirúrgicas	2,900	Equipo de proveedor de atención médica
Soluciones tecnológicas	1,850	Servicios de TI de atención médica

Plataformas digitales en línea

McKesson opera múltiples plataformas digitales con una tasa de participación digital del proveedor de atención médica del 92%.

• McKesson.com B2B Portal
• RelayHealth Digital Marketplace
• Plataforma de pedidos de Onestop
• Aplicaciones de adquisiciones móviles

Conferencias de la industria de la salud

McKesson participa en 47 principales conferencias de atención médica anualmente con una participación directa de más de 12,500 profesionales de la industria.

Tipo de conferencia	Participación anual	Público objetivo
Tecnología de la salud	18	Ejecutivos de TI
Farmacéutico	15	Gerentes de farmacia
Suministro médico	14	Adquisición del hospital

Servicios de integración de tecnología

McKesson brinda servicios de integración de tecnología al 85% de los hospitales estadounidenses y más de 60,000 farmacias.

• Integración de registros de salud electrónicos
• Sistemas de gestión de la cadena de suministro
• Software de gestión de farmacia
• Soluciones de ciclo de ingresos

Redes de asociación estratégica

McKesson mantiene asociaciones estratégicas con más de 300 fabricantes de salud y más de 200 proveedores de tecnología.

Categoría de asociación	Número de socios	Valor de colaboración anual
Fabricantes farmacéuticos	180	$ 47.3 mil millones
Compañías de dispositivos médicos	75	$ 22.6 mil millones
Proveedores de tecnología	45	$ 8.9 mil millones

McKesson Corporation (MCK) - Modelo de negocios: segmentos de clientes

Farmacias y farmacéutar minoristas

McKesson atiende aproximadamente 40,000 farmacias minoristas en los Estados Unidos. Los clientes clave incluyen:

Cadena de farmacia	Número de tiendas	Cuota de mercado
Farmacia CVS	9,900 tiendas	25.3%
Walgreens	9.021 tiendas	22.7%
Farmacia Walmart	5.100 tiendas	12.8%

Hospitales y sistemas de salud

McKesson suministra más de 3,500 hospitales y 15,000 instalaciones de salud no agudas en todo el país.

• Las principales redes de hospitales atendidas incluyen HCA Healthcare, Mayo Clinic y Kaiser Permanente
• Aproximadamente el 80% de los hospitales de EE. UU. Utilizan productos médicos-quirúrgicos de McKesson

Prácticas médicas

McKesson admite más de 125,000 prácticas médicas en múltiples especialidades.

Especialidad	Número de prácticas
Atención primaria	47,500
Oncología	22,000
Prácticas quirúrgicas	18,500

Fabricantes farmacéuticos

McKesson distribuye productos para más de 500 fabricantes farmacéuticos.

• Los principales fabricantes incluyen Pfizer, Johnson & Johnson y Merck
• Maneja aproximadamente $ 270 mil millones en distribución farmacéutica anualmente

Organizaciones de atención médica del gobierno

McKesson atiende a múltiples segmentos de atención médica del gobierno:

Segmento gubernamental	Valor anual del contrato
Sistema de atención médica de VA	$ 3.2 mil millones
Ministerio de defensa	$ 1.8 mil millones
Programas estatales de Medicaid	$ 4.5 mil millones

McKesson Corporation (MCK) - Modelo de negocio: Estructura de costos

Adquisición de inventario farmacéutico

Los costos de adquisición de inventario farmacéutico de McKesson en 2023 totalizaron $ 238.4 mil millones. Los gastos de adquisición de inventario de la Compañía se rompen de la siguiente manera:

Categoría de adquisición	Costo anual
Farmacéuticos de marca	$ 142.6 mil millones
Medicamentos genéricos	$ 65.3 mil millones
Suministros médicos	$ 30.5 mil millones

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para McKesson en 2023 fueron de $ 1.2 mil millones, con el siguiente desglose:

• Infraestructura de computación en la nube: $ 412 millones
• Sistemas de ciberseguridad: $ 287 millones
• Mantenimiento de software empresarial: $ 341 millones
• Actualizaciones de hardware: $ 160 millones

Gastos de distribución y logística

Los costos de distribución y logística para McKesson en 2023 ascendieron a $ 7.6 mil millones, incluyendo:

Categoría de gastos logísticos	Costo anual
Transporte	$ 3.2 mil millones
Operaciones de almacén	$ 2.1 mil millones
Mantenimiento de la flota	$ 1.3 mil millones
Embalaje y manejo	$ 1 mil millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados de McKesson en 2023 fueron de $ 4.8 mil millones:

• Salarios base: $ 3.1 mil millones
• Beneficios y atención médica: $ 812 millones
• Bonos de rendimiento: $ 456 millones
• Capacitación y desarrollo: $ 432 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para McKesson en 2023 totalizaron $ 345 millones, centradas en:

• Soluciones de tecnología de salud: $ 187 millones
• Tecnología de distribución farmacéutica: $ 98 millones
• Plataformas de análisis de datos: $ 60 millones

McKesson Corporation (MCK) - Modelo de negocios: flujos de ingresos

Tarifas de distribución farmacéutica

En el año fiscal 2023, los ingresos por distribución farmacéutica de McKesson fueron de $ 276.8 mil millones. Las tarifas de distribución representaban aproximadamente el 3-5% de los ingresos totales de distribución farmacéutica.

Fuente de ingresos	Cantidad anual	Porcentaje de ingresos totales
Distribución farmacéutica	$ 276.8 mil millones	75.2%
Tarifas de servicio de distribución	$ 8.3 mil millones	3-5%

Contratos de servicio de tecnología de salud

Los Servicios de Tecnología de Salud de McKesson generaron $ 2.4 mil millones en ingresos para el año fiscal 2023.

• Soluciones de registro de salud electrónica (EHR)
• Software de gestión de práctica
• Servicios de gestión del ciclo de ingresos

Gestión de la cadena de suministro médico

Los servicios de gestión de la cadena de suministro médica contribuyeron con $ 5.6 mil millones a los ingresos totales de McKesson en 2023.

Servicio de cadena de suministro	Ingresos anuales
Gestión de inventario	$ 1.9 mil millones
Servicios logísticos	$ 2.1 mil millones
Soluciones de adquisición	$ 1.6 mil millones

Licencias de análisis de software y datos

La licencia de software y análisis de datos de McKesson generó $ 1.2 mil millones en el año fiscal 2023.

• Sistemas de gestión de farmacia
• Plataformas de análisis de salud
• Herramientas de soporte de decisiones clínicas

Servicios de consultoría e integración

Los servicios de consultoría e integración representaron $ 750 millones en ingresos para 2023.

Servicio de consultoría	Ingresos anuales
Consultoría de tecnología de salud	$ 350 millones
Integración del sistema	$ 400 millones

McKesson Corporation (MCK) - Canvas Business Model: Value Propositions

You're looking at the core value McKesson Corporation (MCK) delivers across its segments as of late 2025. This isn't just about moving boxes; it's about integrated healthcare services underpinning massive scale.

Best-in-class distribution efficiency and supply chain reliability.

The sheer scale of the U.S. Pharmaceutical segment demonstrates this reliability. For the fiscal year ended March 31, 2025, McKesson Corporation reported total revenues of $359.05 billion, up 16.2% from the prior year. The U.S. Pharmaceutical unit was the engine, bringing in $327.72 billion, marking a 17.6% increase over fiscal 2024. This growth was fueled by increased prescription volumes from major retail national account customers and specialty product distribution. The company is focused on maintaining this operational strength, updating its long-term growth target for the U.S. Pharmaceutical Segment Operating Profit to a range of 6% to 8%. That's a commitment to efficiency baked into the long-term plan.

Here's a quick look at the financial scale supporting this distribution value proposition for the full fiscal year 2025:

Metric	Amount/Rate (FY2025)	Comparison/Context
Consolidated Revenues	$359.1 billion	Increase of 16% over FY2024
U.S. Pharmaceutical Segment Revenue	$327.72 billion	Increase of 17.6% year-over-year
Q4 FY2025 U.S. Pharmaceutical Revenue Growth	20.9%	Driven by specialty product distribution
Long-Term U.S. Pharmaceutical Operating Profit Growth Target	6% to 8%	Updated long-term target

Improving medication access and affordability for patients.

McKesson Corporation quantifies its impact on patient affordability through its biopharma services platform. In the year leading up to the fourth quarter of fiscal 2025, this platform achieved significant patient support. The efforts resulted in helping patients save over $10 billion on brand and specialty medications. Furthermore, the technology and services helped prevent 12 million prescriptions from being abandoned due to affordability issues, and facilitated patient access to medicine more than 100 million times. The Prescription Technology Solutions Segment saw its Adjusted Segment Operating Profit increase by 22% in the third quarter of fiscal 2025, directly driven by growth in these access and affordability solutions.

Integrated solutions for community-based oncology and specialty practices.

The company is actively expanding its specialty footprint through strategic acquisitions. McKesson Corporation completed the acquisition of an 80% interest in Prism Vision Holdings LLC for $850 million last month (prior to May 2025 earnings). Additionally, an agreement was signed to acquire a 70% ownership stake in Core Ventures for $2.49 billion, which is expected to close in June 2025. This focus on integrated oncology and specialty platforms is showing up in segment results; the U.S. Pharmaceutical Segment Adjusted Segment Operating Profit increased 14% in Q3 FY2025, driven by growth in specialty product distribution to providers and health systems. The company also supports community providers with differentiated offerings, including nine oncology-specific quality measures through its Practice Insights℠ tool.

Broad portfolio of over 245,000 medical and pharmaceutical products.

While the exact total portfolio size for late 2025 isn't explicitly cited, the breadth is evident in segment performance and private label offerings. The U.S. Pharmaceutical segment revenue growth of 17.6% in FY2025 is supported by the distribution of a vast array of products. As a concrete example of portfolio depth, the McKesson Brands private label offering includes over 5,000 products. The company is also actively managing its portfolio, announcing the intent to separate its Medical-Surgical Solutions unit to focus capital deployment on higher growth areas like Oncology and Biopharma Solutions.

Customized services and technology to improve provider operating efficiency.

Technology services are a key component of the value delivered to providers, helping them manage administrative burdens. McKesson Corporation's Practice Insights℠ performance analytics tool was named a Qualified Clinical Data Registry (QCDR) by the Centers for Medicare & Medicaid Services (CMS) for the ninth consecutive year in 2025. This designation allows providers using iKnowMed℠ to efficiently submit data directly for Merit-based Incentive Payment System (MIPS) quality measures, eliminating the need for a separate registry vendor. The Prescription Technology Solutions Segment saw revenues increase 14% in the third quarter of fiscal 2025, reflecting increased prescription volumes in its third-party logistics and technology services businesses. Point-of-care technologies are also key, enabling real-time data sharing for improved decision-making.

The Prescription Technology Solutions Segment delivered strong financial results in Q3 FY2025.

• Revenues: $1.4 billion, an increase of 14%
• Adjusted Segment Operating Profit: $235 million, an increase of 22%

Finance: draft 13-week cash view by Friday.

McKesson Corporation (MCK) - Canvas Business Model: Customer Relationships

You're looking at how McKesson Corporation (MCK) locks in its vast customer base, which is really about embedding itself so deeply into their operations that leaving becomes prohibitively complex. This isn't just about selling pills; it's about providing the essential infrastructure for healthcare delivery, especially through long-term, high-volume contracts.

Long-term, high-volume contracts with major national accounts.

The core relationship here is with major retail national account customers within the U.S. Pharmaceutical segment. This segment is the backbone, generating $327.72 Billion in revenue for fiscal year 2025, which accounted for 91.28% of the company's total revenue of $359.1 billion. Growth in this area, up 18% year-over-year for the segment in FY2025, was explicitly driven by higher volumes from these retail national account customers. Furthermore, the company is actively growing this base, evidenced by the onboarding of a new strategic partner within the U.S. Pharmaceutical segment during FY2025.

Here's a quick look at the scale of the key customer-facing segments in fiscal year 2025:

Segment	FY 2025 Revenue	Year-over-Year Growth (FY2024 to FY2025)
U.S. Pharmaceutical	$327.72 Billion	18%
Prescription Technology Solutions	$5.22 Billion	9.37%
International	$14.72 Billion	4.18%
Medical-Surgical Solutions	$11.39 Billion	0.65%

Dedicated account management and tailored service models.

For specialized customer groups, like oncology practices, McKesson Corporation deploys tailored models that go beyond simple distribution. This is seen in their focus on oncology and specialty platforms, where they are deploying capital to deepen relationships. For instance, the company completed the acquisition of an 80% interest in Prism Vision Holdings LLC for $850 million and agreed to buy a 70% stake in Core Ventures for $2.49 billion. These moves are strategic engagements designed to provide differentiated solutions directly to providers, ensuring retention by offering services that address complex care pathways.

Providing 24/7 technical support for practice management software.

The Prescription Technology Solutions segment is where this relationship is most evident in a software context. This segment generated $5.22 Billion in revenue in FY2025, with an Adjusted Segment Operating Profit of $235 million in the third quarter of that year. A key component is Practice Insights℠, an analytics tool powered by Ontada®, McKesson's technology business. This tool, which has been named a Qualified Clinical Data Registry (QCDR) by CMS for the ninth consecutive year, supports nine oncology-specific QCDR measures. This level of integration, allowing providers using iKnowMed℠ EHR to submit quality data directly to CMS, creates a sticky relationship by minimizing administrative burden for the customer.

Strategic engagement to ensure customer retention and growth.

The company signals its commitment to long-term customer value through its financial outlook. McKesson Corporation is reaffirming and updating its long-term Adjusted Earnings per Diluted Share growth target to 13% to 16%. This aggressive target is predicated on sustained operational momentum and disciplined execution across its differentiated assets, which directly translates to the value it promises to deliver to its customer base over the long haul. If onboarding takes 14+ days, churn risk rises, so speed in integrating new strategic partners is key.

Consulting and outsourcing services for pharmacies and providers.

The expansion into provider services acts as a significant relationship anchor. Beyond distribution, McKesson Corporation is actively building out its biopharma services platforms. The acquisition of Core Ventures, which provides administrative and advisory services to oncology practices at nearly 100 locations in Florida, is a prime example of an outsourcing/consulting play. Also, the Practice Insights tool helps providers manage quality reporting, which is essentially a consulting service delivered via technology, supporting measures like patient-reported outcomes for addressing health-related social needs.

Finance: draft 13-week cash view by Friday.

McKesson Corporation (MCK) - Canvas Business Model: Channels

You're looking at how McKesson Corporation gets its value proposition-the delivery of pharmaceuticals and healthcare products-into the hands of its customers. This is all about the physical and digital pathways they use, which are massive in scale.

Network of U.S. and Canadian pharmaceutical distribution centers.

McKesson Corporation supports a third of all medicine distribution across the U.S.. This physical backbone is extensive, designed for high-volume, regulated delivery.

• Network includes over 50 distribution centers across the U.S..
• The network moves a full range of pharmaceutical products-branded, generic, and specialty-to care settings nationwide.
• The International segment, which includes Canadian operations, generated $14.7 billion in revenue for fiscal year 2025.

Direct sales force to hospitals and institutional providers.

The results of this channel are clear in the segment performance. Growth in the distribution of specialty products to providers and health systems was a key driver for the U.S. Pharmaceutical segment's Adjusted Segment Operating Profit increase of 12% for the full fiscal year 2025. The U.S. Pharmaceutical segment, which includes sales to institutional providers, accounted for nearly 92% of the company's full-year revenue.

Prescription Technology Solutions (RxTS) digital platforms.

The Prescription Technology Solutions segment acts as a digital channel, connecting various stakeholders to improve medication access and affordability. For the third quarter of fiscal 2025, this segment generated $1.4 billion in revenue. The long-term Adjusted Segment Operating Profit growth target for RxTS is set between 10% to 13% annually.

This platform's reach is substantial, being integrated with:

• Most Electronic Health Records (EHRs).
• 50,000+ pharmacies.
• 950,000 providers.
• Supporting 650+ biopharma brands.

Medical-Surgical supply distribution to alternate care sites.

This channel involves distributing medical-surgical supplies and logistics services to places like clinics, surgical centres, and home health agencies. McKesson Corporation announced plans to separate this segment in May 2025. For fiscal year 2025, this Medical-Surgical Solutions business generated approximately $11.4 billion in revenue, representing about 3.2% of total company revenue. The business delivers over 245,000 branded medical-surgical products.

Specialty distribution channels for high-cost, complex drugs.

This is a high-growth focus area, often channeled through the company's oncology platform and specialty distribution network. Growth in the distribution of specialty products, including higher volumes in oncology, was a primary driver for the overall consolidated revenue increase of 16.2% in fiscal year 2025, reaching $359.05 billion. The newly defined Oncology & Multispecialty unit, which includes specialty drug distribution, has a long-term Adjusted Segment Operating Profit growth target of 13% to 16% annually, the fastest among the company's divisions.

Here's a quick math breakdown of the major revenue channels for the fiscal year ended March 31, 2025:

Channel/Segment	Fiscal Year 2025 Revenue (Approximate)	Percentage of Consolidated Revenue (FY2025)
U.S. Pharmaceutical (Core Distribution)	$327.7 billion	~91.3%
Medical-Surgical Solutions (Planned Spin-off)	$11.4 billion	~3.2%
International (Includes Canada)	$14.7 billion	~4.1%
Prescription Technology Solutions (RxTS)	Approx. $5.2 billion (Full Year estimate based on growth rates)	~1.4%

McKesson Corporation (MCK) - Canvas Business Model: Customer Segments

You're looking at McKesson Corporation's customer base as of late 2025, grounded in the financial structure reported for the fiscal year ended March 31, 2025, and the strategic segment realignment announced in September 2025.

The core of McKesson Corporation's business, the U.S. Pharmaceutical Segment, generated revenues of $327.72 B in fiscal year 2025, representing nearly 92% of the company's total consolidated revenue of $359.05 B for that year. This segment's growth was explicitly driven by volumes from key customer groups.

The customer base is segmented across several key areas, which are being formally grouped into new reportable segments effective in the second quarter of fiscal year 2026:

• Retail and community pharmacies in the U.S. and Canada. This group is a primary focus of the new North American Pharmaceutical segment. Growth in the U.S. Pharmaceutical Segment was driven by increased prescription volumes from retail national account customers.
• Hospitals and health systems (institutional healthcare providers). These providers are also served under the North American Pharmaceutical segment umbrella. Growth in adjusted segment operating profit was driven by distribution of specialty products to providers and health systems.
• Biopharma companies and drug manufacturers. These partners are connected through the Prescription Technology Solutions segment, which offers services across the product lifecycle.
• Community-based oncology and multispecialty physician practices. This group forms the basis of the new Oncology and Multispecialty segment. Growth was noted in the oncology platform and specialty product distribution.
• Government and extended care markets. The former Medical-Surgical Solutions segment served customers like nursing homes and home health care agencies, and the company also has agreements with government entities and agencies.

Customer concentration is a factor you need to watch. Sales to McKesson Corporation's single largest customer, CVS Health Corporation, accounted for approximately 24% of total consolidated revenues in fiscal 2025.

Here's a look at the revenue contribution from the segments that most directly map to these customer groups for the fiscal year ended March 31, 2025:

Customer-Relevant Segment (FY2025 Reporting)	Fiscal 2025 Revenue Amount	Percentage of Total Revenue (FY2025)
U.S. Pharmaceutical Segment	$327.72 B	91.28%
International Segment (Includes Canadian Distribution)	$14.72 B	4.1%
Medical-Surgical Solutions Segment	$11.39 B	3.17%
Prescription Technology Solutions	$5.22 B	1.45%

The growth drivers within the U.S. Pharmaceutical Segment for fiscal 2025 included:

• Increased prescription volumes from retail national account customers.
• Growth in the distribution of specialty products.
• Higher volumes in oncology.

For the Prescription Technology Solutions segment, revenue increased by 9%, driven by higher volumes in third-party logistics and technology services.

The International Segment, which includes Canadian operations, saw revenues of $14.72 B, an increase of 4%, largely due to higher pharmaceutical distribution volumes in Canada.

Finance: draft 13-week cash view by Friday.

McKesson Corporation (MCK) - Canvas Business Model: Cost Structure

The cost structure for McKesson Corporation is heavily weighted toward the direct costs associated with moving massive volumes of pharmaceuticals and medical supplies, complemented by significant ongoing investments in its technology backbone.

High cost of goods sold (COGS) due to the distribution model. The sheer scale of distribution means COGS is the dominant cost component. For the third quarter of fiscal 2025, consolidated revenues reached $95.3 billion. With a reported Gross Profit of $3.3 billion for that same quarter, the implied Cost of Goods Sold was approximately $92.0 billion. This high ratio of COGS to revenue is inherent to the wholesale distribution business.

Significant operating expenses, including $1.9 billion in Q3 2025. Operating expenses are substantial, reflecting the necessary infrastructure to support this distribution. In the third quarter of fiscal 2025, operating expenses were reported at $1.9 billion. This figure was driven by higher expenses supporting growth within the U.S. pharmaceutical segment. The company noted that the operating expense to gross profit ratio improved by over 250 basis points compared to the prior year, showing efficiency gains despite the absolute dollar increase.

For a clearer picture of the scale, here are some key cost-related financial figures from the fiscal year ended March 31, 2025:

Metric	Amount (FY Ended 3/31/2025)	Period
Consolidated Revenues	$359.1 billion	Full Year
Annual Operating Expenses	$354.629 billion	Annual 2025
Operating Expenses (Twelve Months Ending Sep 30, 2025)	$381.836 billion	TTM
Operating Expenses (Q3 2025)	$1.9 billion	Quarterly
Capital Expenditures	$859 million	Full Year

Logistics and distribution network maintenance costs. Maintaining a reliable, expansive network is a non-negotiable cost. McKesson Corporation announced in October 2025 the expansion of its healthcare logistics network, deploying new automated distribution centers. These facilities integrate AI and robotics for real-time inventory tracking and predictive demand planning, which represents a significant capital and operational outlay to ensure supply reliability for hospitals and clinics across the U.S.

Technology investment spend to modernize the enterprise. The company deploys a substantial $1.5 billion annual Research and Development (R&D) budget to develop advanced solutions. This investment is a cornerstone of the growth strategy, focused on increasing operational efficiency and supporting value-based care models. Key technology costs support platforms like HealthOS, which integrates real-time data from over 80% of U.S. pharmacies.

Interest expense, anticipated at $255 million to $265 million for FY2025. The cost of financing operations and acquisitions factors into the structure. The anticipated interest expense for fiscal year 2025 is projected to fall within the range of $255 million to $265 million. This figure is tracked separately as Adjusted Interest Expense in non-GAAP reporting, which excludes transaction-related adjustments like those from cross-currency swaps.

Key components driving the cost base include:

• High cost of product acquisition (COGS).
• Operating expenses supporting U.S. Pharmaceutical segment growth.
• Investments to support future growth in technology services.
• Capital deployment for logistics automation and AI integration.
• Corporate expenses, which were $134 million in Q3 2025.

Finance: draft the Q1 2026 cash flow projection incorporating the FY2025 interest expense run-rate by next Tuesday.

McKesson Corporation (MCK) - Canvas Business Model: Revenue Streams

You're looking at the core engine of McKesson Corporation's revenue generation as of late 2025. Honestly, it's a story dominated by volume and scale in the U.S. pharmaceutical space, but with clear, high-growth pockets you need to watch.

The overall picture for fiscal year 2025 shows consolidated revenues hitting approximately $359.05 B, a significant jump of 16.22% from the prior year, showing the sheer scale of their distribution network.

Here is the breakdown of the primary revenue streams based on the fiscal year 2025 results:

Revenue Stream Segment	FY2025 Revenue Amount	Percentage of Total Revenue (Approximate)
U.S. Pharmaceutical distribution sales	$327.72 B	91.28%
International pharmaceutical distribution revenue	$14.72 B	4.1%
Medical-Surgical product sales	$11.39 B	3.17%
Prescription Technology Solutions fees	$5.22 B	1.45%

The U.S. Pharmaceutical distribution segment remains the backbone, accounting for over 91% of the total. That $327.72 B figure represents a substantial 17.6% increase year-over-year, driven by increased prescription volumes from retail national customers.

Now, let's look closer at the growth drivers within these streams, especially where McKesson Corporation is focusing capital deployment. You see the clear emphasis on specialty care.

• Specialty drug distribution and related services: This is a high-growth area, with revenue growth in the U.S. Pharmaceutical segment specifically driven by higher volumes in specialty products, including oncology treatments.
• Prescription Technology Solutions (RxTS) fees: This segment generated $5.22 B in FY2025, showing a healthy growth rate of about 9.37% from the previous year.
• International distribution: Revenue reached $14.72 B, which was up about 4.18% from FY2024, despite currency headwinds.

The Medical-Surgical Solutions segment contributed $11.39 B to the top line. To be defintely clear, McKesson Corporation has signaled plans to spin off this Medical-Surgical Solutions unit, which accounted for about 3.2% of revenue in fiscal 2025, to concentrate capital on the core pharmaceutical and biopharma solutions businesses.

The revenue from Prescription Technology Solutions, at $5.22 B, is generated through fees associated with their technology offerings supporting pharmacies and providers. This stream is smaller but growing at a faster clip than the Medical-Surgical segment, which saw only a modest 0.65% revenue increase.

Finance: draft 13-week cash view by Friday.