McKesson
33 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Customers
Ten largest customers (including GPOs)
concentrated in · approximately 73% of our total consolidated revenuesnamed as a riskDuring fiscal 2026, sales to our ten largest customers, including group purchasing organizations (“GPOs”) accounted for approximately 73% of our total consolidated revenues.Business (Item 1)
CVS Health Corporation
earns from · approximately 24% of our total consolidated revenuesnamed as a riskSales to our largest customer, CVS Health Corporation (“CVS”), accounted for approximately 24% of our total consolidated revenues in fiscal 2026.Business (Item 1)
Also named by ELV
Suppliers
Largest supplier
depends on · 11% of our total purchasesnamed as a riskWe obtain pharmaceutical and other products from manufacturers and our largest supplier accounted for 11% of our total purchases in fiscal 2026.Business (Item 1)
Ten largest suppliers
concentrated in · approximately 71% of our total purchasesnamed as a riskThe ten largest suppliers in fiscal 2026 accounted for approximately 71% of our total purchases.Business (Item 1)
Partners and platforms
ClarusONE Sourcing Services LLP (Walmart Inc. joint venture)
depends onnamed as a riskInput cost increases, product discontinuations, and market shortages could result in ClarusONE being unsuccessful in sourcing product to meet the needs of our customers, or could negatively impact our margin.Risk factors (Item 1A)
Other companies
Apollo Global Management, Inc.
approximately $1.25 billionAs a part of the separation strategy, on April 20, 2026, we announced we had entered into a definitive agreement under which Apollo Funds will acquire approximately 13% minority ownership interest in our Medical‑Surgical Solutions segment through an investment of approximately $1.25 billion in the segment’s convertible preferred equity.Business (Item 1)
Change Healthcare Inc. (Tax Matters Agreement)
named as a riskIf Change does not honor its obligations to indemnify the Company, or if the Transactions fail to qualify for the intended tax-free treatment for reasons not related to a disqualifying action by Change or SpinCo, the resulting tax to the Company could have a significant adverse effect on our financial position or results of operations.Risk factors (Item 1A)
Also named by CNC
Medical-Surgical Solutions separation
named as a riskThe Company intends to separate the Medical-Surgical Solutions segment into an independent company (“NewCo”).Risk factors (Item 1A)
Competitors
Places
Hazards
Opioids litigation
named as a riskThe Company is a defendant in many litigation matters alleging claims related to the distribution of controlled substances (opioids), as described in Financial Note 17, “Commitments and Contingent Liabilities,” to the consolidated financial statements in this Annual Report.Risk factors (Item 1A)
Commodities and inputs
Canadian dollar
exposed to its pricenamed as a riskWe are also exposed to foreign currency exchange rate risk, primarily from the Canadian dollar, the Euro, and British pound sterling, related to certain foreign subsidiaries, our foreign currency-denominated notes, and intercompany loans denominated in non-functional currencies.Market risk (Item 7A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
Branded pharmaceutical manufacturer price inflation
exposed to its pricenamed as a riskFor these manufacturers, a reduction in the frequency and magnitude of price increases, as well as restrictions in the amount of inventory available to us, could have an adverse impact on our gross profit margin.Business (Item 1)
Generic pharmaceuticals
depends onnamed as a riskOur generic pharmaceuticals distribution business is subject to both product availability and pricing risks.Risk factors (Item 1A)
Regulators
U.S. Environmental Protection Agency
subject tonamed as a riskAgreements with the U.S. Environmental Protection Agency and certain states have required and may require environmental assessments and remediation at several sites.Business (Item 1)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
U.S. Drug Enforcement Administration (DEA)
subject tonamed as a riskFor example, we are required to hold valid DEA and state-level registrations and licenses, meet various security and operating standards, and comply with the Controlled Substances Act and its accompanying regulations governing the sale, marketing, packaging, holding, distribution, and disposal of controlled substances.Business (Item 1)
Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, LH and 7 more
Canadian provincial drug pricing regulation
subject tonamed as a riskFor example, these governments have taken steps to reduce consumer prices for generic pharmaceuticals and, in some provinces, change professional allowances paid to pharmacists by generic drug manufacturers.Business (Item 1)
Laws and programs
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskThe One Big Beautiful Bill (“OBBBA”), enacted in July 2025, includes provisions expected to reduce Medicaid enrollment and federal funding to state Medicaid programs, which may limit coverage or payment for products and services and impact the financial stability of our customers.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Medicare
subject tonamed as a riskThose changes have included cuts in Medicare and Medicaid reimbursement levels, changes in the bases for payments, shifts from fee-for-service pricing towards value-based payments and risk-sharing models, and increases in the use of managed care.Risk factors (Item 1A)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
Tariffs
exposed to its pricenamed as a riskImposed or threatened tariffs or other trade restrictions might require us to incur substantial additional sourcing costs, raise prices on certain products, or seek alternate supply sources.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Medicaid
subject tonamed as a riskSuch failures might result in the loss of licenses or our ability to participate in Medicare, Medicaid, or other federal and state healthcare programs, or pursue government contracts.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
Inflation Reduction Act of 2022
subject tonamed as a riskThe ongoing implementation of the IRA may significantly affect the pharmaceutical value chain as manufacturers, pharmacy benefit managers, managed care organizations, and other stakeholders adapt their business models.Business (Item 1)
Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more
340B Drug Pricing Program
subject tonamed as a riskThese developments could, for example, limit the availability of 340B pricing or discounts for our customers.Business (Item 1)
Also named by ABBV, BAX, BIIB, BMY, CAH, COR, CVS, EXEL and 13 more
Federal Acquisition Regulation
subject tonamed as a riskFor example, our contracts with the U.S. government generally require us to comply with the Federal Acquisition Regulation, Procurement Integrity Act, Buy American Act, Trade Agreements Act, and other laws and requirements.Risk factors (Item 1A)
Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more
Patient Protection and Affordable Care Act (ACA)
subject tonamed as a riskThe nonrenewal of, or any modifications to, these subsidies may reduce the availability of insurance coverage for certain patients and, in turn, impact our customers and our business.Business (Item 1)
Drug Supply Chain Security Act (DSCSA)
subject tonamed as a riskThese federal and state regulatory requirements have increased, and may further increase, our compliance burden and distribution costs.Business (Item 1)
Federal Anti-Kickback Statute
subject tonamed as a riskAlleged failures to comply with those laws, including the federal Anti-Kickback Statute, expose us to federal or state government investigations or qui tam actions, and to liability for damages and civil and criminal penalties.Risk factors (Item 1A)
Executive Order 14297 (Most-Favored-Nation Prescription Drug Pricing)
subject tonamed as a riskIt also directs HHS to enable direct-to-consumer purchasing programs for prescription drugs at most-favored-nation prices, which may bypass supply chain intermediaries.Business (Item 1)
Also named by COR
CMS bona fide service fee rule
subject tonamed as a riskThis rule creates a risk that certifications, when and if given, could be challenged, and that manufacturers may seek modifications to their service agreements.Business (Item 1)
State drug price cap laws
subject tonamed as a riskIf upheld or enacted, these laws could encourage similar measures in other jurisdictions and could, directly or indirectly, affect wholesaler distribution economics.Business (Item 1)
State opioid distribution taxes
subject tonamed as a riskAny such taxes, assessments, or other related compliance obligations could increase our costs, require changes to our distribution practices, or lead to adverse publicity.Risk factors (Item 1A)
CMS proposed international pricing rebate models
subject tonamed as a riskCMS also proposed two rules in December 2025 that, if finalized, would implement mandatory manufacturer rebate models for certain Medicare Part B and Medicare Part D drugs based on international pricing benchmarks.Business (Item 1)