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| homepage = {{URL|mckesson.com|McKesson.com}} | | homepage = {{URL|mckesson.com|McKesson.com}} | ||
| subsid = {{Unbulleted list|[[Rexall (Canada)|Rexall]]|[[Health Mart]]|[[Uniprix]]}} | | subsid = {{Unbulleted list|[[Rexall (Canada)|Rexall]]|[[Health Mart]]|[[Uniprix]]}} | ||
| foundation = | | foundation = New York City, U.S.<br />{{start date and age|1833}} | ||
| footnotes = Financials {{as of|2024|03|31|lc=y|df=US}}.<ref>{{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/927653/000092765324000035/mck-20240331.htm |title=FY 2024 Annual Report (Form 10-K) |date=May 8, 2024 |publisher=U.S. Securities and Exchange Commission |pages=9, 60, 62}}</ref> | | footnotes = Financials {{as of|2024|03|31|lc=y|df=US}}.<ref>{{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/927653/000092765324000035/mck-20240331.htm |title=FY 2024 Annual Report (Form 10-K) |date=May 8, 2024 |publisher=U.S. Securities and Exchange Commission |pages=9, 60, 62}}</ref> | ||
}} | }} | ||
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==History== | ==History== | ||
===19th century=== | ===19th century=== | ||
McKesson was founded in 1828 in | McKesson was founded in 1828 in New York City as '''Charles M. Olcott''' by [[Charles M. Olcott]]. It was later renamed '''Olcott, McKesson & Co.''' and '''John McKesson''' in 1833,<ref>McKesson & Robbins, ''First Aid In Emergencies'', 1930, p. 63.</ref> the business began as an [[international trade|import]]er and [[Wholesaling|wholesale]]r of botanical drugs. A third partner, Daniel Robbins, who joined the enterprise as it grew, and who previously "was an assistant to the original partners",<ref>{{cite news |newspaper=[[East Bay Times]] | ||
|url=https://www.eastbaytimes.com/2010/01/22/san-franciscos-mckesson-the-largest-company-no-one-has-heard-of | |url=https://www.eastbaytimes.com/2010/01/22/san-franciscos-mckesson-the-largest-company-no-one-has-heard-of | ||
|title=San Francisco's McKesson: 'The largest company no one has heard of' | |title=San Francisco's McKesson: 'The largest company no one has heard of' | ||
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The company successfully emerged from the [[McKesson and Robbins scandal]] under CEO [[Phillip Musica]], one of the most notorious business and accounting scandals of the 20th century, a watershed event that led to major changes in American [[audit]]ing standards and securities regulations after being exposed in 1938. | The company successfully emerged from the [[McKesson and Robbins scandal]] under CEO [[Phillip Musica]], one of the most notorious business and accounting scandals of the 20th century, a watershed event that led to major changes in American [[audit]]ing standards and securities regulations after being exposed in 1938. | ||
In 1967, Foremost Dairies, a company founded by [[James Cash Penney]], which was headquartered in | In 1967, Foremost Dairies, a company founded by [[James Cash Penney]], which was headquartered in San Francisco since 1954, acquired McKesson & Robbins in a hostile takeover<ref>[''Everybody's Business'' 1st edition (Milton Moskowitz, Michael Katz, Robert Levering, editors) Harper & Row, 1980 page 815]</ref> to form Foremost-McKesson Inc.<ref>{{cite web|url=https://www.mckesson.com/about-mckesson/our-history/|title=History of McKesson Corporation|work=mckesson.com|access-date=April 20, 2015|archive-url=https://web.archive.org/web/20150424035134/http://www.mckesson.com/about-mckesson/our-history/|archive-date=April 24, 2015|url-status=live}}</ref> The Foremost dairy operations were sold in 1982 and the name changed to ''McKesson Corporation'' but headquarters remained in San Francisco.<ref>{{Cite news| issn = 0362-4331| last = Ap| title = Foremost Dairies| work = The New York Times| access-date = March 10, 2019| date = September 3, 1982| url = https://www.nytimes.com/1982/09/03/business/foremost-dairies.html| archive-url = https://web.archive.org/web/20150524103132/http://www.nytimes.com/1982/09/03/business/foremost-dairies.html| archive-date = May 24, 2015| url-status = live}}</ref> | ||
In 1999, McKesson acquired medical information systems firm HBO & Company (HBOC).<ref>{{Cite news|last=Gomes|first=Lee|date=October 19, 1998|title=McKesson Agrees to Acquire HBO & Co. for $14.46 Billion|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/SB908750143221909000|access-date=September 3, 2020|issn=0099-9660}}</ref><ref name=":1">{{Cite web|date=September 28, 2000|title=Former executives of HBO & Co. indicted on accounting fraud charges - Sep. 28, 2000|url=https://money.cnn.com/2000/09/28/companies/mckesson/|access-date=September 3, 2020|website=CNN}}</ref> The combined firm operated as '''McKessonHBOC''' for two years.<ref>{{Cite web|date=July 26, 2001|title=McKesson Drops HBOC From Name|url=https://www.latimes.com/archives/la-xpm-2001-jul-26-fi-26746-story.html|access-date=September 3, 2020|website=Los Angeles Times|language=en-US}}</ref> Accounting irregularities at HBOC reduced the company's share price by half, and resulted in the dismissal and prosecution of many HBOC executives.<ref name=":1" /> | In 1999, McKesson acquired medical information systems firm HBO & Company (HBOC).<ref>{{Cite news|last=Gomes|first=Lee|date=October 19, 1998|title=McKesson Agrees to Acquire HBO & Co. for $14.46 Billion|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/SB908750143221909000|access-date=September 3, 2020|issn=0099-9660}}</ref><ref name=":1">{{Cite web|date=September 28, 2000|title=Former executives of HBO & Co. indicted on accounting fraud charges - Sep. 28, 2000|url=https://money.cnn.com/2000/09/28/companies/mckesson/|access-date=September 3, 2020|website=CNN}}</ref> The combined firm operated as '''McKessonHBOC''' for two years.<ref>{{Cite web|date=July 26, 2001|title=McKesson Drops HBOC From Name|url=https://www.latimes.com/archives/la-xpm-2001-jul-26-fi-26746-story.html|access-date=September 3, 2020|website=Los Angeles Times|language=en-US}}</ref> Accounting irregularities at HBOC reduced the company's share price by half, and resulted in the dismissal and prosecution of many HBOC executives.<ref name=":1" /> | ||
===21st century=== | ===21st century=== | ||
[[Image:McKesson HQ.jpg|thumb|The company's former headquarters at [[McKesson Plaza]] in | [[Image:McKesson HQ.jpg|thumb|The company's former headquarters at [[McKesson Plaza]] in San Francisco; in 2019, it relocated to [[Irving, Texas]]]] | ||
In 2001, the company's name reverted to '''McKesson'''.<ref>{{cite news|author=Milt Freudenheim|title=McKesson Agrees to Pay $960 Million in Fraud Suit|newspaper= | In 2001, the company's name reverted to '''McKesson'''.<ref>{{cite news|author=Milt Freudenheim|title=McKesson Agrees to Pay $960 Million in Fraud Suit|newspaper=The New York Times|date=January 13, 2005|url=https://www.nytimes.com/2005/01/13/business/13settle.html|access-date=March 17, 2008|archive-url=https://web.archive.org/web/20130531090012/http://www.nytimes.com/2005/01/13/business/13settle.html|archive-date=May 31, 2013|url-status=live}}</ref> In the early 21st century, McKesson increased its market in [[Health technology|medical technology]] through acquisitions, including Per Se Technologies and RelayHealth in 2006<ref>{{Cite web|date=November 7, 2006|title=McKesson to acquire Per-Se Technologies|url=https://www.latimes.com/archives/la-xpm-2006-nov-07-fi-mckesson7-story.html|access-date=September 3, 2020|website=Los Angeles Times|language=en-US}}</ref><ref>{{Cite web|date=June 12, 2006|title=McKesson acquires RelayHealth|url=https://www.modernhealthcare.com/article/20060612/PREMIUM/606120313/mckesson-acquires-relayhealth|access-date=September 3, 2020|website=Modern Healthcare|language=en}}</ref> and Practice Partner in 2007.<ref>{{Cite web|date=February 28, 2007|title=McKesson acquires Practice Partner|url=https://www.modernhealthcare.com/article/20070228/PREMIUM/70228002/mckesson-acquires-practice-partner|access-date=September 3, 2020|website=Modern Healthcare|language=en}}</ref> | ||
On January 6, 2006, McKesson acquired NDCHealth Corporation.<ref>{{Cite web |last=Urbanowicz |first=Nicole |date=November 6, 2006 |title=2nd UPDATE: McKesson To Buy Per-Se For $1.8 Billion, $28/Share - Nov. 6, 2006 |url=https://money.cnn.com/news/newsfeeds/articles/djf500/200611061453DOWJONESDJONLINE000512_FORTUNE5.htm |access-date=2024-07-25 |website=money.cnn.com |publisher=DOW JONES NEWSWIRES}}</ref> | On January 6, 2006, McKesson acquired NDCHealth Corporation.<ref>{{Cite web |last=Urbanowicz |first=Nicole |date=November 6, 2006 |title=2nd UPDATE: McKesson To Buy Per-Se For $1.8 Billion, $28/Share - Nov. 6, 2006 |url=https://money.cnn.com/news/newsfeeds/articles/djf500/200611061453DOWJONESDJONLINE000512_FORTUNE5.htm |access-date=2024-07-25 |website=money.cnn.com |publisher=DOW JONES NEWSWIRES}}</ref> | ||
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In April 2012, McKesson agreed to pay the United States $190M to settle allegations that it had inflated prices and overbilled [[Medicaid]].<ref>{{Cite web|date=2012-04-26|title=McKesson Corp. Pays U.S. More Than $190 Million to Resolve False Claims Act Allegations|url=https://www.justice.gov/opa/pr/mckesson-corp-pays-us-more-190-million-resolve-false-claims-act-allegations|access-date=2022-02-21|website=www.justice.gov|language=en}}</ref> Three months later, in July 2012, McKesson agreed to pay California and 28 other states $151M to settle allegations that it had inflated prices and overbilled Medicaid.<ref>{{Cite web|date=2012-07-26|title=Attorney General Kamala D. Harris Recovers $23.5 Million in Settlement with McKesson Over Inflated Prescription Drug Prices|url=https://oag.ca.gov/news/press-releases/attorney-general-kamala-d-harris-recovers-235-million-settlement-mckesson-over|access-date=2022-02-21|website=State of California - Department of Justice - Office of the Attorney General|language=en}}</ref> | In April 2012, McKesson agreed to pay the United States $190M to settle allegations that it had inflated prices and overbilled [[Medicaid]].<ref>{{Cite web|date=2012-04-26|title=McKesson Corp. Pays U.S. More Than $190 Million to Resolve False Claims Act Allegations|url=https://www.justice.gov/opa/pr/mckesson-corp-pays-us-more-190-million-resolve-false-claims-act-allegations|access-date=2022-02-21|website=www.justice.gov|language=en}}</ref> Three months later, in July 2012, McKesson agreed to pay California and 28 other states $151M to settle allegations that it had inflated prices and overbilled Medicaid.<ref>{{Cite web|date=2012-07-26|title=Attorney General Kamala D. Harris Recovers $23.5 Million in Settlement with McKesson Over Inflated Prescription Drug Prices|url=https://oag.ca.gov/news/press-releases/attorney-general-kamala-d-harris-recovers-235-million-settlement-mckesson-over|access-date=2022-02-21|website=State of California - Department of Justice - Office of the Attorney General|language=en}}</ref> | ||
On June 24, 2013, '' | On June 24, 2013, ''The Wall Street Journal'' reported that McKesson Chairman and CEO [[John Hammergren]]'s pension benefits of $159 million had set a record for "the largest pension on file for a current executive of a public company, and almost certainly the largest ever in corporate America".<ref>{{cite news|url=https://www.wsj.com/articles/SB10001424127887323998604578565491579124154|title=McKesson CEO Is Due $159 Million Pension|author=Mark Maremont|date=June 25, 2013|newspaper=The Wall Street Journal|access-date=April 20, 2015|archive-url=https://web.archive.org/web/20150427150632/http://www.wsj.com/articles/SB10001424127887323998604578565491579124154|archive-date=April 27, 2015|url-status=live}}</ref> | ||
In 2014, McKesson acquired [[McKesson Europe|Celesio]] to become one of the world's largest health care companies, with over $179 billion in annual revenue.<ref>{{Cite web|url=https://www.mckesson.com/about-mckesson/newsroom/press-releases/2013/mckesson-launches-public-takeover-offer-for-celesio/|title=McKesson Launches Public Takeover Offer for Celesio {{!}} McKesson|website=www.mckesson.com |access-date=January 21, 2019 |archive-url=https://web.archive.org/web/20180807063855/https://www.mckesson.com/about-mckesson/newsroom/press-releases/2013/mckesson-launches-public-takeover-offer-for-celesio/|archive-date=August 7, 2018|url-status=live}}</ref> | In 2014, McKesson acquired [[McKesson Europe|Celesio]] to become one of the world's largest health care companies, with over $179 billion in annual revenue.<ref>{{Cite web|url=https://www.mckesson.com/about-mckesson/newsroom/press-releases/2013/mckesson-launches-public-takeover-offer-for-celesio/|title=McKesson Launches Public Takeover Offer for Celesio {{!}} McKesson|website=www.mckesson.com |access-date=January 21, 2019 |archive-url=https://web.archive.org/web/20180807063855/https://www.mckesson.com/about-mckesson/newsroom/press-releases/2013/mckesson-launches-public-takeover-offer-for-celesio/|archive-date=August 7, 2018|url-status=live}}</ref> | ||
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In 2017, McKesson was involved in a number of lawsuits against the state of [[Arkansas]] over the supply of [[vecuronium bromide]]. McKesson was under contract by [[Pfizer]] not to sell to any correctional facility that authorized and carried out [[capital punishment]].<ref>{{cite news|url=https://www.theguardian.com/commentisfree/2017/apr/16/arkansas-mass-executions-easter-monday-must-be-stopped|title=Can big pharma stop the Arkansas mass executions?|date=April 16, 2017|work=The Guardian|access-date=April 21, 2017|archive-url=https://web.archive.org/web/20170421194915/https://www.theguardian.com/commentisfree/2017/apr/16/arkansas-mass-executions-easter-monday-must-be-stopped|archive-date=April 21, 2017|url-status=live}}</ref><ref>[http://www.cbsnews.com/news/supplier-drug-sold-to-arkansas-not-intended-for-executions/ Supplier: Drug sold to Arkansas not intended for executions] {{Webarchive|url=https://web.archive.org/web/20170422033433/http://www.cbsnews.com/news/supplier-drug-sold-to-arkansas-not-intended-for-executions/ |date=April 22, 2017}} {{!}} CBS News</ref> | In 2017, McKesson was involved in a number of lawsuits against the state of [[Arkansas]] over the supply of [[vecuronium bromide]]. McKesson was under contract by [[Pfizer]] not to sell to any correctional facility that authorized and carried out [[capital punishment]].<ref>{{cite news|url=https://www.theguardian.com/commentisfree/2017/apr/16/arkansas-mass-executions-easter-monday-must-be-stopped|title=Can big pharma stop the Arkansas mass executions?|date=April 16, 2017|work=The Guardian|access-date=April 21, 2017|archive-url=https://web.archive.org/web/20170421194915/https://www.theguardian.com/commentisfree/2017/apr/16/arkansas-mass-executions-easter-monday-must-be-stopped|archive-date=April 21, 2017|url-status=live}}</ref><ref>[http://www.cbsnews.com/news/supplier-drug-sold-to-arkansas-not-intended-for-executions/ Supplier: Drug sold to Arkansas not intended for executions] {{Webarchive|url=https://web.archive.org/web/20170422033433/http://www.cbsnews.com/news/supplier-drug-sold-to-arkansas-not-intended-for-executions/ |date=April 22, 2017}} {{!}} CBS News</ref> | ||
In November 2018, the company announced it would relocate its headquarters from | In November 2018, the company announced it would relocate its headquarters from San Francisco to [[Irving, Texas]], effective April 1, 2019.<ref>{{cite news |title=McKesson, nation's sixth largest company, is moving corporate HQ from California to Irving |url=https://www.dallasnews.com/business/health-care/2018/11/30/medical-industry-giant-mckesson-move-headquarters-irving |access-date=December 4, 2018 |work=Dallas News |date=November 30, 2018 |archive-url=https://web.archive.org/web/20181204102133/https://www.dallasnews.com/business/health-care/2018/11/30/medical-industry-giant-mckesson-move-headquarters-irving |archive-date=December 4, 2018 |url-status=live}}</ref> | ||
<ref>{{cite web|url=https://www.mckesson.com/about-mckesson/newsroom/press-releases/2019/brian-tyler-new-mckesson-ceo/|title=Brian Tyler Becomes McKesson's New CEO - McKesson|website=www.mckesson.com|access-date=April 12, 2019|archive-url=https://web.archive.org/web/20190412205619/https://www.mckesson.com/about-mckesson/newsroom/press-releases/2019/brian-tyler-new-mckesson-ceo/|archive-date=April 12, 2019|url-status=live}}</ref> Also in April 2019, Brian Tyler took over as CEO of the company.<ref>{{Cite web|last=Schneider|first=Rob|date=December 6, 2019|title='Don't Debate It For 40 Years, Do It' Brian Tyler, McKesson|url=https://www.bizjournals.com/dallas/news/2019/12/06/i-get-paid-to-make-the-right-decisions-for-the.html|website=Dallas Business Journal}}</ref> | <ref>{{cite web|url=https://www.mckesson.com/about-mckesson/newsroom/press-releases/2019/brian-tyler-new-mckesson-ceo/|title=Brian Tyler Becomes McKesson's New CEO - McKesson|website=www.mckesson.com|access-date=April 12, 2019|archive-url=https://web.archive.org/web/20190412205619/https://www.mckesson.com/about-mckesson/newsroom/press-releases/2019/brian-tyler-new-mckesson-ceo/|archive-date=April 12, 2019|url-status=live}}</ref> Also in April 2019, Brian Tyler took over as CEO of the company.<ref>{{Cite web|last=Schneider|first=Rob|date=December 6, 2019|title='Don't Debate It For 40 Years, Do It' Brian Tyler, McKesson|url=https://www.bizjournals.com/dallas/news/2019/12/06/i-get-paid-to-make-the-right-decisions-for-the.html|website=Dallas Business Journal}}</ref> | ||
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==Finances== | ==Finances== | ||
For the fiscal year 2023, McKesson reported earnings of | For the fiscal year 2023, McKesson reported earnings of US$3.56 billion on revenue of US$276.711 billion.<ref>{{Cite web|url=https://investor.mckesson.com/reports|title=Financial Information {{!}} McKesson Investor Relations|website=investor.mckesson.com|language=en |access-date=November 7, 2018 |archive-url=https://web.archive.org/web/20190114210700/https://investor.mckesson.com/reports|archive-date=January 14, 2019|url-status=live}}</ref> As of 2023, McKesson was the nation's largest [[health care]] company and the ninth-largest company by total revenue on the [[Fortune 500|''Fortune'' 500]].<ref>{{Cite web|url=http://fortune.com/fortune500/list/|title=Fortune 500 Companies 2018: Who Made the List|website=Fortune|language=en-US|access-date=November 9, 2018|archive-url=https://web.archive.org/web/20181110190356/http://fortune.com/fortune500/list/|archive-date=November 10, 2018|url-status=live}}</ref> | ||
{| class="wikitable" style="text-align:right;" | {| class="wikitable" style="text-align:right;" | ||
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===United Kingdom=== | ===United Kingdom=== | ||
In the | In the United Kingdom, McKesson, operating as McKesson Information Solutions UK Ltd, was a provider of [[information technology]] services to the health care industry. In addition to numerous clinical software systems and finance and procurement services, McKesson also was responsible for developing the [[Electronic Staff Record]] system for the [[National Health Service]] which provided an integrated [[payroll]] system for NHS's 1.3 million staff, making it the world's largest single payroll IT system. McKesson Shared Services also provided payroll services for over 20 NHS Trusts, paying over 100,000 NHS members. | ||
McKesson's United Kingdom base was in [[Warwick]] with data centers in [[Newcastle upon Tyne]] and [[Brent Cross]] and offices in [[Sheffield]], [[Bangor, Gwynedd|Bangor]], [[Glasgow]] and [[Vauxhall]], [[London]]. Across the United Kingdom, it employed over 500 people. | McKesson's United Kingdom base was in [[Warwick]] with data centers in [[Newcastle upon Tyne]] and [[Brent Cross]] and offices in [[Sheffield]], [[Bangor, Gwynedd|Bangor]], [[Glasgow]] and [[Vauxhall]], [[London]]. Across the United Kingdom, it employed over 500 people. | ||