McKesson Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>McKesson Corporation filed its quarterly 10-Q report on February 8, 2024, detailing financial performance for the period ending December 31, 2023.</b>

AI Summary

MCKESSON CORP (MCK) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. McKesson Corporation filed a 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of their fiscal year. The company's fiscal year ends on March 31st. The filing was made on February 8, 2024. McKesson's principal business is wholesale trade of drugs and sundries.

Why It Matters

For investors and stakeholders tracking MCKESSON CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for McKesson, crucial for assessing the company's performance and making informed investment decisions. Understanding the details within this report allows for a timely evaluation of McKesson's financial health and operational progress in the current fiscal quarter.

Risk Assessment

Risk Level: medium — MCKESSON CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, significant positive or negative events. However, the sheer volume of data and the complexity of financial reporting introduce inherent risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any significant trends or changes in McKesson's revenue, expenses, and profitability.

Key Numbers

• 20231231 — Reporting Period End Date (Conformed Period of Report)
• 20240208 — Filing Date (Filed as of date)
• 03/31 — Fiscal Year End (Fiscal year end)
• 5122 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• MCKESSON CORP (company) — Filer name
• 0000927653 (company) — Central Index Key
• 20231231 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• 5122 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• TX (state) — Business address state
• 972-446-4800 (phone) — Business phone

Forward-Looking Statements

• McKesson will continue its share repurchase program in the next fiscal quarter. (McKesson Corp) — medium confidence, target: 2024-03-31
• Retained earnings will show continued growth in the upcoming fiscal reports. (McKesson Corp) — medium confidence, target: 2024-03-31

FAQ

Risk Factors

• Financial Reporting Risks [medium — financial]: The company's financial statements are subject to risks inherent in financial reporting, including the potential for errors or misstatements that could impact investor decisions.
• Market Competition [medium — market]: McKesson operates in a competitive market, and changes in market dynamics, pricing pressures, or the emergence of new competitors could adversely affect its business.
• Regulatory Compliance [high — regulatory]: As a healthcare company, McKesson is subject to extensive government regulation, and non-compliance or changes in regulations could lead to penalties or impact operations.

Key Dates

• 2024-02-08: 10-Q Filing — Submission of the quarterly financial report for the period ending December 31, 2023.
• 2023-12-31: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2023-03-31: Fiscal Year End — McKesson's annual fiscal year concludes on this date.

Key Financial Figures

• $0.01 — nge on which registered) Common stock, $0.01 par value MCK New York Stock Exchange

Filing Documents

• mck-20231231.htm (10-Q) — 1966KB
• mck_exhibit311x1231202310-q.htm (EX-31.1) — 10KB
• mck_exhibit312x1231202310-q.htm (EX-31.2) — 10KB
• mck_exhibit32x1231202310-q.htm (EX-32) — 9KB
• mck-20231231_g1.jpg (GRAPHIC) — 11KB
• 0000927653-24-000021.txt (&nbsp;) — 10364KB
• mck-20231231.xsd (EX-101.SCH) — 57KB
• mck-20231231_cal.xml (EX-101.CAL) — 92KB
• mck-20231231_def.xml (EX-101.DEF) — 411KB
• mck-20231231_lab.xml (EX-101.LAB) — 821KB
• mck-20231231_pre.xml (EX-101.PRE) — 597KB
• mck-20231231_htm.xml (XML) — 1747KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 Condensed Consolidated Financial Statements Condensed Consolidated Statements of Operations for the t hree and nine mo nths ended December 31, 2023 and 2022 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended December 31, 2023 and 2022 4 Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 5 Condensed Consolidated Statements of Stockholders' Deficit for the three and nine months ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and 2022 8 Financial Notes 9 Note 1 - Significant Accounting Policies 9 Note 2 - Business Acquisitions and Divestitures 11 Note 3 - Restructuring, Impairment, and Related Charges, Net 14 Note 4 - Income Taxes 16 Note 5 - Earnings (Loss) Per Common Share 17 Note 6 - Goodwill and Intangible Assets, Net 18 Note 7 - Debt and Financing Activities 19 Note 8 - Hedging Activities 21 Note 9 - Fair Value Measurements 25 Note 10 - Commitments and Contingent Liabilities 27 Note 11 - Stockholders' Deficit 30 Note 12 - Segments of Business 33 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 36 3 Quantitative and Qualitative Disclosures About Market Risk 53 4 Controls and Procedures 53

—OTHER INFORMATION

PART II—OTHER INFORMATION 1 Legal Proceedings 54 1A Risk Factors 54 2 Unregistered Sales of Equity Securities and Use of Proceeds 54 3 Defaults Upon Senior Securities 55 4 Mine Safety Disclosures 55 5 Other Information 55 6 Exhibits 56

Signatures

Signatures 57 2 Table of Contents McKESSON CORPORATION

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Revenues $ 80,898 $ 70,490 $ 232,596 $ 207,801 Cost of sales ( 77,746 ) ( 67,316 ) ( 223,353 ) ( 198,509 ) Gross profit 3,152 3,174 9,243 9,292 Selling, distribution, general, and administrative expenses ( 2,506 ) ( 1,903 ) ( 6,468 ) ( 5,812 ) Claims and litigation charges, net — 1 2 5 Restructuring, impairment, and related charges, net ( 4 ) ( 31 ) ( 84 ) ( 84 ) Total operating expenses ( 2,510 ) ( 1,933 ) ( 6,550 ) ( 5,891 ) Operating income 642 1,241 2,693 3,401 Other income, net 34 276 98 466 Interest expense ( 64 ) ( 69 ) ( 172 ) ( 169 ) Income from continuing operations before income taxes 612 1,448 2,619 3,698 Income tax benefit (expense) 18 ( 329 ) ( 289 ) ( 799 ) Income from continuing operations 630 1,119 2,330 2,899 Income (loss) from discontinued operations, net of tax — 1 — ( 3 ) Net income 630 1,120 2,330 2,896 Net income attributable to noncontrolling interests ( 41 ) ( 41 ) ( 119 ) ( 123 ) Net income attributable to McKesson Corporation $ 589 $ 1,079 $ 2,211 $ 2,773 Earnings (loss) per common share attributable to McKesson Corporation Diluted Continuing operations $ 4.42 $ 7.65 $ 16.39 $ 19.32 Discontinued operations — 0.01 — ( 0.02 ) Total $ 4.42 $ 7.66 $ 16.39 $ 19.30 Basic Continuing operations $ 4.45 $ 7.70 $ 16.49 $ 19.48 Discontinued operations — 0.01 — ( 0.02 ) Total $ 4.45 $ 7.71 $ 16.49 $ 19.46 Weighted-average common shares outstanding Diluted 133.3 141.0 134.9 143.7 Basic 132.5 139.9 134.0 142.5 See Financial Notes 3 Table of Contents McKESSON CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Net income $ 630 $ 1,120 $ 2,3

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View this 10-Q filing on SEC EDGAR