McKESSON REPORTS FISCAL 2022 THIRD-QUARTER RESULTS Third-Quarter Highlights, Year-over-Year Total revenues of $68.6 billion increased 10%. Loss per diluted share from continuing operations of ($0.04), an increase of $38.

McKESSON REPORTS FISCAL 2022 THIRD-QUARTER RESULTS

Third-Quarter Highlights, Year-over-Year

Total revenues of $68.6 billion increased 10%.

Loss per diluted share from continuing operations of ($0.04), an increase of $38.99 due to a prior year pre-tax charge of $8.1 billion related to opioid litigation.

Adjusted Earnings per Diluted Share of $6.15 increased 34%.

As part of the ongoing leadership refreshment of our Board of Directors, James H. Hinton and Kathleen Wilson-Thompson joined the company's Board of Directors on January 13, 2022.

Our Board elected Donald R. Knauss as independent chair effective April 1, 2022, following a planned transition led by current independent chair Edward A. Mueller.

Increased fiscal 2022 Adjusted Earnings per Diluted Share guidance range to $23.55 to $23.95, from the previous range of $22.35 to $22.95, representing 37% to 39% growth compared to prior year.

Fiscal 2022 Adjusted Earnings per Diluted Share guidance includes approximately $2.99 to $3.59 of impacts attributable to the following

$1.75 to $2.15 related to the U.S. government's COVID-19 vaccine distribution, kitting, and storage programs

$0.75 to $0.95 related to the COVID-19 tests and impairments for personal protective equipment and related products, increased from the previous range of $0.50 to $0.75

$0.49 related to year-to-date gains and losses associated with McKesson Ventures' equity investments.

Excluding the impacts of the above items from both fiscal 2022 guidance and fiscal 2021 results indicate 27% to 33% forecasted growth compared to prior year.

IRVING, Texas, February 2, 2022 - McKesson Corporation (NYSE MCK) today reported third-quarter results for the period ended December 31, 2021.

Fiscal 2022 Third-Quarter Result Summary

Our dedicated team members delivered another quarter of strong financial results, demonstrating our continued focus on our strategic growth initiatives, company priorities, and value creation for all stakeholders, said Brian Tyler, chief executive officer. As a result of our underlying business performance across all segments, and our ongoing support of the COVID-19 response efforts, we are raising our previous guidance range for fiscal 2022 Adjusted Earnings per Diluted Share to $23.55 to $23.95.

Third-quarter revenues were $68.6 billion, an increase of 10% from a year ago, primarily driven by growth in the U.S. Pharmaceutical segment, largely due to higher volumes from retail national account customers and market growth, partially offset by branded to generic conversions.

Third-quarter loss per diluted share from continuing operations of ($0.04) included an after-tax charge of $829 million for the fair value remeasurement related to McKesson's previously announced agreement to sell the retail and distribution businesses in the United Kingdom. Third-quarter Adjusted Earnings per Diluted Share did not include these charges.

Third-quarter fiscal year 2021 loss per diluted share of ($39.03) included a pre-tax $8.1 billion expense accrual related to the opioid litigation.

Third-quarter Adjusted Earnings per Diluted Share was $6.15 compared to $4.60 a year ago, an increase of 34%, driven by strong operating performance across the segments, the contribution from COVID-19 vaccine distribution, kitting and storage programs with the U.S. government, and a lower share count.

For the first nine months of the fiscal year, McKesson returned $2.2 billion of cash to shareholders, which included $2.0 billion of common stock repurchases and $206 million of dividend payments. During the first nine months of the fiscal year, McKesson generated cash from operations of $1.5 billion, and invested $380 million in capital expenditures, resulting in Free Cash Flow of $1.2 billion.

Through January 31, 2022, U.S. Pharmaceutical successfully shipped over 370 million vaccines on behalf of the U.S. government. McKesson continues to play a leading role in the fight against COVID-19.

McKesson continued to progress in its planned exit from Europe, closing two transactions in the quarter

After entering an agreement in November 2021 to sell the remaining share of GEHE Pharma Handel and Alliance Healthcare Deutschland joint venture to Walgreens Boots Alliance, McKesson closed the transaction on January 31, 2022.

After entering an agreement in December 2021 to sell its Austrian business to Quadrifolia Management GmbH, McKesson closed the transaction on January 31, 2022.

U.S. Pharmaceutical Segment

Third-quarter revenues were $55.0 billion, an increase of 11%, driven by higher volumes from retail national account customers and market growth, partially offset by branded to generic conversions.

Third-quarter Segment Operating Profit was $744 million. Adjusted Segment Operating Profit was $735 million, an increase of 12%, driven by the contribution from COVID-19 vaccine distribution and growth in distribution of specialty products to providers and health systems.

Prescription Technology Solutions Segment

Third-quarter revenues were $1.0 billion, an increase of 33%, driven by volume growth related to biopharma services, including third party logistic services and increased technology service revenue, partially resulting from the growth of prescription volumes.

Third-quarter Segment Operating Profit was $129 million. Adjusted Segment Operating Profit was $145 million, an increase of 11%, driven by growth from access and adherence solutions.

Medical-Surgical Solutions Segment

Third-quarter revenues were $3.1 billion, an increase of 1%, driven by growth and improvements in the primary care business and the contribution from kitting, storage, and distribution of ancillary supplies for the U.S. government's COVID-19 vaccine program, partially offset by lower revenue from COVID-19 tests.

Third-quarter Segment Operating Profit was $308 million. Adjusted Segment Operating Profit was $330 million, an increase of 18%, driven by the contribution from kitting, storage, and distribution of ancillary supplies for the U.S. government's COVID-19 vaccine program and growth in the primary care business.

International Segment

Third-quarter revenues were $9.5 billion on a reported and FX-Adjusted basis, an increase of 2%, driven by sales to new customers in the Canadian business, partially offset by the contribution of McKesson's German pharmaceutical wholesale business to a joint venture with Walgreens Boots Alliance.

Third-quarter Segment Operating Loss was ($668) million. On an FX-Adjusted basis, Adjusted Segment Operating Profit was $223 million, an increase of 41%, driven by the reduction over the prior year of depreciation and amortization on European assets under agreements to sell and the distribution of COVID-19 vaccines, tests, and personal protective equipment.

On December 8, 2021, McKesson hosted an Investor Day where management highlighted progress against the company's growth strategies and presented compelling long-term financial targets.

In December 2021, McKesson announced a $4.0 billion increase to the share repurchase program authorized by the Board of Directors.

As part of the ongoing leadership refreshment of our Board of Directors, James H. Hinton and Kathleen Wilson-Thompson joined the company's Board of Directors on January 13, 2022, and Donald R. Knauss was elected independent chair effective April 1, 2022, following a planned transition led by current independent chair Edward A. Mueller.

For the ninth consecutive year, McKesson was named as one of the Best Places to Work for LGBTQ Equality by the Human Rights Campaign (HRC) Foundation. McKesson achieved a perfect score on the HRC's 2022 Corporate Equality Index, a nationally recognized benchmarking report on corporate policies and practices in support of LGBTQ+ workplace equality.

McKesson raised fiscal 2022 Adjusted Earnings per Diluted Share guidance to $23.55 to $23.95 from the previous range of $22.35 to $22.95 to reflect strong operating performance and increased contribution from the U.S. government's COVID-19 vaccine distribution, kitting, and storage programs.

Fiscal 2022 Adjusted Earnings per Diluted Share guidance includes approximately $2.99 to $3.59 of impacts attributable to the following

$1.75 to $2.15 related to the U.S. government's COVID-19 vaccine distribution, kitting, and storage programs

$0.75 to $0.95 related to the COVID-19 tests and impairments for personal protective equipment and related products

$0.49 related to year-to-date gains and losses associated with McKesson Ventures' equity investments.

Excluding the impacts of the above items from both fiscal 2022 guidance and fiscal 2021 results indicate 27% to 33% forecasted growth compared to prior year.

Additional modeling considerations will be provided in the earnings call presentation.

Conference Call Details

McKesson has scheduled a conference call for today, Wednesday, February 2nd at 4 30 PM ET to discuss the company's financial results. The audio webcast of the conference call will be available live and archived on McKesson's Investor Relations website at investor.mckesson.com.

Upcoming Investor Events

McKesson management will be participating in the following investor conferences

Cowen 42nd Annual Healthcare Conference, March 8, 2022

Bank of America Healthcare Conference, May 10-12, 2022

Audio webcast, and a complete listing of upcoming events for the investment community, including details and updates, will be available on McKesson's Investor Relations website.

Non-GAAP Financial Measures

GAAP refers to the U.S. generally accepted accounting principles. This press release includes GAAP financial measures as well as Non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Operating Expenses, Adjusted Other Income, Adjusted Loss on Debt Extinguishment, Adjusted Income Tax Expense, Adjusted Earnings, Adjusted Earnings per Diluted Share, Adjusted Segment Operating Profit, Adjusted Segment Operating Profit Margin, Adjusted Corporate Expenses, Adjusted Operating Profit, FX-Adjusted results and Free Cash Flow which are financial measures not calculated in accordance with GAAP. Refer to the "Supplemental Non-GAAP Financial Information" section of the accompanying financial statement tables for the definitions and usefulness of the Company's Non-GAAP financial measures and the attached schedules for reconciliations of the differences between the Non-GAAP financial measures and their most directly comparable GAAP financial measures.

The Company does not provide forward-looking guidance on a GAAP basis as McKesson is unable to provide a quantitative reconciliation of this forward-looking Non-GAAP measure to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because McKesson cannot reliably forecast LIFO inventory-related adjustments, certain litigation loss and gain contingencies, restructuring, impairment and related charges, and other adjustments, which are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company's control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

Cautionary Statements

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by their use of terminology such as "believes", "expects", "anticipates", "may", "will", "should", "seeks", "approximately", "intends", "projects," "plans", "estimates" or the negative of these words or other comparable terminology. The discussion of financial outlook, trends, strategy, plans, assumptions, or intentions may also include forward-looking statements. Readers should not place undue reliance on forward-looking statements, such as financial performance forecasts, which speak only as of the date they are first made. Except to the extent required by law, we undertake no obligation to update or revise our forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. Although it is not possible to predict or identify all such risks and uncertainties, we encourage investors to read the risk factors described in our most recent annual and periodic report filed with the Securities and Exchange Commission.

These risk factors include, but are not limited to we experience costly and disruptive legal disputes and settlements, including regarding our role in distributing controlled substances such as opioids we might experience losses not covered by insurance we might be adversely impacted by changes in tax legislation or challenges to our tax positions we from time to time record significant charges from impairment to goodwill, intangibles, inventory and other assets or investments we experience cybersecurity incidents and might experience significant computer system compromises or data breaches we might experience significant problems with information systems or networks we may be unsuccessful in retail pharmacy profitability we might be harmed by large customer purchase reductions, payment defaults or contract non-renewal our contracts with government entities involve future funding and compliance risks we might be harmed by changes in our relationships or contracts with suppliers we might be adversely impacted by delays or other difficulties with divestitures we might be adversely impacted by healthcare reform such as changes in pricing and reimbursement models we might be adversely impacted by changes or disruptions in product supply and we have experienced and may experience difficulties in sourcing products and changes in pricing due to the effects of the COVID-19 pandemic on supply chains we might be adversely impacted as a result of our distribution of generic pharmaceuticals we might be adversely impacted by an economic slowdown (including the effects we have experienced from the COVID-19 pandemic) or recession and by disruption in capital and credit markets that might impede our access to credit, increase our borrowing costs and impair the financial soundness of our customers and suppliers we might be adversely impacted by fluctuations in foreign currency exchange rates we might be adversely impacted by events outside of our control, such as widespread public health issues (including the effects we have experienced from the COVID-19 pandemic), natural disasters, political events and other catastrophic events we may be adversely affected by global climate change or by legal, regulatory or market responses to such change and we face uncertainties and risks related to COVID-19 vaccination mandates and to vaccination distribution and related ancillary supply kit programs.

About McKesson Corporation

McKesson Corporation is a global leader in healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information solutions. McKesson partners with pharmaceutical manufacturers, providers, pharmacies, governments, and other organizations in healthcare to help provide the right medicines, medical products and healthcare services to the right patients at the right time, safely and cost-effectively. United by our ICARE shared principles, our employees work every day to innovate and deliver opportunities that make our customers and partners more successful - all for the better health of patients. McKesson has been named a "Most Admired Company" in the healthcare wholesaler category by FORTUNE, a "Best Place to Work" by the Human Rights Campaign Foundation, and a top military-friendly company by Military Friendly. For more information, visit www.mckesson.com.

Rachel Rodriguez, 469-260-0556 (Investors)

Rachel.Rodriguez McKesson.com

David Matthews, 214-952-0833 (Media)

David.Matthews McKesson.com

McKESSON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP

(in millions, except per share amounts)

(a)Certain computations may reflect rounding adjustments.

(b)Net loss per diluted share for the three months ended December 31, 2021 and the three and nine months ended December 31, 2020 is calculated by excluding dilutive securities from the denominator due to their antidilutive effects.

All percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to our applicable filings with the SEC for additional disclosures including our Quarterly Reports on Form 10-Q for fiscal 2022 and 2021 as well as our

Annual Report on Form 10-K for fiscal 2021.

McKESSON CORPORATION

RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP)

(in millions, except per share amounts)

(a)Certain computations may reflect rounding adjustments.

(b)We calculate loss per diluted common share from continuing operations attributable to McKesson Corporation (GAAP) for the three months ended December 31, 2021 and the three and nine months ended December 31, 2020 using a weighted average of 151.6 million, 159.5 million, and 161.2 million common shares, respectively, which excludes dilutive securities from the denominator due to their antidilutive effect when calculating a net loss per diluted share. We calculate adjusted earnings per diluted share (Non-GAAP) for the three months ended December 31, 2021 and the three and nine months ended December 31, 2020 on a fully diluted basis, using a weighted average of 153.5 million, 161.0 million, and 162.5 million common shares, respectively. Because we show the GAAP to Non-GAAP per share reconciling items on a fully diluted basis, any footing differences in those items are due to different weighted average share counts. This methodology results in per share differences of $0.36 and $0.26 for the three and nine months ended December 31, 2020, respectively.

(c)Adjusted earnings per diluted share on an FX-adjusted basis for the three and nine months ended December 31, 2021 was $6.15 and $17.75, respectively, which excludes the foreign currency exchange effect of zero and $0.11, respectively.

All percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to the section entitled Financial Statement Notes of this release.

For more information relating to the Adjusted Earnings (Non-GAAP) and Adjusted Earnings per Diluted Share (Non-GAAP) definitions, refer to the section entitled "Supplemental Non-GAAP Financial Information" of this release.

Schedule 2 (continued)

McKESSON CORPORATION

RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP)

All percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to the section entitled Financial Statement Notes of this release.

For more information relating to the Adjusted Gross Profit (Non-GAAP), Adjusted Operating Expenses (Non-GAAP), Adjusted Other Income (Non-GAAP), Adjusted Loss on Debt Extinguishment (Non-GAAP), and Adjusted Income Tax Expense (Non-GAAP) definitions, refer to the section entitled "Supplemental Non-GAAP Financial Information" of this release.

McKESSON CORPORATION

RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP)

All percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to the section entitled Financial Statement Notes of this release.

For more information relating to the Adjusted Segment Operating Profit (Non-GAAP), Adjusted Operating Profit (Non-GAAP), Adjusted Corporate Expenses (Non-GAAP), FX-Adjusted (Non-GAAP), and Adjusted Segment Operating Profit Margin (Non-GAAP) definitions, refer to the section entitled "Supplemental Non-GAAP Financial Information" of this release.