Name: McKesson Corp. (NYSE:MCK) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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McKesson Corp., income statement, revenues

US$ in millions

12 months ended:	Mar 31, 2016	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011
North America pharmaceutical distribution and services	158,469)	143,711)	123,930)	115,443)	116,279)	105,969)
International pharmaceutical distribution and services	23,497)	26,358)	4,848)	—)	—)	—)
Medical-Surgical distribution and services	6,033)	5,907)	5,648)	3,611)	3,145)	2,920)
Distribution Solutions	187,999)	175,976)	134,426)	119,054)	119,424)	108,889)
Technology Solutions, products and services	2,885)	3,069)	3,183)	3,401)	3,310)	3,195)
Revenues	190,884)	179,045)	137,609)	122,455)	122,734)	112,084)

Based on: 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31).

Total revenues exhibited a consistent upward trajectory between 2011 and 2016, increasing from US$ 112,084 million to US$ 190,884 million. This growth was predominantly driven by the expansion of distribution services, which offset a marginal decline in technology-related revenues.

North America Pharmaceutical Distribution and Services: This segment constitutes the primary revenue driver. A steady increase was observed from 2011 to 2014, followed by an accelerated growth phase between 2014 and 2016, where revenues rose from US$ 123,930 million to US$ 158,469 million.
International Pharmaceutical Distribution and Services: A significant structural change occurred in this segment starting in 2014. After reporting US$ 4,848 million in 2014, revenues spiked to US$ 26,358 million in 2015, before experiencing a slight contraction to US$ 23,497 million in 2016. This pattern suggests a rapid scaling of international operations during the 2014-2015 period.
Medical-Surgical Distribution and Services: A consistent growth pattern is evident in this segment, with revenues increasing from US$ 2,920 million in 2011 to US$ 6,033 million in 2016. The most notable increase occurred between 2013 and 2014, where revenue grew by approximately 56%.
Distribution Solutions Aggregate: The combined revenue for distribution solutions rose from US$ 108,889 million in 2011 to US$ 187,999 million in 2016. The acceleration observed between 2014 and 2015 is directly attributable to the surge in international pharmaceutical distribution.
Technology Solutions, Products and Services: This segment demonstrated a gradual downward trend, declining from US$ 3,195 million in 2011 to US$ 2,885 million in 2016. Consequently, its contribution to the overall revenue mix diminished over the five-year period.

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