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Business Acquisitions and Divestitures
 6 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Acquisitions and Divestitures Business Acquisitions and Divestitures
Acquisitions
For all acquisitions, the Company allocates the purchase price to the assets acquired, and the liabilities assumed, based on their fair values as of the acquisition date. The fair values of the assets acquired and liabilities assumed are preliminary and may be subject to additional adjustments, which may be up to one year after the respective acquisition dates.
PRISM Vision Holdings, LLC
On April 1, 2025, the Company completed its acquisition of a controlling interest in PRISM Vision Holdings, LLC (“PRISM Vision”), a leading provider of general ophthalmology and retina administrative services. The Company acquired an 80% controlling interest in PRISM Vision for $871 million in cash. The payment made upon closing was from cash on hand. Prior owners, including management and physicians in PRISM Vision practices, retained a 20% ownership interest, of which $25 million was classified as redeemable noncontrolling interest. The financial results of PRISM Vision are included within the Company’s Oncology & Multispecialty segment as of the acquisition date. The transaction was accounted for as a business combination.

The purchase price allocation included acquired intangible finite-lived assets of $510 million and goodwill of $429 million. Goodwill attributable to the acquisition of PRISM Vision is mostly deductible for tax purposes.
The following table summarizes the preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date.
(In millions)Amounts Recognized
as of Acquisition Date
Purchase consideration
Cash consideration$871 
Redeemable noncontrolling interests25 
Contingent stock-based compensation liability 16 
Estimated fair value of total consideration $912 
Identifiable assets acquired and liabilities assumed:
Current assets$126 
Intangible assets510 
Other non-current assets 106 
Total assets 742 
Current liabilities172 
Non-current liabilities87 
Net identifiable assets483 
Goodwill429 
Net assets acquired$912 
Community Oncology Revitalization Enterprise Ventures, LLC
On June 2, 2025, the Company completed the acquisition of a controlling interest in Community Oncology Revitalization Enterprise Ventures, LLC (“Core Ventures”), a business and administrative services organization established by Florida Cancer Specialists & Research Institute, LLC (“FCS”). The Company acquired a 70% controlling interest for $2.5 billion in cash. The payment made upon closing was from cash on hand and the net proceeds from the May 30, 2025 public debt offering. Refer to Financial Note 8, “Debt and Financing Activities,” for additional information on the public debt offering. FCS physicians retained a 30% interest. The 30% minority interest is classified as redeemable noncontrolling interest, with a put option exercisable every five years subject to a floor of 75% of initial fair value. Refer to Financial Note 5, “Redeemable Noncontrolling Interests and Noncontrolling Interests” for additional information.
The transaction was accounted for as a business combination, and the financial results of Core Ventures are included within the Company’s Oncology & Multispecialty segment as of the acquisition date.
The purchase price allocation included acquired intangible finite-lived assets of $2.3 billion and goodwill of $785 million. Goodwill attributable to the acquisition of Core Ventures is deductible for tax purposes.
The following table summarizes the preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date.
(In millions)Amounts Recognized
as of Acquisition Date
Purchase consideration
Cash and other considerations$2,481 
Redeemable noncontrolling interests700 
Estimated fair value of total consideration$3,181 
Identifiable assets acquired and liabilities assumed:
Current assets$529 
Intangible assets2,310 
Other non-current assets353 
Total assets 3,192 
Current liabilities468 
Non-current liabilities328 
Net identifiable assets2,396 
Goodwill785 
Net assets acquired$3,181 
Divestitures
Norway
On August 4, 2025, the Company entered into a definitive agreement to sell its retail and distribution businesses in Norway (“Norway disposal group”) and as a result, the Company classified the assets and liabilities of the Norway disposal group as held for sale. Commencing in the second quarter of fiscal 2026, the Company implemented a new segment reporting structure, and the Norway disposal group is now included within Other. Refer to Financial Note 13, “Segments of Business,” for additional information. The transaction does not qualify for discontinued operations reporting. The Company is currently evaluating the financial impact of the transaction, and the sale is anticipated to close after fiscal 2026, pursuant to the satisfaction of customary closing conditions, including receipt of regulatory approvals. As of September 30, 2025, net assets held for sale were $112 million. The assets of the Norway disposal group were reported within “Prepaid expenses and other,” while the related liabilities were included in “Other accrued liabilities” on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2025. The accumulated other comprehensive balances associated with the Norway disposal group were $171 million as of September 30, 2025.
Canada Divestiture Activities
On December 30, 2024, the Company completed the sale of its Rexall and Well.ca businesses in Canada (“Canadian retail disposal group”) for an adjusted purchase price consisting of a cash payment of $9 million, received at closing, and a note of $120 million, measured at fair value and accruing interest upon satisfaction of certain conditions, and payable to the Company at the end of six years. Within the North American Pharmaceutical segment and as part of the transaction, the Company divested net assets of $741 million, including $125 million of intercompany trade accounts payable primarily related to purchases of inventories from McKesson Canada assumed by the buyer upon divestiture. The Company determined that the disposal group did not meet the criteria for classification as discontinued operations.
During the year ended March 31, 2025, the Company recorded net charges of $667 million, to remeasure the Canadian retail disposal group to fair value less costs to sell, within “Selling, distribution, general, and administrative expenses” in the Consolidated Statements of Operations. The remeasurement adjustment for the year ended March 31, 2025 included a $48 million loss related to the accumulated other comprehensive loss balances associated with the Canadian retail disposal group. The Company’s measurement of the fair value of the Canadian retail disposal group was based on the total consideration expected to be received by the Company as outlined in the transaction agreements. Certain components of the total consideration included Level 3 fair value measurements.
Other
For the periods presented, the Company also completed immaterial acquisitions and divestitures within its operating segments. Financial results for the Company’s business acquisitions have been included in its condensed consolidated financial statements as of their respective acquisition dates.