McKesson details

1. UBS Healthcare Conference
February 8, 2012
Jeff Campbell
Executive Vice President and Chief Financial Officer

2. Forward-looking Statements
Some of the information in this presentation is not historical in nature and may constitute forward-looking statements,
which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These
statements may be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “may,”
“will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or the negative of these words or other
comparable terminology. The discussion of financial trends, strategy, plans or intentions may also include forward-looking
statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied by such statements. Although it is not possible to predict or identify
all such risks and uncertainties, they may include, but are not limited to, those described in the Company’s annual,
quarterly and current reports (i.e., Form 10-K, Form 10-Q and Form 8-K) as filed or furnished with the Securities and
Exchange Commission (SEC). You are cautioned not to place undue reliance on any such forward-looking statements,
which speak only as of the date such statements were first made. To the degree financial information is included in this
presentation, it is in summary form only and must be considered in the context of the full details provided in the
Company’s most recent annual, quarterly or current report as filed or furnished with the SEC. The Company’s SEC
reports are available at www.mckesson.com under the “Investors” tab. Except to the extent required by law, the
Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.
GAAP / Non-GAAP Reconciliation
In an effort to provide additional and useful information regarding the Company’s financial results and other financial
information as determined by generally accepted accounting principles (GAAP), certain materials presented during this
event include non-GAAP information. The rationale for management’s use of non-GAAP information, a reconciliation of
that information to GAAP, and other related information is available in the supplemental material attached as an appendix
to this presentation and posted to www.mckesson.com under the “Investors” tab. The non-GAAP supplementary material
is also available as an exhibit to the Company’s Form 8-Ks dated October 25, 2011 and May 5, 2011.
2

3. McKesson Drives Sustained Value Creation
• Attractive markets
– Public policy agenda supports greater access and improved efficiency
– Demographics drive long-term demand
• Well-positioned businesses with margin expansion opportunities
– Broad value proposition with focus on higher margin products and services drives
long-term margin growth in distribution segment
– Diversified technology segment positioned for steady long-term growth
– Unique value propositions linking distribution and technology segments
• Strong balance sheet and solid liquidity position used for a
portfolio approach to capital deployment
• Experienced and tenured management team with a steady track
record of delivering results
3

4. McKesson Overview
$112 billion
in revenues
• Fortune 15
• Headquartered in San Francisco
• More than 36,000 employees
• 2 segments: Distribution Solutions
and Technology Solutions
• Founded in 1833
Unless indicated otherwise, presentation reflects results as of FYE11. Number of employees is approximate 4

5. Leadership Positions In Both Segments
Distribution Technology
Solutions Solutions
• #1 pharmaceutical distributor in U.S. and • Serves 50% of all U.S. hospitals
Canada
• Leader in revenue cycle and resource
• #1 generics distributor management solutions
• #2 in specialty distribution and services • Leading RelayHealth claims processing and
connectivity business
• #1 in medical-surgical distribution
to alternate care sites • 100,000+ physician customers
• 2,700+ Health Mart retail pharmacy • #1 in central pharmacy automation for hospitals
franchisees
• #1 in medical management software and
• Comprehensive retail information systems services to Payers
and automation offerings
Revenue: Distribution Solutions 97% | Technology Solutions 3%
Adjusted Operating Profit: Distribution Solutions 83% | Technology Solutions 17%
Revenue and Adjusted Operating Profit reflect three year average, FY09 – FY11 5

6. All Segments Of Healthcare Face
Significant Business And Clinical Challenges
Business Challenges
• Resource constraints UNCERTAIN
• Bundled payments REGULATORY
• Reimbursement pressure
• Industry consolidation
ENVIRONMENT Healthcare
• Adherence dynamics
Healthcare
require
Connectivity
Challenges broad solutions
• Efficiency
• Transparency
Care Challenges
• Care coordination
to drive
• Alignment
• Adherence
•
•
Patient safety
Evidence-based medicine
transformation
• Medication delivery
• Adherence
6

7. Helping Our Customers Achieve Better
Health On Three Dimensions
Better Business Better Care
We make healthcare We enable better
businesses run better clinical outcomes
Better Connectivity
Customers For Life
7

8. Distribution Solutions
Steady Business Positioned For Continued Growth
• Demographics and healthcare reform will
drive demand
• Leading market positions, operational
excellence and customer focus position
McKesson for success
• Growth in higher margin businesses such
as Specialty
• Unique value propositions linking
distribution and technology
• Attractive industry dynamics given coming
generics wave
8

9. Technology Solutions
Healthcare Technology Poised For Steady Growth
• Government support, regulatory pressures,
and growing complexity all drive need for
more use of technology
• Comprehensive solutions and an intimate
understanding of the market give us a
unique perspective
• Our diversified portfolio enables us to link
our solutions to unmatched customer
offerings
• Balance between provider, payer and
connectivity businesses provides a platform
for steady growth
9

10. McKesson: Creating Value At Every
Point Of Care In The Healthcare System
Retail Pharmacies
• 26,000 locations
Manufacturers
• 450 pharmaceutical Healthcare Providers
• 2,000 medical-surgical • 200,000 physicians
• 950 consumer product McKesson • 5,000 hospitals
• 10,000 long-term care facilities
• 750 home care agencies
Consumers
• 30 million covered lives
Health Plans
• 600 payer organizations
(public and private)
10

11. We Have A Track Record Of Steady
Revenue Growth…
$ Billions
$109 $112
$107
$102
FY08 FY09 FY10 FY11
11

12. …That We Have Leveraged Into Higher
Adjusted Gross Profit Growth…
$ Billions
$5.4 $5.7 $6.0
$5.0
FY08 FY09 FY10 FY11
A reconciliation of Adjusted Gross Profit (non-GAAP) to its comparable GAAP financial result is available as appendix to this presentation and on the Company’s website, under the 12
“Investors” tab.

13. …And Higher Adjusted EPS Growth
$4.85 $5.31
$4.35
$3.53
FY08 FY09 FY10 FY11
A reconciliation of Adjusted EPS (non-GAAP) to its comparable GAAP financial result is available as appendix to this presentation and on the Company’s website, under the 13
“Investors” tab.

14. Our Operating Cash Flows Have
Steadily Increased
OCF $ Billions
6 Year Moving Average
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
FY06 FY07 FY08* FY09 FY10 FY11
* FY08 excludes $962 million Securities Litigation payment 14

15. We Use A Portfolio Approach To Deploy
Capital And Create Shareholder Value…
$9.8 Billion of Capital Deployed from FY08 – FY11
$ Billions
Internal • Accretive and value creating
Investments
acquisitions
$1.5
• Measured share repurchase
Share over time
Repurchases
$4.6
• Internal investment
Acquisitions • Dividend policy periodically
$3.2 reviewed
Financial strength and flexibility
to continue to execute our strategy
15

16. …And We Have Continued To Deploy Capital
In Fiscal 2012
Measured Share
1st Half Repurchase $650 million accelerated share repurchase
Value Creating More than $190 million in closed acquisitions,
Acquisitions including System C and Portico
Dividend Periodically Quarterly dividend increased from 18 cents to
Reviewed
20 cents per share
Measured Share $650 million new share repurchase
2nd Half Repurchase authorization
(to date)
CAD $920 million pending acquisition of the
Value Creating
Acquisitions independent banner and franchise
businesses of Katz Group Canada Inc.
16

17. Pending Acquisition
• Supports business strategy of expanding our TRANSACTION SUMMARY
retail and distribution presence in Canada On January 30, 2012, McKesson
and the Katz Group Canada Inc.
announced a definitive agreement
under which McKesson would
• Drives growth in our sales of higher margin purchase the independent banner
and franchise businesses of Katz
products and services Group for approximately CAD $920
million. McKesson expects to fund
the acquisition from its available
cash. A closing is targeted in the
• Reinforces our ongoing commitment to the first half of this calendar year,
subject to customary conditions,
independent segment including all necessary Canadian
regulatory clearances.
• Leverages our balance sheet strength to
reinforce value we bring to our customers
while creating value for our shareholders
17

18. Solid Year-To-Date Results In Fiscal 2012…
($ in Millions except Adjusted EPS)
Nine Months Ended December 31,
2011 2010 Chg
Revenues
Distribution Solutions $ 88,585 $ 80,912 9%
Technology Solutions 2,450 2,319 6%
$ 91,035 $ 83,231 9%
Adjusted Operating Profit
Distribution Solutions $ 1,721 $ 1,560 10%
Technology Solutions 334 230 45%
$ 2,055 $ 1,790 15%
Adjusted Income $ 1,580 $ 1,408 12%
Diluted WASO 252 264 (5%)
Diluted Adjusted EPS $ 4.30 $ 3.54 21%
A reconciliation of Adjusted Operating Profit, Adjusted Income and Adjusted EPS (non-GAAP) to their comparable GAAP financial result is available on the Company’s website, under the 18
“Investors” tab.

19. …Were Driven By Solid Performance Across
The Company
• Solid levels of compensation from our agreements with branded
pharmaceutical manufacturers
• In addition to branded pharmaceuticals, focus on higher-margin
products and services
– Continued profit growth in market-leading generics programs
– Synergies across all businesses through global sourcing initiatives
• Disciplined cost management in both segments of our business
• Diversified technology offering delivers steady operating margin
expansion
• Share count aided by capital deployment
19

20. Looking Ahead
20

21. McKesson Drives Sustained Value Creation
• Attractive markets
– Public policy agenda supports greater access and improved efficiency
– Demographics drive long-term demand
• Well-positioned businesses with margin expansion opportunities
– Broad value proposition with focus on higher margin products and services drives
long-term margin growth in distribution segment
– Diversified technology segment positioned for steady long-term growth
– Unique value propositions linking distribution and technology segments
• Strong balance sheet and solid liquidity position used for a
portfolio approach to capital deployment
• Experienced and tenured management team with a steady track
record of delivering results
21

22. UBS Healthcare Conference
February 8, 2012
Jeff Campbell
Executive Vice President and Chief Financial Officer

23. GAAP / Adjusted Earnings (Non-GAAP)
Reconciliation
Reconciliation of GAAP Financial Results to Adjusted Earnings (Non-GAAP)
(in millions, except per share data)
Year Ended March 31, 2011
Amortization
Acquisition- of Acquisition- Litigation Adjusted
As Reported Related Related Reserve Earnings
(GAAP) Expenses Intangibles Adjustments (Non-GAAP)
Gross profit $ 5,970 $ - $ 16 $ - $ 5,986
Operating expenses (4,149) 43 116 213 (3,777)
Other income, net 36 (16) - - 20
Interest expense (222) 25 - - (197)
Income from continuing operations before income taxes 1,635 52 132 213 2,032
Income tax (expense) benefit (505) (16) (51) (64) (636)
Income from continuing operations $ 1,130 $ 36 $ 81 $ 149 $ 1,396
Diluted earnings per common share from continuing operations (a) $ 4.29 $ 0.14 $ 0.31 $ 0.57 $ 5.31
Diluted common shares 263 263 263 263 263
Year Ended March 31, 2010
Amortization
Acquisition- of Acquisition- Litigation Adjusted
As Reported Related Related Reserve Earnings
(GAAP) Expenses Intangibles Adjustments (Non-GAAP)
Gross profit $ 5,676 $ - $ 21 $ - $ 5,697
Operating expenses (3,668) - 97 (20) (3,591)
Other income, net 43 - - - 43
Interest expense (187) - - - (187)
Income from continuing operations before income taxes 1,864 - 118 (20) 1,962
Income tax (expense) benefit (601) - (46) 8 (639)
Income from continuing operations $ 1,263 $ - $ 72 $ (12) $ 1,323
Diluted earnings per common share from continuing operations (a) $ 4.62 $ - $ 0.26 $ (0.04) $ 4.85
Diluted common shares 273 273 273 273
(a) Certain computations may reflect rounding adjustments. 23

24. GAAP / Adjusted Earnings (Non-GAAP)
Reconciliation
Reconciliation of GAAP Financial Results to Adjusted Earnings (Non-GAAP)
(in millions, except per share data)
Year Ended March 31, 2009
Amortization
Acquisition- of Acquisition- Litigation Adjusted
As Reported Related Related Reserve Earnings
(GAAP) Expenses Intangibles Adjustments (Non-GAAP)
Gross profit $ 5,378 $ - $ 29 $ - $ 5,407
Operating expenses (4,182) - 99 493 (3,590)
Other income, net 12 - - - 12
Interest expense (144) - - - (144)
Income from continuing operations before income taxes 1,064 - 128 493 1,685
Income tax (expense) benefit (241) - (49) (182) (472)
Income from continuing operations $ 823 $ - $ 79 $ 311 $ 1,213
Diluted earnings per common share from continuing operations (a) $ 2.95 $ - $ 0.28 $ 1.11 $ 4.35
Diluted common shares 279 279 279 279
Year Ended March 31, 2008
Amortization
Acquisition- of Acquisition- Litigation Adjusted
As Reported Related Related Reserve Earnings
(GAAP) Expenses Intangibles Adjustments (Non-GAAP)
Gross profit $ 5,009 $ - $ 27 $ - $ 5,036
Operating expenses (3,531) 4 79 (5) (3,453)
Other income, net 121 - - - 121
Interest expense (142) - - - (142)
Income from continuing operations before income taxes 1,457 4 106 (5) 1,562
Income tax (expense) benefit (468) (2) (41) 2 (509)
Income from continuing operations $ 989 $ 2 $ 65 $ (3) $ 1,053
Diluted earnings per common share from continuing operations (a) $ 3.32 $ 0.01 $ 0.22 $ (0.01) $ 3.53
Diluted common shares 298 298 298 298 298
(a) Certain computations may reflect rounding adjustments. 24

25. GAAP / Adjusted Earnings (Non-GAAP)
Reconciliation
Reconciliation of GAAP Financial Results to Adjusted Earnings (Non-GAAP)
(in millions, except per share data)
Year Ended March 31, 2007
Amortization
Acquisition- of Acquisition- Litigation Adjusted
As Reported Related Related Reserve Earnings
(GAAP) Expenses Intangibles Adjustments (Non-GAAP)
Gross profit $ 4,332 $ - $ 12 $ - $ 4,344
Operating expenses (3,068) 7 41 (6) (3,026)
Other income, net 132 - - - 132
Interest expense (99) 4 - - (95)
Income from continuing operations before income taxes 1,297 11 53 (6) 1,355
Income tax (expense) benefit (329) (4) (20) (81) (434)
Income from continuing operations $ 968 $ 7 $ 33 $ (87) $ 921
Diluted earnings per common share from continuing operations (a) $ 3.17 $ 0.02 $ 0.11 $ (0.29) $ 3.02
Diluted common shares 305 305 305 305 305
(a) Certain computations may reflect rounding adjustments. 25