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Management's Annual Report on Internal Control Over Financial Reporting...

Report of Independent Registered Public Accounting Firm

Consolidated Financial Statements:

Consolidated Statements of Operations for the years ended March 31, 2015, 2014 and 2013

Consolidated Statements of Comprehensive Income for the years ended March 31, 2015, 2014 and 2013 Consolidated Balance Sheets as of March 31, 2015 and 2014

Consolidated Statements of Stockholders' Equity for the years ended March 31, 2015, 2014 and 2013 Consolidated Statements of Cash Flows for the years ended March 31, 2015, 2014 and 2013

Financial Notes 52 53 54 55 56 57 58 59

The management of McKesson Corporation is responsible for establishing and maintaining an adequate system of internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). With the participation of the Chief Executive Officer and the Chief Financial Officer, our management conducted an assessment of the effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control - Integrated Framework (1992), issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, our management has concluded that our internal control over financial reporting was effective as of March 31, 2015.

Deloitte & Touche LLP, an independent registered public accounting firm, audited the financial statements included in this Annual Report on Form 10-K and has also audited the effectiveness of the Company’s internal control over financial reporting as of March 31, 2015. This audit report appears on page 53 of this Annual Report on Form 10-K.

May 12, 2015

/s/ John H. Hammergren John H. Hammergren

Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)

/s/ James A. Beer James A. Beer

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

To the Board of Directors and Stockholders of McKesson Corporation:

We have audited the accompanying consolidated balance sheets of McKesson Corporation and subsidiaries (the “Company”) as of March 31, 2015 and 2014, and the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the three fiscal years in the period ended March 31, 2015. Our audits also included the consolidated financial statement schedule (“financial statement schedule”) listed in the Index at Item 15. We also have audited the Company’s internal control over financial reporting as of March 31, 2015, based on criteria established in Internal Control - Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these financial statements and financial statement schedule, and an opinion on the Company’s internal control over financial reporting based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed by, or under the supervision of, the company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the company’s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of McKesson Corporation and subsidiaries as of March 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three fiscal years in the period ended March 31, 2015, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2015, based on the criteria established in Internal Control - Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Years Ended March 31, 2015 2014 2013 Revenues $ 179,045 $ 137,392 $ 122,196 Cost of Sales (167,634) (129,040) (115,315) Gross Profit 11,411 8,352 6,881 Operating Expenses

Selling, distribution and administrative expenses (7,901) (5,388) (4,110)

Research and development (392) (457) (433)

Claim and litigation charges (150) (68) (72)

Gain on business combination — — 81

Total Operating Expenses (8,443) (5,913) (4,534)

Operating Income 2,968 2,439 2,347

Other Income, Net 63 32 34

Impairment of an Equity Investment — — (191)

Interest Expense (374) (300) (240)

Income from Continuing Operations Before Income Taxes 2,657 2,171 1,950

Income Tax Expense (815) (757) (587)

Income from Continuing Operations 1,842 1,414 1,363

Loss from Discontinued Operations, Net of Tax (299) (156) (25)

Net Income 1,543 1,258 1,338

Net Loss (Income) Attributable to Noncontrolling Interests (67) 5 —

Net Income Attributable to McKesson Corporation $ 1,476 $ 1,263 $ 1,338

Earnings (Loss) Per Common Share Attributable to McKesson Corporation Diluted Continuing operations $ 7.54 $ 6.08 $ 5.69 Discontinued operations (1.27) (0.67) (0.10) Total $ 6.27 $ 5.41 $ 5.59 Basic Continuing operations $ 7.66 $ 6.19 $ 5.81 Discontinued operations (1.29) (0.68) (0.10) Total $ 6.37 $ 5.51 $ 5.71

Weighted Average Common Shares

Diluted 235 233 239

Years Ended March 31,

2015 2014 2013

Net Income $ 1,543 $ 1,258 $ 1,338

Other Comprehensive Income (Loss), Net of Tax

Foreign currency translation adjustments arising during the period (1,855) 53 (52) Unrealized losses on cash flow hedges arising during the period (10) (6) —

Retirement-related benefit plans (124) 36 (18)

Other Comprehensive Income (Loss), Net of Tax (1,989) 83 (70)

Comprehensive Income (Loss) (446) 1,341 1,268

Comprehensive Loss (Income) Attributable to Noncontrolling Interests 212 (16) — Comprehensive Income (Loss) Attributable to McKesson Corporation $ (234) $ 1,325 $ 1,268

March 31,

2015 2014

ASSETS