McKesson 2015 Annual Report Download - page 17

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McKESSON CORPORATION
Employees: On March 31, 2015, we employed approximately 70,400 full-time equivalent employees.
Financial Information About Foreign and Domestic Operations: Information as to foreign and domestic
operations is included in Financial Notes 1 and 26, “Significant Accounting Policies” and “Segments of
Business,” to the consolidated financial statements appearing in this Annual Report on Form 10-K.
Forward-Looking Statements
This Annual Report on Form 10-K, including the Chairman’s 2015 letter, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report and the “Risk
Factors” in Item 1A of Part I of this report, contains forward-looking statements within the meaning of section
27A of the Securities Act of 1933, as amended and section 21E of the Securities Exchange Act of 1934, as
amended. Some of these statements can be identified by use of forward-looking words such as “believes,”
“expects,” “anticipates,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans” or “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. 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, they may include, but are not
limited to, the factors discussed in Item 1A of Part I of this report under “Risk Factors.” The reader should not
consider the list to be a complete statement of all potential risks and uncertainties.
These and other risks and uncertainties are described herein and in other information contained in our
publicly available SEC filings and press releases. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date such statements were first made. Except to the
extent required by federal securities laws, we undertake 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.
Item 1A. Risk Factors
The risks described below could have a material adverse impact on our financial position, results of
operations, liquidity and cash flows. Although it is not possible to predict or identify all such risks and
uncertainties, they may include, but are not limited to, the factors discussed below. Our business operations could
also be affected by additional factors that are not presently known to us or that we currently consider not to be
material. The reader should not consider this list to be a complete statement of all risks and uncertainties.
Changes in the United States healthcare industry and regulatory environment could have a material adverse
impact on our results of operations.
Many of our products and services are intended to function within the structure of the healthcare financing
and reimbursement system currently being used in the United States. In recent years, the healthcare industry in
the United States has changed significantly in an effort to reduce costs. These changes have included cuts in
Medicare and Medicaid reimbursement levels, increases in the use of managed care, consolidation of
pharmaceutical and medical-surgical supply distributors and the development of large, sophisticated purchasing
groups. We expect the healthcare industry in the United States to continue to change and for healthcare delivery
models to evolve in the future.
Changes in the healthcare industry’s or our pharmaceutical suppliers’ pricing, selling, inventory, distribution
or supply policies or practices could significantly reduce our revenues and net income. Due to the diverse range
of healthcare supply management and healthcare information technology products and services that we offer,
such changes could have a material adverse impact on our results of operations, while not affecting some of our
competitors who offer a narrower range of products and services.
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