v3.26.1
Business Combinations and Asset Acquisitions
 12 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination
2. Acquisitions
Solaris Health
On November 3, 2025, we, through The Specialty Alliance, completed the acquisition of Solaris Health, a urology MSO, for a purchase price of approximately $1.9 billion in cash, subject to certain adjustments. In connection with the closing of this transaction, we issued common units in The Specialty Alliance to certain physicians and members of management which are estimated to have a grant date fair value of approximately $500 million, a portion of which will be recognized as post-combination expense within acquisition-related cash and share-based compensation costs. We have accounted for the acquisition of the ownership interest in Solaris as a business combination in accordance with ASC 805.
Solaris Health includes more than 750 providers across more than 250 practice locations in 14 states. Solaris Health is part of The Specialty Alliance, our multi-specialty MSO platform, and their
results are reported within our Pharma segment. With the closing of this transaction, we own approximately 76% of The Specialty Alliance.
Transaction and integration costs associated with the Solaris acquisition were $49 million during fiscal 2026.
Advanced Diabetes Supply Group ("ADS")
On April 1, 2025, we completed the acquisition of ADS for a purchase price of approximately $1.0 billion in cash. ADS is part of our at-Home Solutions operating segment and we report ADS results in Other.
Transaction and integration costs associated with the ADS acquisition were $23 million and $31 million during fiscal 2026 and 2025, respectively.
GI Alliance ("GIA")
On January 30, 2025, we completed the acquisition of a 73% ownership interest in GIA, now part of The Specialty Alliance, for a purchase price of $2.8 billion in cash. Beginning on the third anniversary of the closing, we have the ability to exercise a call right to purchase up to 100 percent of the remaining outstanding interests.
Additionally, on May 30, 2025, we, through The Specialty Alliance, completed the acquisition of Urology America for a purchase price of $381 million in cash and equity in The Specialty Alliance.
Transaction and integration costs associated with the GIA and Urology America acquisitions were $11 million and $75 million during fiscal 2026 and 2025, respectively.
Integrated Oncology Network ("ION")
On December 2, 2024, we completed the acquisition of ION for a purchase price of $1.1 billion in cash.
Transaction and integration costs associated with the ION acquisition were $5 million and $30 million during fiscal 2026 and 2025, respectively.
Fair Value of Assets Acquired and Liabilities Assumed
The allocation of the purchase price for the acquisition of Solaris Health is not yet finalized and is subject to adjustment as we complete the valuation analysis of this acquisition.
The allocation of the fair value of assets acquired and liabilities assumed for the acquisitions of Urology America, ADS, GIA, and ION were finalized during fiscal 2026, resulting in goodwill of $339 million, $577 million, $3.1 billion, and $1.1 billion, respectively. The noncontrolling interest in ION was recognized at the acquisition-date fair value of $157 million. There were no significant adjustments to the allocation of the fair value of assets acquired and liabilities assumed for these acquisitions from those disclosed in our fiscal 2025 Form 10-K.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date for Solaris Health, Urology America, ADS, GIA, and ION:
(in millions)Solaris Health
Urology America
ADSGIAION
Identifiable intangible assets:
Customer intangibles (1)
$— $— $472 $— $— 
Trade names (2)
233 33 28 200 73 
Non-competition agreements (3)
39 — — 23 — 
Total identifiable intangible assets acquired
272 33 500 223 73 
Identifiable net assets/(liabilities):
Cash and equivalents
55 4 14 53 10 
Trade receivables, net
205 24 101 176 47 
Inventories23 3 78 21 14 
Prepaid expenses and other76 3 2 14 7 
Property and equipment, net69 27 1 75 38 
Other assets
191 41 377 312 45 
Accounts payable(105)(20)(104)(89)(10)
Current portion of long-term obligations and other short-term borrowings— — — (1)(3)
Other accrued liabilities(177)(12)(391)(174)(41)
Long-term obligations, less current portion— (6)— (15)(14)
Deferred income taxes and other liabilities(164)(45)(106)(888)(41)
Total identifiable net assets/(liabilities) acquired445 52 472 (293)125 
Noncontrolling interest— (9)— — (157)
Goodwill
1,689 339 577 3,078 1,101 
Total net assets acquired
$2,134 $382 $1,049 $2,785 $1,069 
(1)    The weighted-average useful life of customer intangibles is 10 years.
(2)    The weighted-average useful life of trade names ranges from 2 years to 10 years.
(3)    The weighted-average useful life of non-competition agreements is 5 years.