The Irving, Texas, company will receive federal funds as part of the government's Operation Warp Speed plan to deliver 300 million doses of coronavirus vaccine by January 2021.
"Since the onset of the pandemic, McKesson has leveraged our deep expertise to help maintain the integrity of the healthcare supply chain, source and distribute personal protective equipment to frontline workers and stand up covid-19 testing at Health Mart pharmacies, many in underserved communities," Chief Executive Brian Tyler said in a statement.
McKesson is already the largest seasonal flu vaccine distributor in the country, annually providing as many as 150 million doses of all vaccines to public health clinics.
Operation Warp Speed covers a broad strategy designed to accelerate the development, manufacturing and distribution of vaccines, therapeutics and diagnostic tools.
The initiative is a partnership among the Department of Health and Human Services, the Centers for Disease Control and Prevention, the Food and Drug Administration, the National Institutes of Health, the Biomedical Advanced Research and Development Authority and the Department of Defense.
The CDC already has a contract with the company as part of its Vaccines for Children program that McKesson won in 2016 following a competitive bidding process.
The shares of the provider of health-care-supply-chain management at last check rose 4.1% to $158.37. The stock hit a 52-week low above $112 in mid-March, having come down from its 52-week high above $170 in mid-February.