Cencora, Inc. (COR)

Cencora reported fiscal fourth-quarter 2026 revenue of $88.4 billion on 4 November 2026, up 5.5 percent, and fiscal 2026 revenue of $337.4 billion, up 5.0 percent 1.

The company's adjusted (non-GAAP) diluted earnings per share for the year were $17.97, up 12.3 percent 1. Chief executive Robert P Mauch called fiscal 2026 a year in which Cencora expanded its MSO platform through the OneOncology acquisition 1.

An MSO, or management services organization, handles business support for independent physician practices, and Cencora's retina and oncology platforms are built this way 910.

Starting in the first quarter of fiscal 2027 the company will report two segments, Pharmaceutical Distribution and Services and Specialty Pharmaceutical and Provider Services, plus an Other group 2.

On 21 October 2026 Cencora announced an agreement to buy American Oncology Network, a physician-led network of more than 350 oncology providers across 21 states, at an enterprise value of $2.4 billion 6.

That deal needs regulatory clearances and AON stockholder approval 6. Separately, the Federal Trade Commission asked for more information on 20 May 2026 about the planned merger of MWI Animal Health with Covetrus, which the company assumes will close on 31 March 2027 51.

The company traded as AmerisourceBergen under the ticker ABC until 30 August 2023, when it completed its change of name to Cencora and began trading on the New York Stock Exchange as COR 14.

Revenue rose 5.7 percent that year, but operating income fell mainly because of a $6.6 billion legal accrual for opioid lawsuits 16.

That dispute was later settled with most states under the Distributor Settlement Agreement, which became effective on 2 April 2022 4. At 30 September 2025 the accrued liability was $4.3 billion, to be paid over 13 years 4.

On 2 June 2021 the company, then named AmerisourceBergen, completed its purchase of most of the Alliance Healthcare businesses of Walgreens Boots Alliance for $6.275 billion in cash and 2 million shares 15.

It bought PharmaLex, a provider of regulatory and consulting services to drug makers, on 1 January 2023 for $1.473 billion in cash 18. In June 2023 it joined TPG in buying OneOncology, investing $718.4 million for a 34.9 percent share of the joint venture 18.

Revenue rose $23.6 billion, or 9.9 percent, in fiscal 2023, led by U.S. unit volume, including drugs labeled for diabetes or weight loss in the GLP-1 class 18.

In fiscal 2024 revenue rose $31.8 billion, or 12.1 percent, but the year carried a $418.0 million goodwill impairment on PharmaLex, a write-down of what was paid above the acquired assets 17.

Fiscal 2025 revenue rose $27.4 billion, or 9.3 percent, to $321.3 billion, and sales of GLP-1 class products grew $7.7 billion, or 26.9 percent 4. Retina Consultants of America, acquired on 2 January 2025, added to gross profit 4.

Leadership changed on 1 October 2024, when Robert P Mauch became chief executive, succeeding Steven H Collis 13. Walgreens Boots Alliance, once a holder of more than 5 percent of the shares with a board seat, ceased to control that much in June 2025 13.

On 12 December 2025 the company agreed to buy most of OneOncology from TPG and others for about $3.6 billion 11. It would also retire $1.3 billion of existing corporate debt, for about $5.0 billion in cash in all 11. It completed the purchase on 2 February 2026 for total fair value consideration of $7,387.1 million 5.

It then agreed on 18 February 2026 to merge MWI Animal Health with Covetrus, and divested its U.S. Consulting Services business in April 2026 81. The fourth quarter of fiscal 2025 had carried a $723.9 million PharmaLex goodwill impairment 1.

Pharmaceutical Distribution and Services

This is the wholesale core: Cencora buys brand-name, specialty and generic drugs from manufacturers and supplies them to hospitals, health systems, independent and chain pharmacies, mail-order pharmacies and clinics 4.

Under the new structure the segment had revenue of $284.5 billion in fiscal 2026, against $271.8 billion a year earlier, and segment operating income of $2.7 billion 3.

Services around the wholesale business include Good Neighbor Pharmacy, a program that helps independent pharmacies compete, and Elevate Provider Network, a managed care network linking retail pharmacies to payer plans 4.

Sales of drugs for diabetes and weight loss in the GLP-1 class lifted fourth-quarter revenue but carry lower gross profit margins, the company said 1. Lower sales to a large mail-order customer offset part of the growth 1.

Customers, suppliers and rivals

In fiscal 2025 Walgreens and Boots together accounted for about 25 percent of revenue and Evernorth Health Services for about 13 percent, and the top 10 customers made up about 66 percent 4. The 10 largest suppliers made up about 57 percent of purchases 4.

The annual report names McKesson, Cardinal Health and UPS Logistics as the largest competitors 4. Cencora also competes with drug makers selling direct, chain drugstores that run their own warehouses and specialty distributors 4.

Starting 1 July 2026, certain Walgreens volume that Cencora served outside the prime vendor agreement began moving elsewhere, while the prime vendor agreement itself remains unchanged 7.

Specialty Pharmaceutical and Provider Services

This segment gathers specialty drug distribution to physician practices, the MSO platforms, the World Courier shipping business, Canada's Innomar and strategic parts of PharmaLex 2.

Under the new structure its fiscal 2026 revenue was $45.4 billion, up from $42.6 billion, and its operating income was $1.7 billion, up from $1.4 billion 3.

Its operating income margin was 3.73 percent in fiscal 2026, against 3.22 percent in fiscal 2025 3. The company links its higher adjusted operating margin overall to the OneOncology and RCA acquisitions 1.

Retina Consultants of America, 85 percent owned since January 2025, and OneOncology, which Cencora took over on 2 February 2026, run the business side of independent retina and cancer practices 45. OneOncology's MSO and certain practices added $820.0 million of consolidated revenue since the purchase 5.

World Courier is a leading specialty transportation and logistics provider for the biopharmaceutical industry, with facilities in over 50 countries 4.

Other: businesses under review

Other is not a reportable segment 1. It holds MWI Animal Health, Profarma, and the other parts of PharmaLex, businesses for which the company is exploring strategic alternatives 1. Its fiscal 2026 revenue was $8.7 billion 3.

MWI Animal Health sells drugs, vaccines, parasiticides and diagnostics to companion animal and livestock customers 4. Its planned merger with Covetrus values MWI at an enterprise value of $3.5 billion, with $1.25 billion in cash and a 34.3 percent stake going to Cencora 8.

The company has signed an agreement to sell its stake in Profarma, with closing expected in the first quarter of fiscal 2027 1. Cencora consolidates Profarma because of its governance rights, even though it has no duty to give it further financial support 5.

Plants and places

The corporate headquarters is a leased facility in Conshohocken, Pennsylvania 4. A national distribution center in Columbus, Ohio gives manufacturers a single shipping destination 4.

Owned facilities sit in Alabama, California, Illinois, Massachusetts, Michigan, Missouri, Ohio, Pennsylvania, Texas and Virginia 4.

International distribution runs from Canada, the Czech Republic, France, Lithuania, the Netherlands, Norway, Romania, Spain, Turkey and the United Kingdom 4.

People

Robert P Mauch is president and chief executive 13. Eva C Boratto became chief financial officer on 29 June 2026, after serving as finance chief of Bath & Body Works and earlier of CVS Health 19.

At 30 September 2025 the company had more than 51,000 employees, and about 24 percent were covered by collective bargaining agreements, nearly all outside the U.S. 4. D Mark Durcan chairs the board 13.

Current problems

The opioid settlement is still being paid down 4. The accrued liability was $4.3 billion at 30 September 2025, with $416.0 million expected to be paid before 30 September 2026 4.

The federal review of the Covetrus merger and the Walgreens volume shift are the other open matters 57.

The umbrella, in words

Main brands are Good Neighbor Pharmacy and Elevate Provider Network for pharmacies, World Courier for specialty shipping, MWI Animal Health for veterinary supply and Alliance Healthcare for European wholesale 4.

Alliance Healthcare had revenue of $24.4 billion in fiscal 2025, the largest line in the International Healthcare Solutions segment as then reported 4.

The annual report's Exhibit 21 lists significant subsidiaries, among them AmerisourceBergen Drug Corporation, AmerisourceBergen Specialty Group, LLC and ASD Specialty Healthcare, LLC 12. The exhibit does not say which are listed on an exchange 12.

Cencora owns 85 percent of Retina Consultants of America and the majority of OneOncology, where physicians and managers kept 8 percent 45.

It owns about 4 percent of American Oncology Network and has agreed to buy the rest 6. It is to receive a 34.3 percent common stake in the combined Covetrus and MWI business at closing 8.

The 2026 proxy statement lists two holders above 5 percent: Vanguard Group Inc. with 22,478,981 shares, or 11.6 percent, and BlackRock, Inc. with 16,405,771 shares, or 8.4 percent 13.

For fiscal 2027 the company expects revenue growth of 3 percent to 5 percent and adjusted diluted earnings per share of $19.40 to $19.75 1. It expects adjusted operating income growth of 4 percent to 6 percent 1.

The outlook also holds net interest expense of $490 million to $510 million and an adjusted tax rate near 20 percent 1. It assumes about 190 million diluted shares, adjusted free cash flow near $3.5 billion and capital spending near $1.0 billion 1.

The outlook assumes the Profarma sale closes in the first fiscal quarter and the MWI Animal Health merger with Covetrus closes on 31 March 2027 1.

The company reaffirmed long-term targets of 7 percent to 10 percent adjusted operating income growth and 10 percent to 14 percent adjusted earnings per share growth 1. It set mid-single-digit growth for the first segment and mid-teens growth for the second 1.

The board declared a quarterly dividend of $0.66 per share on 3 November 2026, up 10 percent from $0.60, payable 30 November 2026 to holders of record on 13 November 2026 1.

The American Oncology Network deal is subject to regulatory clearances and AON stockholder approvals 6. Cencora expects to pay about $1.7 billion to lift its stake to 75 percent if sellers roll over up to 25 percent 6. It expects the deal to add to adjusted earnings per share in the second year after closing 6.

The $1.1 billion purchase of EyeSouth Partners' retina business, announced on 23 March 2026, needs regulatory approvals 9. The company said it expects the deal to be slightly accretive to adjusted earnings per share in the first twelve months after closing 9.

In July 2026 Cencora raised its multi-currency revolving credit facility from $5.5 billion to $7.0 billion and extended the maturity to July 2031 20. Management is scheduled to attend the J.P. Morgan Healthcare Conference on 11 to 14 January 2027 1.

Past

Cencora's revenue grew from $147 billion in fiscal 2016 to $321 billion in fiscal 2025, up 9.1% a year, and rose in 9 of 9 years. Net income was positive in 9 of 10 of those years. Over the three fiscal years to 2025, the diluted share count shrank about 2.6% a year, and dividends and buybacks returned about 39% of operating cash flow. Net worth has moved about 3.8% a year down since fiscal 2016. The company's filings since 2017 show two material cybersecurity incidents, the latest in 2024-07-31. 12

Present

For the fiscal year ended 2025-09-30, Cencora reported revenue of $321 billion and a profit of $1.6 billion. In fiscal 2025, the company earned about 103 cents of profit for every dollar of shareholders' money, its products earned about 15 cents per dollar of everything it owns, it owed about 98 cents per dollar of assets, and its share count shrank 2.5% over the year. Cencora's revenue of $321 billion ranks in the top 15% by size among its industry family, a net margin of 0.5% ranks in the top 45%, and revenue growth of 10.4% a year over the last three filed years ranks in the top 35%. The chief executive on record is Mauch, Robert P. , filing under that title since 2024-11-13, 1.9 years; the 19 officers and directors filing in the last fifteen months have been on the record a median of 4 years; 15 officer or director changes were reported on Form 8-K since 2023-10-21. 31

Future

The annual report for the fiscal year ending 2026-09-30 is due by 2026-11-29. The quarterly report for the quarter ending 2026-12-31 is due by 2027-02-09. The company's room to grow, from the newest filed statements, leaves it with -4.2% of its assets as net cash (top 45% of its family), cash from operations less capital spending of 1% of revenue (bottom 45%), and a gross margin of 3.6% (bottom 15%). Revenue grew 10.4% a year over the last three filed years against 9.1% over all ten, speeding up (top 19% of its family), and capital spending grew 10.4% a year (top 19%). Revenue of $321 billion in fiscal 2025 came in 1.5% below the $326 billion the prior three years' pace pointed to, net income of $1.6 billion fell against a prior three-year average of $1.7 billion, and net margin of 0.5% fell against 0.6% before. 41

How the company operates

Cencora is a distribution business in the Wholesale-Drugs, Proprietaries & Druggists' Sundries sector. The company reported two lines of business in fiscal 2025: US Healthcare Solutions at $285 billion and International Healthcare Solutions at $28 billion; both grew in the latest filed year, and the largest line is 91% of revenue. Cencora is based in Conshohocken, PA. 31

New moves

On 2026-09-25, Cencora filed a Form 8-K reporting an officer or director change and investor disclosure under Regulation FD. On 2026-08-05, the company filed a Form 8-K reporting a major agreement signed and new debt or an obligation taken on. On 2026-08-05, Cencora filed its quarterly report for the period ended 2026-06-30 and reported results released. On 2026-05-06, the company filed its quarterly report for the period ended 2026-03-31 and reported results released. On 2026-10-21, Cencora filed a Form 8-K. 45