Cencora, Inc., formerly known as COR, is a leading global pharmaceutical sourcing and distribution services company operating under two main segments: U.S. Healthcare Solutions and International Healthcare Solutions. The company distributes a wide range of pharmaceuticals, including brand-name, specialty brand-name, and generic drugs, as well as over-the-counter healthcare products and home healthcare supplies to various healthcare providers such as hospitals, pharmacies, and clinics . Additionally, Cencora offers services like data analytics, outcomes research, and consulting for biotechnology and pharmaceutical manufacturers . The company also engages in international pharmaceutical wholesale and provides specialized services such as regulatory affairs and quality management for the life sciences industry .
- U.S. Healthcare Solutions - Distributes pharmaceuticals, including brand-name, specialty brand-name, and generic drugs, as well as over-the-counter healthcare products and home healthcare supplies to healthcare providers. Offers additional services like data analytics, outcomes research, and consulting for biotechnology and pharmaceutical manufacturers.
- International Healthcare Solutions - Focuses on international pharmaceutical wholesale and related service operations, distributing pharmaceuticals and healthcare products primarily in Europe and Canada. Provides specialized services such as regulatory affairs, development consulting, and quality management for the life sciences industry.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Elizabeth S. Campbell Executive | Executive Vice President and Chief Legal Officer | None | Chief Legal Officer since September 2021. Over 14 years at Cencora, previously serving as Deputy General Counsel and Chief Compliance Counsel. | |
James F. Cleary Executive | Executive Vice President and CFO | None | CFO since November 2018. Over 25 years at Cencora, previously serving as Group President, Global Commercialization Services & Animal Health. | |
Robert P. Mauch Executive | President and Chief Executive Officer | Chairman of the Board of Directors, Covenant House of Philadelphia | Joined Cencora in 2007; became CEO on October 1, 2024. Previously served as COO and held various leadership roles within the company. Instrumental in transforming Cencora into a global healthcare solutions provider. | View Report → |
Silvana Battaglia Executive | Executive Vice President and Chief Human Resources Officer | None | Joined Cencora in January 2019. Leads global HR initiatives, including ESG integration into executive compensation. | |
D. Mark Durcan Board | Lead Independent Director | Director, Advanced Micro Devices, Inc.; Director, ASML Holding NV; Director, St. Luke’s Health System of Idaho; Trustee, Rice University | Former CEO of Micron Technology (2012–2017). Extensive experience in global markets, technology, and governance. | |
Dennis M. Nally Board | Director | Director, Morgan Stanley; Director, Globality, Inc. | Former Chairman of PwC International Ltd. (2009–2016). Chair of Cencora's Audit Committee. | |
Frank K. Clyburn Board | Director | Board Member, Revolution Medicines, Inc. | Former CEO of International Flavors & Fragrances (2022–2024). Extensive experience in pharmaceuticals and oncology. | |
Lauren M. Tyler Board | Director | Board Member, Guardian Life Insurance | Former EVP and Global Head of HR at J.P. Morgan Asset & Wealth Management. Extensive experience in finance and HR leadership. | |
Lon R. Greenberg Board | Director | Trustee, Temple University; Chairman, Temple University Health System; Board Member, The Philadelphia Foundation | Former CEO and Chairman of UGI Corporation. Extensive experience in governance and financial oversight. | |
Lorence H. Kim, M.D. Board | Director | Venture Partner, Ascenta Capital; Director, Revolution Medicines, Inc.; Director, TD Cowen; Director, Flare Therapeutics; Director, Abata Therapeutics; Trustee, Prep for Prep | Former CFO of Moderna (2014–2020). Brings expertise in biotechnology finance and healthcare. | |
Ornella Barra Board | Director | COO, International, Walgreens Boots Alliance; Chair, International Federation of Pharmaceutical Wholesalers; Honorary Professor, University of Nottingham; Advisory Council Member, SDA Bocconi School of Management | Director since 2015. Brings expertise in global healthcare and pharmaceutical distribution. | |
Steven H. Collis Board | Executive Chairman of the Board | Board Member, American Red Cross; Board Member, International Federation of Pharmaceutical Wholesalers, Inc. | Former CEO of Cencora (2011–2024). Transitioned to Executive Chairman on October 1, 2024. Played a key role in Cencora's global expansion and rebranding. | |
Werner Baumann Board | Director | None | Former CEO of Bayer AG (2016–2023). Joined Cencora's Board in October 2023, bringing expertise in healthcare and global operations. |
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With the goodwill impairment on your PharmaLex business due to slower than expected growth, what specific steps are you taking to turn around this asset, and how confident are you that it will become a key long-term strategic contributor? ,
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Considering the potential headwinds from the Inflation Reduction Act on Part B drug costs, how are you preparing to support the profitability of practices that may be significantly impacted, and what scenarios have you modeled to mitigate these risks?
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Given that the RCA acquisition will be funded partly by debt, how will this affect your balance sheet and credit rating, and what are your plans for deleveraging while balancing continued investment in growth opportunities?
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With the ongoing softness in clinical trial activity impacting your World Courier business, what strategies are you implementing to offset these challenges, and how do you foresee the business performing if clinical trial volumes do not return to pre-2021 levels? ,
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As you continue to invest in MSO ownership, such as with the RCA acquisition, how do you address regulatory concerns regarding distributors owning group practices, especially given recent scrutiny from policymakers? ,
Research analysts who have asked questions during Cencora earnings calls.
Charles Rhyee
TD Cowen
6 questions for COR
Elizabeth Anderson
Evercore ISI
6 questions for COR
Eric Percher
Nephron Research
6 questions for COR
Erin Wright
Morgan Stanley
6 questions for COR
George Hill
Deutsche Bank
6 questions for COR
Kevin Caliendo
UBS
6 questions for COR
Lisa Gill
JPMorgan Chase & Co.
6 questions for COR
Allen Lutz
Bank of America
5 questions for COR
Daniel Grosslight
Citigroup
5 questions for COR
Michael Cherny
Leerink Partners
5 questions for COR
Steven Valiquette
Mizuho
5 questions for COR
Eric Coldwell
Robert W. Baird & Co.
2 questions for COR
Stephen Baxter
Wells Fargo & Company
2 questions for COR
Jack Slevin
Jefferies Financial Group Inc.
1 question for COR
Michael Cherney
Jefferies Financial Group Inc.
1 question for COR
Stephanie Davis
Barclays
1 question for COR
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes with this entity in the U.S. human health distribution businesses, particularly in pharmaceutical distribution, alongside other national generic distributors and regional distributors. Competitive factors include price, product offerings, value-added service programs, service and delivery, credit terms, and customer support. | |
This entity is a major competitor in the U.S. human health distribution businesses, especially in pharmaceutical distribution. The competition spans across various factors such as price, product offerings, value-added service programs, service and delivery, credit terms, and customer support. | |
The company faces competition from this entity in the global distribution of pharmaceuticals and related healthcare services. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Retina Consultants of America | 2025 | Cencora's acquisition of RCA involved an 85% stake with a $4.4 billion cash outlay (including a $350 million capitalization) and up to $500 million in contingent consideration, financed through senior notes, term loans, and a revolving credit facility, aiming to enhance its specialty healthcare portfolio. |
PharmaLex | 2023 | PharmaLex was acquired for $1.473 billion (subject to adjustments including a $29.3 million cash holdback) to bolster capabilities in global regulatory affairs, pharmacovigilance, and quality management under the International Healthcare Solutions segment, with significant allocations to goodwill and intangible assets. |
OneOncology | 2023 | In 2023, TPG acquired a majority interest in OneOncology, valued at $2.1 billion, while AmerisourceBergen secured a 34.9% minority stake in the joint venture; the deal features put and call options and allocates specific amounts to intangible assets and goodwill, emphasizing strategic financial and operational integration. |
Recent press releases and 8-K filings for COR.
- Cencora delivered adjusted diluted EPS of $3.84, up 15%, on consolidated revenue of $83.7 billion, up 6% year-over-year in Q4 2025.
- U.S. healthcare solutions segment revenue rose to $75.8 billion (+6%), with segment operating income up 25% to $872 million.
- International healthcare solutions segment posted $7.9 billion in revenue (up 8% as-reported; +6% cc) and operating income of $151 million, down 2%.
- For fiscal 2025, Cencora reported $321.3 billion in revenue (+9%), $4.2 billion in operating income (+16%), generated $3 billion of adjusted free cash flow, and returned ~$900 million to shareholders via dividends and buybacks.
- Fiscal 2026 guidance calls for adjusted EPS of $17.45–17.75 (9–11% growth), 5–7% revenue growth, 8–10% operating income growth, while long-term adjusted operating income growth is raised to 6–9% and adjusted EPS to 9–13%; the quarterly dividend was increased by 9%.
- Cencora reported Q4 fiscal 2025 revenue of $83.7 B, up 5.9% y/y, and an adjusted diluted EPS of $3.84, up 15.0% y/y, with consolidated adjusted operating income of $1.0 B, up 20.2% y/y.
- U.S. Healthcare Solutions segment revenue rose 5.7% y/y to $75.8 B, while operating income increased 25.1% y/y to $0.9 B.
- International Healthcare Solutions segment revenue increased 7.6% y/y to $7.9 B (5.7% in constant currency), while operating income declined 2.0% y/y to $150.7 M (−6.0% CC).
- Fiscal 2026 guidance: expects 5–7% revenue growth, 8–10% adjusted operating income growth, and $17.45–$17.75 adjusted EPS, versus $16.00 in FY 2025.
- Cencora delivered Q4 adjusted EPS of $3.84 (up 15%) on revenue of $83.7 B (up 6%) and achieved operating income of $1.0 B (up 20%).
- U.S. healthcare solutions revenue grew 6% to $75.8 B, driven by $876 M in GLP-1 sales (+10%), lifting segment operating income 25% to $872 M.
- Full‐year fiscal 2025 consolidated revenue was $321.3 B (up 9%) with operating income of $4.2 B (up 16%); generated $3.0 B in adjusted free cash flow and returned $900 M to shareholders.
- Board approved a 9% increase to the quarterly dividend (21st consecutive annual raise) and fiscal 2026 guidance of adjusted EPS $17.45–$17.75 (growth 9–11%) and revenue growth 5–7%.
- Long-term guidance lifted to adjusted operating income growth of 6–9% and EPS growth of 9–13%.
- Delivered 16% adjusted operating income and EPS growth in Q4 2025, driven by specialty positioning and strong pharmaceutical utilization; raised long-term guidance for adjusted operating income growth to 6–9% and adjusted EPS growth to 9–13%.
- U.S. healthcare solutions segment operating income increased 25% to $872 million, while international healthcare solutions revenue rose 8% to $7.9 billion and operating income fell 2% to $151 million; GAAP results include a $724 million goodwill impairment related to Pharmalex.
- Fiscal 2025 consolidated revenue was $321.3 billion (+9%), operating income $4.2 billion (+16%), adjusted free cash flow $3 billion, and returned about $900 million to shareholders via dividends and share repurchases, with a 9% dividend increase.
- Fiscal 2026 guidance: adjusted EPS of $17.45–$17.75 (+9–11%), consolidated revenue growth 5–7%, operating income growth 8–10%, capital expenditures $900 million, and adjusted free cash flow $3 billion; will report an “other” segment for businesses under strategic review.
- In Q4 2025, revenue reached $83.7 billion (+5.9% YoY) with GAAP EPS of $(1.75) and adjusted EPS of $3.84; for FY 2025, revenue was $321.3 billion (+9.3% YoY) with GAAP EPS of $7.96 and adjusted EPS of $16.00.
- The quarterly dividend was increased by 9% to $0.60 per share, payable December 1, 2025 to shareholders of record on November 14, 2025.
- Fiscal 2026 adjusted guidance calls for 5–7% revenue growth and $17.45–$17.75 adjusted EPS, and long-term targets were raised to 6–9% adjusted operating income growth and 9–13% adjusted EPS growth.
- CoreSite marked the topping off of its new DE3 data center at 4900 Race Street in Denver, expanding its local footprint
- DE3 will be a 180,000-square-foot multi-tenant colocation facility linked to existing DE1 and DE2 centers, with targeted availability in 2026
- Upon completion, CoreSite’s Denver campus will span approximately 600,000 sq ft and offer 60 critical megawatts of power
- The company invested in the local community, including co-founding Denver’s first Digital Community at the Jack A. Vickers Boys and Girls Club and pledging $25,000 to neighborhood organizations
- Cencora delivered $80.7 B in Q3 revenue, up 9%, with gross profit of $2.9 B (+21%) and operating income of $1.1 B (+21%); adjusted diluted EPS grew 20% year-over-year.
- U.S. Healthcare Solutions segment revenue reached $72.9 B (+9%), driven by broad utilization trends and GLP-1 sales up $1.4 B (19%), while segment operating income rose 29%.
- International Healthcare Solutions posted $7.8 B in revenue (up 11% as reported; 9% cc) and operating income of $156 M, down 13% (16% cc) amid softness in specialty logistics and consulting.
- Fiscal 2025 guidance was raised: adjusted EPS to $15.85–$16.00 (15–16% growth); consolidated revenue growth of ~9%; U.S. segment revenue growth of 9–10%; International revenue up 6–7% (7–8% cc); consolidated operating income growth of 15–16%.
- Investment in specialty assets continues: acquisition of Retina Consultants of America and pathway to full ownership of One Oncology reinforced by $3.3 B debt financing (net interest expense up $50 M to $82 M).
- CoreSite completed an expansion adding 228,000 square feet to its Silicon Valley footprint with the new SV9 data center.
- The Silicon Valley campus now totals 1.4 million square feet across nine data centers.
- SV9 is certified as NVIDIA DGX-Ready, offering advanced power and cooling for AI/ML workloads and direct connectivity to AWS, Google Cloud and Microsoft Azure.
- With SV9, CoreSite operates 30 data centers totaling 4.5 million square feet across 11 U.S. markets.
- On June 30, 2025, Cencora subsidiaries executed the Twenty-Second Amendment to their Amended and Restated Receivables Purchase Agreement, expanding liquidity options [[2]].
- The amendment increased the facility size to $1.5 billion from $1.45 billion and doubled the Accordion feature capacity to $500 million, now available in any fiscal quarter [[2]].
- It added Gotham Funding Corporation as an uncommitted purchaser, enhancing the purchaser base [[0]][[2]].
- The facility continues to finance accounts receivable sales by AmerisourceBergen Drug Corporation and ASD Specialty Healthcare for ongoing business funding [[2]].
- Amended and Restated Credit Agreement executed on June 4, 2025, revises the terms of Cencora’s revolving credit and term loan facilities, incorporating multiple changes in covenant and interest rate provisions.
- Term Loan Amendment aligns key terms with the restated credit agreement, adjusting interest margins (87.5 to 137.5 basis points) and prepayment rights to optimize debt management.
- Stable Financial Condition noted with no material adverse changes since September 30, 2024, supporting ongoing operational stability.