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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.
| 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? ,
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.
- Adjusted diluted EPS guidance increased by $0.05 at both ends to a range of $15.30–$15.60, driven by robust U.S. Healthcare Solutions performance.
- The call highlighted strong specialty performance in areas such as oncology and retina, with detailed discussion on biosimilar adoption dynamics and strengthening core business segments.
- Executives outlined strategic investments including MSO initiatives like OneOncology and RCA, a balanced capital deployment strategy with 8% dividend growth, and a 5-year plan targeting 5–8% organic operating income growth plus additional gains from share buybacks and debt reduction.
- The company filed an 8-K report on March 10, 2025, providing current updates on financial performance and guidance.
- Revised fiscal year 2025 adjusted diluted EPS guidance is now $15.30 to $15.60, improved from the previous range of $15.25 to $15.55, reflecting positive momentum in the core U.S. Healthcare Solutions segment.
- Executives will present these updates at the Leerink Partners Global Healthcare Conference on March 10, 2025, at 8:40 a.m. ET.