Earnings summaries and quarterly performance for Cencora.
Executive leadership at Cencora.
Board of directors at Cencora.
Research analysts who have asked questions during Cencora earnings calls.
CR
Charles Rhyee
TD Cowen
6 questions for COR
Also covers: AMWL, BTSG, CAH +18 more
Elizabeth Anderson
Evercore ISI
6 questions for COR
Also covers: AGL, ALGN, CAH +23 more
Eric Percher
Nephron Research
6 questions for COR
Also covers: AMWL, CAH, CVS +5 more
EW
Erin Wright
Morgan Stanley
6 questions for COR
Also covers: ALGN, BTSG, CAH +18 more
George Hill
Deutsche Bank
6 questions for COR
Also covers: AGL, CAH, CI +16 more
Kevin Caliendo
UBS
6 questions for COR
Also covers: AHCO, ALGN, AMWL +15 more
LG
Lisa Gill
JPMorgan Chase & Co.
6 questions for COR
Also covers: AGL, CAH, CI +13 more
Allen Lutz
Bank of America
5 questions for COR
Also covers: ACCD, CAH, DOCS +14 more
Daniel Grosslight
Citigroup
5 questions for COR
Also covers: AGL, CAH, CTEV +12 more
Michael Cherny
Leerink Partners
5 questions for COR
Also covers: ACCD, ALGN, CAH +18 more
Steven Valiquette
Mizuho
5 questions for COR
Also covers: ALGN, CAH, DOCS +12 more
EC
Eric Coldwell
Robert W. Baird & Co.
2 questions for COR
Also covers: AHCO, CAH, CRL +9 more
Stephen Baxter
Wells Fargo & Company
2 questions for COR
Also covers: AGL, BTSG, CAH +15 more
JS
Jack Slevin
Jefferies Financial Group Inc.
1 question for COR
Also covers: AGL, AMN, ASTH +8 more
MC
Michael Cherney
Jefferies Financial Group Inc.
1 question for COR
Also covers: DGX, LH
SD
Stephanie Davis
Barclays
1 question for COR
Also covers: ACCD, CAH, DGX +20 more
Recent press releases and 8-K filings for COR.
Cencora enters $3.0 B 364-Day Term Loan to fund OneOncology acquisition
COR
Debt Issuance
M&A
- On January 12, 2026, Cencora agreed to a $3.0 billion 364-Day Term Credit Facility with Citibank, N.A. as administrative agent to finance its acquisition of OneOncology, repay existing debt and cover related fees.
- The term loan matures 364 days after drawdown and bears interest at Term SOFR or Daily Simple SOFR plus 87.5–112.5 bps, or an alternate base rate plus 0–12.5 bps, based on the company’s public debt ratings.
- Unused commitments under the facility will incur a ticking fee of 6–10 bps per annum starting April 1, 2026, also determined by public debt ratings.
- The agreement includes customary covenants mirroring the Revolving Credit Agreement, including a maximum leverage ratio of 4.00 to 1.00, with an optional increase to 4.50 to 1.00 following a material acquisition, and restrictions on indebtedness, liens, fundamental changes and asset sales.
- The company can prepay the term loan in whole or in part at any time without penalty (aside from any applicable breakage costs) and may reduce commitments at its discretion.
6 hours ago
Cencora accelerates OneOncology acquisition and raises long-term guidance at JPM Healthcare Conference
COR
M&A
Guidance Update
New Projects/Investments
- Cencora plans to accelerate the acquisition of OneOncology, aligning it with Retina Consultants of America to capture synergies in clinical trials, back-office support and data analytics across its MSO platform.
- The company raised its long-term operating income growth outlook to 7–10% and adjusted diluted EPS growth to 10–14%, driven by specialty distribution strength and MSO contributions.
- Management announced a $1 billion investment in supply chain infrastructure—including expanded cold-chain capacity—through 2030 to bolster its global specialty logistics and 3PL offerings.
- For fiscal 2026, Cencora guided to 8–10% consolidated adjusted operating income growth and 9–11% growth in its U.S. Healthcare Solutions segment, reflecting ongoing specialty and MSO momentum.
4 days ago
Cencora presents at J.P. Morgan Healthcare Conference
COR
Guidance Update
M&A
New Projects/Investments
- Fiscal 2025 revenue of $321 B (+9% y-o-y), adjusted operating income of $4.2 B (+16%), adjusted diluted EPS of $16.00 (+16%), and adjusted free cash flow of $3.0 B.
- Raised long-term guidance for adjusted operating income and diluted EPS to reflect strength in U.S. Healthcare Solutions and expected contribution from OneOncology.
- Outlined strategic priorities to lead in specialty pharmaceuticals, enhance patient access through data & technology, and pursue growth-oriented investments targeting 10–14% long-term adjusted EPS growth on a constant currency basis.
- Completed acquisition of Retina Consultants of America, announced intent to accelerate OneOncology acquisition, and committed $1 B to supply chain infrastructure investment through 2030.
- Emphasized global platform expansion as a pan-European wholesaler and premier specialty logistics provider, leveraging MSOs to deepen downstream services and clinical trial support.
4 days ago
Cencora outlines strategic priorities and updates at J.P. Morgan Healthcare Conference
COR
Guidance Update
M&A
New Projects/Investments
- Cencora detailed four strategic drivers—digital transformation, talent development, productivity enhancements, and prioritized growth investments—and designated an “other” segment comprising MWI Animal Health, Brazil’s Profarma, its legacy U.S. patient-hub business, and parts of PharmaLex.
- The company completed its acquisition of Retina Consultants of America and announced plans to accelerate the full purchase of OneOncology, targeting synergies in clinical trials, back-office support (revenue cycle, staffing, IT), and long-term data & analytics.
- Cencora plans a $1 billion investment in supply-chain infrastructure through 2030—expanding overall and cold-chain capacity—and is boosting its global specialty logistics and 3PL offerings.
- Management has raised long-term targets twice in recent months: operating income growth from 5–8% to 6–9%, then to 7–10% (plus 3–4% from capital deployment), and adjusted EPS from 8–12% to 9–13%, then to 10–14%, reflecting strong U.S. Healthcare Solutions performance and the OneOncology deal.
- Fiscal 2026 guidance calls for consolidated operating income growth of 8–10% (U.S. Healthcare Solutions: 9–11%) and International segment growth of 5–8%; share repurchases are paused pending OneOncology integration and debt reduction.
4 days ago
Cencora outlines strategic growth initiatives at JPM Healthcare Conference
COR
Guidance Update
New Projects/Investments
M&A
- Cencora reported 9% revenue growth, 16% increase in adjusted operating income and adjusted diluted EPS, and generated $3 billion in free cash flow over the past year.
- Management highlighted four strategic drivers—digital transformation with AI, talent development, productivity enhancements, and prioritizing growth-oriented investments—and created an Other segment to house noncore assets.
- The company completed the acquisition of Retina Consultants of America and announced plans to accelerate its full acquisition of OneOncology, aiming to consolidate its MSO platform and realize operational synergies.
- Cencora will invest $1 billion in supply-chain infrastructure through 2030, including expanded cold-chain capacity and enhancements to its global specialty logistics and 3PL offerings.
- It raised its long-term operating income growth target to 7%–10% plus 3%–4% from capital deployment and its adjusted EPS target to 10%–14%, driven by the anticipated contribution of OneOncology.
4 days ago
Cencora accelerates acquisition of OneOncology
COR
M&A
Guidance Update
- Cencora agreed to acquire the remaining equity interests in OneOncology for approximately $3.6 billion and retire $1.3 billion of its debt, for total cash consideration of $5.0 billion, valuing the enterprise at $7.4 billion; transaction is expected to close by end of fiscal 2026 Q2 and will be funded by $4.5 billion in bridge financing commitments.
- The company reiterated its fiscal 2026 consolidated guidance, pausing share repurchases and expecting adjusted diluted EPS toward the lower half of the $17.45–$17.75 range.
- Cencora raised its long-term targets to 7%–10% adjusted operating income growth, 3%–4% capital deployment, and 10%–14% adjusted diluted EPS growth to reflect the expected contribution from OneOncology.
Dec 15, 2025, 12:00 PM
Cencora accelerates OneOncology acquisition
COR
M&A
Guidance Update
- Cencora will acquire the remaining equity interests in OneOncology, valuing the platform at $7.4 billion (equity value $6 billion), paying $3.6 billion cash and retiring $1.3 billion of debt for a total cash outlay of $5.0 billion, with closing expected by end of fiscal 2026 Q2.
- The company is reiterating its fiscal 2026 adjusted diluted EPS guidance of $17.45–$17.75, pausing share repurchases and anticipating results toward the lower half of the range.
- Cencora has raised its long-term targets to 7%–10% adjusted operating income growth, 3%–4% capital deployment, and 10%–14% adjusted diluted EPS growth, reflecting OneOncology’s contribution.
- The OneOncology acquisition is expected to be neutral to adjusted diluted EPS in the first 12 months post-close, net of financing costs.
Dec 15, 2025, 12:00 PM
Cencora discusses FY25 results and 2026 guidance at Citi conference
COR
Guidance Update
M&A
Dividends
- FY25 performance: EPS and adjusted operating income both rose 16%, and the stock gained 55%, marking nearly seven consecutive years of growth.
- 2026 outlook and long-term guide: Consolidated operating income is projected to grow 8%–10% (U.S. 9%–11%), excluding a 1% headwind; long-term organic operating income guidance was raised to 6%–9%, with EPS growth of 9%–13%.
- MSO expansion strategy: Accelerating specialty services by building MSOs in oncology and retina via RCA and OneOncology partnerships; a put-call structure (June 2026–2028) commits Cencora to acquire the remaining 65% of OneOncology.
- Product mix trends: Continued benefit from higher-margin Part B biosimilars; GLP-1 injectables drove revenue growth but remain minimally profitable, with upcoming oral formulations expected to modestly boost margins.
- Balanced capital deployment: Plan for $900 million in capex, ongoing strategic acquisitions, opportunistic share buybacks, and a dividend growth rate raised to 9%, underpinned by strong free cash flow and ROIC focus.
Dec 2, 2025, 6:00 PM
Cencora raises FY2026 and long-term guidance at Citi Global Healthcare Conference
COR
Guidance Update
M&A
Share Buyback
- Cencora guided FY2026 operating income growth of 8–10% consolidated and 9–11% in the U.S., excluding a 1% headwind implies 10–12% U.S. growth; long-term organic operating income growth was raised to 6–9% and EPS growth to 9–13%.
- Key growth drivers include continued pharmaceutical utilization tailwinds, specialty product sales, and expansion of MSO services in oncology (OneOncology) and retina (RCA); a put‐call to acquire the remaining 65% of OneOncology is exercisable June 2026–28.
- Management expects policy shifts (e.g., exchange enrollment changes) to have limited disruption, while biosimilars in Part B remain a margin tailwind and GLP-1 oral launches will modestly improve operating income by lowering handling costs.
- International segment (15% of operating income) saw core distribution strength, with 3PL growth and a World Courier turnaround in Q4; underperforming PharmaLex consulting units were refocused on pharmacovigilance, market access, and regulatory affairs, with other noncore assets under strategic review.
- Capital deployment remains balanced: ~$900 million in FY 2026 capex, strategic acquisitions (e.g., OneOncology), opportunistic share buybacks, and a 9% dividend increase aligned with EPS growth guidance.
Dec 2, 2025, 6:00 PM
Cencora updates FY26 guidance and long-term growth targets
COR
Guidance Update
M&A
Share Buyback
- Cencora expects FY26 operating income growth of 8–10% consolidated and 9–11% in the U.S. (including a 1% net headwind), and raised its long-term organic operating income guide to 6–9% with EPS growth of 9–13%.
- Key growth drivers include strong pharmaceutical utilization and specialty sales, plus expansion into MSOs with the January 2025 acquisition of RCA (retina) and its 35% stake in OneOncology (oncology), with a put-call to acquire the remaining 65% from June 2026–28.
- International segment (15% of op. income) saw solid core distribution growth—led by 3PL in Europe—and a Q4 FY25 turnaround in global specialty logistics, underpinning a more optimistic FY26 outlook.
- Free cash flow will be deployed in a balanced way: about $900 million of capex, completing the OneOncology acquisition, opportunistic share buybacks, and a 9% dividend increase aligned with its EPS guidance.
Dec 2, 2025, 6:00 PM
Quarterly earnings call transcripts for Cencora.
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