| Metric [USD Billion] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Healthcare Solutions | **56.2**  **[0001140859-23-000025_exhibit991-q12023.htm:3]**  | **56.7**  **[0001140859-23-000082_exhibit991-q22023.htm:3]**  | **59.9**  **[0001140859-23-000113_exhibit991-q32023.htm:3]**  | **61.9**  **[0001140859-23-000147_exhibit991-q42023.htm:3]**  | **65.2**  **[0001140859-24-000017_exhibit991-q12024.htm:2]**  | **61.3**  **[0001140859-24-000070_exhibit991-q22024.htm:2]** **[0001140859-24-000070_exhibit991-q22024.htm:12]** **[0001140859-24-000072_cor-20240331.htm:22]**  | **67.2**  **[COR_3395286_5]**  | **71.7**  **[0001140859-24-000148_exhibit991-q42024.htm:3]** **[0001140859-24-000148_exhibit991-q42024.htm:1]** **[0001140859-24-000148_exhibit991-q42024.htm:13]**  |
| International Healthcare Solutions | **6.6**  **[0001140859-23-000025_exhibit991-q12023.htm:3]**  | **6.8**  **[0001140859-23-000082_exhibit991-q22023.htm:3]**  | **7.0**  **[0001140859-23-000113_exhibit991-q32023.htm:3]**  | **7.0**  **[0001140859-23-000147_exhibit991-q42023.htm:3]**  | **7.1**  **[0001140859-24-000017_exhibit991-q12024.htm:2]**  | **7.12**  **[0001140859-24-000070_exhibit991-q22024.htm:2]** **[0001140859-24-000070_exhibit991-q22024.htm:12]** **[0001140859-24-000072_cor-20240331.htm:22]**  | **7.1**  **[COR_3395286_5]**  | **7.4**  **[0001140859-24-000148_exhibit991-q42024.htm:3]** **[0001140859-24-000148_exhibit991-q42024.htm:1]** **[0001140859-24-000148_exhibit991-q42024.htm:13]**  |

5002661c6c84a50467f2cc767e03f3e5de13faf8a03d2d37215611b40ccf695d

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 **[0001140859-24-000177_cor-20240930.htm:61]** **[0001140859-24-000177_cor-20240930.htm:10]**. Additionally, Cencora offers services like data analytics, outcomes research, and consulting for biotechnology and pharmaceutical manufacturers **[0001140859-24-000177_cor-20240930.htm:61]** **[0001140859-24-000177_cor-20240930.htm:10]**. The company also engages in international pharmaceutical wholesale and provides specialized services such as regulatory affairs and quality management for the life sciences industry **[0001140859-24-000177_cor-20240930.htm:10]**.

1. **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.
2. **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.

392b6e6c624d8fce183be41ff65b14da1e8084670714ab4ab78cac562856c22d

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

5205f31b4fb4b6822c6afbfc7172727e88fb90d7380a50325a568593a02e8569

| Metric [Unit: USD Billion] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Healthcare Solutions  | **56.2**  **[0001140859-23-000025_exhibit991-q12023.htm:3]**  | **56.7**  **[0001140859-23-000082_exhibit991-q22023.htm:3]**  | **59.9**  **[COR_3375860_5]**  | **61.9**  **[0001140859-23-000147_exhibit991-q42023.htm:3]**  | **65.2**  **[0001140859-24-000017_exhibit991-q12024.htm:3]**  | **61.3**  **[0001140859-24-000070_exhibit991-q22024.htm:2]**  | **67.2**  **[0001140859-24-000117_exhibit991-q32024.htm:2]**  | **71.7**  **[0001140859-24-000148_exhibit991-q42024.htm:3]** **[0001140859-24-000148_exhibit991-q42024.htm:1]** **[0001140859-24-000148_exhibit991-q42024.htm:13]** **[0001140859-24-000148_exhibit991-q42024.htm:0]**  |
| International Healthcare Solutions | **6.6**  **[0001140859-23-000025_exhibit991-q12023.htm:3]**  | **6.8**  **[0001140859-23-000082_exhibit991-q22023.htm:3]**  | **7.0**  **[COR_3375860_5]**  | **7.0**  **[0001140859-23-000147_exhibit991-q42023.htm:3]**  | **7.1**  **[0001140859-24-000017_exhibit991-q12024.htm:3]**  | **7.1**  **[0001140859-24-000070_exhibit991-q22024.htm:2]**  | **7.1**  **[COR_3395286_5]**  | **7.4**  **[0001140859-24-000148_exhibit991-q42024.htm:3]**  |
| Total Revenue             | **62.8**  **[0001140859-23-000025_exhibit991-q12023.htm:1]**  | **63.5**  **[0001140859-23-000082_exhibit991-q22023.htm:1]**  | **66.9**  **[0001140859-23-000113_exhibit991-q32023.htm:3]**  | **68.9**  **[0001140859-23-000147_exhibit991-q42023.htm:1]**  | **72.3**  **[0001140859-24-000017_exhibit991-q12024.htm:1]**  | **68.4**  **[0001140859-24-000070_exhibit991-q22024.htm:2]** **[0001140859-24-000070_exhibit991-q22024.htm:12]**  | **74.2**  **[0001140859-24-000117_exhibit991-q32024.htm:1]**  | **79.1**  **[0001140859-24-000148_exhibit991-q42024.htm:3]** **[0001140859-24-000148_exhibit991-q42024.htm:1]** **[0001140859-24-000148_exhibit991-q42024.htm:13]** **[0001140859-24-000148_exhibit991-q42024.htm:0]**  |

2e954cbc9aad52fcbf03296dcaaaeff57b599f72b66b1de7616e9a47b829ecdb

1. 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**?  **[COR_3406038_2]** ,  **[COR_3406038_3]** 

2. 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?  **[COR_3406038_11]** 

3. 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?  **[COR_3406038_7]** 

4. 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**?  **[COR_3406038_3]** ,  **[COR_3406038_16]** 

5. 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**?  **[COR_3406038_18]** ,  **[COR_3406038_14]** 

4a6a8f447c1bd02aef75aa0ad79bdbd1fbd9e81d9db3f8767cf5deccd6faabfb

| Name                  | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|-----------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert P. Mauch       | President and Chief Executive Officer         | October 1, 2024     | Robert P. Mauch has been serving as the **President and Chief Executive Officer** of Cencora, Inc. since **October 1, 2024**. He has been with the company for over 25 years, holding various positions  **[0001140859-24-000177_cor-20240930.htm:56]** **[0001140859-24-000148_exhibit991-q42024.htm:4]** . |
| Steven H. Collis      | Executive Chairman of the Board               | October 2024        | Steven H. Collis transitioned to the role of **Executive Chairman of the Board** in October 2024. He served as President and CEO from July 2011 to September 2024 and has been with the company for over 25 years  **[0001140859-24-000177_cor-20240930.htm:56]** **[0001104659-24-035045_tm248865d1_8ka.htm:0]** **[0001104659-24-035045_tm248865d1_8ka.htm:1]** . |
| Silvana Battaglia     | Executive Vice President and Chief HR Officer | January 2019        | Silvana Battaglia has been serving as the **Executive Vice President and Chief Human Resources Officer** at COR since January 2019. She previously worked at Aramark and Merck Corporation  **[0001140859-24-000177_cor-20240930.htm:56]** **[0001140859-23-000197_cor-20230930.htm:52]** **[0001140859-22-000098_abc-20220930.htm:50]** .                      |
| Elizabeth S. Campbell | Executive Vice President and Chief Legal Officer | September 2021      | Elizabeth S. Campbell has been serving as the **Executive Vice President and Chief Legal Officer** at COR since September 2021. She has been with the company for 14 years as of 2024  **[0001140859-24-000177_cor-20240930.htm:56]** **[0001140859-23-000197_cor-20230930.htm:52]** .                              |
| James F. Cleary       | Executive Vice President and Chief Financial Officer | November 2018      | James F. Cleary has been serving as the **Executive Vice President and Chief Financial Officer** at Cencora, Inc. since November 2018. He has been with the company for over 25 years  **[0001140859-24-000177_cor-20240930.htm:57]** **[0001140859-23-000197_cor-20230930.htm:52]** .                              |
| Frank Clyburn         | Independent Director                          | October 1, 2024     | Frank Clyburn is an **Independent Director** at Cencora, Inc., effective October 1, 2024. He is listed as a director in the company's filings  **[0001140859-24-000135_xslF345X02/wk-form3_1727813205.xml:0]** .                                                                 |

b244674fda5a0c5689b4b163b41fd61a7872674aaae361c275a013df70f96083

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Adjusted Diluted EPS**: $14.80 to $15.10 (growth of 8% to 10%)  **[COR_3406038_6]** .
  2. **Revenue Growth**: 7% to 9%  **[COR_3406038_6]** .
  3. **Operating Income Growth**: 5% to 6.5%  **[COR_3406038_6]** .
  4. **Interest Expense**: $150 million to $170 million  **[COR_3406038_6]** .
  5. **Effective Tax Rate**: Approximately 21%  **[COR_3406038_6]** .
  6. **Average Share Count**: Approximately 196 million shares  **[COR_3406038_6]** .
  7. **Capital Expenditures**: Approximately $600 million  **[COR_3406038_7]** .
  8. **Adjusted Free Cash Flow**: $2 billion to $3 billion  **[COR_3406038_7]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted Diluted EPS**: $13.55 to $13.65 (growth of 13% to 14%)  **[COR_3395286_5]** .
  2. **Consolidated Revenue Growth**: Approximately 12%  **[COR_3395286_5]** .
  3. **U.S. Healthcare Solutions Segment Revenue Growth**: 12% to 13%  **[COR_3395286_5]** .
  4. **International Healthcare Solutions Segment Revenue Growth**:
     - As-reported: 4% to 6%  **[COR_3395286_5]** .
     - Constant currency: 7% to 9%  **[COR_3395286_5]** .
  5. **Consolidated Adjusted Operating Income Growth**:
     - As-reported: 10% to 11%  **[COR_3395286_6]** .
     - Constant currency: 11% to 12%  **[COR_3395286_6]** .
  6. **U.S. Healthcare Solutions Segment Adjusted Operating Income Growth**: 11% to 12%  **[COR_3395286_6]** .
  7. **International Healthcare Solutions Segment Adjusted Operating Income Growth**:
     - As-reported: 5% to 7%  **[COR_3395286_6]** .
     - Constant currency: 10% to 12%  **[COR_3395286_6]** .
  8. **Net Interest Expense**: $170 million to $190 million  **[COR_3395286_6]** .
  9. **Weighted Average Shares Outstanding**: Under 201 million shares  **[COR_3395286_6]** .
  10. **Adjusted Free Cash Flow**: $2.5 billion to $3 billion  **[COR_3395286_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **EPS Guidance**: $13.30 to $13.50 (growth of 11% to 13%)  **[COR_3381853_8]** .
  2. **Consolidated Revenue Growth**: 10% to 12%  **[COR_3381853_8]** .
  3. **International Healthcare Solutions Segment Revenue Growth**:
     - Reported: 4% to 7%  **[COR_3381853_8]** .
     - Constant currency: 7% to 10%  **[COR_3381853_8]** .
  4. **Consolidated Adjusted Operating Income Growth**: 9% to 11%  **[COR_3381853_8]** .
  5. **U.S. Healthcare Solutions Segment Operating Income Growth**: 10% to 12%  **[COR_3381853_8]** .
  6. **Adjusted Effective Tax Rate**: Approximately 21%  **[COR_3381853_9]** .
  7. **Weighted Average Shares Outstanding**: 201 million to 202 million shares  **[COR_3381853_9]** .
  8. **Adjusted Free Cash Flow**: Approximately $2.5 billion  **[COR_3381853_9]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not provide specific details about the guidance given in the Q1 2024 earnings call for Cencora. Therefore, I cannot provide the exhaustive list of metrics guided for in the Q1 2024 earnings call.

221fa1e26e44495acbe7928a7f899d61f4e540da1695226d58581c929a3373bf

U.S. Healthcare Solutions

International Healthcare Solutions

Intersegment Eliminations

Total Revenue

e11c2b61bf1f0e7307cf31ffd6a022aa18c2497c5a5a35d7f86c2ca2c853846c

f91ecfc45707c983033c0c2239525cc517f52f4c2cda04743ca25aaddfd4e85c

- **McKesson Corporation** - Competitor in the distribution of pharmaceuticals and related healthcare services  **[0001140859-24-000177_cor-20240930.htm:12]** .
- **Cardinal Health, Inc.** - Competitor in the distribution of pharmaceuticals and related healthcare services  **[0001140859-24-000177_cor-20240930.htm:12]** .
- **UPS Logistics** - Competitor in the distribution of pharmaceuticals and related healthcare services  **[0001140859-24-000177_cor-20240930.htm:12]** .

67ae55730ac20c3358a2f8b365bf30e3af2a82f34535ff70a8c7f1318934c97d

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

Selling, General, and Administrative Expenses (SG&A) [USD, Thousands]

Research and Development (R&D) [USD, Thousands]

Depreciation and Amortization (D&A) [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

44de7d4e68204c69c5474ec9ceb713f3e64b6802e4b1a01b91952889ea268180

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Human Health

- Animal Health

- Alliance Healthcare

- Other Healthcare Solutions

Pharmaceutical Distribution Services

Other Segments

- MWI Animal Health

- Global Commercialization Services

6f5cbb6b763c98847baff5e019e8fdd02c1b473499e524e6370ddf1bfd06145e

**Annual guidance for FY 2025:**
- **Adjusted Diluted EPS**: $14.80 to $15.10  **[COR_3406038_6]**  (raised from $13.55 to $13.65  **[COR_3395286_5]** )  
- **Revenue Growth**: 7% to 9%  **[COR_3406038_6]**  (lowered from approximately 12%  **[COR_3395286_5]** )  
- **Operating Income Growth**: 5% to 6.5%  **[COR_3406038_6]**  (lowered from 10% to 11%  **[COR_3395286_6]** )  
- **Interest Expense**: $150 million to $170 million  **[COR_3406038_6]**  (lowered from $170 million to $190 million  **[COR_3395286_6]** )  
- **Average Share Count**: Approximately 196 million shares  **[COR_3406038_6]**  (no change from under 201 million shares  **[COR_3395286_6]** )  
- **Adjusted Free Cash Flow**: $2 billion to $3 billion  **[COR_3406038_7]**  (lowered from $2.5 billion to $3 billion  **[COR_3395286_6]** )  
- **Effective Tax Rate**: Approximately 21%  **[COR_3406038_6]**  (no prior guidance)  
- **Capital Expenditures**: Approximately $600 million  **[COR_3406038_7]**  (no prior guidance)  

76cdd347a334540f9ff17c14c25ddb1fb3b383e5f777f0c6d8d4bebe1b7f55b7

| Program Details          | Program 1      |
|--------------------------|----------------|
| Approval Date            | March 2024  **[0001140859-24-000177_cor-20240930.htm:58]** **[0001140859-24-000177_cor-20240930.htm:80]** **[0001140859-24-000177_cor-20240930.htm:115]**  |
| End Date/Duration        | Ongoing as of September 30, 2024  **[0001140859-24-000177_cor-20240930.htm:58]** **[0001140859-24-000177_cor-20240930.htm:80]** **[0001140859-24-000177_cor-20240930.htm:115]**  |
| Total additional amount  | **$2.0 billion**  **[0001140859-24-000177_cor-20240930.htm:58]** **[0001140859-24-000177_cor-20240930.htm:80]** **[0001140859-24-000177_cor-20240930.htm:115]**  |
| Remaining authorization amount | **$1,317.7 million** as of September 30, 2024  **[0001140859-24-000177_cor-20240930.htm:58]** **[0001140859-24-000177_cor-20240930.htm:80]** **[0001140859-24-000177_cor-20240930.htm:115]**  |
| Details                  | The program is subject to market conditions  **[0001140859-24-000177_cor-20240930.htm:80]**  |

a8951648ffe94bb1fd956ea17c3babec17acd3ef7002a7d18c67110552cef515

- **Cencora is advancing its leadership in specialty healthcare** by expanding services with strategic investments, such as the acquisition of **Retina Consultants of America (RCA)** and investment in **OneOncology**, positioning the company to outgrow the market in specialty areas like oncology and ophthalmology.  **[COR_3414403_6]** **[COR_3414403_16]**
- The company is demonstrating **strong utilization trends** and expects continued robust performance in its U.S. Healthcare Solutions segment, with increased revenue growth guidance to **9%-11%** for fiscal 2025, reflecting confidence in its market-leading position and resilient market demand.  **[COR_3414403_7]** **[COR_3414403_14]**
- **Cencora's Animal Health business is experiencing positive growth**, with a **7%** top-line increase in the quarter and incremental market share gains, contributing to the company's diversified revenue streams and overall positive outlook.  **[COR_3414403_16]**

dc8f0dbf60409fecbc6af8302610c531455469efbe16abaf583927eaa055a341

- The **Global Specialty Logistics business faced challenges due to subdued clinical trial activity**, leading to a decline in operating income for the International Healthcare Solutions segment. **Increased competition** in this market could further impact performance.  **[COR_3414403_4]** **[COR_3414403_8]** **[COR_3414403_19]**
- The company expects its **second quarter to be the lowest growth quarter in fiscal 2025**, attributed to **higher net interest expenses** from the RCA acquisition financing, **COVID-19 vaccine headwinds**, and a slower start for the International segment. This could signal potential earnings pressure in the near term.  **[COR_3414403_5]** **[COR_3414403_17]** **[COR_3414403_18]**
- **Decreasing gross profit margins** due to increased sales of **low-margin GLP-1 products** and lower sales of COVID-19 vaccines and therapies may impact profitability. The company's guidance also assumes a **deceleration in GLP-1 growth** in the remaining quarters, which could affect revenue growth.  **[COR_3414403_3]** **[COR_3414403_7]** **[COR_3414403_18]**

8f4c441398947264c631aed207a262d252b290efb91ac19f65a55de32405beb3

1. **Revenue Growth Guidance**  
   **Q:** Is revenue growth decelerating in coming quarters?  
   **A:** Jim explained that despite the **14% revenue growth** in the U.S. segment during Q1, the updated guidance of **9% to 11%** reflects assumptions that GLP-1 growth was higher in Q1 than expected for the rest of the year. Other factors include anticipated conversions in the mail-order channel, which impact revenue more than operating income, and the acquisition of RCA, which contributes significantly to operating income but adds less to revenue. Therefore, the adjusted guidance accounts for specific factors and does not indicate a deceleration in underlying business performance.  **[COR_3414403_7]** 

2. **Walgreens Contract Negotiations**  
   **Q:** Any update on Walgreens contract discussions?  
   **A:** Bob stated they are actively engaged with Walgreens, partnering closely to innovate and create **win-win value**. As a very important strategic customer, they focus on bringing together world-class experts to find opportunities that benefit both parties. Jim confirmed that their guidance includes all assumptions regarding Walgreens and all other aspects of their business.  **[COR_3414403_9]** 

3. **RCA Acquisition and MSO Strategy**  
   **Q:** How does RCA acquisition impact guidance and MSO strategy?  
   **A:** Jim noted that the acquisition of RCA, effective January 2, significantly contributes to the increase in U.S. operating income growth, though it adds less to revenue. They expect **$0.35 of accretion** during the first 12 months, with growth ramping up over FY25 through business expansion and strategic initiatives. Bob emphasized that strong physician leadership and value creation through new services are key to MSO success. The RCA acquisition strengthens their position in the retina space with a leading platform known for clinical excellence and the ability to attract new practices and physicians.  **[COR_3414403_12]** **[COR_3414403_10]** 

4. **Specialty Business and Biosimilars**  
   **Q:** How is the biosimilar Eylea launch affecting business?  
   **A:** Bob mentioned they have a long-standing relationship with retina physicians and expect the biosimilar introduction of Eylea to contribute to a healthy market. Biosimilar adoption in the **Part B space** is strong and tends to be faster than in Part D. Ownership of RCA allows them to be closer to providers, supporting them through market changes, but clinical decisions will ultimately be made by physicians based on patient needs.  **[COR_3414403_13]** 

5. **Utilization Trends and Guidance**  
   **Q:** How are utilization trends impacting guidance?  
   **A:** Jim stated they observed strong utilization trends in FY24 and Q1 FY25. The guidance range accounts for potential variability in utilization for the remainder of the year, which is a key driver of their projections. They have confidence in their performance and view the market strength as resilient, supporting their guidance assumptions.  **[COR_3414403_14]** 

6. **World Courier Performance**  
   **Q:** Why was World Courier's performance subdued, and what's the outlook?  
   **A:** Jim explained that World Courier faced challenges due to **subdued clinical trial activity**, impacting the global specialty logistics business. They anticipate performance improvement later in FY25 as demand for their premium services picks up, supported by a strong pipeline and focused regional growth efforts. Bob added that their global footprint is crucial for future growth, and they are bullish on their long-term strategy to support manufacturers and providers globally with innovative services.  **[COR_3414403_8]** **[COR_3414403_19]** 

7. **COVID Headwind and Guidance**  
   **Q:** How did COVID impact results and guidance?  
   **A:** Jim noted that exclusive COVID therapies presented a **$0.06 headwind** in Q1 FY25, and they expect no significant contribution for the rest of the year. The contribution from COVID-19 vaccines was about **half** of the prior year's quarter, with a similar headwind expected in Q2 FY25. Despite these factors, they raised guidance, reflecting strong performance in other areas and confidence in overcoming COVID-related headwinds.  **[COR_3414403_17]** **[COR_3414403_18]** 

ec8a030584a3f8db2e1147b2d43b73fcdc6f7541cba217df8a86b8e27117d8f0

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1985  **[0001140859-24-000177_cor-20240930.htm:88]**  | Present  | Current auditor   |

7520a3dcf51a32d69d83fb3c772debf2ef3add68dde648ce949ca0ab06042b6b

e05ed52c73b04935bd4b0b669bbf1e9a37782c19bb9501098f7c48ecb1252223

Days Sales Outstanding (Days)

Days Inventory On Hand (Days)

Days Payable Outstanding (Days)

711a7b23bc5219f992e0dbacc96dc0c01b54d0f2575596879f67ab5486e3f344

- Total Revenue: $79.05B (+15% YoY)  **[0001140859-23-000197_cor-20230930.htm:90]** **[0001140859-24-000177_cor-20240930.htm:90]**   
- U.S. Healthcare Solutions: $71.67B (+16% YoY)  **[0001140859-23-000197_cor-20230930.htm:132]** **[0001140859-24-000177_cor-20240930.htm:131]**   
- International Healthcare Solutions: $7.38B (+6% YoY)  **[0001140859-23-000197_cor-20230930.htm:132]** **[0001140859-24-000177_cor-20240930.htm:131]**   
- Operating Income (EBIT): $126.64M (-73% YoY)  **[0001140859-23-000197_cor-20230930.htm:90]** **[0001140859-24-000177_cor-20240930.htm:90]**   
- Net Income: **$7.47M (-98% YoY)**  **[0001140859-23-000197_cor-20230930.htm:90]** **[0001140859-24-000177_cor-20240930.htm:90]**   
- Diluted EPS: **$0.04 (-98% YoY)**  **[0001140859-23-000197_cor-20230930.htm:90]** **[0001140859-24-000177_cor-20240930.htm:90]**   
- Net Change in Cash: -$178.52M, down from +$4.79B in prior year  **[0001140859-23-000197_cor-20230930.htm:92]** **[0001140859-24-000177_cor-20240930.htm:92]**   

2945bc5884248a15e8ad63e591dcce0422291bf826eb6beb25dd1a795a03c197

1df06b9c832a1d1131782a560eb8aa616c303c74966140494f7111889ff2e14d

e5d3eb93ed9441ec098298b41754bc38580f924f8b514fcc80004b1f51d0479c

| Year | Amount Due (in millions) | Debt Type               | Interest Rate (%) | % of Total Debt |
|----------|------------------------------|-----------------------------|------------------------|---------------------|
| 2025     | $566.9 **[0001140859-24-000177_cor-20240930.htm:114]**               | Scheduled Principal Payments | N/A                   | 12.9% = (566.9 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:114]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2025     | $500.0 **[0001140859-24-000177_cor-20240930.htm:78]**               | 3.250% Senior Notes         | 3.250 **[0001140859-24-000177_cor-20240930.htm:78]**         | 11.4% = (500.0 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2026     | $34.8 **[0001140859-24-000177_cor-20240930.htm:114]**                | Scheduled Principal Payments | N/A                   | 0.8% = (34.8 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:114]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2027     | $747.3 **[0001140859-24-000177_cor-20240930.htm:78]**               | 3.450% Senior Notes         | 3.450 **[0001140859-24-000177_cor-20240930.htm:78]**         | 17.0% = (747.3 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2028     | $767.1 **[0001140859-24-000177_cor-20240930.htm:114]**               | Scheduled Principal Payments | N/A                   | 17.5% = (767.1 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:114]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2029     | $7.6 **[0001140859-24-000177_cor-20240930.htm:114]**                 | Scheduled Principal Payments | N/A                   | 0.2% = (7.6 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:114]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2030     | $496.6 **[0001140859-24-000177_cor-20240930.htm:78]**               | 2.800% Senior Notes         | 2.800 **[0001140859-24-000177_cor-20240930.htm:78]**         | 11.3% = (496.6 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2031     | $992.7 **[0001140859-24-000177_cor-20240930.htm:78]**               | 2.700% Senior Notes         | 2.700 **[0001140859-24-000177_cor-20240930.htm:78]**         | 22.6% = (992.7 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2034     | $494.5 **[0001140859-24-000177_cor-20240930.htm:78]**               | 5.125% Senior Notes         | 5.125 **[0001140859-24-000177_cor-20240930.htm:78]**         | 11.3% = (494.5 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2045     | $495.6 **[0001140859-24-000177_cor-20240930.htm:78]**               | 4.250% Senior Notes         | 4.250 **[0001140859-24-000177_cor-20240930.htm:78]**         | 11.3% = (495.6 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |
| 2047     | $493.8 **[0001140859-24-000177_cor-20240930.htm:78]**               | 4.300% Senior Notes         | 4.300 **[0001140859-24-000177_cor-20240930.htm:78]**         | 11.3% = (493.8 / 4388.076) * 100 **[0001140859-24-000177_cor-20240930.htm:78]** **[0001140859-24-000177_cor-20240930.htm:78]** |

06e62d022d1c324427f6c95d7b81aa9181bbfdefe86a389ee92b517583b81faf

- **Strong sales growth in specialty products**, particularly in oncology and ophthalmology, outpacing broader market growth and driving performance in physician practices and health systems.  **[COR_3395286_10]** ,  **[COR_3395286_16]**
- **Increased U.S. operating income guidance** towards the upper end of the previous range, reflecting **solid utilization trends** and broad-based good performance across many business units.  **[COR_3395286_16]**
- **Early positive signs in the specialty logistics business**, with improving volume trends indicating potential for continued strong long-term growth in a historically well-performing segment.  **[COR_3395286_19]**

8fbf6b1c21e2f6b49ad58e9598443eb07845760b86d2a198e7a88d6aa959c798

1. **Margin Outlook**  
   **Q:** Why will margins step down in the second half?  
   **A:** Margins will be lower in the second half mainly due to **reduced COVID vaccine contributions** and lapping the **expense efficiency initiatives** from last year. Despite strong first-half margins, these factors will create some headwinds, but we expect continued operating income growth.  **[COR_3381853_12]** 

2. **Confidence in Revenue Guidance**  
   **Q:** What gives confidence in maintaining 11%-13% revenue growth?  
   **A:** We are confident due to **solid utilization trends** and our **strength in specialty**. Even with challenges like lower GLP-1 growth and negative WAC price changes, we believe we can achieve our **11%-13% U.S. pharma revenue growth** guidance this year.  **[COR_3381853_19]** 

3. **GLP-1 Impact on Revenue**  
   **Q:** Should we expect lower GLP-1 revenue contributions?  
   **A:** GLP-1 products will continue to drive top-line growth, but growth may fluctuate due to factors like **supply constraints**. These products are **minimally profitable**, but we are pleased to support innovations that benefit patients.  **[COR_3381853_15]** 

4. **Competitive Environment**  
   **Q:** Any significant changes in competition?  
   **A:** The industry remains stable with no major shifts observed. We maintain strong relationships with customers and continue to provide value in a **complex regulatory environment**, ensuring our competitive position.  **[COR_3381853_13]** **[COR_3381853_18]** 

5. **Inflation Reduction Act Impact**  
   **Q:** How will the Inflation Reduction Act affect Cencora?  
   **A:** We are monitoring the Act closely but foresee **no direct impact** in the short to medium term. Starting in 2028, Part B drugs will be subject to negotiation, but we are confident in our ability to navigate any changes successfully.  **[COR_3381853_14]** 

6. **Guidance on Operating Income Growth**  
   **Q:** How does current growth compare to long-term targets?  
   **A:** We have strong confidence in our long-term guidance of **5%-8% organic operating income growth**. Recent strong performance, driven by factors like innovation benefits, supports our expectations for sustained growth above our targets.  **[COR_3381853_17]** 

7. **WAC Price Changes**  
   **Q:** How do WAC price changes affect outlook?  
   **A:** **WAC reductions**, such as those for insulin, are permanent and lower revenue growth but improve **gross profit margins**. We work with manufacturers to ensure we are **fairly compensated**, maintaining our profitability.  **[COR_3381853_19]** **[COR_3381853_11]** 

8. **Walgreens Contract and Synergies**  
   **Q:** How are Walgreens synergies progressing?  
   **A:** We continue to work with Walgreens on **mutually beneficial opportunities**. Our distribution contract extends through **2029**, and we are pleased with the ongoing collaboration and synergy development.  **[COR_3381853_13]** 

9. **CEO Succession Plan**  
   **Q:** Can you discuss the succession plan?  
   **A:** After **13 years as CEO**, Steve will be succeeded by **Bob Mauch** on October 1. Bob has exemplified the leadership qualities we value, and his background as a **pharmacist** adds to his expertise. The company is in very good hands.  **[COR_3381853_10]** 

10. **Retailers Going Direct to Manufacturers**  
    **Q:** Are retailers bypassing distributors?  
    **A:** While some retailers may explore direct contracts, we believe our **value proposition remains strong**. The **complexity of the regulatory environment** favors integrated distribution models like ours, and we don't see a significant impact on our business.  **[COR_3381853_18]** 

92e0ae45b2bbf389bb41dc0f377a0c33d38d5523cf17cb6775fe2d7ebd03559f

1. **Leadership Transition and Guidance Philosophy**  
   **Q:** Any changes in guidance or growth metrics under new leadership?  
   **A:** Cencora's new CEO, Robert Mauch, affirmed there will be **no changes** in strategy or approach to guidance following the leadership transition. The existing strategy has been effective, and they will continue to execute it. James Cleary added they feel good about their long-term guidance, which includes **operating income growth of 5% to 8%** and **EPS growth of 8% to 12%**. Factors influencing fiscal 2025 include growth in specialty products, utilization trends, capital deployment timing, and comparisons to commercial COVID vaccine sales in fiscal 2024.  **[COR_3395286_9]** 

2. **Health of the Market and Utilization Trends**  
   **Q:** How is the current health of the market affecting your outlook?  
   **A:** The company continues to see **very good utilization trends**, with solid performance in the quarter. Growth in GLP-1 products is driving top-line revenue but minimally impacts the bottom line. Strong sales of specialty products to physicians and health systems are outpacing broader market growth, particularly in **oncology and ophthalmology**. Brand inflation aligns with expectations, and generic deflation has moderated. Overall, market trends remain consistent with recent commentary.  **[COR_3395286_10]** 

3. **Walgreens Relationship**  
   **Q:** What's the status of your relationship with Walgreens amid their strategic changes?  
   **A:** Walgreens remains an **incredibly strategic partner** for Cencora. The company works closely with Walgreens to support their strategy, including distribution relationships and joint generic purchasing. They are committed to maintaining and strengthening this long-term partnership and will approach any changes thoughtfully, aiming to create long-term value.  **[COR_3395286_17]** 

4. **Gross Margin Decline**  
   **Q:** What's causing the decline in gross profit margin this quarter?  
   **A:** The decline is due to an **increase in sales of lower-margin GLP-1s** in the U.S. On a consolidated basis, the mix effect also contributed, as the U.S. business, which has lower gross profit margins, grew faster than the international business. The higher-margin international business's slower growth impacted the overall gross margin.  **[COR_3395286_12]** 

5. **PharmaLex Business Outlook**  
   **Q:** How is the PharmaLex business performing amid industry softness?  
   **A:** There has been some **softness in the consulting business**, consistent with trends in the industry. However, there are **early positive indicators** in the market, though it's too early to call it a rebound. The team is focused on prioritizing revenue-generating actions. The company remains confident in the strategic decision to acquire PharmaLex, believing in the long-term innovation in pharma and the benefits to their higher growth, higher margin businesses.  **[COR_3395286_11]** 

6. **Oncology Market Consolidation**  
   **Q:** Do recent sales of large oncology groups impact Cencora?  
   **A:** The consolidation of oncology groups reflects the **value of community oncology** as a high-quality, lower-cost site of care. As groups aggregate, they gain efficiency and are better positioned for value-based care programs. This trend is seen as positive, and Cencora intends to **continue leading** in the oncology market, supporting these customers and benefiting from their growth.  **[COR_3395286_13]** 

7. **Operating Income Guidance and COVID Impact**  
   **Q:** What's driving the expected sequential decline in Q4 operating income?  
   **A:** While increasing U.S. operating income guidance toward the upper end of the range, the company expects **total COVID contributions to decrease** year-over-year in Q4. They anticipate **very little contribution from therapies**, compared to $0.08 per share from exclusive therapies in the prior year's Q4, creating a headwind. Commercial vaccine contributions are expected to be comparable year-over-year. Overall performance depends on business execution as the year ends.  **[COR_3395286_16]** 

8. **International Business Performance**  
   **Q:** What factors affected your international business, excluding FX dynamics?  
   **A:** International operating income was down **4.1%** reported but up **1%** on a constant currency basis. Higher IT expenses in European distribution and lower operating income in global specialty logistics, due to fewer and lighter international shipments, impacted results. The Canadian business performed well. Guidance for international operating income growth was modestly lowered by **1 percentage point**, approximately **$7 million**, due to these factors and softness in the PharmaLex business.  **[COR_3395286_15]** 

9. **Competitive Differentiation and Renewals**  
   **Q:** How do you differentiate during renewals, and have contract structures changed?  
   **A:** Cencora differentiates by supporting customers with efficiency improvements and customized solutions, especially for large customers. They invest in long-term strategic partnerships, providing resources to align with customer strategies. Over the years, they've **balanced contracts** to avoid subsidizing one product category over another, making financial outcomes more predictable despite market mix changes. This approach is seen as healthy and positive for customer relationships.  **[COR_3395286_18]** 

10. **Impact of NADAC on Independent Pharmacies**  
    **Q:** Have NADAC changes affected independent pharmacies you're working with?  
    **A:** Independent pharmacies have been **incredibly resilient**. Cencora remains close to these customers, discussing how to support them. Regarding NADAC, a voluntary survey that has shown volatility, they haven't received specific requests from independents related to recent changes. Nonetheless, they stay attentive to market reimbursement trends to support their customers effectively.  **[COR_3395286_20]** 

---

*Note: The numbers in square brackets [ ] correspond to the document index numbers from the provided documents.*

1617c7b2ee0587a450b0a086987b128167443e1915807447c3ce12fdb42aa3a6

1. **Guidance and Customer Loss**  
   **Q:** Is the potential loss of an oncology customer included in guidance?  
   **A:** Yes, the potential loss of an oncology customer is factored into our 2025 expectations.  **[COR_3406038_9]**  Without the headwind from commercial COVID vaccines, the top end of our U.S. Healthcare Solutions segment operating income growth range would be **8%** instead of **6.5%**.  **[COR_3406038_9]** 

2. **Impact of IRA on Business**  
   **Q:** How will the IRA affect your business and providers?  
   **A:** We've modeled various IRA impact scenarios on Part B and believe it will be manageable for providers and Cencora.  **[COR_3406038_11]**  The impact is expected in reimbursement, not list price, and we don't anticipate it being negative for practices.  **[COR_3406038_11]** 

3. **RCA Acquisition and MSO Strategy**  
   **Q:** Can you discuss your investment in RCA and MSO capabilities?  
   **A:** RCA is the market leader in retina, and we're investing in this platform to expand our specialty focus beyond oncology.  **[COR_3406038_13]** **[COR_3406038_10]**  MSOs align with our strategy of supporting community providers, enhancing patient access and cost-effectiveness.  **[COR_3406038_10]** **[COR_3406038_18]**  We see strong growth potential due to pharmaceutical innovation, including biosimilars.  **[COR_3406038_14]** 

4. **Specialty Growth Trends**  
   **Q:** Are you seeing acceleration in specialty growth?  
   **A:** Specialty market trends remained consistent in Q4, continuing as a key driver of our growth, particularly among physicians and health systems.  **[COR_3406038_12]**  We did not see an acceleration but a continuation of good trends we've seen for a while.  **[COR_3406038_12]** 

5. **Relationships with Major Customers**  
   **Q:** How are your relationships with Express Scripts and Walgreens?  
   **A:** Our relationship with Express Scripts continues unchanged.  **[COR_3406038_16]**  Walgreens remains a critically important strategic partner, and we're committed to aligning our resources to support their strategies.  **[COR_3406038_16]** 

6. **GLP-1 Growth Impact**  
   **Q:** Did GLP-1s contribute to revenue growth?  
   **A:** Yes, we saw strong growth in the GLP-1 class, with sales increasing **55% year-over-year** and **14% sequentially**.  **[COR_3406038_17]**  Specialty products and distribution also continue to drive our top-line growth.  **[COR_3406038_17]** 

7. **World Courier Business Trends**  
   **Q:** What's the update on World Courier demand trends?  
   **A:** World Courier continues to be a good growing business despite some softness due to lower clinical trial volumes compared to the 2021 peak.  **[COR_3406038_16]**  We feel great about the business and are well-positioned as the market recovers.  **[COR_3406038_16]** 

8. **Strategy Under New CEO**  
   **Q:** Any strategic changes under the new CEO amid political shifts?  
   **A:** Our strategy does not need to change, and we'll continue to execute upon it.  **[COR_3406038_8]**  We've elevated commercial leaders and added new talent in IT and strategy.  **[COR_3406038_8]**  We're confident in navigating policy changes and will work with health policymakers.  **[COR_3406038_8]** 

9. **Regulatory Concerns Over MSO Ownership**  
   **Q:** How do you respond to concerns about owning MSOs?  
   **A:** We respect the governmental review process and view MSOs as a way to support community providers.  **[COR_3406038_18]**  Ownership enhances patient access and cost-effectiveness, aligning with our longstanding mission.  **[COR_3406038_18]** 

2b9ac5693651a2c8bc2a6b02cd6a7557ec0881c2077a0f7fdcd7a5b23dc8b559

- **Cencora reported strong operating income (OI) growth of 16% in the U.S. segment in the first half of fiscal 2024**, well above initial expectations, driven by continued strength in specialty and solid utilization trends.  **[COR_3381853_12]**
- **The company increased its EPS guidance, reflecting confidence in long-term growth**, expecting **5% to 8% organic operating income growth** and an additional **3% to 4% from capital deployment**, leading to **long-term EPS growth guidance of 8% to 12%**.  **[COR_3381853_17]**
- **Cencora has effectively managed margins, with gross profit (GP) growth of 7% and operating expenses (OpEx) growth of 5%**, resulting in operating leverage that drove **11% OI growth**. The company has executed efficiency initiatives and continues to focus on operating expenses.  **[COR_3381853_11]**

1ed65e9f8d70f31a00ac2ca3a18235e6a21ada8c0f1e402c3cc4eeec4f99b485

- The company's gross profit margins are declining due to increased sales of lower-margin GLP-1 products and unfavorable sales mix.  **[COR_3395286_12]**
- The International Healthcare Solutions segment is experiencing higher IT expenses, lower operating income from reduced shipments and lower weight per shipment, and softness in demand at PharmaLex.  **[COR_3395286_15]**
- The company expects significant year-over-year declines in contributions from COVID therapies and vaccines, creating headwinds in upcoming quarters, especially as they lap prior year periods with higher COVID-related earnings.  **[COR_3395286_16]**

6e6f6e1a409cd0f309b4c9f58cdc517d3c850ba34e6486f1312181088490175e

- **Cencora's strategic acquisition of Retina Consultants of America (RCA) expands its presence in the high-growth retina specialty, leveraging RCA's best-in-class clinical excellence and research capabilities to drive future growth.**  **[COR_3406038_10]** ,  **[COR_3406038_13]** ,  **[COR_3406038_14]**
- **Management expresses confidence in effectively managing potential regulatory impacts from the Inflation Reduction Act (IRA), indicating robust planning and adaptability to future industry changes.**  **[COR_3406038_11]**
- **By investing in Management Services Organizations (MSOs), Cencora strengthens its core strategy of supporting community providers, enhancing patient access and cost-effectiveness in healthcare, which is expected to drive sustainable growth.**  **[COR_3406038_10]** ,  **[COR_3406038_18]**

2e489873c42d998b2d5801f9ef22f3bef4c0e9064184e2ad2478b06130d73ea8

- **Significant decrease in GLP-1 product revenue growth from $2.1 billion in Q1 to $1.3 billion in Q2 due to supply constraints, leading to uncertainty in future revenue contributions from this segment.**  **[COR_3381853_11]** **[COR_3381853_15]**
- **Permanent reductions in Wholesale Acquisition Cost (WAC) for insulin have lowered revenue growth, which may negatively impact top-line performance despite improvements in gross margin percentage.**  **[COR_3381853_11]** **[COR_3381853_19]**
- **Expected step-down in operating income growth in the second half of FY 2024 due to anticipated declines in COVID-19 vaccine contributions and minimal profitability of key revenue drivers like GLP-1s, potentially leading to margin pressures.**  **[COR_3381853_12]** **[COR_3381853_15]**

8fd6cd6d0637dcc4ac07e88bc767cb7afad8a426d84470b0fb7510f951bd8f35

- **Regulatory concerns over ownership of MSOs could negatively impact Cencora's expansion strategy**  **[COR_3406038_18]** . Senator Warren has expressed concerns about distributors owning group practices or MSOs, which may lead to increased regulatory scrutiny and potential obstacles for Cencora's investments in this area.
- **Potential negative impact of the Inflation Reduction Act (IRA) on profitability**  **[COR_3406038_11]** . Changes to Part B drug costs due to the IRA may affect the profitability of practices that dispense a large volume of drugs, which could, in turn, impact Cencora's business that supports these providers.
- **Uncertainty around returns from expansion into new specialties like ophthalmology**  **[COR_3406038_14]** . The acquisition of Retina Consultants of America (RCA) represents a significant investment into ophthalmology, but there is a risk that this market may not yield the expected growth or profitability compared to other specialties like oncology.

369d0cb40e359f8466510d3b4dda60c0a91e23f98de78d15a4d26110457b306c

a3420dae16e8e82dd0ffe6f35a4ef8ec9dfd7a88e35e1fd88bd05ccecc646264

**Annual guidance for FY 2025:**

- **Adjusted Diluted EPS**: $15.25 to $15.55  **[COR_3414403_4]**  (raised from $14.80 to $15.10  **[COR_3406038_6]** )  
- **Consolidated Revenue Growth**: 8% to 10%  **[COR_3414403_4]**  (raised from 7% to 9%  **[COR_3406038_6]** )  
- **U.S. Healthcare Solutions Segment Revenue Growth**: 9% to 11%  **[COR_3414403_4]**  (raised from 7% to 9%  **[COR_3406038_6]** )  
- **International Healthcare Solutions Segment Revenue Growth**: 4% to 5%  **[COR_3414403_4]**  (lowered from 7% to 9%  **[COR_3406038_6]** )  
- **Consolidated Operating Income Growth**: 11.5% to 13.5%  **[COR_3414403_5]**  (raised from 5% to 6.5%  **[COR_3406038_6]** )  
- **U.S. Healthcare Solutions Segment Operating Income Growth**: 14.5% to 16.5%  **[COR_3414403_5]**  (raised from 5% to 6.5%  **[COR_3406038_6]** )  
- **International Healthcare Solutions Segment Operating Income Growth**: flat year-over-year  **[COR_3414403_5]**  (lowered from 5% to 6.5%  **[COR_3406038_6]** )  
- **Interest Expense**: $290 million to $310 million  **[COR_3414403_5]**  (raised from $150 million to $170 million  **[COR_3406038_6]** )  
- **Full Year Average Share Count**: under 196 million shares  **[COR_3414403_5]**  (lowered from approximately 196 million shares  **[COR_3406038_6]** )  
- **Adjusted Free Cash Flow**: $2 billion to $3 billion  **[COR_3414403_3]**  (no change from prior $2 billion to $3 billion  **[COR_3406038_7]** )  

9c25bf82310a23b8e4245fdbafffe1ff8f3f77a4f84b705c67fa1ec96b093bcb

874a34b3064bd8a07de29f93deb4f794d5b0d6cf0f15dca68f9f6d26e36d5238

Cencora Inc (COR)

Financials