📈 Price History

Ratio Health

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📊 Sector Averages

About

Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally. The company’s U.S. Healthcare Solutions segment distributes generic and injectable pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; distributes plasma and other blood products, vaccines, and other specialty pharmaceutical products; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and other services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; sales force services to manufacturers; and offers other services to physicians who specialize in various disease states, such as oncology, as well as to other healthcare providers, including hospitals and dialysis clinics. Its International Healthcare Solutions segment provides international pharmaceutical wholesale and related service, and global commercialization services; distributes pharmaceuticals, other healthcare products, and related services to pharmacies, doctors, health centers, and hospitals; and offers specialty transportation and logistics services for the biopharmaceutical industry. The company was formerly known as AmerisourceBergen Corporation and changed its name to Cencora, Inc. in August 2023. Cencora, Inc. was founded in 1871 and is headquartered in Conshohocken, Pennsylvania.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding COR

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	394.3K	$123.9M	0.16%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q3 2025

Confident Specific

Management repeatedly used phrases like 'strong performance', 'pleased to once again raise guidance', and 'outstanding execution'. They highlighted 21% adjusted operating income growth and 20% EPS growth, and provided specific revised figures for guidance ranges.

Q4 2025

Confident Specific

Management used strong language such as 'pivotal year', 'impressive results', 'pleased to be raising our long-term guidance', and provided specific numbers like 16% growth in AOI and EPS, and the new long-term ranges of 6%-9% and 9%-13%.

Q1 2026

Confident Specific

Management repeatedly used strong, positive language ('strong start', 'pleased to announce', 'delivered 12% growth') and raised full-year guidance, providing detailed explanations for performance and outlook.

Q2 2026 latest

Confident Specific

Management consistently expresses confidence in full-year guidance, highlights 'resilience' and 'solid performance', and provides specific quantified explanations for headwinds (e.g., $10M weather, $10M COVID, faster brand conversions). They raise EPS guidance despite lowering revenue guidance, and use language like 'on track' and 'remain confident'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains intact but with some near-term noise. Management lowered revenue guidance due to faster brand conversions at a large mail-order customer and slower GLP-1 growth, but they raised EPS guidance, demonstrating profit resilience. The core U.S. operating income growth (excluding one-timers) was within the long-term 7%-10% range. The focus on specialty pharmaceuticals and MSOs, along with resumed buybacks and debt paydown, supports the long-term value creation narrative. Key items to watch next quarter: lapping the July 2025 oncology customer loss, OneOncology accretion ramp, continued rebound in global specialty logistics (World Courier), and any further changes in GLP-1 growth trajectory or brand conversion pace.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Cencora Q2 2026 adjusted EPS $4.75, raises full-year guidance to $17.65-$17.90

Revenue & Profitability

Consolidated revenue for Q2 2026 was $78.4 billion, up 4% year-over-year. Adjusted diluted EPS was $4.75, up 7.5%. Consolidated operating income was $1.3 billion, up 6%, while gross profit was $3.4 billion, up 16%. The company raised full-year fiscal 2026 adjusted diluted EPS guidance to $17.65-$17.90 and reaffirmed adjusted free cash flow guidance of approximately $3 billion.

Outlook

Management expressed confidence in full-year fiscal 2026 guidance despite transitory headwinds, including faster-than-expected brand conversions at a large mail-order customer, slower GLP-1 growth, and weather-related volume softness in specialty practices. They noted that the core U.S. Healthcare Solutions operating income growth was approximately 7% when excluding the loss of an oncology customer and the OneOncology acquisition, in line with long-term guidance. The International segment benefits from European distribution growth and a rebounding global specialty logistics business.

Growth Drivers

Key growth levers include specialty pharmaceuticals across channels (MSOs like OneOncology and RCA, health systems, and global specialty logistics), digital transformation initiatives that improve customer operations, and the rebound of World Courier (global specialty logistics). The company is also winning new contracts in cell and gene therapies and laboratory logistics. GLP-1 sales increased $1.9 billion year-over-year in the quarter, though at a slower-than-expected pace.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Consolidated gross profit margin was 4.31%, up 45 basis points largely due to the February 2026 acquisition of OneOncology. Operating expenses grew 22.5%, but excluding MSOs, they grew 5% on a constant currency basis. Full-year consolidated operating income growth guidance was raised to 12%-14%, with U.S. Healthcare Solutions growth unchanged at 14%-16% and International at 5%-8%. Management expects cost growth to moderate in the second half, especially in the fourth quarter.

Key Risks

Risks flagged include faster-than-expected brand conversions at a large mail-order pharmacy customer (impacting revenue), slower GLP-1 growth, weather-related volume softness in specialty practices (estimated $10 million operating income headwind), and the decline in COVID-19 vaccine contributions (a $10 million headwind). Additionally, the loss of an oncology customer due to its acquisition (occurred July 2025) is a headwind that will lap in the fourth quarter. Foreign exchange rate changes impact International segment guidance.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-08-05

Q3 saw strong double-digit adjusted operating income and EPS growth, driven by specialty and MSO performance, the OneOncology acquisition, and robust capital deployment. Fiscal 2026 guidance was raised, with continued momentum expected across U.S. and international segments.

Q2 2026 Q2 2026 2026-05-06

Adjusted EPS grew 7.5% and operating income rose in both core segments, despite revenue headwinds from price reductions, customer losses, and faster biosimilar conversions. Full-year EPS guidance was raised, with strong cash flow and resumed share buybacks supporting long-term growth.

Q1 2026 Q1 2026 2026-02-04

Delivered strong Q1 FY26 results with 12% adjusted operating income growth and 9% EPS growth, completed OneOncology acquisition, and raised full-year guidance for revenue and operating income. U.S. Healthcare Solutions led performance, with MSO expansion and specialty focus driving growth.

Q4 2025 Q4 2025 2025-11-05

Strong fiscal 2025 results featured 16% adjusted operating income and EPS growth, driven by specialty focus and strategic investments. Long-term guidance was raised, with continued infrastructure expansion and portfolio optimization, despite headwinds from a major customer loss and PharmaLex impairment.

Q3 2025 Q3 2025 2025-08-06

Q3 saw strong 21% operating income and 20% EPS growth, led by U.S. Healthcare Solutions and specialty. Full-year guidance for EPS and operating income was raised, with RCA acquisition and digital investments fueling margin gains. International segment faces headwinds but is expected to recover.

📊 Analysis Methodology

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