The Sysco of pharmaceuticals.

The Amazon for drug distribution to hospitals and pharmacies.

• Pharmaceutical Distribution: Distributes a comprehensive range of branded, generic, and specialty pharmaceuticals to pharmacies, hospitals, and other healthcare providers globally.
• Specialty Pharmaceutical Services: Provides specialized support, including distribution, patient services, and reimbursement assistance, for complex and high-cost medications.
• Manufacturer and Commercialization Services: Offers solutions for pharmaceutical manufacturers, encompassing market access, commercialization strategies, patient adherence programs, and data insights.
• Animal Health Distribution: Distributes veterinary pharmaceuticals, vaccines, and related products to animal health practices and businesses.

Major Customers of Cencora (COR)

• Walgreens Boots Alliance, Inc. (Symbol: WBA)
• Rite Aid Corporation (Symbol: RADCQ)

Pfizer Inc. (PFE)

Merck & Co., Inc. (MRK)

Johnson & Johnson (JNJ)

Eli Lilly and Company (LLY)

AbbVie Inc. (ABBV)

Novartis AG (NVS)

Bristol-Myers Squibb Company (BMY)

Gilead Sciences, Inc. (GILD)

Sanofi (SNY)

Robert Mauch became President and Chief Executive Officer of Cencora in October 2024. He originally joined Cencora (then AmerisourceBergen) in 2007 following the company's acquisition of Xcenda, a health economics and strategic consulting firm he founded. During his time at Cencora, he has been instrumental in transforming the company into a global provider of pharmaceutical-centered healthcare solutions, focusing on customer experience, innovation, and digital transformation.

James F. Cleary serves as Executive Vice President and Chief Financial Officer for Cencora, a role he has held since November 2018. He joined the company in 2015 when Cencora acquired MWI Veterinary Supply Inc., where he had previously served as Chief Executive Officer from June 2002 until February 2015. Cleary is responsible for managing the company's financial strategy and functions. He holds an MBA from Harvard Business School.

Steven H. Collis transitioned to Executive Chairman in October 2024, having previously served as Cencora's Chairman, President, and Chief Executive Officer from 2011 until 2024. His nearly three-decade career with the company began in 1994 when he helped found and subsequently grew its former Specialty Group business into a market leader. Under his leadership, Cencora experienced significant growth, with annual revenue tripling, and he spearheaded key acquisitions including World Courier (2012), MWI Veterinary Supply (2015), and Alliance Healthcare (2021). Collis also oversaw the company's rebranding from AmerisourceBergen Corporation to Cencora, Inc. in 2023.

Elizabeth Campbell is the Executive Vice President and Chief Legal Officer for Cencora, Inc. She joined the company in 2010, then known as AmerisourceBergen, and has since taken on roles of increasing responsibility, including Deputy General Counsel and Senior Vice President. Campbell is responsible for all legal, regulatory, compliance, and risk functions within the business, as well as global public affairs, corporate responsibility, and real estate. Before joining Cencora, she worked in private practice at a large law firm.

François Mandeville serves as Executive Vice President and Chief Strategy and M&A Officer for Cencora, a role he assumed in 2024. In this position, he is responsible for overseeing Cencora's mergers and acquisitions and strategy execution to ensure investments align with customer needs. Prior to joining Cencora, Mandeville held leadership roles at other global corporations, including Chief Development Officer at Johnson Controls and SVP, Strategy & Business Development at Danaher Corporation, where he significantly contributed to business growth strategies.

The key risks to Cencora's business include:

1. Regulatory and Legal Risks: Cencora faces substantial risks from increasing governmental regulation of the pharmaceutical supply chain, such as the Drug Supply Chain Security Act (DSCSA) and international equivalents like the EU's Falsified Medicines Directive, which can elevate compliance costs and operational complexity. The company is also exposed to ongoing legal proceedings, including significant liabilities from opioid litigation, with a settlement involving a payout of up to $6.1 billion over 18 years. Furthermore, new regulations and executive orders aimed at reducing prescription drug costs, like Executive Order 14297, could adversely impact Cencora's business model and profit margins. Failure to effectively manage these legal and regulatory challenges could result in substantial financial penalties and reputational damage.
2. Cybersecurity Threats: Cencora is exposed to sophisticated cybersecurity threats that pose risks to its information systems and those of its third-party partners. A significant cyberattack in February 2024 resulted in unauthorized access to sensitive patient data, including names, addresses, health diagnoses, medications, and prescriptions, affecting over 540,000 individuals and several major pharmaceutical companies. This type of data breach carries the potential for future negative consequences, including financial costs, legal liabilities, and harm to the company's reputation.
3. International Operations and Geopolitical Risks: Cencora's extensive international operations expose it to various risks, including geopolitical tensions, significant regulatory changes in different countries, and adverse currency fluctuations. Events such as the ongoing conflict in Ukraine and evolving conditions in the Middle East are highlighted as potential disruptors. The company has experienced substantial foreign currency translation losses, underscoring the volatility that can erode the value of overseas earnings. Public health crises and natural disasters can also disrupt supply chains and increase operational costs, threatening the company's financial stability and operational continuity.

Cencora (symbol: COR) operates in several key addressable markets for its main products and services. These include pharmaceutical distribution, specialty pharmaceutical services, animal health product distribution, and pharmaceutical commercialization/consulting services, and pharmacy solutions.

• Pharmaceutical Wholesale and Distribution: The global pharmaceutical wholesale and distribution market was valued at approximately USD 800.92 billion in 2024, with North America accounting for over 40% of the global revenue at USD 320.37 billion in 2024. The U.S. market alone was estimated at USD 252.77 billion in 2024. This market is projected to expand at a compound annual growth rate (CAGR) of 9.00% from 2024 to 2031. Other estimates suggest the global market was valued at USD 180.34 billion in 2025, expected to reach USD 290.75 billion by 2034 with a CAGR of 5.45%. The market size is also forecast to increase by USD 976.2 billion at a CAGR of 9.5% between 2024 and 2029 globally. Another report estimates a global growth of USD 896.5 billion from 2024-2028 with a CAGR of 9.45%.

• Specialty Pharmaceutical Services (including Specialty Drug Distribution): The global specialty pharmaceuticals market was valued at USD 226.7 billion in 2024 and is expected to grow from USD 285.1 billion in 2025 to USD 2.37 trillion in 2034, at a CAGR of 26.5%. North America held the largest market share, at 43.6% in 2023. The global specialty drug distribution market, specifically, was valued at USD 2.7 billion in 2023 and is projected to reach USD 7.18 billion by 2030, growing at a CAGR of 15% between 2024 and 2030. North America held the highest share in this market in 2023.

• Animal Health Product Distribution: The global animal healthcare market was valued at USD 64.59 billion in 2024 and is projected to reach USD 166.69 billion by the end of 2034, with a CAGR of approximately 9.94% during the forecast period of 2025-2034. North America is identified as the largest market. Another source indicates the global animal healthcare market size was USD 186.1 billion in 2023 and is expected to grow at a CAGR of 6% from 2024 to 2032. North America held the largest market share of 38.9% in 2023, valued at USD 72.3 billion.

• Pharmaceutical Commercialization Services/Consulting Services: The global pharmaceutical commercialization solutions and services market was valued at $138.13 billion in 2023 and is projected to reach $212.18 billion by 2029, growing at a CAGR of 7.4% from 2024 to 2029. Another report states the global pharma contract commercialization (CCO) market size was valued at USD 42.6 billion in 2024 and is predicted to reach USD 69.7 billion by 2034, at a 5.1% CAGR. North America holds a significant revenue share in this market.

• Pharmacy Solutions (including Pharmacy Management Software/Solutions and Pharmacy Automation): The global pharmacy management system market size was estimated at USD 101.07 billion in 2025 and is expected to reach USD 207.48 billion by 2030, at a CAGR of 15.47%. North America accounts for the largest revenue base in this market. Separately, the global pharmacy inventory management software solutions market was valued at USD 5.8 billion in 2023, expected to grow to USD 12.39 billion by 2032 at a CAGR of 8.8%. North America is expected to control this market. The global pharmacy automation devices market size was estimated at USD 5.5 billion in 2022 and is projected to reach USD 11.6 billion by 2030, growing at a CAGR of 9.9%.

Cencora (COR) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends:

1. Expansion in Specialty Pharmaceuticals: Cencora is strategically strengthening its position in the high-growth and higher-margin specialty pharmaceutical segment. This includes significant resource allocation, highlighted by the acquisition and ongoing integration of Retina Consultants of America (RCA) and a planned pathway to full ownership of OneOncology. This focus is central to the company's long-term growth approach.
2. Increased Pharmaceutical Volume and Utilization Trends: The company anticipates continued revenue growth from strong utilization trends, particularly within its U.S. Healthcare Solutions segment. Specific product categories contributing to this growth include GLP-1 products, which showed a 10% year-over-year increase in sales and contributed to segment revenue growth, and the anticipated growth in biosimilars, especially Part B biosimilars, which are noted for better margins.
3. Strategic Investments in Distribution Infrastructure and Digital Transformation: Cencora has announced a substantial $1 billion investment through 2030 to bolster its U.S. distribution network. These investments include establishing a second national distribution center in Ohio, expanding multiple existing facilities, and increasing cold chain storage capacity to support the growing volume of specialty pharmaceuticals. Additionally, accelerating digital transformation is a key strategic driver aimed at enhancing solutions and addressing market complexity.
4. Growth in International Healthcare Solutions: Cencora projects continued revenue growth in its International Healthcare Solutions segment. For fiscal year 2026, the company anticipates revenue growth in this segment to be in the range of 6% to 8%. This international expansion contributes to the company's overall revenue trajectory.
5. Portfolio Optimization and Growth-Oriented Investments: Cencora is undertaking a disciplined realignment of its business portfolio by shifting non-strategic assets, such as MWI Animal Health and certain legacy consulting services, into an "other" category, with explicit plans to explore strategic alternatives for these operations. This optimization allows the company to prioritize growth-oriented investments in areas that strengthen its strategic positioning and drive long-term value, focusing resources on core pharmaceutical distribution and services businesses.

Share Repurchases

• Cencora announced a new $2 billion share repurchase program in May 2024.
• In May 2024, the company repurchased approximately $400 million of common stock from Walgreens Boots Alliance in a private transaction, leading to approximately $550 million in total repurchases during that month.
• From October 1, 2024, to December 31, 2024, Cencora repurchased 1,709,217 shares for $385.45 million.

Share Issuance

• In fiscal year 2021, Cencora had a net common equity issuance of $117 million.

Outbound Investments

• Cencora acquired Retina Consultants of America (RCA) for approximately $4.6 billion in cash, with the acquisition closing in January 2025 with a cash outlay of $4.4 billion.
• In January 2023, Cencora acquired PharmaLex for €1.3 billion (approximately $1.4 billion).
• Cencora completed the acquisition of Alliance Healthcare for $6.5 billion in June 2021.

Capital Expenditures

• Capital expenditures were $458.4 million in fiscal year 2023 and $487.2 million in fiscal year 2024.
• Cencora expects capital expenditures to be approximately $600 million for fiscal year 2025.
• The primary focus of these capital expenditures includes investments in the expansion and enhancement of its distribution network and various technology initiatives.