Cencora, Inc.

Cencora is a pharmaceutical sourcing and distribution company that sits between drug manufacturers and healthcare providers, moving branded, specialty, generic, and over-the-counter products through a large distribution network. It also sells higher-value services around commercialization, regulatory support, logistics, inventory management, and pharmacy operations. The company serves hospitals, pharmacies, clinics, veterinarians, and other care settings in the United States and selected international markets. Its business model is built on high-volume distribution plus service add-ons that help customers improve access, efficiency, and patient care.

1,1 %

3,6 %

0,5 %

+9,3 %

0.90

0.55

— Cencora, Inc.
%
U.S. Healthcare Solutions distribution85% Wholesale distribution of pharmaceuticals and healthcare products to U.S. provider and pharmacy customers.
International Healthcare Solutions9% Pharmaceutical wholesale and related services in Europe, Canada and other select markets.
Global commercialization services3% Regulatory, market access, development consulting, pharmacovigilance and quality services for life sciences clients.
Specialty logistics and supply chain services2% Premium logistics, cold-chain and specialty transportation services for biopharma and healthcare customers.
Animal health distribution1% Veterinary pharmaceutical and related product distribution through animal health channels.

Cencora sells primarily to healthcare providers that need reliable, high-frequency access to medicines and related...

  • U.S. retail and specialty pharmaciesprimary

    Buy branded, generic and specialty pharmaceuticals for daily dispensing and patient access.

  • Hospitals and health systemsprimary

    Source pharmaceuticals, specialty therapies and supply-chain services to support inpatient and outpatient care.

  • Physician practices and clinicsprimary

    Purchase specialty and office-administered drugs, especially for oncology, chronic care and infusion-related use.

  • Pharmaceutical and biotech manufacturerssecondary

    Buy logistics, regulatory, market access and commercialization services to support product launches and lifecycle management.

  • International wholesale and healthcare customerssecondary

    Purchase pharmaceuticals and related services in Europe, Canada and other select markets.

  • Veterinary and animal health customerssecondary

    Buy veterinary pharmaceuticals and related products through the animal health distribution business.

Cencora is anchored in the United States, where most of its revenue is generated through the U.S...

  • •United States is the core market and the main source of revenue
  • •Europe is a key international distribution and commercialization market
  • •Canada is an important international healthcare solutions market
  • •Foreign operations contributed about 9% of fiscal 2025 revenue
  • •Currency exposure includes GBP, EUR, TRY, BRL and CAD
  • •Distribution network and service centers support both U.S. and international customers

Cencora’s strategy is to strengthen execution in its core distribution business while expanding higher-margin...

01
Expand and enhance the distribution networkshort-term

Capacity, service reliability and speed are critical in pharmaceutical distribution and support customer retention.

02
Invest in technology and automationmedium-term

Technology improves inventory control, pharmacy operations and operating efficiency across a high-volume supply chain.

03
Grow higher-margin manufacturer servicesmedium-term

Commercialization and consulting services can improve mix and reduce reliance on pure distribution economics.

04
Pursue disciplined acquisitionsmedium-term

Acquisitions can add scale, customer relationships and specialized capabilities, but must be integrated carefully.

Cencora’s business is exposed to customer concentration and contract renewal risk because a loss of a key customer or...

high

Key customer or GPO loss

Revenue and cash flow can fall quickly if a major customer leaves or renews on less favorable terms.

Scope
U.S. distribution and national accounts
Materiality
high
high

Third-party cybersecurity incident

The company relies on suppliers, subcontractors and logistics partners to move products and provide services.

Scope
Supply chain and outsourced service network
Materiality
high
high

Opioid-related litigation and legal accruals

Historical prescription opioid distribution litigation can create large cash and earnings volatility.

Scope
U.S. legal and settlement obligations
Materiality
high
medium

Foreign exchange and inflation in non-U.S. markets

International operations expose earnings to currency swings and, in Turkey, highly inflationary accounting.

Scope
Europe, Canada, Turkey and other non-U.S. markets
Materiality
medium
medium

Goodwill and intangible asset impairment

Acquisitions and trade names create balance-sheet assets that can be written down if performance weakens.

Scope
Acquired businesses and reporting units
Materiality
high
Goodwill and intangible asset impairment
Can materially reduce operating income and net income
Working capital and cash flow timing
Affects operating cash flow and liquidity analysis
Foreign currency and highly inflationary accounting
Affects gross margin and operating results
Allowances for returns and credit losses
Affects revenue netting and bad debt expense
Litigation and uncertain tax positions
Affects provisions, liabilities and cash outflows

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: 11/08/2026