Cencora, Inc. (COR)

Cencora, Inc. is a global pharmaceutical sourcing and distribution services company that helps healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. It runs programs and services meant to make the pharmaceutical supply chain more effective and efficient in both human and animal health. The company distributes brand-name, specialty brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services. It also provides data analytics, outcomes research, reimbursement and pharmaceutical consulting, specialty logistics, inventory management, pharmacy automation and management, and packaging solutions.

Operations are organized into two reportable segments. U.S. Healthcare Solutions distributes pharmaceuticals and related products to hospitals, health systems, retail and mail order pharmacies, clinics, long-term care and alternate site pharmacies, and physician practices, with a focus on oncology and retina. It handles plasma and other blood products, injectables, vaccines and other specialty products, and also offers pharmacy management, staffing and consulting services, supply management software, and packaging solutions. Its animal health business sells pharmaceuticals, vaccines, parasiticides, diagnostics and micro feed ingredients to companion animal and production animal customers. Provider programs include Good Neighbor Pharmacy and the Elevate Provider Network, as well as a generic private label program based in Ireland. International Healthcare Solutions covers pharmaceutical wholesale and related services, mainly in Europe, and global commercialization services. It includes a specialty transportation and logistics provider for the biopharmaceutical industry, regulatory affairs, market access, pharmacovigilance and consulting services for the life sciences industry, and a Canadian business. In January 2025 the company acquired an 85% interest in Retina Consultants of America. From fiscal 2026 it will report U.S. Healthcare Solutions, International Healthcare Solutions, and Other, with Other covering businesses for which it is exploring strategic alternatives, including MWI Animal Health, Profarma, U.S. Consulting Services and part of PharmaLex.

Customers include institutional providers (acute care hospitals, health systems, mail order, long-term care and alternate care pharmacies, physicians and group practices) and retail providers (national and regional drugstore chains, independent pharmacies, supermarket and mass merchandiser pharmacies, and veterinarians). Manufacturer customers include branded, generic and biotechnology drug makers, as well as over-the-counter and health and beauty aid manufacturers. The top 10 customers represented about 66% of fiscal 2025 revenue. Walgreens and Boots together accounted for about 25% and Evernorth Health Services for about 13%. The company points to U.S. growth drivers such as an aging population, new pharmaceuticals, greater use of generics and biosimilars, and drug therapies.

Cencora serves customers through a geographically diverse network of distribution service centers in the U.S. and select global markets, including a national distribution center in Columbus, Ohio. U.S. facilities primarily run on a single ERP system, and the company invests in warehouse automation, electronic ordering and secure supply chain information systems. No manufacturer supplied 10% or more of fiscal 2025 purchases, and the 10 largest suppliers accounted for about 57%. Main competitors are McKesson, Cardinal Health and UPS Logistics, along with national generic and regional distributors, manufacturers selling directly, chain drugstores that self-warehouse, and specialty distributors. The company is regulated by U.S., U.K. and EU authorities, including the DEA and FDA, and held patents and registered trademarks. It had more than 51,000 employees as of September 30, 2025.