Cencora (COR) Leerink Global Healthcare Conference 2026 summary

Recent financial and strategic highlights

• Achieved 21% growth in the U.S. segment last quarter, driven by specialty sales to health systems and physician practices.

• Completed acquisition of the remaining stake in OneOncology, expanding MSO capabilities and increasing annual guidance by 3.5%.

• Updated operating income growth guidance to 14%-16% for the U.S. and 11.5%-13.5% consolidated.

• Specialty business growth supported by investments and strong market fundamentals, including aging population and new therapies.

• Stable generics market with moderated deflation and opportunities in biosimilars and branded innovation.

Strategic acquisitions and synergy opportunities

• Full ownership of OneOncology and Retina Consultants of America enables operational and back-office synergies, especially in clinical trials and data analytics.

• Long-term investment approach supports IT and platform integration, enhancing value for physicians and patients.

• Expectation of bolt-on acquisitions for both OneOncology and RCA, focusing on pharmaceutical-centric growth.

Contracting, regulatory, and market dynamics

• Maintained gross profit dollars through effective contracting for IRA-negotiated drugs, leveraging strong value proposition and renegotiation clauses.

• Anticipates biosimilar competition and regulatory changes in Part B drugs by 2028, with focus on minimizing provider impact.

• Commodity price volatility, such as oil, has minor impact due to contract terms and business diversity.