Cencora (COR) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic positioning and growth outlook

• Strong growth driven by specialty pharma, with capital deployed to expand capabilities in health systems and community physicians.

• Confident in sustaining momentum and long-term growth through 2027, focusing on specialty and pharmaceutical-centric strategies in both U.S. and international segments.

• Healthcare solutions AOI growth projected at 14.5%-15.5%, ahead of long-term profile.

• OneOncology acquisition provides additional growth benefit, with further guidance expected in November.

• Portfolio optimization and operational changes continue to align investments with strategic priorities.

Utilization trends and business drivers

• Utilization trends rebounded in March and remained consistent through Q3, supporting Q4 outlook.

• Specialty is an increasing part of the business, with confidence in long-term growth algorithm.

• Volume shifts with major customers like Walgreens are normal industry practice, with minimal impact on guidance.

• Q4 guidance reflects the impact of recent contract changes, with expectations for accelerating growth.

Specialty business and MSO integration

• Focus remains on oncology and retina, leveraging pharmaceutical-centric specialties for growth.

• Integration of OneOncology and RCA enables sharing of best practices and clinical trial capabilities.

• Clinical trial support and analytics services for pharma are emerging value drivers.

• Expansion beyond current specialties is unlikely in the near term.