Cencora Inc.

What does Cencora do?
Cencora distributes pharmaceutical products, including brand name drugs, generic drugs, specialty medications, and over the counter healthcare products, to pharmacies, hospitals, physician offices, and other healthcare providers across the United States and internationally. The company also provides manufacturer services, patient support programs, specialty logistics, veterinary pharmaceutical distribution, and physician practice management through its subsidiaries. In fiscal 2025, the company generated $321.3 billion in revenue.

Is Cencora publicly traded?
Yes, Cencora, Inc. trades on the New York Stock Exchange under ticker symbol COR. The company was previously listed under the ticker ABC as AmerisourceBergen and changed to COR on August 30, 2023, when the rebranding to Cencora was completed. The company has no controlling shareholder, though Walgreens Boots Alliance holds a significant stake as the largest single investor.

What is Cencora's annual revenue?
In fiscal year 2025 (ended September 30, 2025), Cencora reported revenue of $321.3 billion, a 9.3% increase from $294.0 billion in fiscal 2024. The company is one of the largest companies in the United States by revenue, consistently ranking in the top 20 of the Fortune 500. Adjusted diluted EPS was $16.00, up 16.3% from $13.76 in the prior year.

Why did AmerisourceBergen change its name to Cencora?
AmerisourceBergen changed its name to Cencora on August 30, 2023, to reflect its evolution from a primarily domestic pharmaceutical distributor into a global healthcare solutions organization. The rebranding followed the 2021 acquisition of Alliance Healthcare from Walgreens Boots Alliance for approximately $6.5 billion, which significantly expanded the company's international operations. The new name was selected from hundreds of possibilities and was inspired by the company's team members and customers around the world. The ticker symbol changed from ABC to COR on the same date.

Who is Cencora's CEO?
Robert P. Mauch became President and CEO of Cencora on October 1, 2024, succeeding Steven H. Collis, who had served as CEO since 2011. Collis transitioned to the role of Executive Chairman. Mauch previously served as Chief Operating Officer of the company.

What is Cencora's role in the opioid settlement?
Cencora (then AmerisourceBergen), along with McKesson and Cardinal Health, reached a $21 billion settlement with U.S. states and local governments in February 2022 to resolve claims that the three distributors failed to adequately monitor suspicious opioid orders. Cencora's share of the settlement is approximately $6.1 billion, representing its 31% portion, to be paid over 18 years. A minimum of 85% of the settlement payments must be used for addiction treatment and prevention services. The distributors did not admit liability or wrongdoing. A separate settlement with Johnson & Johnson brought the total to approximately $26 billion.

What is the RCA acquisition?
In January 2025, Cencora completed the acquisition of Retina Consultants of America (RCA), a leading management services organization of retina specialists, from Webster Equity Partners. Cencora acquired approximately 85% interest in RCA for a cash outlay of $4.4 billion, with RCA physicians and management retaining a 15% minority interest. The acquisition added nearly 300 retina specialists to Cencora's portfolio and expanded its physician management services capabilities within the U.S. Healthcare Solutions segment.

Cencora traces its origins to two predecessor companies with deep roots in pharmaceutical distribution. AmeriSource Health Corporation was formed in 1985 through the merger of Alco Standard's pharmaceutical distribution business and other regional distributors. Bergen Brunswig Corporation had roots dating to the early 20th century, tracing its lineage to Bergen Drug Company, founded in 1888 in New Jersey.

The two companies merged in August 2001 to create AmerisourceBergen Corporation, combining their complementary geographic footprints and customer bases to create one of the three largest pharmaceutical distributors in the United States. The merger was valued at approximately $2.2 billion and created a company with annual revenues exceeding $40 billion at the time.

Throughout the 2000s, AmerisourceBergen expanded its capabilities beyond basic drug distribution into specialty pharmaceuticals, which require more complex handling, storage, and patient support services than traditional medications. The company built out its specialty distribution capabilities through acquisitions and organic investment, positioning itself to benefit from the rapid growth of high cost specialty drugs.

In 2012, AmerisourceBergen formed a strategic partnership with Walgreens, under which Walgreens would source a significant portion of its pharmaceutical products through AmerisourceBergen. The partnership was later extended and deepened, with Walgreens Boots Alliance eventually acquiring approximately 15% of AmerisourceBergen's shares, making it the company's largest single shareholder. This commercial relationship remains significant: in fiscal 2025, Walgreens and Boots together accounted for approximately 25% of Cencora's revenue and approximately 38% of accounts receivable.

The company expanded internationally through the 2021 acquisition of Alliance Healthcare from Walgreens Boots Alliance for approximately $6.5 billion. Alliance Healthcare significantly expanded Cencora's international presence, adding operations in the United Kingdom, France, Germany, Spain, Portugal, and other European markets. The acquisition was a catalyst for the company's rebranding, as management sought a name that better reflected its global footprint.

In 2015, AmerisourceBergen entered the animal health industry through the acquisition of MWI Veterinary Supply, a leader in product distribution and operational services for the companion and production animal health markets. In 2018, the company acquired H. D. Smith, the largest independent wholesaler in the U.S., to enhance its support for community pharmacies.

On August 30, 2023, AmerisourceBergen Corporation officially changed its name to Cencora, Inc. and its ticker symbol from ABC to COR. The rebranding unified the company's 46,000 employees across several global business segments under one identity. To commemorate the rebrand, Cencora announced a $5 million donation to the Cencora Impact Foundation to launch the Cencora Healthier Futures Grant Program.

Steven H. Collis, who had served as CEO since 2011, announced a leadership transition in March 2024. Robert P. Mauch, who had served as Chief Operating Officer, became President and CEO on October 1, 2024, while Collis transitioned to Executive Chairman.

On January 2, 2025, Cencora completed the acquisition of Retina Consultants of America (RCA), a leading management services organization of retina specialists, from Webster Equity Partners. Cencora acquired approximately 85% interest in RCA, with certain RCA physicians and management retaining a 15% minority equity interest. The cash outlay at closing was $4.4 billion. The acquisition added nearly 300 retina specialists to Cencora's portfolio and expanded its physician management services capabilities. Following the acquisition, Cencora raised its fiscal 2025 adjusted diluted EPS guidance to a range of $15.15 to $15.45, up from $14.80 to $15.10.

For fiscal year 2025, Cencora reported revenue of $321.3 billion, up 9.3% year over year. Adjusted diluted EPS was $16.00, exceeding the raised guidance. The company's board increased the long term financial guidance, reflecting confidence in continued growth driven by pharmaceutical distribution and specialty pharmaceutical capabilities.

Cencora has implemented sustainability initiatives focused on environmental responsibility, ethical business practices, and healthcare accessibility across its pharmaceutical distribution operations. The company recognizes its critical role in the healthcare supply chain and has committed to reducing its environmental footprint while maintaining reliable service delivery to healthcare providers.

The company has invested in sustainable logistics and distribution operations, including energy efficient distribution centers, electric vehicle fleet adoption, and optimised transportation routes to reduce greenhouse gas emissions. Cencora has implemented comprehensive waste reduction programs across its facilities, focusing on recycling, proper disposal of pharmaceutical waste, and reduction of packaging materials.

Cencora maintains strong environmental compliance programs for pharmaceutical storage and distribution, ensuring adherence to all regulatory requirements for temperature controlled logistics and environmental protection. The company's sustainability reporting includes progress metrics on environmental initiatives, energy efficiency improvements, and waste reduction programs across its operations.

In ethical business practices, Cencora maintains comprehensive compliance programs for pharmaceutical distribution regulations, anti corruption policies, and supply chain integrity. Following the opioid settlement, the company established a clearinghouse to consolidate controlled substance distribution data, which is available to settling U.S. states as part of anti diversion efforts.

The Cencora Impact Foundation, formerly known as the AmerisourceBergen Foundation, is an independent not for profit charitable giving organisation. To commemorate the rebrand in 2023, Cencora announced a $5 million donation to launch the Cencora Healthier Futures Grant Program, supporting nonprofits and charities advancing access to care in underserved populations globally. Cencora Ventures, the company's corporate venture fund, has committed to donating 10% of future realised profits to the foundation.

Note: Cencora does not hold independently verifiable sustainability certifications such as B Corp, CDP disclosure, or SBTi targets as of the date of this article. The company's sustainability claims are based on its own ESG reporting and corporate initiatives.

Cencora has received recognition for its operational excellence, workplace culture, and industry leadership in healthcare distribution.

• Fortune 500 Ranking: Consistent ranking among the largest companies in the United States by revenue, typically in the top 20
• Great Place to Work: Multiple years of certification for workplace culture and employee satisfaction across its global operations
• Healthcare Distribution Alliance Recognition: Recognition for excellence in pharmaceutical distribution and healthcare services
• Supply Chain Excellence: Recognition for logistics management and distribution efficiency across its network of distribution centers

Cencora's most significant legal matter is its participation in the $21 billion opioid settlement reached in February 2022 with U.S. states and local governments. The settlement resolved claims that Cencora (then AmerisourceBergen), McKesson, and Cardinal Health failed to adequately monitor and report suspicious orders of opioid medications, contributing to the opioid epidemic that has caused hundreds of thousands of deaths in the United States. Cencora's share of the settlement is approximately $6.1 billion, representing its 31% portion of the $19.5 billion distributor settlement, to be paid over 18 years. A minimum of 85% of the settlement payments must be used by state and local governmental entities to remediate the opioid epidemic. The distributors did not admit liability or wrongdoing as part of the settlement. A separate settlement with Johnson & Johnson brought the total to approximately $26 billion.

The company faces significant customer concentration risk. Walgreens and Boots together accounted for approximately 25% of revenue in fiscal 2025 and approximately 38% of accounts receivable as of September 30, 2025. Evernorth Health Services accounted for approximately 13% of revenue. The top 10 customers represented approximately 66% of revenue. The loss of any key customer or group purchasing organization relationship could adversely affect future revenue and results of operations. Walgreens Boots Alliance's financial difficulties, including its declining retail performance and potential store closures, create risk for Cencora's revenue base.

In fiscal 2025, the company recorded a larger goodwill impairment related to PharmaLex, reflecting challenges in the pharmaceutical consulting business. The company also incurred increased acquisition related deal and integration expenses primarily due to the RCA acquisition. These factors contributed to GAAP operating expenses increasing 14.4% in fiscal 2025, partially offsetting gross profit growth.

Regulatory scrutiny of pharmaceutical distribution practices remains elevated following the opioid settlement. The Drug Enforcement Administration (DEA) and state regulators continue to monitor distribution practices for controlled substances, and the company must maintain strict compliance with reporting and monitoring requirements.