Financial Data and Key Metrics Changes - Adjusted diluted EPS increased by 9% to $4.08, driven by strong performance in the US Healthcare Solutions segment [15][16] - Consolidated revenue reached $85.9 billion, up 5.5%, attributed to growth in both reportable segments [15][16] - Consolidated gross profit was $3.0 billion, an 18% increase, with a gross profit margin of 3.48%, up 37 basis points [16] - Operating income rose by 12% to $1.1 billion, reflecting strong execution and growth in the US Healthcare Solutions segment [16][19] Business Line Data and Key Metrics Changes - US Healthcare Solutions revenue was $76.2 billion, up 5%, with operating income increasing by 21% to $831 million [19][20] - International Healthcare Solutions revenue was $7.6 billion, up approximately 10% on an as-reported basis, but operating income decreased by 14% [20][21] - Revenue in Other was $2.1 billion, up 6%, primarily due to growth at MWI Animal Health and ProPharma [22] Market Data and Key Metrics Changes - Strong sales growth in the US for GLP-1 products increased by $1 billion or 11% over the prior year quarter [15][16] - International Healthcare Solutions segment faced challenges due to timing of manufacturer price adjustments in a developing market country [21][57] Company Strategy and Development Direction - The company completed the acquisition of One Oncology, enhancing its capabilities in community oncology and supporting its pharmaceutical-centric strategy [5][14] - Three growth priorities include strengthening leadership in specialty, leading with market leaders, and enhancing patient access to pharmaceuticals [7][12] - The MSO expansion is seen as a natural extension of the company's leadership in specialty pharmaceuticals, aiming to unlock new opportunities [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term guidance for adjusted operating income growth in the US, now expected to be 14%-16% [35][36] - The company anticipates continued strength in the US Healthcare Solutions segment, driven by utilization trends and specialty sales [35][71] - Management noted that the international segment is expected to rebound, maintaining guidance for adjusted operating income growth of 5%-8% for the fiscal year [57] Other Important Information - The company has paused share repurchases to prioritize debt paydown following the One Oncology acquisition [17][29] - Adjusted free cash flow for the quarter was negative $2.4 billion, with expectations of approximately $3 billion for the full year [18] Q&A Session Summary Question: Clarification on operating income growth and deceleration - Management clarified that adjusted operating income growth in the US was 21% in the December quarter, and guidance for the full year has been increased to 14%-16% [33][35] Question: Opportunities in the MSO platform for AOI growth - Management highlighted short-term and long-term opportunities in leveraging clinical trial excellence and revenue cycle management across the MSO platforms [39][41] Question: Impact of strategic partnerships with health systems - Management emphasized the importance of relationships with health systems and the expected growth from these partnerships [45][46] Question: Timing dynamics in the international segment - Management explained that the international segment faced a timing issue with manufacturer price adjustments, but expects a rebound in performance [56][57] Question: Revenue guidance changes and One Oncology contribution - Management noted that One Oncology's impact on revenue guidance is limited due to its lower revenue business model but contributes positively to operating income [80][81]

Financial Data and Key Metrics Changes - Adjusted diluted EPS increased by 9% to $4.08, driven by strong performance in the U.S. Healthcare Solutions segment [14] - Consolidated revenue reached $85.9 billion, up 5.5%, attributed to growth in both reportable segments [14] - Consolidated gross profit rose by 18% to $3.0 billion, with a gross profit margin of 3.48%, an increase of 37 basis points [15] - Operating income increased by 12% to $1.1 billion, reflecting strong execution and growth in the U.S. Healthcare Solutions segment [15] Business Line Data and Key Metrics Changes - U.S. Healthcare Solutions revenue was $76.2 billion, up 5%, with operating income increasing by 21% to $831 million, driven by the RCA acquisition and specialty growth [18] - International Healthcare Solutions revenue was $7.6 billion, up approximately 10% on an as-reported basis, but operating income decreased by 14% due to timing of manufacturer price adjustments [20][21] - Revenue in Other was $2.1 billion, up 6%, primarily due to growth at MWI Animal Health [21] Market Data and Key Metrics Changes - Strong sales growth in the U.S. for GLP-1 products increased by $1 billion or 11% over the prior year quarter [14] - International Healthcare Solutions segment experienced a decline in operating income, largely due to lower performance in the European distribution business [21] Company Strategy and Development Direction - Cencora's strategy focuses on strengthening leadership in specialty pharmaceuticals, leading with market leaders, and enhancing patient access to pharmaceuticals [7] - The acquisition of OneOncology is expected to drive significant value creation and support long-term growth [13] - The company aims to leverage its MSO platform to enhance solutions for providers and biopharma, focusing on clinical research and data-driven insights [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term guidance, citing strong performance despite headwinds from lost customers [33] - The company anticipates continued growth in the U.S. Healthcare Solutions segment, with adjusted operating income growth now expected to be in the range of 14%-16% [24] - Management highlighted the importance of strategic partnerships with health systems to drive future growth [42] Other Important Information - The company has paused share repurchases to prioritize debt paydown following the OneOncology acquisition [16][75] - Adjusted free cash flow for the quarter was negative $2.4 billion, with expectations of approximately $3 billion for the full year [17] Q&A Session Summary Question: Operating income growth and deceleration concerns - Management clarified that adjusted operating income growth in the U.S. was 21% in the December quarter, and they remain confident in long-term guidance despite challenging comparisons [31][34] Question: MSO platform opportunities for AOI growth - Management discussed leveraging clinical trial excellence and revenue cycle management capabilities across the MSO platform to drive growth [38][40] Question: Strategic partnerships with health systems - Management emphasized the importance of understanding health systems' strategies to foster growth in specialty pharmaceuticals [42] Question: International segment timing dynamics - Management explained that the international segment faced a timing difference for manufacturer price adjustments, but they expect a rebound in performance [54] Question: Revenue guidance changes and OneOncology contribution - Management indicated that OneOncology's impact on revenue guidance is limited due to its lower revenue business model but will enhance operating income margins [80]

Financial Data and Key Metrics Changes - Cencora reported adjusted diluted EPS of $4.08, an increase of 9% year-over-year, driven by strong performance in the US Healthcare Solutions segment [13][4] - Consolidated revenue reached $85.9 billion, up 5.5%, attributed to growth in both reportable segments [13][14] - Consolidated gross profit was $3.0 billion, an increase of 18%, with a gross profit margin of 3.48%, up 37 basis points [15][13] - Operating income increased by 12% to $1.1 billion, reflecting strong execution and growth in the US Healthcare Solutions segment [15][13] Business Line Data and Key Metrics Changes - US Healthcare Solutions revenue was $76.2 billion, up 5%, with operating income increasing 21% to $831 million, driven by the RCA acquisition and specialty growth [18][19] - International Healthcare Solutions revenue was $7.6 billion, up approximately 10%, but operating income decreased by 14% due to timing of manufacturer price adjustments [19][20] - Revenue in Other was $2.1 billion, up 6%, primarily due to growth at MWI Animal Health and ProPharma [20] Market Data and Key Metrics Changes - The US market saw strong sales growth in GLP-1 products, which increased by $1 billion or 11% over the prior year quarter [14] - International Healthcare Solutions segment revenue growth was 6% on a constant currency basis, reflecting solid performance across European distribution [19][20] Company Strategy and Development Direction - Cencora's strategy focuses on three growth priorities: strengthening leadership in specialty, leading with market leaders, and enhancing patient access to pharmaceuticals [5][6] - The recent acquisition of One Oncology is expected to drive significant value creation and support long-term growth [12][4] - The company aims to leverage its MSO platform to enhance solutions for providers and biopharma, focusing on clinical research and data-driven insights [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and capitalize on growth opportunities, particularly in the US Healthcare Solutions segment [11][12] - The company raised its fiscal 2026 guidance for adjusted operating income growth to 11.5%-13.5% and revenue growth to 7%-9% [23][24] - Management highlighted the importance of strategic partnerships with health systems and the ongoing focus on operational excellence [45][44] Other Important Information - Cencora ended the quarter with $1.8 billion in cash and reported negative adjusted free cash flow of $2.4 billion due to seasonal working capital needs [17] - The company expects full-year adjusted free cash flow to be approximately $3 billion as working capital dynamics improve [17] Q&A Session Summary Question: Concerns about operating income growth and deceleration - Management clarified that adjusted operating income growth in the US was 21% in the December quarter, and they remain confident in their long-term guidance despite headwinds from lost customers [31][34] Question: Opportunities in the MSO platform for AOI growth - Management discussed leveraging clinical trial excellence and revenue cycle management capabilities across the MSO platform to drive growth [37][39] Question: Strategic partnerships with health systems - Management emphasized the importance of understanding health systems' strategies and how Cencora can support their growth [44] Question: Impact of One Oncology acquisition on revenue guidance - Management indicated that One Oncology's contribution is more significant to operating income than revenue, as the MSO business model has lower revenue but higher margins [81][80] Question: International market dynamics and pricing trends - Management confirmed no significant changes in pricing trends in Europe due to MFN policies, with a focus on maintaining strong performance in the international segment [88][87]

Core Viewpoint - Cencora reported quarterly earnings of $4.08 per share, exceeding the Zacks Consensus Estimate of $4.07 per share, and showing an increase from $3.73 per share a year ago, indicating a positive earnings surprise of +0.35% [1] Financial Performance - Cencora's revenues for the quarter ended December 2025 were $85.93 billion, slightly missing the Zacks Consensus Estimate by 0.04%, but up from $81.49 billion year-over-year [2] - The company has surpassed consensus EPS estimates in all four of the last quarters and has topped revenue estimates three times during the same period [2] Stock Performance - Cencora shares have increased approximately 7.1% since the beginning of the year, outperforming the S&P 500, which gained 1.1% [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $4.86 for the coming quarter and $17.62 for the current fiscal year, alongside projected revenues of $79.49 billion and $339.88 billion respectively [7] - The Zacks Rank for Cencora is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Medical Services industry, to which Cencora belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Cencora, Inc. First Quarter Fiscal 2026 Earnings Call February 4, 2026 Cautionary Note Regarding Forward Looking Statements Certain of the statements contained in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"). Words such as "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "might," ...

Core Insights - Cencora exceeded Wall Street profit estimates for the first quarter, driven by strong demand for specialty medicines and GLP-1 therapies [1] Company Performance - Cencora reported a profit that surpassed analyst expectations, indicating robust financial health and operational efficiency in the current market [1] Industry Trends - The sustained demand for specialty medicines and GLP-1 therapies highlights a growing trend in the pharmaceutical industry, suggesting potential for continued growth in these segments [1]

Exhibit 99.1 CENCORA REPORTS FISCAL 2026 FIRST QUARTER RESULTS Revenue of $85.9 billion for the First Quarter, a 5.5% Increase Year-Over-Year First Quarter GAAP Diluted EPS of $2.87 and Adjusted Diluted EPS of $4.08 Adjusted Operating Income Guidance Raised to Growth of 11.5% to 13.5% Adjusted Diluted EPS Guidance Range Reaf irmed at $17.45 to $17.75 for Fiscal 2026 Company Completes Acquisition of OneOncology CONSHOHOCKEN, PA, February 4, 2026 - Cencora, Inc. (NYSE: COR) reported that in its fiscal year 20 ...

Core Insights - Cencora reported a revenue of $85.9 billion for the first quarter of fiscal 2026, marking a 5.5% increase year-over-year, driven by growth in both U.S. and International Healthcare Solutions segments [1][2] - The company achieved a GAAP diluted EPS of $2.87, up 14.8% from $2.50 in the prior year, while adjusted diluted EPS rose 9.4% to $4.08 [1][3] - Cencora raised its adjusted operating income guidance for fiscal 2026 to a growth range of 11.5% to 13.5%, reflecting the acquisition of OneOncology and strong performance in the U.S. Healthcare Solutions segment [1][2] Financial Performance - Revenue for the U.S. Healthcare Solutions segment was $76.2 billion, a 5.0% increase year-over-year, attributed to market growth and increased sales of specialty products [2] - International Healthcare Solutions segment revenue reached $7.6 billion, up 9.6% year-over-year, primarily due to growth in the European distribution business [2] - Operating income for the U.S. Healthcare Solutions segment increased by 21.0% to $831.3 million, while the International Healthcare Solutions segment saw a decrease of 13.9% in operating income to $142.2 million [2] Segment Analysis - The U.S. Healthcare Solutions segment's growth was driven by unit volume growth and increased sales of diabetes and weight loss products, despite some losses from specific customers [2] - The International Healthcare Solutions segment's revenue growth was 6.2% on a constant currency basis, but operating income decreased by 17.0% due to challenges in the European distribution business [2] - Revenue from other businesses, including MWI Animal Health and Profarma, was $2.1 billion, reflecting a 6.3% increase, although operating income in this category decreased by 6.1% [2] Guidance and Expectations - Cencora reaffirmed its full fiscal 2026 adjusted diluted EPS guidance range of $17.45 to $17.75, reflecting the expected contributions from the OneOncology acquisition [2] - The company anticipates revenue growth of 7% to 9% across its segments, with adjusted operating income growth projected at 11.5% to 13.5% [2] - The adjusted effective tax rate is expected to be around 20% for fiscal 2026, with net interest expense projected between $480 million and $500 million [2]

Core Insights - Cencora, Inc. is identified as a strong healthcare stock for 2026, with Morgan Stanley upgrading its rating from Equalweight to Overweight and raising the price target to $400 due to its robust position in specialty pharmaceuticals and the upcoming majority acquisition of OneOncology [1][2] Financial Performance and Growth Projections - Analysts have increased Cencora's FY2026 U.S. Healthcare Solutions AOI growth forecast to 10.8% and International AOI growth to 7.0%, leading to an EPS estimate of $17.63, which is slightly above consensus [2] - Following the announcement of credit agreements, Jefferies upgraded Cencora to a Buy from Hold and raised the price target from $330 to $440, citing the company's strong execution and enhanced long-term plans as key investment factors [5] Acquisition Financing - Cencora entered into credit agreements totaling $4.5 billion to finance the acquisition of OneOncology, which includes a $1.5 billion term credit agreement with JPMorgan Chase Bank and a separate $3 billion term loan facility with Citibank [3][4] - The proceeds from these credit agreements will be used for acquisition consideration, debt repayment, and covering related fees and expenses, with funding contingent on the successful completion of the acquisition [4]

Wall Street analysts expect Cencora (COR) to post quarterly earnings of $4.05 per share in its upcoming report, which indicates a year-over-year increase of 8.6%. Revenues are expected to be $85.97 billion, up 5.5% from the year-ago quarter.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Ahead of a company's earnings disclo ...