Cencora Week Day 1: Capital Structure

Research evidence excerpt

Cencora Week Day 1: Capital Structure

J P M O R G A N North America Equity Research

22 June 2026

Cencora Inc Overweight

COR, COR US

Cencora Week Day 1: Capital Structure Price (18 Jun 26):$271.83

Managed Care and Facilities

Today we are kicking off Cencora Week, which will run through Thursday. On Day Lisa C. Gill AC

1, we dive into COR’s capital structure and uses of cash. While leverage has (1-212) 622-6466

increased to finance the MSO platform buildout, Cencora’s balance sheet remains lisa.c.gill@jpmorgan.com

healthy, with a strong cash flow generation profile that provides the company a John Stansel, CFA

variety of options to pay down debt, invest in the business, and return capital to (1-212) 622-0083

shareholders. We will be hosting a call on Wednesday, June 24th, at 11:00 AM john.stansel@jpmorgan.com

ET with CEO Bob Mauch. Please reach out to us or your J.P. Morgan sales contact Benjamin Rossi

for details. (1-212) 622-9603

benjamin.rossi@jpmorgan.com

• COR resumed share repurchases while continuing to deleverage in FY26, Cole Harris

supporting a balanced capital deployment strategy contributing +3% to (1-212) 622-9068

cole.harris@jpmorgan.com

+4% to LT EPS growth guidance of +10% to +14%. Over the last five years J.P. Morgan Securities LLC

(FY21-FY25), Cencora has deployed nearly $20B of capital across

acquisitions ($11.3B, 58% of total), share repurchases ($3.7B, 19%), capital

expenditures ($2.5B, 13%), and dividends ($2.0B, 10%). M&A has made up

the bulk, including the $6.3B acquisition of Alliance Healthcare in FY21; the

acquisitions of PharmaLex for $1.5B and a 35% equity stake in OneOncology

for $685M in FY23; the acquisition of RCA for $4.4B in FY25; and now the

purchase of the remaining OneOncology stake for $4.7B (closed F2Q26). This