Cencora Inc: Cencora Week Day 4: Takeaways from Our C-Suite Call with COR

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Cencora Inc: Cencora Week Day 4: Takeaways from Our C-Suite Call with COR

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

25 June 2026

Cencora Inc Overweight

COR, COR US

Cencora Week Day 4: Takeaways from Our C-Suite Call Price (24 Jun 26):$284.47

with COR

Managed Care and Facilities

On Day 4 of Cencora Week, we discuss the key points from the conference call we Lisa C. Gill AC

hosted yesterday morning with CEO Bob Mauch, CFO Jim Cleary, and SVP of (1-212) 622-6466

Investor Relations Bennett Murphy. Our discussion emphasized management’s lisa.c.gill@jpmorgan.com

confidence in both current FY26 guidance as well as the updated longer-term John Stansel, CFA

outlook, underpinned by specialty growth driven by the company’s MSO (1-212) 622-0083

platforms, as well as core business momentum. Looking ahead, we believe the john.stansel@jpmorgan.com

company remains well-positioned to execute on its strategic priorities, with COR Benjamin Rossi

viewing pricing dynamics related to the IRA as manageable, continued growth for (1-212) 622-9603

benjamin.rossi@jpmorgan.com

the MSO platform (e.g. new practices and clinicians) while expanding the solution

Cole Harris

set across ophthalmology and retina (in addition to tuck-in deals), and (1-212) 622-9068

opportunities for AI-driven operational enhancement. A replay of the call is cole.harris@jpmorgan.com

available, please reach out to us or your J.P. Morgan sales contact for details. We J.P. Morgan Securities LLC

discuss key takeaways from the call below.

• Management laid out thoughts on the current drug pricing landscape,

emphasizing the ability to navigate WAC changes and IRA pricing, and

walking through biosimilars dynamics between Part B and Part D

channels.

• Management reiterated that distributors provide the financial and logistical