Cencora (COR) presented its 2026 outlook at Morgan Stanley’s 24th Annual Global Healthcare Conference on Sept. 15, 2026. Chief Executive Bob Mauch and CFO Eva Boratto said adjusted operating income for the Healthcare Solutions segment is expected to grow 14.5% to 15.5%, outpacing the company’s long‑term profile.
The company completed $1 billion of opportunistic share repurchases in the fiscal third quarter and noted a dividend‑increase record now spanning 21 consecutive years. It also announced the full repayment of an $800 million term loan linked to the financing of Retina Consultants of America (RCA).
Cencora’s acquisition of the remaining majority interest in OneOncology was accelerated to February 2024, ahead of the original put‑call schedule. Management expects the deal to be neutral to adjusted earnings per share in the first 12 months after accounting for financing costs, with an additional four months of benefit projected for 2027.
Walgreens reported a modest volume shift that took effect on July 1, described as a normal reallocation under a multi‑year prime‑vendor agreement. The shift has been incorporated into fourth‑quarter guidance, which still reflects accelerating growth.
Utilization trends for 2025 were above the standard growth algorithm. Fiscal 2026 saw pressure in January–February, followed by a rebound in March that persisted through the third quarter and into the fourth‑quarter outlook, according to IQVIA data.
Specialty pharmaceuticals, particularly oncology and retina, remain the core growth drivers. Management detailed a three‑phase value‑creation plan for its Managed Service Organizations, including RCA and OneOncology: (1) standalone growth, (2) cross‑platform capability sharing such as moving clinical‑trial support from RCA to OneOncology, and (3) new service development like analytics using utilization data and real‑world evidence.
International logistics unit World Courier reported a strong rebound, fueled by recovering clinical‑trial activity and improved European operations.
On the regulatory front, Cencora sees Part B biosimilars as a growth tailwind and views the Inflation Reduction Act as focused on drug pricing rather than physician reimbursement, leaving community‑physician economics largely protected.
The company’s stock closed at $321.57, up 0.19%, and it earned a "GREAT" InvestingPro health score of 3.21 out of 5.
