Cencora Sees Specialty Strategy Fueling Growth Into Fiscal 2027

Cencora expects its specialty-focused strategy to drive growth through fiscal 2027, supported by demand in oncology and retina, expanded physician-services capabilities, OneOncology contributions and international momentum. The company said Walgreens remains a key strategic customer, with the vast majority of business still covered by its primary contract. A limited volume shift effective July 1 is included in guidance and will affect the remaining three quarters of fiscal 2027, but Cencora still expects accelerating fourth-quarter growth. Cencora is prioritizing investment and acquisitions in oncology and retina, while leveraging OneOncology, Retina Consultants of America and World Courier to expand MSO services, clinical-trial support and specialty logistics. Its capital-allocation plans also include share repurchases, dividend growth and maintaining a strong balance sheet. Cencora NYSE: COR executives said the company expects its specialty-focused strategy to support continued growth into fiscal 2027, citing demand in oncology and retina, expanded physician-services capabilities and momentum in its international businesses. Speaking at the Morgan Stanley Global Healthcare Conference, Chief Executive Officer Bob Mauch said the company’s recent growth has reflected its position in specialty pharmaceuticals across health systems and community physician practices. He said Cencora has deployed capital to expand capabilities in those areas while refining its portfolio to align investments with its long-term strategy. "We’re confident that the trends will continue" into 2027, Mauch said, pointing to Cencora’s specialty-centric and pharmaceutical-centric strategy in both its U.S. and international segments. Chief Financial Officer Eva Boratto said the company remains in its planning process and will provide more details on fiscal 2027 guidance during its earnings call in November. She noted that 2027 will include four additional months of contribution from the OneOncology acquisition compared with the current year, along with expected continued growth from investments in management services organizations, or MSOs, and specialty. Boratto said prescription utilization trends had been elevated in 2025 before facing pressure during January and February of the current fiscal year. Utilization rebounded in March and remained consistent through the fiscal third quarter, she said, a trend reflected in Cencora’s fourth-quarter outlook. Executives also addressed investor questions about volume moving outside Cencora under its relationship with Walgreens. Mauch described Walgreens as an important, long-term strategic customer and said it is normal for large buyers to maintain smaller portions of their business with other wholesalers, even when prime vendor agreements are in place. He said the company filed an 8-K to clarify the limited scope of the reported volume move after it surfaced in a research report. Boratto said the vast majority of the Walgreens business remains under the primary contract. The change became effective July 1, was included in the company’s fourth-quarter guidance, and will have a wraparound impact for the remaining three quarters of fiscal 2027. Despite that impact, Boratto said Cencora expects to deliver accelerating growth in the fourth quarter. Mauch said oncology and retina remain Cencora’s principal specialty focus because they are highly pharmaceutical-centric and increasingly ser...