Cencora stock enters fiscal 2027 with specialty-led growth plan

Cencora reported its fiscal fourth-quarter and full-year results on Wednesday, November 4, 2026, after the fiscal year ended September 30. The pharmaceutical solutions company paired stronger adjusted earnings with a new reporting structure that puts specialty services at the center of its fiscal 2027 plan. The Cencora investor release provided the results and outlook.

Specialty services lead outlook

Fourth-quarter revenue increased 5.5 percent year over year to 88.4 billion US dollars. GAAP diluted earnings per share rose to 2.71 US dollars from a loss of 1.75 US dollars in the prior-year quarter. Adjusted diluted earnings per share, which excludes specified acquisition, restructuring, litigation, tax and other items, increased 21.4 percent to 4.66 US dollars from 3.84 US dollars.

Adjusted operating income rose 22.1 percent to 1.2 billion US dollars. Cencora said gross profit benefited from the February acquisition of OneOncology, while higher sales of GLP-1 products partly limited the margin benefit because those products carry lower gross margins. The prior-year comparison also benefited from the absence of a 723.9 million US dollar PharmaLex goodwill impairment charge recorded in the previous fourth quarter.

For fiscal 2026, revenue increased 5.0 percent to 337.4 billion US dollars. Adjusted diluted earnings per share rose 12.3 percent to 17.97 US dollars, while GAAP diluted earnings per share increased to 17.95 US dollars from 7.96 US dollars. The GAAP comparison includes a 1.1 billion US dollar gain related to the OneOncology acquisition, so the adjusted measure gives a cleaner view of recurring operating development.

New segments sharpen capital focus

Beginning with the first quarter of fiscal 2027, Cencora will report Pharmaceutical Distribution and Services, Specialty Pharmaceutical and Provider Services, and Other. Management expects revenue in the specialty segment to grow 9 percent to 14 percent in fiscal 2027, compared with 4 percent to 6 percent for Pharmaceutical Distribution and Services. The corresponding adjusted operating income outlook is 18 percent to 21 percent for specialty and 2 percent to 4 percent for distribution.

Group revenue is expected to grow 3 percent to 5 percent, while adjusted operating income is forecast to increase 4 percent to 6 percent. Adjusted diluted earnings per share is expected in a range of 19.40 to 19.75 US dollars, representing growth of 8 percent to 10 percent from fiscal 2026. The outlook assumes the sale of Cencora's Profarma equity interest closes in the first fiscal quarter and that the MWI Animal Health merger with Covetrus closes on March 31, 2027.

Dividend adds shareholder return

The board declared a quarterly dividend of 0.66 US dollars per share on November 3, up 10 percent from 0.60 US dollars. The payment is scheduled for November 30 to shareholders of record at the close of business on November 13. Cencora also reaffirmed its long-term targets of 7 percent to 10 percent adjusted operating income growth and 10 percent to 14 percent adjusted diluted EPS growth.

Cencora stock traded at 317.15 euros on Lang & Schwarz at 1:00 p.m. CET on Thursday, November 12, 2026.

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