Cencora (COR) official guidance

Based on our year-to-date performance and confidence in continued execution, we are raising our adjusted EPS guidance for fiscal 2026 to a range of $17.75-$17.95.

| Adjusted diluted earnings per share | $17.75 to $17.95 | $16.00 |

| Adjusted diluted earnings per share | $17.65 to $17.90 | $16.00 |

Today, we are pleased to now be reaffirming our full guidance range of $17.45-$17.75 to reflect our strong execution, the continued performance of our U.S. Healthcare Solutions segment, and the expected contribution from OneOncology.

| Adjusted diluted earnings per share | $17.45 to $17.75 | $16.00 |

Starting with EPS, we expect adjusted diluted EPS to be in the range of $17.45-$17.75, representing growth of 9%-11%.

| Adjusted diluted earnings per share | $17.45 to $17.75 | $16.00 |

| Diluted weighted average shares outstanding | ~194M | 195.2M |

Finally, turning to share count, we expect our full-year diluted shares outstanding to be under 195.5 million shares as we resume opportunistic share repurchases.

| Diluted weighted average shares outstanding | Under 195.5M | 195.2M |

As a reminder, due to the OneOncology acquisition, we have paused share repurchases as we prioritize debt paydown and anticipate our full year diluted share count to be approximately 195.5 million shares.

| Diluted weighted average shares outstanding | 195.5M | 195.2M |

Moving now to share count, we expect that our full year average share count will be approximately 194 million shares for fiscal 2026.

| Diluted weighted average shares outstanding | ~194M | 195.2M |

| Adjusted free cash flow | ~$3.0B | $3.0B |

Our full year adjusted free cash flow guidance of approximately $3 billion remains unchanged as we expect to continue to generate cash in the back half of the fiscal year.

| Adjusted free cash flow | ~$3.0B | $3.0B |

We continue to expect full year adjusted free cash flow to be approximately $3 billion as the working capital dynamics unwind in the balance of our fiscal year 2026, as they did in fiscal year 2025.

| Adjusted free cash flow | ~$3.0B | $3.0B |

As it relates to free cash flow, we expect adjusted free cash flow to be approximately $3 billion for fiscal 2026.

| Adjusted free cash flow | ~$3.0B | $3.0B |

We expect interest expense to be approximately $485 million compared to our previous range of $480 million-$500 million, reflecting progress on debt paydown and incrementally better than expected rates on our senior notes that we priced in February.

| International Healthcare Solutions Segment(2)(3) | ~9% growth | $588M |

Our expectations for International Healthcare Solutions segment operating income growth remains unchanged at growth of 5%-8%.

| International Healthcare Solutions Segment(2)(3) | 5% to 8% growth | $588M |

And so, I think the key thing is that in the international segment, we're maintaining our operating income guidance of adjusted operating income growth of 5%-8% for the fiscal year.

| International Healthcare Solutions Segment(2)(3) | 5% to 8% growth | $588M |

International healthcare solutions operating income growth in the range of 5%-8%, and other operating income decline in the range of 1%-4%.

| International Healthcare Solutions Segment(1)(2) | 5% to 8% growth | $588M |

| Other(2) | ~10% growth | $352M |

This is driven by our updated full-year expectations for other to show operating income growth in the high single-digit percent range due to MWI now being accounted for as an asset held for sale and, as a result, depreciation expense is suspended.

| Other(2) | High-single digit growth | $352M |

As it relates to our operating income expectations for other, we now expect to see operating income flat to the prior year revised reportable segment results.

| Other(2) | Flat | $352M |

International healthcare solutions operating income growth in the range of 5%-8%, and other operating income decline in the range of 1%-4%.

| Other(1) | 1% to 4% decline | $352M |

| U.S. Healthcare Solutions Segment(2) | 14.5% to 15.5% growth | $3.3B |

Our full year operating income expectations of 14%-16% growth for the U.S. Healthcare Solutions segment remain unchanged.

| U.S. Healthcare Solutions Segment(2) | 14% to 16% growth | $3.3B |

This is primarily driven by our increased growth expectations for the U.S. Healthcare Solutions segment, where we now expect operating income growth to be in the range of 14%-16%, due to our acquisition of OneOncology and the continued strong execution and performance of the segment.

| U.S. Healthcare Solutions Segment(2) | 14% to 16% growth | $3.3B |

Turning to operating income, we expect consolidated operating income growth to be in the range of 8%-10%, reflecting U.S. healthcare solutions operating income growth in the range of 9%-11%.

| U.S. Healthcare Solutions Segment(1) | 9% to 11% growth | $3.3B |

| Adjusted operating income | 13% to 14% growth | $4.2B |

Moving to operating income, we expect consolidated operating income growth to be in the range of 12%-14%, up from our previous guidance of 11.5%-13.5%.

| Adjusted operating income | 12% to 14% growth | $4.2B |

Moving to operating income, we expect consolidated operating income growth to be in the range of 11.5%-13.5%, up from the previous guidance of 8%-10%.

| Adjusted operating income | 11.5% to 13.5% growth | $4.2B |

Turning to operating income, we expect consolidated operating income growth to be in the range of 8%-10%, reflecting U.S. healthcare solutions operating income growth in the range of 9%-11%.

| Adjusted operating income | 8% to 10% growth | $4.2B |

| International Healthcare Solutions Segment(2)(3) | ~8% growth | $28.3B |

In the International Healthcare Solutions segment, we now expect revenue growth to be in the range of 8%-10% on an as-reported basis to reflect changes in foreign exchange rates.

| International Healthcare Solutions Segment(2)(3) | 8% to 10% growth | $28.3B |

In the International Healthcare Solutions segment, we now expect revenue growth to be in the range of 7%-9% on an as-reported basis to reflect the weakening of the U.S. dollar against many currencies.

| International Healthcare Solutions Segment(2)(3) | 7% to 9% growth | $28.3B |

Beginning with revenue, we expect consolidated revenue growth to be in the range of 5%-7%, reflecting U.S. healthcare solutions revenue growth in the range of 5%-7%, international healthcare solutions revenue growth in the range of 6%-8%, and other revenue growth in the range of 0%-4%.

| International Healthcare Solutions Segment(1)(2) | 6% to 8% growth | $28.3B |

| Other(2) | ~6% growth | $8.2B |

Our revenue growth expectations for other remain unchanged.

| Other(2) | 1% to 5% growth | $8.2B |

For other, we now expect revenue growth to be in the range of 1%-5%, reflecting updated expectations for pro forma and positive volume trends we have seen at MWI, which represents a significant majority of revenue and other.

| Other(2) | 1% to 5% growth | $8.2B |

Beginning with revenue, we expect consolidated revenue growth to be in the range of 5%-7%, reflecting U.S. healthcare solutions revenue growth in the range of 5%-7%, international healthcare solutions revenue growth in the range of 6%-8%, and other revenue growth in the range of 0%-4%.

| Other(1) | 0% to 4% growth | $8.2B |

| U.S. Healthcare Solutions Segment(2) | 4% to 6% growth | $285.0B |

This is driven by our lower expectations for revenue growth in the U.S. Healthcare Solutions segment, where we now expect revenue growth of 4%-6%.

| U.S. Healthcare Solutions Segment(2) | 4% to 6% growth | $285.0B |

In the U.S. Healthcare Solutions segment, our guidance reflects 7%-9% revenue growth, which includes the OneOncology MSO revenue and continued solid utilization trends across the segment.

| U.S. Healthcare Solutions Segment(2) | 7% to 9% growth | $285.0B |

Beginning with revenue, we expect consolidated revenue growth to be in the range of 5%-7%, reflecting U.S. healthcare solutions revenue growth in the range of 5%-7%, international healthcare solutions revenue growth in the range of 6%-8%, and other revenue growth in the range of 0%-4%.

| U.S. Healthcare Solutions Segment(1) | 5% to 7% growth | $285.0B |

Our International Healthcare Solutions segment constant currency revenue growth expectations remain unchanged at 6%-8% growth.

On a constant currency basis, our International Healthcare Solutions segment revenue growth remains unchanged at 6%-8% growth.

| Capital expenditures | ~$900M | $668M |

| Capital expenditures | ~$900M | $668M |

Regarding our capital expenditure expectations in fiscal 2026, we expect capital expenditures to be approximately $900 million.

| Capital expenditures | ~$900M | $668M |

| Adjusted effective tax rate | ~20% | 20.6% |

As we look at the balance of fiscal year 2026, we now expect our full year effective tax rate to be approximately 20%.

| Adjusted effective tax rate | ~20% | 20.6% |

Turning to income taxes, we expect our effective tax rate to be in the range of 20%-21% for fiscal 2026.

| Adjusted effective tax rate | 20% to 21% | 20.6% |

| Net interest expense | ~$485M | $292M |

We expect interest expense to be in the range of $480 million-$500 million, up from our previous range of $315 million-$335 million, primarily due to additional borrowings required to fund our acquisition of OneOncology.

| Net interest expense | $480M to $500M | $292M |

Now moving to interest expense, we expect our interest expense to be in the range of $315 million-$335 million.

| Net interest expense | $315M to $335M | $292M |

On a consolidated basis, we now expect revenue growth to be in the range of 4%-6%, down from the previous expectations of 7%-9%.

| Revenue | 4% to 6% growth | $321.3B |

We expect consolidated revenue growth to be in the range of 7%-9%, up from the previous expectations of 5%-7%, reflecting increased growth across both reportable segments and in other.

| Revenue | 7% to 9% growth | $321.3B |

Starting with EPS, we expect adjusted diluted EPS to be in the range of $17.45-$17.75, representing growth of 9%-11%. Now I'll provide some details on the items contributing to this EPS growth. Beginning with revenue, we expect consolidated revenue growth to be in the range of 5%-7%, reflecting U.S. healthcare solutions revenue growth in the range of 5%-7%, international healthcare solutions revenue growth in the range of 6%-8%, and other revenue growth in the range of 0%-4%.

| Revenue | 5% to 7% growth | $321.3B |