Cencora (COR) 10-K Summary — Year Ended Sep 30, 2023
Cencora, formerly AmerisourceBergen, is one of the largest global pharmaceutical sourcing and distribution services companies. The filing reports annual revenue increased, and operating income, net income, and operating cash flow are each reported.
Key takeaway
Year ended Sep 30, 2023 · FY2025 10-K
Cencora, formerly AmerisourceBergen, is one of the largest global pharmaceutical sourcing and distribution services companies. The filing reports annual revenue increased, and operating income, net income, and operating cash flow are each reported.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$262.2B
Revenue reported for the fiscal year.
Operating income
$2.3B
Income from operations reported for the year.
Net income
$1.7B
Net income reported for the year.
Operating cash flow
$3.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2021 | $214B | n/a |
| Sep 30, 2022 | $238.6B | +11.5% |
| Sep 30, 2023 | $262.2B | +9.9% |
Business overview
Cencora distributes brand-name, specialty, and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies, and related services to a wide range of healthcare providers across the United States and select global markets. The company also offers data analytics, outcomes research, reimbursement consulting, regulatory affairs, pharmacovigilance, and niche premium logistics services to healthcare providers and pharmaceutical manufacturers. It serves acute care hospitals, retail and mail order pharmacies, medical clinics, long-term care facilities, physician practices, dialysis clinics, and veterinarians.
Financial performance
Revenue increased compared to the prior year, continuing a trend of growth. Operating income, net income, and operating cash flow are all reported at levels below revenue. Management's discussion contains forward-looking statements about financial position and business strategy, but no specific performance outlook is quantified in the supplied context.
Material risks
The company's risk factors are listed, and forward-looking statements note uncertainties regarding financial position, business strategy, industry trends, and new products. The filing does not elaborate on specific material risks beyond referencing the opioid litigation payments that will be made over the next 15 years.
Liquidity and capital
Operating results have generated cash flows that, along with debt agreements and supplier credit, have supported working capital, capital expenditures, acquisitions, debt repayment, interest, dividends, and share repurchases. The company expects future cash flows and borrowings to fund ongoing requirements, including opioid litigation payments, and can repatriate most foreign cash without significant additional taxes.
What to watch
Monitor the level and timing of opioid litigation payments, which will extend over the next 15 years and are a stated use of liquidity.