to the Company's Current Report on Form 8-K dated

CENCORA REPORTS FISCAL 2026 SECOND QUARTER RESULTS

Revenue of $78.4 billion for the Second Quarter, a 3.8 percent Increase Year-Over-Year

Second Quarter GAAP Diluted EPS of $8.40 and Adjusted Diluted EPS of $4.75

Adjusted Diluted EPS Guidance Range Raised to $17.65 to $17.90 for Fiscal 2026

Cencora Expects to Repurchase $1 Billion in Shares by the End of Calendar 2026

CONSHOHOCKEN, PA, May 6, 2026 - Cencora, Inc. (NYSE COR) reported that in its fiscal year 2026 second quarter ended March 31, 2026, revenue increased 3.8 percent year-over-year to $78.4 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $8.40 for the second quarter of fiscal 2026 compared to $3.68 in the prior year second quarter. Adjusted diluted EPS, which is a non-GAAP financial measure that excludes items described below, increased 7.5 percent to $4.75 in the fiscal second quarter from $4.42 in the prior year second quarter.

Cencora is updating its outlook for fiscal year 2026. The Company does not provide forward-looking guidance on a GAAP basis as discussed below in Fiscal Year 2026 Expectations. Adjusted diluted EPS guidance has been raised from the previous range of $17.45 to $17.75 to a range of $17.65 to $17.90.

"Cencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers," said Robert P. Mauch, President and Chief Executive Officer of Cencora.

"Our fiscal 2026 guidance reflects the strength of our business and focus on our strategy to create long-term value. As we move into the second half of our fiscal year, we are pleased to have made progress on debt paydown and to be in a position to resume opportunistic share repurchases," Mr. Mauch continued.

Second Quarter Fiscal Year 2026 Summary Results

Below, Cencora presents descriptive summaries of the Company's GAAP and adjusted (non-GAAP) quarterly results. In the tables that follow, GAAP results and GAAP to non-GAAP reconciliations are presented. For more information related to non-GAAP financial measures, including adjustments made in the periods presented, please refer to the "Supplemental Information Regarding Non-GAAP Financial Measures" following the tables.

Second Quarter GAAP Results

Revenue In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment.

Gross Profit Gross profit in the second quarter of fiscal 2026 was $3.6 billion, a 17.3 percent increase compared to the same quarter in the previous fiscal year, primarily due to the increase in gross profit in both reportable segments and a LIFO credit in the current year quarter compared to LIFO expense in the prior year quarter, offset in part by lower gains from antitrust litigation settlements in the current year quarter compared to the prior year quarter. Gross profit as a percentage of revenue was 4.58 percent, an increase of 52 basis points from the prior year quarter primarily due to the increase in U.S. Healthcare Solutions' gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by higher sales of GLP-1s, which have lower gross profit margins.

Operating Expenses In the second quarter of fiscal 2026, operating expenses were $2.4 billion, a 20.9 percent increase compared to the same quarter in the previous fiscal year. This increase was primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.

Operating Income In the second quarter of fiscal 2026, operating income was $1.1 billion, an increase of 10.3 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income as a percentage of revenue was 1.46 percent in the second quarter of fiscal 2026 compared to 1.37 percent in the prior year quarter.

Other Income, Net In the second quarter of fiscal 2026, in connection with the acquisition of OneOncology, the Company recorded a gain of $1.1 billion on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

Interest Expense, Net In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income.

Effective Tax Rate The effective tax rate was 22.0 percent for the second quarter of fiscal 2026 compared to 22.7 percent in the prior year quarter.

Diluted Earnings Per Share Diluted earnings per share was $8.40 in the second quarter of fiscal 2026, a 128.3 percent increase compared to $3.68 in the previous fiscal year's second quarter. The increase in diluted earnings per share

included a $1.1 billion remeasurement gain related to the OneOncology acquisition, which was recorded as "Other (income) loss, net."

Diluted Shares Outstanding Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter.

Second Quarter Adjusted (non-GAAP) Results

Revenue No adjustments were made to the GAAP presentation of revenue. In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment.

Adjusted Gross Profit Adjusted gross profit in the second quarter of fiscal 2026 was $3.4 billion, a 15.7 percent increase compared to the same quarter in the previous fiscal year primarily due to increases in gross profit in both reportable segments. Adjusted gross profit as a percentage of revenue was 4.31 percent in the fiscal 2026 second quarter, an increase of 45 basis points from the prior year quarter primarily due to the increase in U.S. Healthcare Solutions' gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by higher sales of GLP-1s, which have lower gross profit margins.

Adjusted Operating Expenses In the second quarter of fiscal 2026, adjusted operating expenses were $2.1 billion, a 22.5 percent increase compared to the same quarter in the previous fiscal year, primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.

Adjusted Operating Income In the second quarter of fiscal 2026, adjusted operating income was $1.3 billion, a 6.0 percent increase compared to the same quarter in the prior fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Adjusted operating income as a percentage of revenue was 1.61 percent in the fiscal 2026 second quarter, an increase of 3 basis points when compared to the prior year quarter.

Interest Expense, Net No adjustments were made to the GAAP presentation of net interest expense. In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income.

Adjusted Effective Tax Rate The adjusted effective tax rate was 18.9 percent for the second quarter of fiscal 2026 compared to 20.8 percent in the prior year quarter primarily due to discrete tax benefits in the current year quarter.

Adjusted Diluted Earnings Per Share Adjusted diluted earnings per share was $4.75 in the second quarter of fiscal 2026, a 7.5 percent increase compared to $4.42 in the previous fiscal year's second quarter.

Diluted Shares Outstanding No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter.

The Company is organized geographically based upon the products and services it provides to its customers under two reportable segments U.S. Healthcare Solutions and International Healthcare Solutions. Additionally, other businesses for which the Company is exploring strategic alternatives have been grouped together in Other. These businesses include MWI Animal Health, Profarma, U.S. Consulting Services, and certain components of PharmaLex.

U.S. Healthcare Solutions Segment

U.S. Healthcare Solutions revenue was $68.8 billion in the second quarter of fiscal 2026, an increase of 2.9 percent compared to the same quarter of the previous fiscal year primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and or weight loss in the GLP-1 class. The revenue growth was offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, lower sales to our large mail order customer as a result of brand conversions, and the 2025 losses of an oncology customer and a grocery customer. Segment operating income of $998.3 million in the second quarter of fiscal 2026 was up 5.6 percent compared to the same quarter in the previous fiscal year due to the increase in

gross profit, as a result of the February 2026 acquisition of OneOncology and increased product sales, offset in part by the increase in operating expenses and the 2025 loss of an oncology customer.

International Healthcare Solutions Segment

International Healthcare Solutions revenue was $7.6 billion in the second quarter of fiscal 2026, an increase of 13.0 percent compared to the previous fiscal year's second quarter primarily due to growth in our European distribution business. Segment operating income in the second quarter of fiscal 2026 was $175.8 million, an increase of 13.7 percent, primarily due to increased operating income at our European distribution business and our global specialty logistics business. On a constant currency basis, International Healthcare Solutions revenue increased by 7.2 percent in the second quarter of fiscal 2026 compared to the previous fiscal year's second quarter, while segment operating income increased by 12.9 percent.

Revenue in Other was $2.1 billion in the second quarter of fiscal 2026, an increase of 5.1 percent compared to the previous fiscal year's second quarter due to growth at Profarma and MWI Animal Health, offset in part by a decrease in sales at our consulting services businesses. Operating income in Other in the second quarter of fiscal 2026 was $91.6 million, a decrease of 1.3 percent, primarily due to lower operating income at our consulting services businesses, offset in part by an increase in operating income at MWI Animal Health.

Recent Company Highlights Milestones

Cencora and Covetrus, a global animal health technology and services company, announced that they entered into a definitive agreement under which MWI Animal Health and Covetrus will merge, creating a combined company offering a comprehensive animal health platform.

Cencora announced the signing of a definitive agreement to acquire EyeSouth Partners' retina business. Upon completion of the transaction, the affiliated retina physicians of EyeSouth Partners will join Cencora's Retina Consultants of America ("RCA"), a leading management services organization.

Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis

Cencora is now updating its fiscal year 2026 financial guidance which reflects its strong full year fiscal 2026 operating income growth in the U.S. Healthcare Solutions segment and updated operating income expectations in Other as a result of MWI now being accounted for as "held for sale". Additionally, the Company has narrowed its expectations for interest expense and now expects an incrementally lower expected share count as it resumes opportunistic share repurchases.

(1) Bolded figures indicate updates to guidance metrics.

(2) For further detail on fiscal 2025 revised reportable segment information, please reference Exhibit 99.2 to the Company's Current Report on Form 8-K dated November 5, 2025.

(3) As reported guidance. For additional details regarding updated guidance expectations on a constant currency basis, please refer to our slide presentation for investors posted on the Company's website at investor.cencora.com.

Dividend Declaration

The Company's Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable June 1, 2026, to stockholders of record at the close of business on May 15, 2026.

Conference Call Slide Presentation

The Company will host a conference call to discuss its operating results at 8 30 a.m. ET on May 6, 2026. A slide presentation for investors has also been posted on the Company's website at investor.cencora.com. Participating in the conference call will be

Robert P. Mauch, President Chief Executive Officer

James F. Cleary, Executive Vice President Chief Financial Officer

The dial-in number for the live call will be +1 (833) 461-5787. From outside the United States and Canada, dial +1 (585) 542-9983. The meeting ID for the call will be 280720750 and the access code will be 528015. The live call will also be webcast via the Company's website at investor.cencora.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.

A replay of the webcast will be posted on investor.cencora.com approximately one hour after the completion of the call and will remain available for one year.

Upcoming Investor Event

Cencora management will be attending the following investor event in the coming months

Bank of America Global Healthcare Conference, May 12-14, 2026

Please check the Company website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.

Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our worldwide team members contribute to positive health outcomes through the power of our purpose We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #18 on the Global Fortune 500 with more than $300 billion in annual revenue. Learn more at investor.cencora.com

Cencora's Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"). Words such as "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "opportunity," "plan," "possible," "potential," "predict," "project," "seek," "should," "strive," "sustain," "synergy," "target," "will," "would" and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not mean the statement is not forward-looking. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those indicated is included (i) in the Risk Factors and Management's Discussion and Analysis sections in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws.

(in thousands, except per share data)

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1 Includes a $16.5 million gain from antitrust litigation settlements, a $210.0 million LIFO credit, and T rkiye foreign currency remeasurement expense of $12.2 million in the three months ended March 31, 2026. Includes a $198.6 million gain from antitrust litigation settlements, a $39.5 million LIFO expense, and T rkiye foreign currency remeasurement expense of $14.5 million in the three months ended March 31, 2025.

2 In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the three months ended March 31, 2026.

(in thousands, except per share data)

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1 Includes a $28.7 million gain from antitrust litigation settlements, a $287.6 million LIFO credit, and T rkiye foreign currency remeasurement expense of $23.0 million in the six months ended March 31, 2026. Includes a $221.5 million gain from antitrust litigation settlements, a $32.1 million LIFO expense, and T rkiye foreign currency remeasurement expense of $21.6 million in the six months ended March 31, 2025.

2 Includes an $86.8 million credit related to a derivative lawsuit settlement in the six months ended March 31, 2026.

3 Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business.

4 In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the six months ended March 31, 2026.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

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1 In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

2 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

3 The sum of the components does not equal the total due to rounding.

Note For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

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1 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

2 The sum of the components does not equal the total due to rounding.

Note For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

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1 Includes an $86.8 million credit related to a derivative lawsuit settlement.

2 Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business.

3 In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.