Cencora recently released its latest 10-Q report, showing a business built around pharmaceutical distribution and related services in the U.S. and abroad. In the U.S. Healthcare Solutions segment, it distributes generic and injectable drugs, over-the-counter products, vaccines, plasma and other blood products, and specialty pharmaceuticals, while also providing pharmacy management, staffing, consulting, software, packaging, clinical trial support, commercialization services, analytics, and animal health products. Its International Healthcare Solutions segment handles pharmaceutical wholesale and related services, global commercialization, and specialty transportation and logistics, and the company was renamed from AmerisourceBergen in August 2023.
For the three months ended June 30, 2026, revenue rose 5.1% to $84.75 billion from $80.66 billion a year earlier, an increase of $4.09 billion. For the nine months, revenue increased 4.8% to $249.04 billion from $237.60 billion, up $11.44 billion.
U.S. Healthcare Solutions generated $74.86 billion of revenue in the quarter, up 4.9% from $71.34 billion, and $219.84 billion for the nine months, up 4.3% from $210.72 billion. The company said the quarter’s increase was driven by market growth, unit volume growth, higher specialty sales to health systems and physician practices, and a $2.3 billion increase in products labeled for diabetes and/or weight loss in the GLP-1 class, partially offset by lower manufacturer prices on certain branded drugs, lost oncology and grocery customer sales, and lower sales to a large mail-order customer tied to brand conversions.
International Healthcare Solutions revenue rose 5.9% in the quarter to $7.68 billion from $7.25 billion, and 9.4% in the nine months to $22.87 billion from $20.91 billion, mainly on higher sales at the European distribution business. Revenue in Other rose 6.9% in the quarter to $2.25 billion and 6.1% in the nine months to $6.44 billion, helped by Brazil distribution and animal health, partly offset by lower consulting services sales.
Gross profit climbed 24.1% in the quarter to $3.61 billion from $2.91 billion, and 20.4% in the nine months to $10.27 billion from $8.52 billion. U.S. Healthcare Solutions gross profit increased 31.2% to $2.38 billion in the quarter and 26.5% to $6.51 billion in the nine months, with the company pointing to the February 2026 acquisition of OneOncology, the January 2025 acquisition of RCA, and higher pharmaceutical sales. International Healthcare Solutions gross profit rose 11.8% in the quarter to $822.0 million and 9.5% in the nine months to $2.43 billion.
Total operating expenses increased 21.9% in the quarter to $2.49 billion and 22.5% in the nine months to $7.24 billion. Distribution, selling and administrative expenses were $2.13 billion in the quarter, up 27.5%, and $5.91 billion in the nine months, up 24.5%, with OneOncology and RCA cited as the main drivers. The company also recorded a litigation and opioid-related credit of $88.6 million in the quarter versus expense of $18.0 million a year earlier, and a credit of $160.9 million in the nine months versus expense of $46.3 million a year earlier.
Total segment operating income increased 17.0% in the quarter to $1.01 billion and 11.4% in the nine months to $3.56 billion. U.S. Healthcare Solutions operating income rose 15.9% in the quarter and 13.4% in the nine months, while International Healthcare Solutions operating income increased 20.8% in the quarter and 5.9% in the nine months. The effective tax rate was 22.1% for the quarter and 21.6% for the nine months. Today the company's shares have moved 3.56% to a price of $317.17. Check out the company's full 10-Q submission here.
