Cencora, Inc. (NYSE:COR) Morgan Stanley 23rd Annual Global Healthcare Conference September 10, 2025 11:30 AM EDT
Company Participants
James Cleary – Executive VP & CFO
Bennett Murphy – Senior VP, Head of Investor Relations & Treasury
Conference Call Participants
Erin Wilson Wright – Morgan Stanley, Research Division
Presentation
Erin Wilson Wright
Equity Analyst
Good afternoon, everyone. Welcome to Day 3 of the Morgan Stanley Healthcare Conference. Just real quickly for important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. And if you do have any questions, please reach out to your Morgan Stanley sales representative.
With that, I’m Erin Wright, I cover health care services at Morgan Stanley. We’re happy to have Cencora with us today. With the team, we have Jim Cleary, EVP and CFO of the company. We also have Bennett Murphy, who heads up the IR effort, so SVP of IR, or Head of IR and Enterprise Productivity at Cencora. So thanks so much for joining us today. We’re definitely happy to have you.
Question-and-Answer Session
Erin Wilson Wright
Morgan Stanley, Research Division
So I’ll kick it off with some Q&A to get it started here. More recently, in the most recent quarter, you raised your fiscal ’25 EPS guidance, I think you’ve raised it 5x since you issued it in November of last year. With the latest kind of implying that EPS growth of 14% to 15%. The EPS growth this year is helped in part by some of the acquisitions and like, for instance, RCA deal, but also related to significant strength in that U.S. Healthcare business. So could you talk a little bit about how you continue to track ahead of your long-term goals here of 8% to 12%? How we should be thinking about that earnings growth as we head into 2026? And what are some of those key headwinds and tailwinds?
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