Risk Sleuth
COR · 10-K filed 25 Nov 2025 · year to 30 Sep 2025

Cencora

35 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top 10 customers (including governmental agencies and GPOs)

concentrated in · approximately 66% of revenuenamed as a risk
Our top 10 customers, including governmental agencies and group purchasing organizations (“GPO”), represented approximately 66% of revenue in fiscal 2025.Business (Item 1)

Also named by AESI, CLS, ECG, JBHT, MTSI, MYRG, Q, VEEV and 1 more

Walgreens Boots Alliance (Walgreens and Boots)

earns from · approximately 25% of our revenuenamed as a risk
Walgreens and Boots together accounted for approximately 25% of our revenue in fiscal 2025 and, as of September 30, 2025, accounted for approximately 38% of our accounts receivable, net.Risk factors (Item 1A)

Evernorth Health Services

earns from · approximately 13% of our revenuenamed as a risk
Evernorth Health Services accounted for approximately 13% of our revenue in fiscal 2025.Risk factors (Item 1A)

Suppliers

Top 10 suppliers

depends on · approximately 57% of our purchasesnamed as a risk
The 10 largest suppliers in fiscal 2025 accounted for approximately 57% of our purchases.Business (Item 1)

Partners and platforms

Walgreens Boots Alliance Development GmbH (WBAD)

depends onnamed as a risk
In addition, if the economics of the generics purchasing services arrangement with WBAD decline due to changes in market conditions or other changes impacting the fees and rebates that generic manufacturers make available through the arrangement, our margins and results of operations could also be adversely affected.Risk factors (Item 1A)

Other companies

Retina Consultants of America (RCA)

$4,042.0 million in cashnamed as a risk
On January 2, 2025, we acquired an 85% interest in Retina Consultants of America (“RCA”) for $4,042.0 million in cash, $694.4 million of contingent consideration related to equity units for certain RCA physicians and members of management that retained the remaining 15% interest in RCA, $545.7 million for the settlement of a net receivable resulting from a pre-existing commercial relationship between us and RCA, and $393.1 million for contingent consideration payable to the sellers associated with RCA’s achievement of certain predetermined business objectives in fiscal 2027 and fiscal 2028.Business (Item 1)

OneOncology

$718.4 million (representing a 34.9% interest)named as a risk
In June 2023, we invested $718.4 million (representing a 34.9% interest) in a joint venture to acquire OneOncology, a network of leading oncology practices, with TPG Inc., a global alternative asset management firm, holding the majority interest in the joint venture.Risk factors (Item 1A)

PharmaLex

$723.9 millionnamed as a risk
In connection with the Company’s annual goodwill impairment assessment, it recorded a full impairment of the remaining goodwill of $723.9 million in the PharmaLex reporting unit.Risk factors (Item 1A)

Sycamore Partners

named as a risk
On August 28, 2025, Sycamore Partners, a private equity firm, acquired Walgreens Boots Alliance, Inc. (“WBA”).Risk factors (Item 1A)

Competitors

McKesson Corporation

competes with
Our largest competitors are McKesson Corporation (“McKesson”), Cardinal Health, Inc. (“Cardinal”), and UPS Logistics, among others.Business (Item 1)

Also named by ABBV, AMGN, CAH, GILD, HALO, HROW, HSIC, LLY and 1 more

Cardinal Health, Inc.

competes with
Our U.S. human health distribution businesses compete with both McKesson and Cardinal, as well as national generic distributors and regional distributors within pharmaceutical distribution.Business (Item 1)

Also named by ABBV, AMGN, BAX, CVS, GILD, HROW, LLY, MCK and 1 more

UPS Logistics

competes with
Our largest competitors are McKesson Corporation (“McKesson”), Cardinal Health, Inc. (“Cardinal”), and UPS Logistics, among others.Business (Item 1)

Places

Europe

earns from · approximately 9% of our revenuenamed as a risk
We conduct operations in over 50 countries and, in fiscal 2025, approximately 9% of our revenue was derived from our international operations, which subjects us to various risks inherent in global operations.Risk factors (Item 1A)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Turkey

operates innamed as a risk
For example, Turkey remains a “highly inflationary economy,” as defined under GAAP, which impacted our consolidated financial statements.Risk factors (Item 1A)

Also named by BALL, ECL, IQV, JNJ, META, YUM

Ireland

operates in
We have introduced strategies to enhance our position in the generic marketplace, including our generic product private label program based in Ireland.Business (Item 1)

Also named by AAPL, ACN, ADI, AGX, BEN, CDNS, CELH, DDOG and 13 more

Columbus, Ohio

operates in
Our robust distribution facility network includes a national distribution center in Columbus, Ohio, which offers pharmaceutical manufacturers a single shipping destination.Business (Item 1)

Also named by HBAN

Commodities and inputs

Fuel

exposed to its pricenamed as a risk
During fiscal 2025, we continued to experience increased costs, including for fuel, and it is possible that we could experience supply disruptions, shortages, or additional costs (including with respect to packaging, materials, and other equipment) resulting from U.S. tariffs or other protective measures.Risk factors (Item 1A)

Also named by ASO, CARR, CPNG, CPRT, DDS, DKS, DY, ECG and 16 more

Wholesale acquisition cost (WAC) pricing

exposed to its pricenamed as a risk
If manufacturers change their pricing policies or practices with regard to WAC or if prices charged by manufacturers do not align with prices negotiated to be paid by our customers, and we are unable to negotiate alternative ways to be compensated by manufacturers or customers for the value of our services, our results of operations could be adversely affected.Risk factors (Item 1A)

Generic pharmaceutical prices

exposed to its pricenamed as a risk
If the frequency or rate of generic pharmaceutical price deflation accelerates, the negative impact on our results of operations would increase.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
The U.S. Drug Enforcement Administration (“DEA”), the U.S. Food and Drug Administration (“FDA”), the U.S. Department of Justice, and various other federal and state authorities regulate the purchase, storage, and/or distribution of pharmaceutical products, including controlled substances.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Centers for Medicare & Medicaid Services (CMS)

subject tonamed as a risk
There can be no assurance that the corresponding offsets, or other recent or future rules established by CMS will not have an adverse impact on our business.Risk factors (Item 1A)

Also named by A, ABT, AMGN, AXGN, BAX, BWIN, CNC, COO and 23 more

U.S. Drug Enforcement Administration (DEA)

subject tonamed as a risk
Wholesale distributors of controlled substances must hold valid DEA licenses, meet various security and operating standards, and comply with regulations governing the sale, marketing, packaging, holding, and distribution of controlled substances.Business (Item 1)

Also named by CAH, DGX, DHR, HALO, HSIC, IQV, LH, MCK and 7 more

Laws and programs

Distributor Settlement Agreement (opioid litigation)

subject to · $4.3 billionnamed as a risk
The $4.3 billion liability will be paid over 13 years.Risk factors (Item 1A)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk
These provisions may impact the financial stability of our customers, and may limit coverage or payment, and therefore affect demand, for our products and services.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Medicaid

subject tonamed as a risk
Among other things, the removal of the ceiling on manufacturer Medicaid rebate amounts, effective January 1, 2024, has led to WAC price reductions and affected manufacturer price increases for certain products.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

Inflation Reduction Act (IRA)

subject tonamed as a risk
Each of these considerations, as well as other issues that may arise in connection with the implementation of the IRA, may adversely affect our operations and profitability as well as our customers’ operations, profitability, and cash flow.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

340B Drug Pricing Program

subject tonamed as a risk
Our customers include covered entities and organizations with significant participation as contract pharmacies, and the unavailability of 340B discounts through contract pharmacy arrangements may adversely affect such customers and, therefore, could adversely affect our business.Risk factors (Item 1A)

Also named by ABBV, BAX, BIIB, BMY, CAH, CVS, EXEL, GILD and 13 more

Affordable Care Act (ACA)

subject tonamed as a risk
These outcomes could produce greater financial strains on our business and our customers (e.g., through increased uncompensated care) and could adversely affect demand for our products and services.Risk factors (Item 1A)

Also named by ABBV, ABT, ADP, AFL, BBSI, BRO, BWIN, DOC and 8 more

U.S. Section 232 pharmaceutical tariffs

subject tonamed as a risk
During fiscal 2025, we continued to experience increased costs, including for fuel, and it is possible that we could experience supply disruptions, shortages, or additional costs (including with respect to packaging, materials, and other equipment) resulting from U.S. tariffs or other protective measures.Risk factors (Item 1A)

Also named by GILD, LLY, MRK, PFE, REGN

Medicare Part B

subject tonamed as a risk
These changes could result in reduced Part B payments for specialty products to our customers, and some manufacturers may seek to implement alternative pricing or contracting structures for their service fee relationships with wholesalers, providers, and other entities.Risk factors (Item 1A)

Also named by ABBV, HROW, REGN, UTHR

Drug Supply Chain Security Act (DSCSA)

subject tonamed as a risk
There can be no assurance that we are fully compliant with DQSA and DSCSA requirements, or with additional related state regulatory and licensing requirements, and any failure to comply may result in suspension or delay of certain operations and additional costs to bring our operations into compliance.Business (Item 1)

Also named by CAH, EXEL, HSIC, MCK

Executive Order 14297 (Most-Favored-Nation drug pricing)

subject tonamed as a risk
MFN pricing pressures and DTC mechanisms could lead to voluntary or involuntary manufacturer price changes, which could be either temporary or long term, but all of which could adversely affect our business.Risk factors (Item 1A)

Also named by MCK

EU Health Technology Assessment Regulation 2021/2282

subject tonamed as a risk
All of these measures exert pressure on the pricing and reimbursement levels for pharmaceuticals and may cause our customers to purchase fewer of our products and services or influence us to reduce prices for our services.Risk factors (Item 1A)

Also named by MRK

EU Critical Medicines Act

subject tonamed as a risk
These measures could require us and our partners to hold higher inventories, alter production and distribution plans, prioritize certain markets, and incur additional compliance and logistics costs, and non-compliance could result in fines, product seizures, operating restrictions, litigation, reputational harm, and loss of market access.Risk factors (Item 1A)

EU Falsified Medicines Directive

subject tonamed as a risk
Pedigree tracking laws increase our compliance burden and our pharmaceutical distribution costs and could have an adverse impact on our financial position or results of operations.Risk factors (Item 1A)