Cencora Inc 2025年度报告

03About Cencora05CEO letter11Cencora highlights and strategicoverview12Management team13Board of Directors14GAAP/Non-GAAP financial measures17Corporate information Table ofcontents Cencora is a leading global pharmaceutical solutionsorganization centered on improving the lives of peopleand animals around the world. We partner withpharmaceutical innovators across the value chain tofacilitate and optimize market access to therapies.Care providers depend on us for the secure, reliabledelivery of pharmaceuticals, healthcare products, andsolutions. AboutCencora CEO letter To our shareholders Fiscal 2025 was a notable year for Cencora, as we deliveredstrong financial performance and fortified our position as aleading healthcare company, exemplified by the acquisition ofRetina Consultants of America (“RCA”). The strength of ourenterprise is powered by our team members, who arecommitted to our purpose and drive differentiated value for ourstakeholders. We continue to execute our pharmaceutical-centric strategy,steered by our strategic drivers and anchored in our growthpriorities, to serve our customers and ensure patient access tothe medications they need. Driving strong growth and enhancing our position asa leading healthcare solutions company: In fiscal 2025, Cencora delivered adjusted dilutedearnings per share of $16.00, growing 16 percentyear-over-year. Consolidated revenue was $321billion, representing a nine percent increaseyear-over-year, and adjusted operating incomeincreased 16 percent to $4.2 billion. in adjusted free cash flow$3.0B In the U.S. Healthcare Solutions segment, operatingincome grew 22 percent, as we capitalized on positivepharmaceutical trends, the unique solutions weprovide, and our leadership in specialty. The segmentbenefited from continued, broad-based strength inutilization trends, including specialty volumes to ourhealth system and physician customers, and theJanuary 2025 acquisition of RCA. returned to shareholders~$900M invested in business throughcapital expenditures~$700M While our International Healthcare Solutions segmentexperienced softer performance in fiscal 2025 due tomarket pressure in clinical trial activity, we believe ourglobal footprint uniquely positions us to supportpharmaceutical manufacturers and their innovativeproducts as they come to market. This is evidencedby the strong demand we noticed for our globalthird-party logistics (“3PL”) offering. Our differentiatedspecialty logistics business has delivered stronggrowth over the last decade, and we believe it ispositioned to win as the market rebounds. We havealso taken action to simplify and better position ourspecialized consulting business in areas where we arebest equipped to drive results. growing dividend that is aligned with our long-termadjusted diluted earnings per share guidance. Our dedication to disciplined execution and buildingstrategic partnerships with market leaders hasresulted in growth above the long-term guidance weintroduced in 2022. To reflect our proven execution,our conviction in the strength of Cencora, and theexpected benefits from the recently announcedtransaction to acquire the remaining interest inOneOncology, we were pleased to raise our long-term adjusted diluted EPS guidance range to nowreflect growth of 10 to 14 percent. With our durablecore in pharmaceutical distribution and higher-margin, high growth services and solutions, we areconfident that we will continue to captureopportunities from market growth andpharmaceutical innovation while making growth-oriented investments to further our strategicpositioning. Cencora continues to generate robust free cash flowthat enables us to make investments that advanceour strategy. The $3 billion in adjusted free cash flowwe delivered in fiscal 2025 fueled key investments tostrengthen our infrastructure and supported ouracquisition of RCA. Additionally, we built on ourtrack record of returning capital to shareholders withnearly $900 million in dividends and opportunisticshare repurchases completed during the fiscal year.On November 5, 2025, we announced a nine percentincrease in our quarterly dividend, reflecting ourongoing commitment to maintaining a reasonable, Advancing our pharmaceutical-centricstrategy: At Cencora, our strategy is grounded in the belief thatpharmaceuticals are the most efficient form ofhealthcare. We are intentionally positioned tosupport the growing use of pharmaceuticals,beginning with the early phases of innovation andcontinuing through to the ultimate distribution ofproducts to thousands of downstream providers. Our go-forward strategy focuses on three growthpriorities – leading with market leaders, enhancingpatient access to pharmaceuticals, andstrengthening our position in specialty – and fourstrategic drivers enabling our execution – prioritizinggrowth-oriented investments, accelerating our use ofadvanced technologies to support our enterprise,identifying ongoing process and capabilityimprovements, a