NEW YORK, Feb 6, 2026, 12:57 EST — Regular session
- Shares climbed roughly 1.4% by midday, hitting a session peak close to $359
- Investors are digesting the raised outlook linked to the OneOncology deal, along with new insights from the sector
- Drug distributors remain in the spotlight following profit-boosting reports from Cardinal Health and McKesson this week
Cencora shares gained 1.4% Friday, closing at $356.99 after a volatile week following its earnings report. During the session, the stock fluctuated between $351.52 and $358.69.
This shift is significant as investors are piling back into the drug-distribution sector, wagering that specialty medicines and GLP-1 drugs — a rapidly expanding category of diabetes and weight-loss treatments — will sustain prescription volumes and fees despite ongoing pricing pressures.
Cencora topped Wall Street’s profit forecasts this week in its fiscal first quarter, though revenue narrowly missed the mark. Adjusted earnings came in at $4.08 per share, slightly above the $4.04 consensus. Revenue reached $85.93 billion, just under the $86.03 billion analysts had expected, according to LSEG data. 1
The company bumped up its fiscal 2026 adjusted operating income growth forecast to a range of 11.5% to 13.5%, up from the earlier 8% to 10%. It also stuck to its adjusted earnings guidance. “Adjusted” excludes specific items the company doesn’t consider part of its core operations. 2
A filing revealed that Cencora bought the remaining majority equity in OneOncology for roughly $4.6 billion in cash, backed by fresh debt financing. OneOncology’s results will now be folded into Cencora’s U.S. Healthcare Solutions segment. 3
On the earnings call, CFO James Cleary said Cencora has paused share buybacks to focus on paying down debt. The company also raised its revenue growth forecast for fiscal 2026 to 7% to 9%. Cleary highlighted strong U.S. GLP-1 sales but noted international profits took a hit due to timing issues with manufacturer price changes in parts of Europe. 4
Peers set the tone Thursday as Cardinal Health raised its full-year profit outlook, beating quarterly estimates thanks to strong demand for higher-margin specialty drugs. CEO Jason Hollar noted that while GLP-1 drugs are lifting revenue, they aren’t expected to significantly boost profits anytime soon. 5
McKesson lifted its fiscal 2026 adjusted profit forecast this week, pointing to robust performance in oncology and specialty drug distribution as key drivers, marking another positive note for the company. 6
That said, the setup could still unravel. The OneOncology deal increases leverage just as borrowing costs climb across corporate America. In a low-margin distribution model, even slight revenue shortfalls or customer losses can hit hard and fast.
Investors will be closely tracking how quickly Cencora moves to reduce acquisition debt and if management can hit its growth targets as the OneOncology integration progresses. A key short-term milestone is the $0.60 quarterly dividend, set with a Feb. 13 record date and payment on March 2. Management is also scheduled to speak at healthcare conferences in March.
