Investment Thesis
Cencora (formerly AmerisourceBergen) distributes pharmaceuticals and specialty therapies globally. Specialty, biosimilars, and global logistics capabilities drive durable free cash flow.
- Specialty Leadership: Oncology and physician-administered drugs grow faster than traditional retail.
- Global Footprint: World Courier cold chain and Alliance Healthcare broaden reach.
- Capital Allocation: Consistent buybacks and tuck-ins funded by strong cash conversion.