Q3 2024 Cencora Inc Earnings Call Transcript
Key Points
- Cencora Inc (COR) reported quarterly revenue of over $74 billion, representing a year-over-year growth of 11%.
- Adjusted diluted EPS increased by 14% to $3.34, showcasing strong financial performance.
- The company raised its full-year outlook, indicating confidence in continued growth and execution against its pharmaceutical-centric strategy.
- Cencora's specialty distribution and services offerings have shown strong growth, particularly in oncology and ophthalmology.
- The company has made forward-thinking investments in infrastructure and emerging technologies, positioning itself well for future growth.
- Gross profit margin decreased by 14 basis points compared to the prior year quarter, impacted by the reacceleration of low-margin GLP-1 product sales.
- International Healthcare Solutions segment saw a decrease in operating income by 4% on an as-reported basis due to higher IT expenses and lower operating income in global specialty logistics.
- The company is facing some softness in demand at Pharmexx, impacting the international segment's performance.
- There are concerns about the impact of Walgreens Boots Alliance's strategic changes on Cencora's business, given the significant partnership between the two companies.
- The company expects very little contribution from commercial COVID therapies in the fourth quarter, which could impact year-over-year comparisons.
Yes, good morning and good afternoon, ladies and gentlemen. Welcome to the Corporate Q3 earnings call. My name is Jackie, and I will be your moderator for today's call. (Operator Instructions).
I would now like to pass the conference over to your host, Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury business. Please go ahead.
Thank you. Good morning. Good afternoon and thank you all for joining us for this conference call to discuss Cencora 's fiscal 2024 third quarter results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Joining me today are Steve Collis, Chairman, President and CEO, Jim Cleary, Executive Vice President and CFO, and Bob much, Executive Vice President and CFO.
On today's call, we will be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor dot Cencora .com. We've also
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