Cencor Stock Under Scrutiny After Revised Outlook (NYSE:COR)

Ahead of the upcoming investor conferences, pharmaceutical distributor Cencora (NYSE:COR), formerly known as AmerisourceBergen, on Thursday slightly raised its fiscal 2024 profit forecast to a level in line with Street forecasts

For fiscal 2024, the Pennsylvania-based company forecasts its adjusted earnings per share, up from the previous guidance of $13.55 to $1.65 on a diluted basis, compared with The consensus is $13.60.

However, Cencora (COR) set its adjusted operating income and adjusted diluted earnings per share forecasts at the lower end of the company’s long-term growth targets of 5%-8% and 8%-12%, respectively.

The company cited the expected year-over-year headwinds related to COVID-19-related products and, to a lesser extent, the expected loss of an oncology customer in June as a result of a planned acquisition as the primary reason for the revision.

Cencora (COR) also announced the extension of its pharmaceutical supply agreement with Evernorth Health Services, the pharmacy benefits business of Cigna (CI), for a three-year period through September 2019.