Cencora (COR) Q2 FY26 earnings call

Cencora framed a quarter where resilient operating-income growth was masked by transitory, largely low-margin revenue noise — WAC price cuts, slower GLP-1s, and faster mail-order biosimilar conversion that dents revenue while enriching margin mix. Management held segment operating-income guidance, leaned on specialty/MSO integration and an international specialty-logistics recovery, and pivoted back toward capital return.