Cencora agrees to buy American Oncology Network for $2.4bn enterprise value, but a stockholder rollover means it may land only 75% of the company.

Cencora, the pharmaceutical distributor formerly known as AmerisourceBergen, has risen 6% to $341.69 per share over the past six months. The S&P 500 gained 9.7% in the same period. The New York Stock Exchange-listed company (NYSE:COR) connects drug manufacturers with healthcare providers and offers logistics, data analytics, and consulting services. It rebranded in 2023. Its revenue reached $332.8 billion over the past 12 months, giving it scale and bargaining power with suppliers. That matters in a low-margin, volume-driven business. Earnings per share grew at a 14.4% compound annual rate over five years, outpacing 10.2% annualised revenue growth. Its five-year average return on invested capital was 50.2%. The shares trade at 17.4 times forward earnings.

Cencora has launched Cell and Gene Therapy Enablement through its Accelerate Pharmacy Solutions division to help health systems develop and expand cell and gene therapy programmes. The service provides support across financial planning, operational readiness, and scalable growth to reduce care barriers and improve patient access to advanced therapies. More than 35 cell and gene therapies have received FDA approval, with over 1,700 clinical trials underway globally. However, only 4% of health system pharmacy leaders report being fully prepared to integrate these treatments, highlighting infrastructure gaps. The offering includes market assessments, readiness evaluations, governance design, and workflow planning. Cencora, ranked number 10 on the Fortune 500 with over $300 billion in annual revenue, already provides specialty pharmaceutical services across the therapy lifecycle.