Cencora, Inc. (COR) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Cencora, Inc. surfaced in its latest filing.

• Sycamore Partners acquired Walgreens Boots Alliance on August 28, 2025August 28, 2025
• WBA announced a plan in October 2024 to close approximately 1,200 U.S. retail stores over three yearsOctober 2024
• On January 2, 2025, the Company acquired RCA, a management services organization of retina specialistsJanuary 2, 2025
• In June 2023, the Company invested $718.4 million for a 34.9% interest in a joint venture to acquire OneOncologyJune 2023
• The Company recorded a full goodwill impairment of $723.9 million in the PharmaLex reporting unit in Q4 fiscal 2025Q4 fiscal 2025
• The Distributor Settlement Agreement related to opioid litigation became effective on April 2, 2022, with an accrued litigation liability of $4.3 billion as of September 30, 2025April 2, 2022
• Executive Order 14297, issued May 12, 2025, seeks to cap U.S. drug prices at developed-country lows via MFN pricingMay 12, 2025
• The EU Critical Medicines Act proposed in March 2025 may impose mandatory stockpiling and shortage prevention plansMarch 2025
• The FDA issued a proposed rule on February 4, 2022 for licensure of wholesale drug distributors and third-party logistics providersFebruary 4, 2022
• The GLOBE Model proposed rule was submitted to OMB on September 25, 2025September 25, 2025
• The GUARD Model proposed rule was submitted to OMB on October 2, 2025October 2, 2025
• EU Health Technology Assessment (HTA) Regulation 2021/2282 became applicable on January 12, 2025January 12, 2025
• Removal of the ceiling on manufacturer Medicaid rebate amounts became effective January 1, 2024January 1, 2024
• CMS finalized a retrospective refund rule in November 2023 providing for $9 billion in refunds to 340B hospitals and reducing Medicare outpatient payments by 0.5% for calendar years 2026-2040November 2023
• CMS issued a proposed rule in July 2025 to accelerate recapture by increasing the outpatient payment reduction to 2.0% and proposing a new survey of hospitals' 340B acquisition costsJuly 2025
• CMS finalized a rule in October 2025 tightening standards for bona fide service fees that affect average sales price calculationsOctober 2025
• On August 1, 2025, the U.S. federal government announced consideration of a limited 340B rebate model for drugs subject to negotiated pricing, and HRSA approved pilot 340B rebate programs for nine of ten drugs subject to negotiated pricesAugust 1, 2025
• OBBBA, enacted in July 2025, implements work requirements for certain Medicaid patients, expands cost-sharing, allows Medicare payment cuts to hospitals, and tightens ACA exchange subsidy eligibilityJuly 2025
• Current federal ACA premium subsidies are set to expire at the end of 2025End of 2025
• Inflation Reduction Act reforms include federal price negotiation of maximum fair prices for selected high-expenditure drugs under Medicare Parts D and B beginning in 2026 and 20282026 and 2028
• CMS proposed that manufacturers must choose their price access methodology for maximum fair prices by December 2, 2025December 2, 2025
• U.S. distribution agreement with Walgreens expires in 20292029
• Generics purchasing services arrangement with WBAD expires in 20292029
• International distribution agreement with Boots expires in 20312031
• At least eight federal lawsuits have been filed by manufacturers seeking to invalidate the negotiated drug pricing features of the IRA, with none prevailing to date but some pending appellate review
• HRSA finalized a rule allowing 340B covered entities to bring administrative dispute claims against manufacturers for alleged overcharges, with a few claims filed and one decision issued in favor of a manufacturer
• Several states have enacted laws restricting manufacturers' limitations on 340B contract pharmacy use, with ongoing litigation
• The Distributor Settlement Agreement includes injunctive relief terms with a monitor overseeing compliance for five years
• Distributors engaged a third-party vendor to act as a data aggregation clearinghouse, funded for ten years
• The Company previously disclosed cybersecurity incidents in February 2024 and March 2023