U.S. drug distributor Cencora on Thursday increased the lower end of its fiscal 2026 earnings forecast, driven by recent share buybacks. The company also announced a new $2 billion stock repurchase program.
- Cencora now expects adjusted earnings per share of $17.70 to $17.90 for fiscal 2026, compared with its previous forecast of $17.65 to $17.90 per share.
- The updated outlook comes after share repurchases completed in May, which the company said were part of its plan to buy back $1 billion worth of stock by the end of calendar 2026.
- Separately, Cencora’s board approved a new $2 billion share repurchase program, which will depend on market conditions.
- Earlier this month, the company lowered its revenue growth forecast due to weaker U.S. sales, while raising its annual adjusted profit outlook to $17.65 to $17.90 per share from its earlier range of $17.45 to $17.75 per share.
- As of May 21, Cencora had around $382 million remaining under its existing share buyback program approved in May 2024.
- The company also said it will discuss its updated fiscal 2026 outlook during upcoming investor meetings.
