Cencora revises forecast for 2026, approves $2 billion share buyback
21/05/2026 22:11
May 21 (Reuters) - U.S. drug distributor Cencora COR.N on Thursday raised the lower end of its fiscal 2026 earnings forecast citing recent share repurchases, and also approved a new $2 billion stock buyback plan. It now sees adjusted earnings per share of $17.70 to $17.90 for fiscal 2026, compared with its earlier view of $17.65 to $17.90. The revised forecast follows share repurchases completed in May, which Cencora said were in line with its plan to buy back $1 billion of stock by the end of calendar 2026. Separately, Cencora's board authorized a new program to repurchase up to $2 billion of additional shares, subject to market conditions. Earlier this month, the company cut its revenue growth forecast on slower U.S. sales, while raising its annual adjusted profit forecast to $17.65 to $17.90 per share from $17.45 to $17.75 per share. As of May 21, Cencora had about $382 million remaining under its existing buyback program approved in May 2024. The company said it will discuss the updated fiscal 2026 outlook in upcoming investor meetings. (Reporting by Sahil Pandey in Bengaluru; Editing by Shailesh Kuber) ((Sahil.Pandey@thomsonreuters.com;))