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Cencora Inc. (COR+0.48%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing a revenue increase to $293,958,599,000 from $262,173,411,000 in the previous year. This growth was primarily driven by the U.S. Healthcare Solutions segment.
U.S. Healthcare Solutions reported revenue of $265,339,427,000, a 13.0% increase from the prior year, attributed to increased sales of specialty products and GLP-1 class products.
International Healthcare Solutions' revenue increased by 4.4% to $28,627,542,000, driven by growth in European distribution and Canadian operations.
Gross profit rose by $950.5 million, or 10.6%, from the prior year, with U.S. Healthcare Solutions contributing significantly to this increase.
Operating expenses increased by 16.9%, primarily due to a $418.0 million goodwill impairment related to PharmaLex and higher distribution, selling, and administrative expenses.
Total segment operating income increased by 10.9% to $3,648,256,000, with U.S. Healthcare Solutions' operating income rising by 13.0%.
The effective tax rate for the year was 24.2%, higher than the previous year's 19.8%, due to non-deductible goodwill impairment and state income taxes.
Net income attributable to Cencora Inc. was $1,509,120,000, reflecting a decrease from $1,745,293,000 in the prior year.
The filing also details various legal proceedings, including settlements related to opioid litigation, with a total accrued litigation liability of $4.9 billion as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cencora Inc. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.