Cencora, Inc. Annual Report, Year Ended Sep 30, 2015

Cencora, Inc. (formerly AmerisourceBergen Corporation) reported strong revenue growth of 13.7% to $135.96 billion for the fiscal year ended September 30, 2015, driven by increased distribution to Walgreens Boots Alliance (WBA), growth in specialty pharmaceuticals, and the acquisition of MWI Veterinary Supply. Despite this top-line growth, the company reported a net loss of $134.9 million, or a diluted loss of $0.62 per share. This loss was primarily attributed to significant "Warrant expense" ($912.7 million) related to its strategic partnership with WBA and higher "LIFO expense" ($542.8 million) due to changes in the generics pricing environment. The company also made substantial strategic moves, including the acquisition of MWI Veterinary Supply and PharMEDium Healthcare Holdings, signaling a focus on expanding its services into animal health and specialized pharmaceutical preparations. Investors should note the significant impact of warrant valuation on earnings and the company's ongoing efforts to mitigate potential dilution. The company's financial health remains robust with total assets of $27.7 billion, but liabilities also increased significantly to $24.3 billion, largely due to the new debt taken on for acquisitions. The company continued its dividend growth, increasing its quarterly dividend by 17% to $0.34 per share, demonstrating a commitment to returning value to shareholders. However, the significant warrant expense and its impact on reported earnings are key points for investor consideration.