[Form 4] Cencora, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert P. Mauch, President & CEO and Director of Cencora, Inc. (COR), reported option exercises and open-market sales on 08/18/2025. He exercised 3,225 non-qualified stock options with an exercise price of $86.09 under a grant that vests in four prior annual installments, and those options produced 3,225 shares recorded as acquired. The same day he sold 4,968 shares at $293.53 per share pursuant to a Rule 10b5-1 trading plan adopted 11/15/2024. After these transactions he beneficially owned 40,608 shares and held 22,577 derivative securities (options) reported as direct ownership.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, which provides an affirmative defense and reduces regulatory ambiguity
• Exercise price of $86.09 vs sale price $293.53 indicates a favorable spread for the reporting person, demonstrating value creation from prior grants
• Filing discloses post-transaction holdings (40,608 shares and 22,577 options), improving transparency for investors

Negative

• Insider sale of 4,968 shares could be viewed negatively by some investors, though it was performed under a pre-established plan
• Form does not state the economic proceeds or the percentage of total outstanding shares represented, limiting assessment of market impact

Insights

Corporate Insider / Governance Analyst

TL;DR: CEO exercised vested options then sold a portion of shares via a pre-established 10b5-1 plan; transactions appear routine and pre-planned.

The filing shows a standard exercise of vested non-qualified options and contemporaneous sales executed under a Rule 10b5-1 plan adopted on 11/15/2024, which provides the reporter an affirmative defense against insider trading claims. The exercise price ($86.09) is substantially below the sale price ($293.53), indicating a cash-positive outcome for the reporting person but the Form 4 does not state the proceeds or purpose of the sale. Holdings after the transactions are disclosed, improving transparency on insider position.

Securities & Compensation Specialist

TL;DR: Compensation-related option exercise followed by sales under a 10b5-1 plan; typical liquidity event for vested equity.

The derivative detail confirms the exercised options were part of a multi-year vesting schedule with prior vesting dates listed. The report clarifies that the sale occurred under an established trading plan, reducing legal/regulatory risk. There is no indication in this filing of unplanned or opportunistic insider activity; however, materiality to shareholders depends on the size of holdings relative to outstanding shares, which is not provided here.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mauch Robert P.

(Last) (First) (Middle)

1 WEST FIRST AVENUE

(Street)

CONSHOHOCKEN PA 19428

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cencora, Inc. [ COR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/18/2025		M		3,225	A	$86.09	45,576	D
Common Stock	08/18/2025		S		4,968(1)	D	$293.53	40,608	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Stock Option (Right to Buy)	$86.09	08/18/2025		M			3,225	(2)	11/13/2026	Common Stock	3,225	$0	22,577	D

Explanation of Responses:

1. The sale of stock reflected in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 11/15/24.

2. Exercisable in four equal installments on 11/13/20, 11/13/21, 11/13/22 and 11/13/23.

Remarks:

	/s/ Elizabeth S. Campbell, attorney-in-fact for Robert P. Mauch	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Robert P. Mauch report on Form 4 for Cencora (COR)?

He reported exercising 3,225 non-qualified stock options at an exercise price of $86.09 and selling 4,968 shares at $293.53 on 08/18/2025.

Were the share sales executed under a trading plan for COR insider Robert P. Mauch?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on 11/15/2024.

How many shares and options did Mauch own after the transactions?

Following the reported transactions he beneficially owned 40,608 shares and held 22,577 derivative securities (options) as direct ownership.

What is the exercise schedule referenced in the Form 4?

The exercised options were stated to be exercisable in four equal installments on 11/13/20, 11/13/21, 11/13/22, and 11/13/23.

Does the Form 4 indicate any amendment or legal concerns?

No amendment date or legal issues are indicated; the form was signed by an attorney-in-fact on 08/20/2025.