[Form 4] Cencora, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven H. Collis, Executive Chairman and Director of Cencora, Inc. (COR), reported transactions on 09/16/2025. The filing shows a sale of 31,350 common shares executed under a Rule 10b5-1 plan adopted 11/25/2024 at a weighted average price of $289.861 (tranche prices ranged from $287.372 to $292.625). The form also records an acquisition (code M) of 29,350 shares tied to a non-qualified stock option with an exercise price of $86.09, exercisable in four equal annual installments beginning 11/13/2020 and expiring 11/13/2026. Following the reported transactions, the reporting person beneficially owned 305,912.665 shares. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Collis on 09/18/2025.

Positive

• Disclosure of 10b5-1 plan adoption date (11/25/2024) provides clarity that the sale was preplanned and compliant with insider trading rules
• Acquisition tied to non-qualified stock option at $86.09 strike indicates the reporting person realized value from long-term compensation rather than opportunistic market timing
• Detailed weighted-average sale price and price range enhances transparency about the executed transactions

Negative

• Sale of 31,350 shares reduced the reporting person’s stake, lowering beneficial ownership to 305,912.665 shares
• Form does not disclose the number of shares sold at each specific tranche price; only a weighted average and overall range are provided (though the filer offers to provide details on request)

Insights

Corporate Governance Expert

TL;DR: Insider sold shares under a preplanned 10b5-1 program while acquiring option-related shares, signaling routine liquidity and compensation activity.

The Form 4 discloses a Rule 10b5-1 sale of 31,350 shares and a concurrent recognition of 29,350 shares tied to a non-qualified option with a $86.09 exercise price. The 10b5-1 adoption date (11/25/2024) and the attorney-in-fact signature reflect standard governance and compliance practices for scheduled insider trades. The filing does not indicate any unexpected executive departure, dilution event, or change in control. This looks like routine insider liquidity combined with long-term compensation realization rather than a corporate governance concern.

Securities Analyst

TL;DR: Transaction mix reduces immediate share stake modestly but reflects exercise/vesting economics given a substantially lower option strike.

The sale at a weighted average near $290 contrasts with the $86.09 option exercise price, indicating substantial intrinsic value on the exercised options. Net beneficial ownership after these entries is 305,912.665 shares, a clear numeric outcome investors can use to update insider holdings. The sale price range disclosure and 10b5-1 plan note help clarify that the disposition was prearranged; no additional material operational or financial information is provided.

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).

1. Name and Address of Reporting Person^*

COLLIS STEVEN H

(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)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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	09/16/2025		M		29,350	A	$86.09	337,262.665	D
Common Stock	09/16/2025		S		31,350(1)	D	$289.861(2)	305,912.665	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	09/16/2025		M			29,350	(3)	11/13/2026	Common Stock	29,350	$0	58,699	D

Explanation of Responses:

1. The sale of stock reflected in this Form 4 was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on 11/25/24.

2. The sale price reported in Column 4 is a weighted average price. These shares were sold in multiple tranches ranging from $287.372 to $292.625 inclusive. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in the footnote.

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

Remarks:

	/s/ Elizabeth S. Campbell, attorney-in-fact for Steven H. Collis	09/18/2025
	** 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 insider transactions did COR Executive Chairman Steven H. Collis report on Form 4?

The Form 4 reports a sale of 31,350 common shares and an entry for 29,350 shares tied to a non-qualified stock option on 09/16/2025.

At what price were shares sold by Steven H. Collis (COR)?

The sale was reported at a weighted average price of $289.861, with tranche prices ranging from $287.372 to $292.625.

What was the exercise price and exercisability for the option-related shares?

The non-qualified stock option has an exercise price of $86.09 and vests/exercisable in four equal annual installments with an expiration of 11/13/2026.

How many COR shares did Mr. Collis own after these transactions?

Following the reported transactions, the Form 4 shows beneficial ownership of 305,912.665 shares.

Was the sale part of a pre-arranged trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 plan adopted on 11/25/2024.

Who signed the Form 4 for Steven H. Collis?

The Form 4 was signed by Elizabeth S. Campbell, attorney-in-fact for Steven H. Collis on 09/18/2025.