[Form 4] Cencora, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven H. Collis, Executive Chairman and Director of Cencora, Inc. (COR), reported option exercise and open-market sales on 08/19/2025. He exercised 12,579 non-qualified stock options with an exercise price of $86.09, acquiring 12,579 shares underlying those options. The exercise increased his direct holdings to 322,491.665 shares. On the same date he sold 14,579 shares at $289.98 per share, leaving 307,912.665 shares after the transactions. The sale was effected under a Rule 10b5-1 trading plan adopted on 11/25/2024. The Form 4 was signed by an attorney-in-fact on 08/20/2025.

Positive

• Transparent disclosure of option exercise and stock sale in Form 4 filed and signed by attorney-in-fact
• Use of Rule 10b5-1 plan indicates trades were pre-arranged, reducing concerns about opportunistic timing

Negative

• Insider sold 14,579 shares, reducing direct holdings which could be interpreted as insider liquidity
• Large price differential between exercise price ($86.09) and sale price ($289.98) highlights substantial insider gain

Insights

Corporate Governance Expert

TL;DR: Director exercised options and sold shares under a pre-arranged 10b5-1 plan, a routine insider liquidity event with limited governance concerns.

The director exercised 12,579 non-qualified options at $86.09 and concurrently sold 14,579 shares at $289.98 under a Rule 10b5-1 plan. Reporting shows transparent compliance with Section 16 reporting and use of an attorney-in-fact signature. For governance, the key factors are timing under the 10b5-1 plan and continued disclosure; no undisclosed related-party arrangements are shown.

Securities Analyst

TL;DR: Transaction combines option exercise and substantial sale but leaves the reporting person with significant remaining holdings.

The exercise converted vested options into 12,579 shares at a modest strike of $86.09 compared with the sale price of $289.98, indicating a material gain on exercised options. The sale reduced holdings from 322,491.665 to 307,912.665 shares. While notable, the remaining stake remains sizable; the Form 4 reflects routine insider monetization rather than a change in control or ownership materially adverse to shareholders.

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^*

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)
08/19/2025

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	08/19/2025		M		12,579	A	$86.09	322,491.665	D
Common Stock	08/19/2025		S		14,579(1)	D	$289.98	307,912.665	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	08/19/2025		M			12,579	(2)	11/13/2026	Common Stock	12,579	$0	88,049	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. 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	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 transactions did Steven H. Collis report on Form 4 for COR?

He reported exercising 12,579 options at $86.09 per share and selling 14,579 shares at $289.98 on 08/19/2025.

How many Cencora (COR) shares did Collis own after the reported transactions?

Following the transactions he beneficially owned 307,912.665 shares after the sale and 322,491.665 after the option exercise (before sale).

Were the sales effected under a trading plan for COR insider transactions?

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

What type of option was exercised by the reporting person?

A non-qualified stock option was exercised, converting to 12,579 shares; the options were exercisable in four equal annual installments originally.

Who signed the Form 4 for Steven H. Collis?

The Form 4 was signed by Elizabeth S. Campbell, attorney-in-fact, on 08/20/2025.