[Form 4] Cencora, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert P. Mauch, President & CEO and Director of Cencora, Inc. (COR), reported option exercise, open-market sale and related holdings on Form 4. On 09/18/2025 he exercised 3,763 non-qualified stock options at an $86.09 exercise price, receiving 3,763 shares. The same day he sold 5,097 shares at $290 per share under a Rule 10b5-1 trading plan adopted on 11/15/2024. After these transactions he beneficially owned 44,371 shares (before the sale) and 39,274 shares (after the sale), with 3,763 shares exercisable from previously granted options. The Form was signed by an attorney-in-fact on 09/22/2025.

Positive

• Transactions were executed under a documented Rule 10b5-1 trading plan, adopted 11/15/2024, which provides an affirmative defense for insider trading.
• Option exercise was completed at a known exercise price ($86.09), converting vested option rights into 3,763 shares.

Negative

• Beneficial ownership declined from 44,371 shares to 39,274 shares following the sale of 5,097 shares at $290.
• Insider sold a meaningful number of shares (5,097), which reduces the CEO's direct share stake in the company.

Insights

Corporate Insider / Governance Analyst

TL;DR: Insider exercised options and executed a pre-planned sale under a 10b5-1 plan; ownership declined modestly but transactions appear pre-arranged.

The reporting person is the company President & CEO and a director, which makes these transactions relevant to governance and insider alignment. The exercise of 3,763 options at $86.09 increased share holdings briefly, and the sale of 5,097 shares at $290 occurred pursuant to a Rule 10b5-1 plan adopted 11/15/2024, which provides an affirmative defense for trading while in possession of material nonpublic information. The net effect lowered beneficial ownership from 44,371 to 39,274 shares. These are routine insider liquidity and option-exercise activities rather than extraordinary corporate events.

Securities / Trading Compliance Specialist

TL;DR: Transactions comply with a documented 10b5-1 plan; timing and documentation reduce regulatory concern but still material for monitoring.

The Form 4 discloses an option exercise and a contemporaneous sale executed under a pre-established 10b5-1 trading plan dated 11/15/2024. The disclosure includes exercise schedule details for the option (exercisable in four prior installments) and explicit sale price of $290 for 5,097 shares. From a compliance standpoint, the presence of the plan and signed Form 4 helps satisfy Section 16 reporting obligations and supports the affirmative defense provided by Rule 10b5-1.

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)
09/18/2025

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	09/18/2025		M		3,763	A	$86.09	44,371	D
Common Stock	09/18/2025		S		5,097(1)	D	$290	39,274	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	09/18/2025		M			3,763	(2)	11/13/2026	Common Stock	3,763	$0	18,814	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	09/22/2025
	** 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 3,763 options at $86.09 and selling 5,097 shares at $290 on 09/18/2025, and his Form 4 was signed 09/22/2025.

Were the sales by the insider pre-planned or discretionary?

The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on 11/15/2024, per the Form 4 explanation.

How did these transactions change the insider's holdings in COR?

Beneficial ownership decreased from 44,371 shares to 39,274 shares following the reported sale on 09/18/2025.

What was the exercise schedule for the reported options?

The options were exercisable in four equal installments on 11/13/20, 11/13/21, 11/13/22 and 11/13/23, per the Form 4 remarks.

At what prices were the transactions executed?

Options exercised at $86.09 per share and shares sold at $290 per share on 09/18/2025.