{"slug":"cencora","name":"센코라","name_en":"Cencora, Inc.","ticker":"COR","updated_at":"2026-09-24T04:08:55.115819+00:00","canonical":"https://valuechain.wiki/cencora","citable":"밸류체인 그래프 기준 센코라의 직접 연결 기업은 9곳(관계 기준 공급 9·매출 0)이고, 사슬을 2차까지 넓히면 23곳에 닿는다. 링크의 근거 출처는 15건이며 그중 1차공시가 11건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, Cencora, Inc. is directly linked to 9 companies (9 supply, 0 revenue relationships) and reaches 23 companies within two hops; the links are backed by 15 dated sources, 11 of them primary filings (as of 2026-09-24).","kicker":"의약품 유통 허브","kicker_en":"Pharmaceutical distribution hub","lead":"센코라는 제약사에서 의약품을 매입해 약국, 병원, 전문 진료기관에 공급하며 매출의 큰 부분을 월그린·부츠와 에버노스에서 얻는다. 암젠과 애브비 같은 제조사에 재고 대금을 지급하고, 전문의약품 유통과 진료 네트워크를 잇기 위해 안과 경영서비스조직 RCA를 인수했다.","lead_en":"Cencora buys pharmaceuticals from manufacturers and distributes them to pharmacies, hospitals, and specialty care providers, with Walgreens and Boots and Evernorth representing major sources of revenue. It pays manufacturers such as Amgen and AbbVie for inventory and acquired the retina practice management organization RCA to connect specialty distribution more closely with care delivery.","categories":[{"key":"pharma-distribution","ko":"의약품 유통","en":"Pharmaceutical Distribution","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"미국 헬스케어 솔루션","note":"브랜드·특수·제네릭 의약품과 동물용 의약품을 미국 의료기관과 약국에 유통한다."},{"name":"인터내셔널 헬스케어 솔루션","note":"유럽 중심의 의약품 도매와 글로벌 특수물류·상업화 서비스를 제공한다."}],"total":"FY2025 총매출 USD 321,332,819,000","track":"C"},"segments_en":{"parts":[{"name":"U.S. Healthcare Solutions","note":"Distributes branded, specialty, generic, and animal-health products to U.S. healthcare providers and pharmacies."},{"name":"International Healthcare Solutions","note":"Provides pharmaceutical wholesale, global specialty logistics, and commercialization services, primarily in Europe."}],"total":"FY2025 revenue: USD 321,332,819,000"},"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-1.4},"return_asof":"2026-09-04","value_chain":{"leading":[],"benefiting":[{"slug":"amgen","name":"암젠","name_en":"Amgen","tier":1,"returns_yearly":{"2021":0.9,"2022":20.4,"2023":13.5,"2024":-6.8,"2025":29.7,"2026":36.3}},{"slug":"johnson-johnson","name":"존슨앤드존슨","name_en":"Johnson & Johnson","tier":1,"returns_yearly":{"2021":11.4,"2022":6,"2023":-8.6,"2024":-4.8,"2025":47.5,"2026":35.1}},{"slug":"biogen","name":"바이오젠","name_en":"Biogen Inc.","tier":1,"returns_yearly":{"2021":-2,"2022":15.4,"2023":-6.6,"2024":-40.9,"2025":15.1,"2026":28.3}},{"slug":"gilead-sciences","name":"길리어드 사이언스","name_en":"Gilead Sciences, Inc.","tier":1,"returns_yearly":{"2021":30,"2022":23.6,"2023":-2,"2024":18.7,"2025":36.6,"2026":25.4}},{"slug":"abbvie","name":"애브비","name_en":"AbbVie","tier":1,"returns_yearly":{"2021":32.4,"2022":24,"2023":-0.2,"2024":18.9,"2025":33.1,"2026":23.9}},{"slug":"pfizer","name":"화이자","name_en":"Pfizer Inc.","tier":1,"returns_yearly":{"2021":66.7,"2022":-10.4,"2023":-41.3,"2024":-2.2,"2025":0.6,"2026":20.2}},{"slug":"bristol-myers-squibb","name":"브리스톨 마이어스 스퀴브","name_en":"Bristol-Myers Squibb Company","tier":1,"returns_yearly":{"2021":2.9,"2022":19,"2023":-26.1,"2024":15.8,"2025":0.1,"2026":14.5}},{"slug":"lilly-eli","name":"일라이 릴리","name_en":"Lilly (Eli)","tier":1,"returns_yearly":{"2021":66.1,"2022":34.3,"2023":60.9,"2024":33.3,"2025":40.2,"2026":10.3}},{"slug":"zoetis","name":"조에티스","name_en":"Zoetis Inc.","tier":1,"returns_yearly":{"2021":48.3,"2022":-39.5,"2023":35.9,"2024":-16.6,"2025":-21.8,"2026":-39.6}},{"slug":"abcellera","name":"AbCellera","name_en":"AbCellera Biologics","tier":2,"returns_yearly":{"2022":-29.2,"2023":-43.6,"2024":-48.7,"2025":16.7,"2026":234.2}},{"slug":"west-pharmaceutical-services","name":"웨스트 파마슈티컬 서비스","name_en":"West Pharmaceutical Services","tier":2,"returns_yearly":{"2021":65.9,"2022":-49.7,"2023":50,"2024":-6.8,"2025":-15.7,"2026":23.8}},{"slug":"veeva-systems","name":"비바 시스템스","name_en":"Veeva Systems","tier":2,"returns_yearly":{"2021":-6.2,"2022":-36.8,"2023":19.3,"2024":9.2,"2025":6.2,"2026":23.2}},{"slug":"incyte","name":"인사이트","name_en":"Incyte Corporation","tier":2,"returns_yearly":{"2021":-15.6,"2022":9.4,"2023":-21.8,"2024":10,"2025":43,"2026":14.2}},{"slug":"fujifilm-holdings","name":"후지필름홀딩스","name_en":"Fujifilm Holdings","tier":2,"returns_yearly":{"2021":29.2,"2022":-8.9,"2023":40.2,"2024":11.6,"2025":-8.5,"2026":13.6}},{"slug":"agilent-technologies","name":"애질런트 테크놀로지스","name_en":"Agilent Technologies, Inc.","tier":2,"returns_yearly":{"2021":35.5,"2022":-5.5,"2023":-6.4,"2024":-2.7,"2025":1.9,"2026":11.5}},{"slug":"eisai","name":"에자이","name_en":"Eisai","tier":2,"returns_yearly":{"2021":-22.9,"2022":42.2,"2023":-10.9,"2024":-32.2,"2025":-3.5,"2026":10.3}},{"slug":"mettler-toledo","name":"메틀러 토레도","name_en":"Mettler-Toledo International Inc.","tier":2,"returns_yearly":{"2021":48.9,"2022":-14.8,"2023":-16.1,"2024":0.9,"2025":13.9,"2026":-3.5}},{"slug":"shionogi","name":"시오노기제약","name_en":"Shionogi & Co.","tier":2,"returns_yearly":{"2021":15,"2022":-2.2,"2023":17.8,"2024":-1,"2025":42.4,"2026":-7.3}},{"slug":"cognizant","name":"코그니전트","name_en":"Cognizant Technology Solutions Corporation","tier":2,"returns_yearly":{"2021":9.6,"2022":-34.5,"2023":34.4,"2024":3.5,"2025":9.7,"2026":-23.6}},{"slug":"yuhan","name":"유한양행","name_en":"Yuhan Corporation","tier":2,"returns_yearly":{"2021":-9,"2022":-2.3,"2023":19.7,"2024":119.9,"2025":-16.7,"2026":-24.2}},{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","tier":2,"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-30.1}},{"slug":"ligachem-biosciences","name":"리가켐바이오","name_en":"LigaChem Biosciences","tier":2,"returns_yearly":{"2021":-26.2,"2022":-18.1,"2023":37.1,"2024":151,"2025":60.5,"2026":-63.9}},{"slug":"abl-bio","name":"에이비엘바이오","name_en":"ABL Bio","tier":2,"returns_yearly":{"2021":15.9,"2022":-31.3,"2023":14.2,"2024":65.2,"2025":443.9,"2026":-63.9}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":56.7}},{"slug":"exxonmobil","name":"엑슨모빌","name_en":"ExxonMobil","tier":3,"returns_yearly":{"2021":57.6,"2022":87.4,"2023":-6.3,"2024":11.3,"2025":16,"2026":35.2}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"orion","name":"오리온","name_en":"Orion","tier":3,"returns_yearly":{"2021":-18.4,"2022":29,"2023":-25.5,"2024":10.6,"2025":18.7,"2026":11.9}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":2.8}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":3,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-3.4}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"salesforce","name":"세일즈포스","name_en":"Salesforce, Inc.","tier":3,"returns_yearly":{"2021":14.2,"2022":-47.8,"2023":98.5,"2024":27.8,"2025":-20.2,"2026":-12.9}},{"slug":"oscotec","name":"오스코텍","name_en":"Oscotec","tier":3,"returns_yearly":{"2021":-17,"2022":-38.1,"2023":-0.3,"2024":39.8,"2025":108.2,"2026":-32.2}}],"analysis":"의약품 유통 허브 기업. 2026년 -1.4%다. 공급단(평균 +27.3%)이 본주(-1.4%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다. 연결 노드 중 가장 앞선 곳은 암젠(+36.3%), 가장 처진 곳은 화이자(+20.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Cencora, Inc. operates across Pharmaceutical distribution hub. It is -1.4% in 2026. The supply side (avg +27.3%) leads the stock (-1.4%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Amgen (+36.3%) and the furthest behind is Pfizer Inc. (+20.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It pays manufacturers such as Amgen and AbbVie for inventory and acquired the retina practice management organization RCA to connect specialty distribution more closely with care delivery.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"암젠","counterparty_slug":"amgen","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-13","basis":"암젠이 센코라에 기록한 총 제품매출액","value":20986000000,"period":"FY2025","basis_en":"Amgen gross product sales to Cencora","qualifier":null},"note":"센코라는 암젠 의약품을 매입해 의료기관과 약국에 유통한다. 암젠은 FY2025 센코라 대상 총 제품매출을 209억 8,600만 달러로 공시했다.","note_en":"Cencora purchases Amgen medicines for distribution to healthcare providers and pharmacies. Amgen reported USD 20.986 billion of FY2025 gross product sales to Cencora.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/318154/000031815426000010/amgn-20251231.htm","title":"암젠 2025 회계연도 Form 10-K","title_en":"Amgen 2025 Form 10-K","excerpt":"암젠은 백만 달러 단위 표에서 FY2025 센코라 대상 총 제품매출을 20,986으로 공시했다.","excerpt_en":"Gross product sales $20,986"}]},{"direction":"investment","counterparty":"레티나 컨설턴츠 오브 아메리카","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-11-25","basis":"RCA 지분 85% 취득을 위해 지급한 현금 인수가격","value":4042000000,"period":"2025 acquisition","basis_en":"Cash purchase price paid for an 85% interest in RCA","qualifier":null},"note":"센코라는 2025년 1월 안과 진료 경영서비스조직 RCA 지분 85%를 현금 40억 4,200만 달러에 취득했다. 이 metric은 현금 인수가격만 담으며 기존 상거래 채권 정산액과 조건부 대가는 제외한다.","note_en":"Cencora acquired an 85% interest in the retina practice management organization RCA in January 2025 for USD 4.042 billion in cash. The metric captures only the cash purchase price and excludes settlement of the pre-existing commercial receivable and contingent consideration.","sources":[{"stance":"mentions","publisher":"이투데이","publisher_en":"Etoday","kind":"news","lang":"ko","published_at":"2026-08-20","url":"https://v.daum.net/v/6m6BudyOTb","title":"“도매상 줄이면 끝?”…글로벌 사례에서 찾는 유통 해법[약의 길을 바꾸자-上③]","title_en":"Is Reducing Wholesalers Enough? Lessons from Global Pharmaceutical Distribution","excerpt":"최근에는 경영서비스조직(MSO)까지 인수하며 사업 영역을 의료서비스 분야로 확대했다.","excerpt_en":"It has recently expanded into healthcare services by acquiring management services organizations."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-25","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm","title":"Cencora, Inc. 10-K (2025-11-25)","title_en":"Cencora, Inc. 10-K (2025-11-25)","excerpt":"센코라는 RCA 지분 85%를 인수했다고 공시했다.","excerpt_en":"acquired an 85% interest in Retina Consultants of America"},{"stance":"confirms","publisher":"VMG 헬스","publisher_en":"VMG Health","kind":"analysis","lang":"en","published_at":"2025-06-19","url":"https://vmghealth.com/insights/blog/strategic-consolidation-in-oncology/","title":"Strategic Consolidation in Oncology","title_en":"Strategic Consolidation in Oncology","excerpt":"헬스케어 컨설팅사 VMG 헬스는 센코라의 RCA 인수를 전문 유통사의 진료 네트워크 수직계열화 흐름으로 분석했다.","excerpt_en":"Cencora also announced its acquisition of Retina Consultants of America"}]},{"direction":"revenue","counterparty":"월그린 및 Boots UK Ltd.","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-11-25","basis":"월그린과 Boots UK Ltd. 관련 계약·약정의 센코라 매출 합산 비중","value":25,"period":"FY2025","basis_en":"Combined share of Cencora revenue from agreements and arrangements with Walgreens and Boots UK Ltd.","qualifier":null},"note":"미국 월그린 약국과 영국 부츠에 의약품을 공급하는 계약·약정에서 FY2025 매출의 약 25%가 발생했다. 공시는 두 고객의 합산 비중만 제시해 개별 비중은 확인되지 않는다.","note_en":"Pharmaceutical distribution agreements and related arrangements with Walgreens in the U.S. and Boots in the U.K. generated about 25% of FY2025 revenue. The filing reports only their combined share, not a customer-by-customer split.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-25","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm","title":"Cencora, Inc. 10-K (2025-11-25)","title_en":"Cencora, Inc. 10-K (2025-11-25)","excerpt":"월그린과 부츠 관련 매출이 FY2025 센코라 매출의 약 25%였다고 공시했다.","excerpt_en":"accounted for approximately 25% of our revenue"}]},{"direction":"revenue","counterparty":"에버노스 헬스 서비스","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-11-25","basis":"에버노스 헬스 서비스가 차지한 센코라 매출 비중","value":13,"period":"FY2025","basis_en":"Share of Cencora revenue attributable to Evernorth Health Services","qualifier":null},"note":"시그나 그룹의 헬스서비스 사업인 에버노스는 FY2025 센코라 매출의 약 13%를 차지한 두 번째로 큰 고객이었다.","note_en":"Evernorth, Cigna Group's health-services business, was Cencora's second-largest customer and represented about 13% of FY2025 revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-25","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm","title":"Cencora, Inc. 10-K (2025-11-25)","title_en":"Cencora, Inc. 10-K (2025-11-25)","excerpt":"에버노스 헬스 서비스가 FY2025 센코라 매출의 약 13%를 차지했다고 공시했다.","excerpt_en":"accounted for approximately 13% of our revenue"}]},{"direction":"cost","counterparty":"브리스톨 마이어스 스퀴브","counterparty_slug":"bristol-myers-squibb","confidence":"high","metric":null,"note":"센코라는 BMS의 두 번째로 큰 미국 의약품 도매 고객이며, 2025년 센코라 대상 총매출은 BMS 미국 총매출의 29%였다.","note_en":"Cencora is BMS's second-largest U.S. pharmaceutical wholesale customer, with gross revenue to Cencora representing 29% of BMS's U.S. gross revenue in 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/14272/000001427226000004/bmy-20251231.htm","title":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","title_en":"BRISTOL MYERS SQUIBB CO 10-K (2026-02-11)","excerpt":"2025년 미국 총매출 중 센코라 대상 총매출 비중은 29%였다.","excerpt_en":"Cencora, Inc. | 29% | 29% | 29%."}]},{"direction":"cost","counterparty":"바이오젠","counterparty_slug":"biogen","confidence":"high","metric":null,"note":"센코라는 아메리소스버겐이라는 사명을 사용하던 당시 바이오젠의 핵심 미국 의약품 도매 유통사였고, FY2014에는 바이오젠 총매출의 10%를 넘고 총제품매출의 33%를 차지했다.","note_en":"Cencora, then named AmerisourceBergen, was a major U.S. wholesale distributor for Biogen and accounted for more than 10% of Biogen's total revenue and 33% of its gross product revenue in FY2014.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2015-02-04","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504515000005/biib-20141231x10k.htm","title":"Biogen Idec Inc. 2014 Form 10-K","title_en":"Biogen Idec Inc. 2014 Form 10-K","excerpt":"아메리소스버겐과 맥케슨은 2014년 총제품매출의 각각 33%와 27%를 차지했다.","excerpt_en":"We recorded revenue from two wholesalers accounting for 33% and 27% of gross product revenues in 2014, respectively."}]},{"direction":"cost","counterparty":"애브비","counterparty_slug":"abbvie","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-20","basis":"센코라가 매입한 애브비 의약품 대금","value":null,"period":"FY2025","basis_en":"Consideration for AbbVie pharmaceutical products purchased by Cencora","qualifier":"confirmed_no_disclosed_value"},"note":"센코라는 애브비 의약품을 매입하는 미국 핵심 도매 고객이다. 애브비는 센코라를 포함한 3개 도매사가 FY2025 미국 의약품 매출의 사실상 전부를 차지했다고 공시했지만 센코라 개별 금액은 공개하지 않았다.","note_en":"Cencora is a major U.S. wholesale customer purchasing AbbVie medicines. AbbVie said three wholesalers including Cencora represented substantially all of its FY2025 U.S. pharmaceutical sales, but did not disclose Cencora's individual amount.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","title":"애브비 2025 회계연도 Form 10-K","title_en":"AbbVie 2025 Form 10-K","excerpt":"애브비는 센코라를 포함한 3개 도매사가 미국 의약품 매출의 사실상 전부를 차지했다고 공시했다.","excerpt_en":"accounted for substantially all of AbbVie's pharmaceutical product sales in the United States"}]},{"direction":"cost","counterparty":"화이자","counterparty_slug":"pfizer","confidence":"high","metric":null,"note":"센코라는 화이자의 두 번째로 큰 미국 도매상 고객이며, FY2025 화이자 총매출의 의미 있는 비중을 차지했다.","note_en":"Cencora is Pfizer's second-largest U.S. wholesaler customer and accounted for a material share of FY2025 total revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/78003/000007800326000026/pfe-20251231.htm","title":"PFIZER INC 2025 사업보고서(Form 10-K)","title_en":"PFIZER INC 2025 Form 10-K","excerpt":"10-K는 2025년 센코라에서 발생한 매출이 총매출의 16%라고 공시했다.","excerpt_en":"Cencora, Inc. 16%."}]},{"direction":"cost","counterparty":"길리어드 사이언스","counterparty_slug":"gilead-sciences","confidence":"high","metric":null,"note":"센코라와 그 전문 유통 계열사는 길리어드의 주요 미국 도매 고객이며, FY2025 길리어드 총 gross product sales의 21%를 차지했다.","note_en":"Cencora and its specialty distributor affiliates are major U.S. wholesale customers of Gilead and represented 21% of Gilead's total gross product sales in FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/882095/000088209526000006/gild-20251231.htm","title":"GILEAD SCIENCES, INC. 10-K (2026-02-24)","title_en":"GILEAD SCIENCES, INC. 10-K (2026-02-24)","excerpt":"주요 고객 매출 표에서 센코라의 FY2025 비중을 총 gross product sales의 21%로 공시했다.","excerpt_en":"Cencora, Inc. 21%."}]},{"direction":"cost","counterparty":"일라이 릴리","counterparty_slug":"lilly-eli","confidence":"high","metric":null,"note":"센코라(구 아메리소스버겐)는 릴리가 약국 대신 의약품을 판매하는 미국 3대 도매유통사 중 하나다. 릴리 10-K는 맥케슨·센코라·카디널이 각각 연결 매출의 10%+를 차지한다고 공시하며, 이 유통 집중은 센코라의 채널 협상력이자 총매출-순매출 간극(리베이트·PBM)이 형성되는 지점이다.","note_en":"Cencora, formerly AmerisourceBergen, is one of the three major U.S. wholesalers to which Lilly sells rather than selling to pharmacies. Lilly's 10-K discloses that McKesson, Cencora, and Cardinal each account for 10%+ of consolidated revenue, making this distribution concentration a source of Cencora's channel bargaining power and the layer where the gross-to-net gap from rebates and PBMs forms.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm","title":"일라이 릴리 10-K FY2025","title_en":"Eli Lilly 10-K FY2025","excerpt":"미국 3대 도매상(맥케슨·센코라·카디널)이 각각 연결 매출 10%+","excerpt_en":"Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"}]},{"direction":"cost","counterparty":"존슨앤드존슨","counterparty_slug":"johnson-johnson","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-09-26","basis":"센코라를 통한 JNJ 혁신의약품 매출액","value":null,"period":"current distributor status at 2024-09-26","basis_en":"J&J Innovative Medicine revenue distributed through Cencora","qualifier":"confirmed_no_disclosed_value"},"note":"센코라는 JNJ 혁신의약품을 미국에서 공인 도매·전문 유통하지만, JNJ가 도매상별 매출 비중을 익명으로 공시하므로 센코라에 해당하는 금액이나 비중은 특정하지 않는다.","note_en":"Cencora is an authorized U.S. wholesale and specialty distributor for J&J Innovative Medicine, but no amount or share is attributed specifically to Cencora because J&J reports wholesaler concentration anonymously.","sources":[{"stance":"confirms","publisher":"얀센 파마슈티컬스","publisher_en":"Janssen Pharmaceuticals, Inc.","kind":"ir","lang":"en","published_at":"2024-09-26","url":"https://www.jnj.com/innovativemedicine/us/authorized-distributors-policies","title":"공인 유통사","title_en":"Authorized Distributors","excerpt":"JNJ는 센코라 계열사를 도매·전문 유통사로 명시한다.","excerpt_en":"AMERISOURCEBERGEN DRUG CORPORATION (CENCORA). Wholesale/Distributor."}]},{"direction":"cost","counterparty":"조에티스","counterparty_slug":"zoetis","confidence":"mid","metric":null,"note":"센코라는 자회사 MWI Animal Health를 통해 조에티스 제품을 미국 수의 시장에 유통하며, 조에티스 10-K가 최대 미국 수의 유통사를 FY2025 매출의 16%로 공시했지만 고객명을 밝히지 않았으므로 이 16%를 센코라 매출로 단정하지 않는다.","note_en":"Cencora distributes Zoetis products into the U.S. veterinary market through its MWI Animal Health subsidiary, but because Zoetis disclosed in its 10-K that its largest U.S. veterinary distributor represented 16% of FY2025 revenue without naming the customer, the 16% is not attributed to Cencora here.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1555280/000155528026000011/zts-20251231.htm","title":"Zoetis Inc. 2025 Annual Report on Form 10-K","title_en":"Zoetis Inc. 2025 Annual Report on Form 10-K","excerpt":"조에티스는 최대 고객인 미국 수의 유통사가 2025년 총매출의 약 16%를 차지했다고 공시했으나 회사명은 공개하지 않았다.","excerpt_en":"Sales to our largest customer, a U.S. veterinary distributor, represented approximately 16% of total revenue for 2025."},{"stance":"mentions","publisher":"초이스스탁US","publisher_en":"ChoiceStock US","kind":"analysis","lang":"ko","published_at":"2025-09-17","url":"https://www.choicestock.co.kr/stock/research_view/6571","title":"[분석] 조에티스(ZTS), 화이자에서 독립한 글로벌 펫 의약품 1위 기업","title_en":"Analysis: Zoetis, the Global Pet-Medicine Leader Spun Out of Pfizer","excerpt":"분석은 조에티스 매출의 68%가 반려동물 의약품에서 나오며 미국이 가장 큰 시장이라고 설명한다. 이는 미국 수의 유통 경로의 사업 중요성을 뒷받침한다.","excerpt_en":"The analysis says companion-animal products generate 68% of Zoetis revenue and the United States is its largest market, supporting the importance of the U.S. veterinary distribution channel."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2015-01-12","url":"https://www.sec.gov/Archives/edgar/data/1323974/000110465915001992/a15-2249_3ex99d1.htm","title":"AmerisourceBergen Call to Discuss Acquisition of MWI Veterinary Supply","title_en":"AmerisourceBergen Call to Discuss Acquisition of MWI Veterinary Supply","excerpt":"AmerisourceBergen은 MWI 인수 설명회에서 MWI의 가장 큰 공급사가 조에티스라고 밝혔다.","excerpt_en":"If you look at some of our largest vendors, the biggest would be Zoetis."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2013-11-27","url":"https://www.sec.gov/Archives/edgar/data/1323974/000132397413000039/mwiv-20130930x10k.htm","title":"MWI Veterinary Supply, Inc. 2013 Annual Report on Form 10-K","title_en":"MWI Veterinary Supply, Inc. 2013 Annual Report on Form 10-K","excerpt":"MWI는 2013년 조에티스가 매출 기준 자사의 최대 공급사라고 공시했다.","excerpt_en":"In 2013, Pfizer completed the spin off its animal health business as Zoetis, which is now our largest vendor, measured by revenues."}]}]}