Cencora, Inc.

Hello and welcome to the Sonora first quarter 2024 earnings conference call. My name is Louisa and I'll be the caller for your call today. If you would like to register a question during today's event, please press star followed by one on your telephone keypad. I would now like to turn the call over to Bennett Murphy, SVP, Head of Investor Relations and Treasury. The floor is yours. Please begin.

Thank you. Good morning. Good afternoon. Thank you all for joining us for this conference call to discuss Sancora's fiscal 2024 first quarter results. I am Bennett Murphy, Senior Vice President, Head of Investor Relations and Treasury. Joining me today are Steve Collis, Chairman, President, and CEO, and Jim Cleary, Executive Vice President and CFO. On today's call, we'll be discussing non-GAAP financial measures. Reconciliations of these measures to GAAP are provided in today's press release, which is available on our website at investor.sancora.com. We have also posted a slide presentation to accompany today's press release on our investor website. During this conference call, we will make forward-looking statements about our business and financial expectations on an adjusted, non-GAAP basis, including but not limited to EPS, operating income, and income taxes. Forward-looking statements are based on management's current expectations and are subject to uncertainty and change. For discussion of key risks and assumptions, we refer you to today's press release and our SEC filings, including our most recent 10-K. Sankora seems no obligation to update any forward-looking statements, and this call cannot be rebroadcast without the express permission of the company. If you have the opportunity to ask questions after today's remarks by management, we ask that you limit your questions to one per participant in order for us to get to as many as possible within the hour. With that, I will turn the call over to Steve.

Thank you, Bennett. Good morning and good afternoon to everyone on the call. Sankora delivered an exceptional start to fiscal 2024. with revenue up 15% year-over-year to over $72 billion in the quarter and adjusted earnings per share up 21% year-over-year. Given our continued performance and execution, including our strong first quarter results, I am pleased that we are able to raise our fiscal 2024 four-year guidance. The strength of our business is bolstered by the execution of our teams and powered by our commercial partnerships and strategic positioning. Teams across Sencorra continue to prioritize customer centricity and enhance the services we provide. We are capitalizing on the positive trends across our business, creating value for our customers and stakeholders, and building on the pivotal role we play in the global healthcare system. Our call in pharmaceutical distribution and breadth of higher margin, high growth businesses linked with our scale has provided us with a unique expertise, which positions us to support both upstream and downstream partners to achieve the best outcomes for patients. Our leadership in specialty has spanned 20 plus years. And over that time, we have built an unparalleled suite of services that connects manufacturers and providers. Strategically positioning ourselves in the center of the specialty market, we have created opportunities to partner with leading innovators early in the drug development process through scientific development and consulting, safety and quality compliance, and clinical trial support and logistics. Our downstream services enhance provider efficiency, allowing physicians to spend more time with patients, and includes patient experience insights as well as operational and financial solutions. Specialty medicines and services will continue to be a key area of focus for SYNCORA as ongoing innovation and increasingly complex therapies drive opportunities for growth and allow us to demonstrate the differentiated value we can provide to our partners. We partner with biopharma players who are developing innovative life-changing medications to help improve the lives of patients and advance the standard of care. To support their clinical and commercial success, it is imperative that we invest in all the capabilities we offer and position ourselves to meet their evolving needs. One example is our global specialty logistics business, which offers solutions to transport complex products across our extensive footprint and provides key logistics for clinical trials. We continue to invest to support the growing demand for specialty logistics by enhancing the solutions offered across our footprint and implementing new technologies to drive further efficiency. This quarter, we announced three new transport stations strategically located across the United States. that will improve our ability to handle products in trial and complex products coming to market commercially. Since many of these products require specialized temperature control, we have expanded cryogenic storage and capabilities globally. This ensures we are providing partners with the complex logistics they need for their clinical trial and specialty shipment needs, while investing to remain the best-in-class partner for these promising therapies across geographies and categories as innovation in cell and gene therapies continues to excite and advance. Innovation in life sciences motivates us at Sencora, and we invest in our operational, technical, and logistics capabilities to ensure we are also innovating to support their tremendous potential for improving patients' lives. Growing our capabilities and solutions in higher-margin, high-growth services positions us to be the partner of choice with market-leading innovators and to capitalize on opportunities presented by scientific advancement and the corresponding growing needs for commercialization services and solutions. On the consulting side, Syncora's Global Pharma Services Group helps our partners to accelerate the speed at which their products go to market by helping them navigate the complexity of clinical, regulatory, and access challenges. As we continue to integrate PharmaLex, biopharma innovators are increasingly seeing the value we offer as a partner providing global pharma consulting alongside our abilities to support their logistics needs from clinical trials to 3PL and specialty and wholesale distribution with expertise and significant presence in key markets in the U.S., Canada, and Europe. Our expertise enables us to work with revolutionary medicines and products early in the development process and help support their commercial launches, giving Sencora a key role in healthcare innovation. Our expanded and unified enterprise is advancing Sencora's presence as we continue to make investments and better leverage our infrastructure. Our legacy of investing in technology and enhancing operations to increase our efficiency continues to be front of mind as we pursue ways to enhance our services and customer experience. The sophistication, scale, and flexibility of our infrastructure was on full display as we handled the significant volume of newly commercial and temperature sensitive COVID vaccines in the US in the December quarter without negatively impacting our ability to distribute a normal pharmaceutical volume. This is yet another proof point of the value we provide the healthcare system and validates our continued focus on advancing our capabilities to further Sankora's strength at the center of healthcare globally. As we continue to grow and unite as Sincora, we look for ways to capitalize on our range of services across our global enterprise and invest in platforms to improve the speed, precision, and processes in which we serve customers. Sincora leads with market leaders, and we must continually progress and adapt to help our customers navigate the complexity of the healthcare landscape. As a global pharmaceutical distributor, we are focused on investing to support the growth and needs of our market-leading customers. We are able to use our scale, reach, and expertise to build and advocate for programs aimed at mitigating drug shortages, supporting our customers' ultimate ability to better serve their patients. To that end, we are proud to collaborate with the Drug Supply Chain Resilience and Advanced Manufacturing Consortium, whose mission is to work towards a resilient supply chain. Our work with the group involves partnering with stakeholders across the supply chain to identify effective policy solutions aimed at reducing the frequency and severity of drug shortages. These types of initiatives reflect our intellectual confidence and our organization's next-minded approach to addressing challenges and allow us to advance our purpose to create healthier futures for patients around the world Our position at the center of healthcare uniquely equips our team with knowledge to overcome the obstacles the supply chain faces and plan for future challenges, making us a trusted partner for organizations focusing on pharmaceutical supply chain resiliency. Our ESG and DEI goals are meaningful to the success of our company and our ability to deliver on our purpose We recognize the importance of operating in a responsible manner and set ESG goals aligned with our business that ensures we are maintaining resilient operations, prioritizing our people's growth and well-being in the workplace, and supporting Sankora's long-term sustainable growth. We recently published our eighth annual ESG report, which highlights our progress on our ESG programs and how these initiatives contribute to our overall success. One of the key pillars of our ESG strategy is our team members who remain at the center of our company. At Sencora, we prioritize creating a working environment that fosters growth and support for all our employees. We believe that having a diverse and inclusive team underpins our culture and strengthens our operations as we benefit from the insights that come from having a broader set of view and experiences. As we seek to advance our culture, we have been focused on measuring inclusion and engagement in our workplace. We were pleased in our second annual Global Inclusion Survey, a majority of our team members indicated we have a highly inclusive culture. As a part of the survey, our team members provided leaders with valuable feedback and opportunities for improvement that will inform our efforts to strengthen our employee experience and working environment. Being purpose-driven to create healthier futures, we offer comprehensive benefits and apply policies and practices in our corporate culture that ensure all employees are able to perform to the best of their ability. As an example of this, I am proud that Sincora was a recipient of the Equality 100 Award by the Human Rights Campaign Foundation for our work in providing equitable benefits, policies, and practices. This award recognizes companies that receive 100 on the Foundation's Corporate Equality Index that measure policies and practices related to LGBTQ plus workplace equality. These achievements reflect the dedication by our team members who have taken an active role in creating an inclusive environment and delivering on our critical role in healthcare each day. As we look ahead to the rest of our fiscal year, we are focused on continuing to capitalize on the strength of our business and the opportunities provided by our pharmaceutical-centric strategy in order to deliver value for our customers and other stakeholders. I remain inspired by our team members' execution and drive to deliver on our purpose by demonstrating passion and adaptability as we work through an ever-changing healthcare environment to improve lives every day. I will now turn the call over to Jim for an in-depth review of our first quarter results and updated guidance. Jim?