Cencora raises profit outlook due to robust demand for high-priced specialty drug

Drug distributor Cencora raised its annual profit outlook on Wednesday, betting on strong demand for costly specialty medicines that treat diseases such as cancer and rheumatoid arthritis. Cencora has benefited from strong sales of specialty drugs and cheaper versions of complex biotech drugs called biosimilars, even as prices of generic medicines keep falling due to intense competition. The distributor, however, had said deflation in generic medicines has "moderated" over the last couple of years and that it is now "less of a headwind".