Cencora (NYSE: COR) and Stevanato Group (NYSE: STVN) have faced double-digit and mid-single-digit share price declines, respectively, so far in 2026, despite reporting steady earnings growth. While Cencora leverages a dominant position in the U.S. pharmaceutical supply chain to expand high-margin specialty services, Stevanato Group is capitalizing on the global surge in GLP-1 weight-loss and diabetes medication production. Both companies offer defensive exposure to the healthcare sector as they transition into more profitable, specialized business segments.
Why is Cencora shifting its business model?
Cencora, formerly known as AmerisourceBergen, is moving to counter the notoriously thin profit margins inherent in pharmaceutical wholesaling. According to company financial reports, the firm has targeted high-margin specialty pharmaceutical distribution, highlighted by its $7.4 billion acquisition of OneOncology in February. This strategic shift is reflected in the company’s recent gross profit margin, which climbed 45 basis points year-over-year to 4.31% in the second quarter of 2026.
How does Stevanato Group benefit from the GLP-1 boom?
Stevanato Group operates as a critical “pick-and-shovel” provider for the pharmaceutical industry, manufacturing the specialized glass cartridges and autoinjectors required for biologics like Wegovy and Zepbound. Data from the company’s first-quarter 2026 results indicates that GLP-1 related products accounted for 21% to 22% of total revenue. Because these drugs require precise delivery systems, Stevanato has secured multi-year supply agreements with major pharmaceutical manufacturers, creating significant revenue visibility.
Comparison: Cencora vs. Stevanato Group
| Metric | Cencora | Stevanato Group |
|---|---|---|
| Primary Market | Drug Distribution | Drug Containment |
| Key Growth Driver | Specialty Oncology Services | GLP-1 Injectables |
What is the outlook for future profitability?
Both companies are currently managing major capital expenditures that are expected to yield higher efficiency. Stevanato reported flat EPS of 0.10 euros in the most recent quarter, a result of heavy investment in manufacturing facilities across Indiana, Italy, and Germany. With these upgrades nearing completion, the company projects full-year 2026 revenue of up to 1.29 billion euros. Meanwhile, Cencora continues to benefit from its upgraded 2026 earnings guidance, which now targets a range of $17.70 to $17.90 per share.
Frequently Asked Questions
Is Cencora a better value than its peers?
Cencora trades at a forward price-to-earnings (P/E) ratio of roughly 15.5. This is lower than the broader healthcare sector average of 17.8, suggesting the stock may be undervalued compared to historical norms and industry competitors.
Why is Stevanato’s “High-Value Solutions” segment important?
The High-Value Solutions (HVS) segment includes proprietary products like EZ-fill syringes and next-gen cartridges. It grew 17% year-over-year in the latest quarter and now accounts for 47% of the company’s total revenue, signaling a successful pivot toward higher-margin manufacturing.
Are these stocks considered defensive?
Yes. Both companies provide essential services to the pharmaceutical industry—distribution and containment—which remain necessary regardless of broader economic cycles.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before making investment decisions.
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