Cencora

Structural pricing power is limited by the role as a pass‑through distributor with low single‑digit gross margins and ~1% operating margins. Gains typically come from volume, mix, service fees, and cost efficiency rather than list‑price control. GLP‑1 growth lifts revenue but dilutes % margin.

RCA/OneOncology add higher‑margin service exposure but not monopoly pricing latitude. Overall, latent pricing power is modest.