Cencora just saw the floor fall out, with shares cratering 16.7% in a single morning after a rare "double miss" on both earnings and revenue. Despite the weight-loss drug craze, a slowdown in GLP-1 volumes and a rapid shift toward cheaper biosimilars are squeezing the margins of this pharma distribution titan. In this episode of Implied, we dive into the disconnect: Why did management raise their full-year guidance and announce a $1 billion buyback in the middle of a selloff? We break down whether this "penalty box" moment is a warning sign of shifting drug pricing or a massive discount on a company still growing its international footprint by double digits.

What’s inside:

• The Big Miss: Breaking down the $78.4B revenue shortfall.

• The GLP-1 Factor: ...