July 31 (Reuters) - Cencora ( COR ) raised its annual

profit forecast again on Wednesday, driven by strong demand for

high-priced specialty medicines that treat complex diseases such

as cancer.

The drug distributor also beat Wall Street estimates for

third-quarter profit and revenue helped by strength in its U.S.

healthcare business.

"We see the company's fourth guidance increase of FY24 as a

clear sign of sustained momentum," Leerink Partners analyst

Michael Cherny wrote in a note.

The company has been benefiting from sales of specialty

drugs and cheaper versions of complex biotech drugs called

biosimilars at a time when prices of generic medicines keep

falling due to intense competition.

Generic drugs are exact copies that can be easily produced

and sold once the original medicine loses patent protection,

typically leading to quick price declines by 90% or more.

Biosimilars for biologic drugs, including AbbVie's ( ABBV )

arthritis drug Humira and Regeneron Pharmaceuticals' ( REGN )

eye treatment Eylea, offer a compelling opportunity for drug

distributors, according to analysts.

Cencora ( COR ) now expects 2024 adjusted earnings in the range of

$13.55 to $13.65 per share, compared to a prior range of

$13.35-$13.55 per share. Analysts were expecting $13.47 per

share, according to LSEG data.

Sales at Cencora's ( COR ) U.S. healthcare business, its largest

unit by revenue, rose nearly 12% year-over-year to $67.2 billion

driven by increased sales of newer weight-loss treatments known

as GLP-1 agonists, including Novo Nordisk's Wegovy

and Eli Lilly's ( LLY ) Zepbound.

Total sales came in at $74.24 billion, topping estimates of

$73.48 billion.

On an adjusted basis, Cencora ( COR ) reported a profit of $3.34 per

share in the quarter ended June 30, beating estimates of $3.22

per share.