Yes, researchers at Northeastern University in Boston saw 3.7 to 5.4 percent less bone density in the hips of females who drank at least one cola drink a day.
The researchers believe this is due to two factors. One factor is the amount of caffeine in the cola ( heavy coffee drinkers also have decreased bone density ). The second factor is the phosphorous level in the colas. When a person ingests regular amount of phosphorous, calcium in the person's bloodstream may bind to the phosphorous, which makes the calcium unavailable for bone remodeling - resulting in decreased bone density.
Information taken from More magazine's issue dated Dec2012/Jan2013, article Are You Aging Too Fast by Meryl Davids Landau