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Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Cardinal Health
Cardinal Health (CAH) investor relations material
Cardinal Health 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary13 Jan, 2026
Strategic and Operational Progress
Multi-year growth journey continues with a raised fiscal 2026 EPS target of at least $10 and a 12%-14% EPS CAGR.
Core operating earnings have grown at a 14% CAGR, with EPS at 18% and adjusted free cash flow averaging over $3 billion.
Over 99% of revenue is now U.S.-centric, with projected FY26 revenue over $255B.
Pharmaceutical and Specialty Solutions business remains the largest, accounting for over 90% of revenue and nearly 80% of profit.
Strategic focus on high-growth areas: specialty, nuclear, at-home, and OptiFreight businesses.
Industry Trends and Business Model Resiliency
Demographic trends, especially the aging U.S. population, drive increased pharmaceutical utilization and long-term growth.
Investments target faster-growing secular trends like precision health, site-of-care shifts, and at-home care.
Business model has proven resilient through industry shocks, including the pandemic and regulatory changes.
Recent successful negotiation of IRA-related price changes for 2026 demonstrates adaptability.
Margins remain at 1%, with ongoing efforts to expand profitability through value-added services.
Specialty and Growth Businesses
Specialty revenue expected to exceed $50 billion by fiscal 2026, with a 16% CAGR over three years.
Focused on autoimmune, urology, and oncology, leveraging a multi-specialty platform and recent acquisitions.
Biopharma Solutions business targets $1 billion in revenue by fiscal 2028, with a 20% CAGR and recent major contract wins.
MSO platforms support about 3,000 providers and contribute ~$4.5B in higher-margin revenue.
Nuclear radiopharmaceutical business leads in manufacturing and dispensing, with strong growth in urology and oncology products and a robust pipeline through 2031.
Outlook for 'Other' segment profit contribution
What specific GMPD initiatives drive profit improvement?
How do MSO platforms leverage site of care shifts?
IRA price changes: How does contract structure mitigate impact?
Growth drivers for high-margin 'Other' businesses?
CMMI demos: MSO business vulnerability and mitigation?
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Next Cardinal Health earnings date
Q2 20265 Feb, 2026
Cardinal Health
Next Cardinal Health earnings date
Q2 20265 Feb, 2026
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Frequently asked questions
Major Provider of Medical Products
Cardinal Health, Inc. Is an American healthcare services company with multinational operations. It specializes in the distribution of pharmaceuticals and medical products, delivering to over 100,000 different locations across the globe. Besides its distribution, it also manufactures various medical products and equipment used in surgeries. It supplies a large majority of hospitals in the US and is headquartered in Dublin, Ohio. Its shares are traded on the NYSE.
Starting Out in Food Distribution
Cardinal Health was founded in 1971 by Robert D. Walter. Originally established as Cardinal Foods, it began as a food distribution business. However, in the early 1980s, the company transitioned into pharmaceutical distribution. Over the subsequent years, Cardinal Health broadened its reach and services through a combination of organic growth, innovation, and acquisitions.
Operations
Its core operation lies in the distribution of pharmaceuticals and medical products. The company facilitates the delivery of medications and related services to various healthcare providers, including hospitals, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. Beyond pharmaceutical distribution, Cardinal Health is also involved in the sale of generic pharmaceuticals, over-the-counter medications, and consumer health products. A specialized branch within the company deals with nuclear pharmacy services, which involve the preparation and delivery of patient-specific doses of radiopharmaceuticals. When looking at the company’s peers, one finds names such as McKesson, Becton, Dickinson and Company, and Owens & Minor.
Surgical Equipment
In terms of surgical science equipment, the company offers a variety of items that cater to different clinical needs. These products range from basic consumables, such as surgical drapes, gowns, and gloves, to more specialized equipment used in surgical settings. They also provide fluid management systems, wound care products, and sterilization wraps. While the company does not manufacture all these products in-house, it partners with manufacturers to ensure a comprehensive product offering for healthcare institutions.
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