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Cardinal Health (CAH) investor relations material

Cardinal Health Bank of America Global Healthcare Conference 2025 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Bank of America Global Healthcare Conference 2025 summary24 Sep, 2025

Business overview and strategic priorities

  • Operates across the entire U.S. healthcare supply chain, with pharmaceutical and specialty solutions as the largest segment, generating over $200 billion in revenue.

  • Growth businesses include Nuclear & Precision Health Solutions, At-Home Solutions, and OptiFreight® Logistics, each benefiting from secular industry trends.

  • Global Medical Products and Distribution (GMPD) has transitioned from losses to profitability and is expected to grow.

  • Long-term plans target 12–14% EPS growth and at least $10 billion in adjusted free cash flow.

  • Recent Investor Day highlighted strong performance, exceeding most prior targets, and refined strategic priorities.

Financial performance and guidance

  • Achieved 18% EPS growth, surpassing the 12–14% target, and raised operating income growth targets for pharma and other growth businesses.

  • Specialty business exceeds $40 billion in revenue with a 14%+ CAGR, supported by recent acquisitions like Solaris.

  • Committed to over $10 billion in adjusted free cash flow over the next three years, with disciplined capital allocation and a focus on shareholder returns.

  • Plans to invest about $600 million annually in capital expenditures, maintain BBB credit rating, and return at least $750 million to shareholders this year.

  • M&A strategy emphasizes tuck-in acquisitions and integration to drive synergies.

Market trends, seasonality, and growth drivers

  • Strong demand environment in pharma and specialty, with new customer revenue providing tailwinds into fiscal 2026.

  • Seasonality impacts pharma (Q3 profit peak) and medical products (flu season, procedure timing).

  • COVID vaccine revenue is expected to be a slight headwind, with timing variability due to regulatory approvals.

  • Generics expected to contribute more to growth over the next three years due to increased loss of exclusivity events.

  • Specialty and branded products, along with other business segments, also drive growth.

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Q1 202630 Oct, 2025
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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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