Cardinal Health said revenue rose 9% and 10% to $54.9 billion and $167.1 billion for the 3-month and 9-month periods ended March 31, 2024. It cited branded and specialty pharmaceutical sales growth from existing customers as the main factor.

1. 01

   Cardinal Health said revenue rose 9% and 10% to $54.9 billion and $167.1 billion for the 3-month and 9-month periods ended March 31, 2024. It cited branded and specialty pharmaceutical sales growth from existing customers as the main factor.

2. 02

   The company said GAAP operating earnings were $367 million for the 3-month period ($572 million a year earlier) and $835 million for the 9-month period ($590 million a year earlier). These figures reflect non-cash goodwill impairment charges related to the GMPD segment of $90 million for the 3-month period and $671 million for the 9-month period.

3. 03

   The company said it recorded $5.3 billion in opioid litigation-related accruals as of March 31, 2024 and paid $378 million in annual payments over the 9-month period. In January 2024, it said it prepaid approximately $239 million of future payments totaling about $344 million and, as a result, recognized income of $105 million.

4. 04

   Cardinal Health said it completed the acquisition of Specialty Networks on March 18, 2024 for a cash purchase price of $1.2 billion, subject to certain adjustments. It also said that in February 2024 it issued $1.15 billion in principal amount of debt, consisting of 5.125% Notes due 2029 ($650 million) and 5.45% Notes due 2034 ($500 million), and received net proceeds of $1.14 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$54.9B

Operating income

$367M

Net income

$258M

Gross profit

$1.9B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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