Cardinal Health said fiscal 2024 revenue increased 11% to $226.8 billion, citing branded and specialty pharmaceutical sales growth from existing customers as the main driver. GAAP operating earnings were $1.2 billion, which included $675 million in pre-tax non-cash goodwill impairment charges related to the GMPD segment.

1. 01

   Cardinal Health said fiscal 2024 revenue increased 11% to $226.8 billion, citing branded and specialty pharmaceutical sales growth from existing customers as the main driver. GAAP operating earnings were $1.2 billion, which included $675 million in pre-tax non-cash goodwill impairment charges related to the GMPD segment.

2. 02

   The company said its effective tax rate was 28.9% for fiscal 2024 (fiscal 2023: 50.0%), and that it included a benefit of $58 million related to goodwill impairment charges at GMPD. It attributed fluctuations in the effective tax rate mainly to the impact of those GMPD goodwill impairment charges.

3. 03

   Cardinal Health said net cash provided by operating activities was $3.8 billion in fiscal 2024, which reflected its annual payment of $378 million and prepayments of $239 million. In the same period, it repaid debt of $783 million, repurchased shares for $750 million, spent $511 million on capital expenditures and paid $499 million in cash dividends.

4. 04

   Cardinal Health said it completed the acquisition of Specialty Networks on March 18, 2024 for $1.2 billion in cash, subject to adjustments. During fiscal 2024, it also issued 5.125% notes due February 2024 in the aggregate principal amount of $650 million and 5.45% notes in the aggregate principal amount of $500 million, with net proceeds of $1.14 billion after discounts, premiums and debt issuance costs.

Key figures

Fiscal year ended June 30, 2024

Revenue

$226.8B

Operating income

$1.2B

Net income

$852M

EPS

$3.45

Gross profit

$7.4B

Operating cash flow

$3.8B

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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