Cardinal Health Names New Chief Executive, Posts Mixed Q4 Earnings

Cardinal Health Inc CAH has reported Q4 FY22 adjusted EPS of $1.05, up 36% Y/Y, missing the consensus of $1.17.
Sales increased 11% to $47.1 billion, beating the consensus of $44.71 billion.
Revenue from the pharmaceutical segment increased 13% to $43.3 billion, driven primarily by branded pharmaceutical sales growth from large Pharmaceutical Distribution and Specialty customers.
The medical segment sales decreased 11% to $3.8 billion due to the divestiture of the Cordis business and lower products and distribution volumes.
Medical segment loss reached $(16) million primarily due to net inflationary impacts and global supply chain constraints in products and distribution.
Management Change: Cardinal has elected Jason Hollar, current CFO, as the next CEO of the company, effective September 1, succeeding Mike Kaufmann.
Patricia English will serve as the Interim CFO.
Outlook: Cardinal Health expects FY23 adjusted EPS of $5.05-$5.40 compared to the consensus of $5.37.
The company targets a Medical segment profit of at least $650 million by FY25.
Price Action: CAH shares are down 3.19% at $60.75 during the premarket session on the last check Thursday.

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