Cardinal Health Q4 Earnings Surpass Estimates, Raises 2024 Forecast

Cardinal Health Inc CAH reported Q4 FY23 adjusted EPS of $1.55, up 48% Y/Y, beating the consensus of $1.48.

Sales increased 13% to $53.45 billion, beating the consensus of $52.41 billion.

Q4 revenue for the Pharmaceutical segment increased 15% to $49.7 billion, driven by brand and specialty pharmaceutical sales growth from existing customers.

Q4 revenue for the Medical segment was flat at $3.8 billion, reflecting a decrease in Products and Distribution sales related to lower PPE volumes and pricing, partially offset by inflationary impacts, including mitigation initiatives.

Outlook: Cardinal Health raised its FY24 adjusted EPS guidance to $6.50-$6.75 from prior guidance of $6.45-$6.70 versus consensus of $6.59.

The company reiterated its FY24 Pharmaceutical segment profit outlook for 4%-6% growth on higher ending fiscal year 2023 Pharmaceutical segment profit. 

In June, Cardinal Health inked a pact to contribute its Outcomes business to Transaction Data Systems, a portfolio company of BlackRock Long Term Private Capital and GTCR, in exchange for a minority stake in the combined entity.

As a part of the agreement, Cardinal Health's pharmaceutical segment CEO, Debbie Weitzman, will be appointed to the TDS board of directors after the deal.

Price Action: CAH shares are up 0.33% at $93.30 on the last check Tuesday.

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Posted In: EarningsLarge CapNewsGuidanceHealth CareGeneralBriefs
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