- Cardinal Health CAH reported Q1 FY22 adjusted EPS of $1.29, down from $1.51 a year ago, missing the Street estimate of $1.33.
- Q1 sales increased 13% Y/Y to $44 billion, beating the consensus estimate of $41.93 billion.
- The pharmaceutical segment increased 13% to $39.8 billion, driven primarily by branded pharmaceutical sales growth from large Pharmaceutical Distribution and Specialty customers.
- The medical segment sales increased 5% to $4.1 billion, driven primarily by PPE sales, partially offset by the divestiture of the Cordis business.
- Outlook: For FY22, Cardinal Health reaffirmed its adjusted earnings guidance of $5.60 - $5.90.
- This guidance includes an update to the Medical segment profit outlook to mid-single to low-double-digit percentage decline, from low-double-digit percentage growth.
- The guidance also reflects net incremental elevated supply chain costs of approximately $100 million - $125 million.
- Cardinal Health also announced a 3-year authorization to repurchase up to an additional $3 billion shares.
- Price Action: CAH shares are up 1.23% at $50.24 during the premarket session on the last check Tuesday.
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