Cardinal Health Reaffirms FY23 Guidance After Street Beating Q1 Earnings

Cardinal Health Inc CAH has reported Q1 FY23 adjusted EPS of $1.20, down 7% Y/Y, beating the consensus of $0.94.
Sales increased 13% to $49.6 billion, beating the consensus of $48.19 billion.
Revenue from the pharmaceutical segment increased 15% to $45.8 billion, driven primarily by branded pharmaceutical sales growth from large Pharmaceutical Distribution and Specialty customers.
The medical segment sales decreased by 9% to $3.8 billion, driven by lower Product and Distribution sales, primarily due to PPE pricing and volume.
"We are reaffirming our full-year non-GAAP EPS guidance as we remain focused on our Medical Improvement Plan initiatives and building upon the growth of our Pharmaceutical business," said Jason Hollar, CEO.
Outlook: Cardinal Health reaffirms FY23 adjusted EPS of $5.05-$5.40 compared to the consensus of $5.24.
This guidance includes an update to the Medical segment profit outlook to flat to 20% decline, from 10% growth to a 10% decline.
Price Action: CAH shares are up 1.10% at $76.50 during the premarket session on the last check Friday.
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