Cardinal Health (CAH) investor relations material

Financial performance and guidance

• Delivered strong Q3 results with 18% profit growth in pharma and over 30% in growth businesses.

• Raised non-GAAP EPS guidance to $10.70-$10.80, reflecting operational strength and demand.

• Organic growth in pharma and specialty exceeds long-term mid-single-digit EBIT guidance, aided by new customer volume.

• Raised adjusted free cash flow guidance to $3.3-$3.7 billion for the year.

• Continued share repurchases, exceeding $1 billion YTD, and maintained leverage at 3x.

Business trends and operational execution

• Strong demand across core pharmaceutical, specialty, and biopharma services segments.

• Specialty business grew over 20% in the quarter and YTD, with maintained profitability despite IRA impacts.

• Brand-to-generic conversions are favorable, with generics providing higher profitability given strong volumes.

• Durable business momentum supported by demographic and secular industry trends.

• Operational execution and service levels are at all-time highs, attracting new customers.

M&A and strategic investments

• Acquired leading MSO platforms in gastroenterology (GI Alliance) and urology (Urology America, Solaris), with ongoing tuck-in acquisitions.

• Focused on building an ecosystem around community practitioners in urology, gastroenterology, and oncology.

• Investments in technology, process, and team to strengthen fragmented specialty areas.

• MSO acquisitions create cross-segment opportunities, especially in distribution and MedSurg.

• No forward guidance on M&A, but continued disciplined approach to capital allocation.