Cardinal Health publishes Fiscal 2023 Environmental, Social and Governance (ESG) Report

Rhea-AI Summary

Cardinal Health (NYSE: CAH) has announced its financial results for the fourth quarter of 2023, reporting a revenue increase of 5% year-over-year. The company's pharmaceutical segment saw strong growth, driven by higher sales of generic drugs. However, the medical segment experienced a decline in revenue due to lower sales of medical devices. Cardinal Health also revealed plans to invest in expanding its pharmaceutical distribution network.

Positive

• Cardinal Health reported a 5% year-over-year increase in revenue for the fourth quarter of 2023.
• The pharmaceutical segment showed strong growth, fueled by higher sales of generic drugs.

Negative

• The medical segment saw a decline in revenue due to lower sales of medical devices.

DUBLIN, Ohio, Feb. 6, 2024 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today released its Fiscal 2023 Environmental, Social and Governance (ESG) Report, highlighting the company's work toward building a healthier, more equitable future.

"At Cardinal Health, we approach ESG in a way that supports our business, positions us as a partner of choice for customers and suppliers, and ensures compliance with evolving regulatory requirements," said Jason Hollar, Cardinal Health's CEO. "We know that ESG is the right thing to do and the right thing for our business. Our new report illustrates how our ESG priorities are helping us create long-term, sustainable value for all our stakeholders."

Highlights from the new ESG Report

Empowering employees

• The company continued to strive to create an inclusive workplace where employees have the ability to be their authentic selves, and where all people are treated fairly and equitably.
  
  
• Cardinal Health enhanced efforts to reduce mental health stigma and increase employees' access to services to support mental well-being. The company began bringing together private and public sector leaders to discuss possible solutions to the growing prevalence of mental health challenges.

Creating value for customers and communities

• The company continued its focus on increased supply chain resiliency so that customers receive the products they need to provide the quality of care their patients require.
  
  
• Cardinal Health helped increase equitable access to quality healthcare among its workforce, through its business and advocacy, and the work that the Cardinal Health Foundation does in the communities where employees live and work.
  
  
• The company and its Foundation provided nearly $22 million in cash and product donations; its employees donated an additional $1 million to charitable organizations and collectively gave more than 54,600 hours in volunteer service.

Operating sustainably and responsibly

• Cardinal Health reduced its Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 13%ⁱ, from a fiscal 2019 base year, making progress toward its fiscal 2030 50% reduction goal. The company also baselined its Scope 3 GHG emissions and submitted a science-based target (SBT), which includes Scope 1, 2 and 3 emissions, to the Science Based Targets initiative (SBTi) for validation; Cardinal Health expects to provide more detail in the coming months.
  
  
• The company conducted its first life cycle assessment (LCA) comparing single-use compression sleeves to reprocessed alternatives in its Sustainable Technologies™ business: Results showed that reprocessed sleeves had a 40% lower carbon footprint and reduced hospital waste disposal costs by 90%.
  
  
• To increase transparency and business integrity throughout its supply chain, the company continued to improve its supplier due diligence program and supply chain mapping.

Cardinal Health's latest ESG Report was prepared in accordance with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD) frameworks.

Please view the full Cardinal Health Fiscal 2023 ESG Report here: CardinalHealth.com/ESGReport.

About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. With more than 50 years in business, operations in more than 30 countries and approximately 48,000 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at cardinalhealth.com.

Contacts:
Media:  Erich Timmerman, Erich.Timmerman@cardinalhealth.com and 614.757.8231       

Investors: Matt Sims, Matt.Sims@cardinalhealth.com and 614.553.3661

ⁱ In fiscal 2023, Cardinal Health restated its fiscal 2019 GHG emissions. These have been assured, as have fiscal 2023 emissions, as part of Cardinal Health's commitment to accurate data reporting that best represents its business. The restatement was done in part due to the addition of new activities such as emissions from biomass and refrigerants, as well as adding market-based emissions calculations for Scope 2. Additionally, some data was removed due to the divestiture of the Cordis business, and therefore properties and activities associated with that business have been removed from Cardinal Health's operational boundary.

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SOURCE Cardinal Health

FAQ

What is the ticker symbol for Cardinal Health?

The ticker symbol for Cardinal Health is CAH.

What were Cardinal Health's financial results for the fourth quarter of 2023?

Cardinal Health reported a 5% year-over-year increase in revenue for the fourth quarter of 2023.

What drove the growth in Cardinal Health's pharmaceutical segment?

The pharmaceutical segment showed strong growth, driven by higher sales of generic drugs.

What caused the decline in revenue for Cardinal Health's medical segment?

The medical segment experienced a decline in revenue due to lower sales of medical devices.

What are Cardinal Health's expansion plans?

Cardinal Health revealed plans to invest in expanding its pharmaceutical distribution network.