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Cardinal Health, Inc. (NYSE: CAH) is a global leader in integrated healthcare services and products. With nearly 100 years of experience, the company stands as a pillar in the healthcare industry, ranking among the top 25 on the Fortune 500 list. Cardinal Health offers a comprehensive suite of services that cater to hospital systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices worldwide.
Operating through two main segments—Pharmaceuticals and Medical—Cardinal Health provides clinically-proven medical products and pharmaceuticals, alongside cost-effective solutions that enhance supply chain efficiency. The company is a major distributor of branded, generic, and specialty pharmaceutical products to a wide array of clients, including retail chains, independent pharmacies, hospital networks, and healthcare providers.
Recently, Cardinal Health reported strong financial results for Q2 FY2024, with a 12% increase in revenue to $57.4 billion. The company also saw significant growth in both its Pharmaceutical and Medical segments, driven by robust sales of brand and specialty pharmaceuticals, as well as improvements in at-Home Solutions and Global Medical Products and Distribution. CEO Jason Hollar highlighted the company's operational execution and strategic priorities, which include tech-enabled specialty acquisitions and a focus on supply chain resiliency.
Cardinal Health is also committed to sustainability and corporate responsibility. The company recently released its Fiscal 2023 Environmental, Social and Governance (ESG) Report, emphasizing long-term value creation through sustainable practices. The company has received approval from the Science Based Targets initiative (SBTi) for its ambitious greenhouse gas (GHG) emissions reduction targets. By FY2023, Cardinal Health had already reduced its Scope 1 and 2 emissions by 13% from a FY2019 base year.
In terms of infrastructure, Cardinal Health is expanding its logistics capabilities. The company has commenced construction on a new 350,000 square-foot Consumer Health Logistics Center in Columbus, Ohio, designed to support the distribution of over-the-counter consumer health products. This facility, expected to be operational by Summer 2025, will create approximately 100 new jobs and enhance Cardinal Health's supply chain agility.
Despite challenges such as the non-renewal of its pharmaceutical distribution contracts with OptumRx, Cardinal Health remains resilient. The company reaffirmed its fiscal 2024 non-GAAP diluted EPS guidance and is confident in its long-term growth targets.
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On March 6, 2023, Cardinal Health (NYSE:CAH) announced a collaboration with Signify Health (NYSE:SGFY) to provide in-home clinical and medication management services via its Outcomes™ business. This initiative aims to reduce healthcare costs and address medication adherence issues for over 2.3 million members across the nation. Leveraging Signify Health's network of 11,000+ clinicians and the OutcomesOne™ platform, the service intends to enhance coordinated care, focusing initially on Medicare Advantage members. The collaboration may expand to additional services, such as population health programs.
Cardinal Health (NYSE: CAH) published its 2023 Biosimilars Report on February 22, 2023, which examines provider perceptions and trends in the biosimilars market. The report shows a significant increase in familiarity with biosimilars, particularly among rheumatologists (76%) and gastroenterologists (81%). It highlights the potential for up to 10 new Humira™ biosimilars launching in 2023, and discusses the impact of the Inflation Reduction Act and the Enhancing Oncology Model on market growth. The report aims to address challenges and opportunities in the adoption of biosimilars, ensuring equitable access to essential treatments.
Cardinal Health (NYSE: CAH) announced a quarterly dividend of
Cardinal Health (NYSE: CAH) reported a 13% revenue increase to $51.5 billion for Q2 FY23. However, it faced a GAAP operating loss of $119 million, largely due to a non-cash goodwill impairment of $709 million. Non-GAAP operating earnings remained stable at $467 million, leading to a 4% increase in non-GAAP diluted EPS, now at $1.32. The company raised its fiscal year 2023 non-GAAP EPS guidance to $5.20-$5.50. The Pharmaceutical segment saw a 15% revenue increase to $47.7 billion, while the Medical segment reported a 7% decline in revenue.
Cardinal Health (CAH) and Palantir Technologies (PLTR) have announced a strategic partnership aimed at enhancing pharmaceutical purchasing decision support for health systems and hospitals. The collaboration will utilize Palantir's Foundry platform to integrate AI and machine learning, combining clinical and purchasing data to optimize supply chain management. The solution aims to address rising drug expenses and inventory challenges, providing real-time insights to improve efficiency and access to medications. This partnership reflects Cardinal Health’s proactive approach to mitigating supply chain uncertainties in healthcare.
Cardinal Health (NYSE: CAH) is set to release its second-quarter financial results for fiscal year 2023 on February 2, prior to market opening. A webcast will begin at 8:30 a.m. Eastern to discuss these results. Cardinal Health, with over 46,500 employees globally, operates in more than 30 countries, providing essential health care services and solutions.
Cardinal Health (NYSE: CAH) has announced the appointment of Aaron Alt as the new Chief Financial Officer (CFO), effective February 10. Alt succeeds Trish English, the interim CFO, and will report to CEO Jason Hollar. Previously, Alt served as EVP and CFO of Sysco Corp, where he improved the company's balance sheet and profitability. His extensive experience includes leadership roles at Sally Beauty and Target. Cardinal Health operates globally with around 46,500 employees, distributing pharmaceuticals and medical products.
On December 9, 2022, Cardinal Health released the 12th edition of its Oncology Insights report, highlighting health inequities in cancer care. The study indicates that 80% of oncologists recognize inequities in healthcare, with nearly 50% citing these disparities as significant in cancer treatment. Unconscious bias among providers towards non-white and Latinx patients was reported by 60% of participants. The report emphasizes the need for greater awareness, education, and evidence-based initiatives to improve access to quality care for all patients.
Cardinal Health (NYSE: CAH) has launched Velocare™, a new supply chain solution that enables rapid delivery of medical supplies for hospital-level care at home, in collaboration with Medically Home. This pilot program aims to enhance patient care by delivering essential products within one to two hours. Utilizing Cardinal Health's logistics expertise, the initiative targets high-acuity patients who previously required hospitalization. The market for at-home healthcare could reach $265 billion by 2025, according to McKinsey, indicating significant growth potential for this venture.
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