Cardinal Health Reports Third-Quarter Results

• By Laurie Watanabe
• May 25, 2023

Cardinal Health has reported its third-quarter fiscal year 2023 results.

In a May 4 press release, Cardinal Health reported third-quarter revenue of $50.5 billion, an increase of 13 percent compared to the third quarter of the 2022 fiscal year.

“Third-quarter GAAP (Generally Accepted Accounting Principles) operating earnings were $572 million, and GAAP diluted earnings per share (EPS) were $1.34,” the announcement said. “Third quarter non-GAAP operating earnings increased 11 percent to $606 million due to a significant increase in pharmaceutical segment profit, partially offset by a decline in medical segment profit. Non-GAAP diluted EPS increased 20 percent to $1.74, reflecting the improvement in non-GAAP operating earnings, a lower share count and lower interest expense, partially offset by a higher non-GAAP effective tax rate.”

In the pharmaceutical segment, Cardinal Health reported revenue of $46.8 billion for third-quarter fiscal year 2023, vs. $41 billion for the same period in 2022. In the medical segment, Cardinal Health reported revenue of $3.7 billion for third-quarter fiscal year 2023, vs. $3.9 billion for the same period in 2022.

Jason Hollar, Cardinal Health’s CEO, said in the announcement, “Our third-quarter results were led by continued momentum and growth in the pharmaceutical segment. With the strong overall performance in the quarter, we are pleased to raise our full year non-GAAP EPS guidance by $0.35 at the midpoint. In medical, we continue to see improvement in underlying performance and remain confident in our Medical Improvement Plan initiatives. Across the enterprise, we continue to operate with urgency to drive our businesses forward and create value for our shareholders.”