Cardinal Health : Q4 2023 Press release

Exhibit 99.1

FOR IMMEDIATE RELEASE

Cardinal Health Reports Fourth Quarter and Full Year Results for Fiscal Year 2023 at High End of

Investor Day Guidance

• Fourth quarter revenue increased 13% to $53.5 billion
• Fourth quarter GAAP1 operating earnings were $137 million and GAAP diluted loss per share was $0.25
• Fourth quarter non-GAAP operating earnings increased 24% to $560 million and non-GAAP diluted EPS increased 48% to $1.55
• Fourth quarter Pharmaceutical segment profit increased 12% to $504 million and Medical segment profit increased to $82 million
• Generated both operating cash flow and non-GAAP adjusted free cash flow of $2.8 billion and returned over $2.5 billion to shareholders in fiscal year 20232
• Fiscal year 2024 non-GAAP EPS guidance raised to $6.50 to $6.75, from $6.45 to $6.70

DUBLIN, Ohio, August 15, 2023 - Cardinal Health (NYSE: CAH) today reported fourth quarter fiscal year 2023 revenues of $53.5 billion, an increase of 13% from the fourth quarter of last year. GAAP operating earnings were $137 million, primarily due to a non-cash,pre-tax goodwill impairment charge of $368 million in the Medical segment, which reflects the financial update provided at Investor Day. GAAP diluted loss per share was $0.25, primarily due to this impairment, net of tax effects. Non-GAAP operating earnings increased 24% to $560 million, driven by increases in Medical and Pharmaceutical segment profit. Non-GAAP diluted earnings per share (EPS) increased 48% to $1.55 in the quarter, reflecting the increase in non-GAAP operating earnings, lower interest and other expense and a lower share count, partially offset by a higher non-GAAP effective tax rate.

Fiscal year 2023 revenues were $205.0 billion, a 13% increase from fiscal year 2022. GAAP operating earnings were $727 million, due to cumulative non-cash,pre-tax goodwill impairment charges of $1.2 billion in the Medical segment. GAAP diluted EPS were $1.00, primarily due to these impairments, net of tax effects. Non-GAAP operating earnings increased 3% to $2.1 billion, driven by an increase in Pharmaceutical segment profit, partially offset by a decrease in Medical segment profit. Non-GAAP diluted EPS increased 14% to $5.79 for the year, an all-time high, reflecting the increase in non-GAAP operating earnings, lower interest and other expense and a lower share count.

"Fiscal 2023 was an inflection point for Cardinal Health, with improved performance, strong execution and notable progress against both our short and long-term plans," said Jason Hollar, CEO of Cardinal Health. "We are pleased with the strong finish to the year, including robust cash flow generation, continued strong growth in the Pharmaceutical segment and significant improvement in the Medical segment, driven by execution of our Medical Improvement Plan. We enter the new fiscal year with momentum and are raising our previously communicated fiscal year 2024 EPS guidance."

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Q4 and full year FY23 summary

Q4 FY23

Q4 FY22

Y/Y

FY23

FY22

Y/Y

Revenue

$53.5 billion

$47.1 billion

13%

$205.0 billion

$181.4 billion

13%

Operating earnings/(loss)

$137 million

$36 million

N.M.

$727 million

$(596) million

N.M.

Non-GAAP operating earnings

$560 million

$450 million

24%

$2.1 billion

$2.0 billion

3%

Net earnings/(loss) attributable to Cardinal Health, Inc.

$(64) million

$138 million

N.M.

$261 million

$(933) million

N.M.

Non-GAAP net earnings attributable to Cardinal Health, Inc.

$397 million

$289 million

37%

$1.5 billion

$1.4 billion

7%

Effective Tax Rate3

154.3%

575.3%

58.9%

(21.2)%

Non-GAAP Effective Tax Rate

27.4%

25.4%

22.8%

22.1%

Diluted EPS attributable to Cardinal Health, Inc.

$(0.25)

$0.50

N.M.

$1.00

$(3.35)

N.M.

Non-GAAP diluted EPS attributable to Cardinal Health, Inc.

$1.55

$1.05

48%

$5.79

$5.06

14%

Segment results

Pharmaceutical segment

Q4 FY23

Q4 FY22

Y/Y

FY23

FY22

Y/Y

Revenue

$49.7 billion

$43.3 billion

15%

$190.0 billion

$165.5 billion

15%

Segment profit

$504 million

$451 million

12%

$2.0 billion

$1.8 billion

13%

Fourth-quarter revenue for the Pharmaceutical segment increased 15% to $49.7 billion, driven by brand and specialty pharmaceutical sales growth from existing customers.

Pharmaceutical segment profit increased 12% to $504 million in the fourth quarter, primarily driven by positive generics program performance.

Medical segment

Q4 FY23

Q4 FY22

Y/Y

FY23

FY22

Y/Y

Revenue

$3.8 billion

$3.8 billion

-%

$15.0 billion

$15.9 billion

(5)%

Segment profit

$82 million

$(16) million

N.M.

$111 million

$216 million

(49)%

Fourth-quarter revenue for the Medical segment was flat at $3.8 billion. This reflects a decrease in Products and Distribution sales related to lower PPE volumes and pricing, partially offset by inflationary impacts, including mitigation initiatives. This decrease within Products and Distribution was offset by growth in at-Home Solutions.

Medical segment profit increased to $82 million in the fourth quarter, driven by an improvement in net inflationary impacts, including mitigation initiatives, and normalization of PPE margins.

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Fiscal year 2024 outlook1,4

The company raised its fiscal year 2024 outlook for non-GAAP earnings per share by $0.05 to $6.50 to $6.75 from the preliminary outlook previously communicated at the company's Investor Day5, which primarily reflects increased expectations for Pharmaceutical segment profit. The company reiterated its fiscal year 2024 Pharmaceutical segment profit outlook for 4% to 6% growth on higher ending fiscal year 2023 Pharmaceutical segment profit. The company also increased its fiscal year 2024 Pharmaceutical revenue outlook, driven by continued growth of GLP-1 medications, which do not meaningfully contribute to segment profit. Additionally, the company narrowed its range for diluted weighted average shares outstanding. The company reiterated its expectations for all other fiscal year 2024 outlook items:

Non-GAAP earnings per share	$6.50	- $6.75
Pharmaceutical segment:
Revenue	10% to 12% growth
Segment profit	4% to 6% growth
Medical segment:
Revenue	~3% growth
Segment profit	~$400M
Interest and other	$110M	- $130M
Non-GAAP effective tax rate	23.0%	- 25.0%
Diluted weighted average shares outstanding	250M	- 253M
Share repurchases	~$500M
Capital Expenditures	~$500M
Non-GAAP adjusted free cash flow	~$2.0B

Recent highlights

• Cardinal Health hosted an Investor Day on June 8th, 2023 where management detailed the company's growth strategies, highlighted plans for value creation and provided compelling long-term targets.
• Cardinal Health completed its business and portfolio review of the Pharmaceutical segment, which included the launch of the new Navista™ Network supporting community oncologists, the announcement to retain and invest in Nuclear & Precision Health Solutions and the merger of its Outcomes™ business into Transaction Data Systems.
• Cardinal Health announced a new agreement with TrakCel to offer an integrated cell and gene therapy software solution to help biopharma companies track cell therapies through multiple stages of development and commercialization.
• Cardinal Health hosted its 31st annual Retail Business Conference, bringing together nearly 4,500 attendees from across the country to celebrate the critical role its independent pharmacy customers play in caring for their communities and highlight the company's innovations and commitment to its customers.
• Cardinal Health announced plans to build a new distribution center in the Greenville, South Carolina, area, to support its at-Home Solutions business.
• Cardinal Health was named one of the 2023 Best Companies for Multicultural Women by Seramount.
• Cardinal Health Board of Directors approved a quarterly dividend of $0.5006 per share.

Upcoming webcasted investor events

• Morgan Stanley 21st Annual Global Healthcare Conference at 9:30am EST, September 12, 2023
• Baird 2023 Global Healthcare Conference at 8:30am EST, September 13, 2023

Webcast

Cardinal Health will host a webcast today at 8:30 a.m. Eastern to discuss fourth quarter and full year results. To access the webcast and corresponding slide presentation, go to the Investor Relations page at ir.cardinalhealth.com. No access code is required.

Presentation slides and a webcast replay will be available until August 14, 2024.

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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 health care facilities. With more than 50 years in business, operations in more than 30 countries and approximately 46,500 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at cardinalhealth.com.

Contacts

Media: Erich Timmerman, [e-mail] and 614.757.8231

Investors: Kevin Moran, [e-mail] and 614.757.7942

1GAAP refers to U.S. generally accepted accounting principles. This news release includes GAAP financial measures as well as non-GAAP financial measures, which are financial measures not calculated in accordance with GAAP. See "Use of Non-GAAP Measures" following the attached schedules for definitions of the non-GAAP financial measures presented in this news release and see the attached schedules for reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures.

2Returned over $2.5 billion to shareholders in fiscal year 2023 through share repurchases and dividends.

3The GAAP effective tax rate for the fourth quarter of fiscal year 2023 and fiscal year 2023 were impacted by the goodwill impairment charges of $368 million and $1.2 billion, respectively, in the Medical segment. The net tax effect related to these charges included in the GAAP effective tax rate is an expense of $52 million in the fourth quarter and a net benefit of $82 million for the full year.

The GAAP effective tax rate for the fourth quarter of fiscal year 2022 and fiscal year 2022 were impacted by the goodwill impairment charges of $303 million and $2.1 billion, respectively, in the Medical segment. The net tax benefit related to these charges included in the GAAP effective tax rate is $240 million in the fourth quarter and $150 million for the full year.

4The company does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See "Use of Non-GAAP Measures" following the attached schedules for additional explanation.

5Preliminary fiscal year 2024 outlook previously communicated at company's June Investor Day: non-GAAP diluted EPS previously $6.45 to $6.70, Pharmaceutical segment revenue previously ~10% and diluted weighted average shares outstanding previously 250M to 254M.

Cardinal Health uses its website as a channel of distribution for material company information. Important information, including news releases, financial information, earnings and analyst presentations, and information about upcoming presentations and events is routinely posted and accessible on the Investor Relations page at ir.cardinalhealth.com. In addition, the website allows investors and other interested persons to sign up automatically to receive email alerts when the company posts news releases, SEC filings and certain other information on its website.

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Cautions concerning forward-looking statements

This release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include risks arising from ongoing inflationary pressures, including the risk that our plans to mitigate such effects may not be as successful as we anticipate or that costs could remain elevated; the possibility that our Medical unit goodwill could be further impaired due to additional changes to our long-term financial plan, increases in global interest rates or unfavorable changes in the U.S. statutory tax rate; risks associated with our ongoing review of our operations, portfolio and businesses, including the risk that our management team could become distracted or that the outcome of such review may have unintended consequences; competitive pressures in Cardinal Health's various lines of business, including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts; the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial and strategic benefits through our generic sourcing venture or other components of our generics programs; ongoing risks associated with the distribution of opioids, including the financial impact associated with the settlements with governmental authorities and the risk that challenges to tax deductions for opioid-related losses could adversely impact our financial results; risks arising from the Department of Justice investigation which we believe concerns our anti-diversion program and risks associated with the injunctive relief requirements under the national settlement, including the risk that we may incur higher costs or operational challenges in the implementation and maintenance of the required changes; risks associated with the manufacture and sourcing of certain products, including risks related to our ability and the ability of third-party manufacturers to import or export certain products or component parts and to comply with applicable regulations; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals; and risks associated with business process initiatives, such as the Medical Improvement Plan, including the possibility that they could fail to achieve the intended results. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This release reflects management's views as of August 15, 2023. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward- looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed. Cardinal Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at ir.cardinalhealth.com.