Cardinal Health 3Q Earnings Top Views, Co Boosts FY24 Adj EPS View

Dow Jones05-02

By Rob Curran

Cardinal Health's fiscal third-quarter operating earnings smashed Wall Street targets and the drug wholesaler boosted its adjusted earnings projection for the year, as Americans purchase ever larger quantities of obesity drugs and other medications.

The Dublin, Ohio-based drug wholesaler posted earnings of $258 million, or $1.05 for the quarter ended in March, down from $345 million, or $1.34 a share, a year earlier.

Excluding certain one-off items such as goodwill impairment charges, the drug distributor posted third-quarter earnings of $2.08 a share, handily beating the average Wall Street target of $1.96 a share, as tallied by FactSet.

Third-quarter revenue rose 9% to $54.9 billion, just shy of the average analyst target of $56.05 billion, according to FactSet.

Cardinal Health now anticipates adjusted earnings for the year ending in June in a range between $7.30 and $7.40 a share, up from a prior estimated range between $7.20 and $7.35 a share.

For the fiscal year ending in June 2025, Cardinal Health forecast adjusted earnings of at least $7.50 a share.

Danish drug maker Novo Nordisk Thursday echoed sentiments from rival obesity drug maker Eli Lilly, forecasting continued momentum in sales of the popular injections.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

May 02, 2024 07:14 ET (11:14 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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