Cardinal Health Raises FY24 Non-GAAP EPS Guidance; Sees Pharmaceutical Revenue Growth Of 10%-12%

(RTTNews) - Cardinal Health (CAH) has raised its fiscal 2024 guidance range for non-GAAP earnings per share to $6.75 to $7.00, from prior guidance range of $6.50 to $6.75. The guidance includes an update to the Pharmaceutical segment profit outlook to 7% to 9% growth, from prior guidance range of 4% to 6% growth. Pharmaceutical segment revenue growth is projected in a range of 10% to 12%.

For the fiscal 2024-26 period, Cardinal Health targets non-GAAP EPS growth of 12% to 14%, CAGR.

First quarter earnings totaled $5 million, or $0.02 per share compared with $110 million, or $0.40 per share, a year ago. GAAP operating loss was $14 million due to a non-cash, pre-tax goodwill impairment of $581 million related to the Medical segment, due to an increase in the discount rate. Non-GAAP operating earnings increased 35% to $571 million, driven by significant increases in both Pharmaceutical segment profit and Medical segment profit. Non-GAAP EPS increased 44% to $1.73. Analysts on average had expected the company to earn $1.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 10.4% to $54.76 billion from $49.60 billion last year. Analysts on average had estimated $54.76 billion in revenue. Revenue for the Pharmaceutical segment increased 11% to $51.0 billion.

Shares of Cardinal Health are up 2% in pre-market trade on Friday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.