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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cardinal Health Inc | NYSE:CAH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 99.72 | 0 | 10:12:01 |
By Chelsey Dulaney
Cardinal Health Inc. raised its outlook for its fiscal year ending in June after the company posted forecast-topping results in its December quarter.
Cardinal now expects to post $4.28 to $4.38 a share in earnings, up from its previous guidance for $4.10 to $4.30 a share in earnings.
"Although we experienced some continued challenges in the Canadian market, we saw real progress in most of our business lines and customer channels," said Chief Executive George Barrett in a news release.
The Dublin, Ohio, company, which provides pharmaceuticals and medical products, was dealt a blow in 2013 when the drugstore chains that have since combined into Walgreens Boots Alliance Inc. agreed to get their branded and generic pharmaceutical products from rival AmerisourceBergen Corp. Drug wholesalers have been forming ventures and collaborations with other health-care related companies, in an effort to boost their bargaining power with pharmaceutical companies and expand internationally.
Cardinal Health agreed to form a joint venture with CVS Caremark Corp., in which the drugstore-operator and pharmacy-benefits manager source generic drugs as consumers increasingly are using the less-expensive medicines.
For its fiscal second quarter, the company posted a profit of $289 million, or 86 cents a share, compared with $278 million, or 80 cents a share, a year earlier. Excluding special items, earnings were $1.20 a share.
Revenue grew 15% to $25.5 billion.
Analysts polled by Thomson Reuters recently projected earnings of $1.10 cents a share on revenue of $23.5 billion.
Revenue in the company's pharmaceutical segment grew 16% to $22.6 billion as it grew its existing and new customer bases.
The medical segment's revenue grew 4% to $2.9 billion, driven by acquisitions and growth from existing customers.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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