# EDGAR Filing Document

**Accession Number:** 0000721371
**File Stem:** 0000721371-25-000053
**Filing Date:** 2025-6
**Character Count:** 21981
**Document Hash:** 1d16050a5d4d4a3eaaa54705ea770662
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000721371-25-000053.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0000721371-25-000053

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250612

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARDINAL HEALTH INC
- **CENTRAL INDEX KEY:** 0000721371
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 310958666
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11373
- **FILM NUMBER:** 251041621

**BUSINESS ADDRESS:**
- **STREET 1:** 7000 CARDINAL PLACE
- **CITY:** DUBLIN
- **STATE:** OH
- **ZIP:** 43017
- **BUSINESS PHONE:** 6147573033

**MAIL ADDRESS:**
- **STREET 1:** 7000 CARDINAL PLACE
- **CITY:** DUBLIN
- **STATE:** OH
- **ZIP:** 43017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CARDINAL DISTRIBUTION INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? cah-20250612

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**Current Report**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 12, 2025** 

**Cardinal Health, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Ohio** | **1-11373** | **31-0958666** |
| (State or other<br>jurisdiction of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

**7000 Cardinal Place, Dublin, Ohio 43017** 

**(614) 757-5000** 

***(Registrant's telephone number, including area code)***

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| ***Title of each class*** | ***Trading Symbol(s)*** | ***Name of each exchange on which registered*** |
| **Common shares (without par value)** | **CAH** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 🞐

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**Item 7.01: Regulation FD Disclosure** 

On June 12, 2025, Cardinal Health, Inc. (the "Company") issued a press release announcing, among other things, updated fiscal year 2025 outlook and preliminary outlook for fiscal year 2026, long-term financial targets and certain strategic updates. A copy of this news release is included as Exhibit 99.1 to this report.

The Company today will host an Investor Day beginning at 9:00 a.m. Eastern time where management will discuss the Company's financial outlook and provide updates on the Company's strategy and capital allocation framework. The event will be live-webcast and archived on the Company's Investor Relations website. To access the webcast and corresponding slide presentation, visit ir.cardinalhealth.com. No access code is required.

**Item 9.01: Financial Statements and Exhibits** 

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Description</u> |
| 99.1 | <u>[News release issued by the Company on June 12, 2025](investorday2025pressreleas.htm)</u> |

---

------

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| | | (Registrant) | (Registrant) |
| Date: | June 12, 2025 | By: | /s/ AARON E. ALT |
|  |  |  | Aaron E. Alt |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![essentialtocarea57a.jpg](essentialtocarea57a.jpg)

**Cardinal Health Details Momentum and Updated Long-Term Value Creation Plans at Investor Day**

**Key announcements:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising FY25 non-GAAP diluted EPS guidance to $8.15 to $8.20<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing preliminary FY26 non-GAAP diluted EPS guidance of $9.10 to $9.30 (13% growth at the mid-points) <sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirming long-term target of 12% to 14% non-GAAP diluted EPS CAGR for FY26 to FY28<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising long-term target for Pharmaceutical and Specialty Solutions profit to 5% to 7% normalized growth<sup>3,4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising long-term target for Other profit to ~10% normalized growth<sup>3,4,5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updating GMPD long-term target to $50M+ of profit growth per year after FY26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expecting at least $10B in total adjusted free cash flow over next three years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising baseline share repurchase plans to at least $750M per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company reiterating strategic priorities and providing updates across its businesses

**DUBLIN, Ohio, June 12, 2025** – Cardinal Health (NYSE: CAH) today will host an Investor Day beginning at 9:00 a.m. ET, where management will detail its growth strategies to maximize the company's potential for all stakeholders.

"We are proud of the strong and resilient foundation we have built that enables us to deliver compelling future growth," said Jason Hollar, Chief Executive Officer of Cardinal Health. "We look forward to highlighting the significant opportunities in front of Cardinal Health as we continue to evolve to reach our full potential."

The company will also discuss its updated long-term financial outlook and capital allocation plans, with its disciplined capital allocation framework remaining unchanged.

Aaron Alt, Chief Financial Officer of Cardinal Health commented, "With the benefits of our robust cash flow generation, continued investments in the business and accelerating contributions from higher-margin businesses, we are positioning our business to deliver sustainable long-term growth and value creation."

------

**<u>Strategic Updates</u>**

Cardinal Health continues to prioritize building upon the growth and resiliency of Pharmaceutical and Specialty Solutions by expanding in Specialty, accelerating its growth businesses and executing GMPD Improvement Plan initiatives.

**Launching The Specialty Alliance**

The Specialty Alliance multi-specialty MSO platform will encompass the recently acquired GI Alliance, as well as the newly established Urology Alliance following the company's broadened therapeutic reach into urology with the recent acquisitions of Urology America and Potomac Urology.

The company's MSO platforms, including The Specialty Alliance and the separately managed Navista oncology alliance, now support approximately 2,200 providers across 28 states and over 450 sites of care.

**Expanding Biopharma Solutions**

Cardinal Health announces continued investments in Biopharma Solutions. The Specialty Networks' PPS Analytics and SoNaR data and insights platforms, originally focused upon urology, are launching into oncology and further expanding in gastroenterology and rheumatology, in support of Cardinal Health's manufacturer partners and practitioner customers, including physicians served by the company's MSO platforms. Additionally, the company expects its Sonexus™ Access and Patient Support "hub" platform to more than double its supported therapies by fiscal year 2028.

**Investing in Core Pharmaceutical Distribution** 

The Consumer Health Logistics Center (CHLC) in Ohio has begun to take delivery of inventory and will be fully operational in July 2025. The CHLC is the first step in a multi-year path towards increasing capacity and driving efficiencies across the company's pharmaceutical distribution network.

Cardinal Health also announces plans to build a new state-of-the-art forward distribution center with the latest in automation technology and is currently conducting a multi-state evaluation of potential locations.

Additionally, Cardinal Health's new customer ordering platform, Vantus HQ, has reached critical mass, enabling retail customers with enhanced capabilities for searching products, tracking orders and accessing reporting.

**Accelerating growth across Nuclear and Precision Health Solutions, at-Home Solutions and OptiFreight Logistics**

Nuclear and Precision Health Solutions plans to invest over $150 million over the next three years in support of the substantial theranostics and PET product pipeline across the industry in areas such as oncology, urology and neurology. The business announces the expansion of its cyclotron network for PET products in 11 markets across the United States and the further expansion of its Center for Theranostics Advancement, including its pharmacy dispensing and commercial capabilities.

Following the completion of the acquisition of Advanced Diabetes Supply (ADS) on April 1, at-Home Solutions has begun realizing anticipated acquisition synergies, including the distribution network integration of the ADS business, with completion expected within six months. at-Home Solutions also announces the opening of its automated Fort Worth facility and plans for further automation distribution center expansion at three additional sites, including two new distribution centers planned in the West and the Northeast.

OptiFreight Logistics announces the expansion of its offerings within the hospital pharmacy setting, supporting the ongoing growth of the business.

------

**Continued execution of the GMPD Improvement Plan** 

The Global Medical Products and Distribution business continues to execute its improvement plan, which remains focused upon accelerating Cardinal Health Brand growth and driving simplification and cost optimization. The multi-step effort builds upon the earlier progress of the GMPD improvement plan, which returned the business to positive profit and cash flow generation.

**<u>Financial Updates</u>**

**Fiscal year 2025 guidance updates**

The company is making the following updates to its fiscal year 2025 guidance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising and narrowing non-GAAP diluted EPS: $8.15 to $8.20, from $8.05 to $8.15 (9% growth at the mid-point)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising Pharmaceutical and Specialty Solutions segment profit: 12% to 13% growth, from 11.5% to 12.5% growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Narrowing Global Medical Products and Distribution segment profit: ~$130 million, from $130 million to $140 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising Other<sup>5</sup> segment profit: 19% to 21% growth, from 16% to 18% growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Narrowing interest and other: ~$200 million, from $200 million to $215 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Narrowing non-GAAP effective tax rate: ~23.0%, from 23.0% to 23.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising adjusted free cash flow: ~$2 billion, from ~$1.5 billion

The company is reiterating all other fiscal year 2025 guidance assumptions provided on May 1st, 2025.

**Preliminary fiscal year 2026 guidance**

The company is providing preliminary guidance for fiscal year 2026:

---

| | |
|:---|:---|
| Non-GAAP diluted EPS | $9.10 to $9.30 <br>(+13% growth at mid-points) |
| Adjusted free cash flow | $2.75B to $3.25B |
| Capital expenditures | ~$600M |
| Interest and other | ~$275M |
| Non-GAAP effective tax rate | 22% to 24% |
| Pharmaceutical and Specialty Solutions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue | 11% to 13% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Reported) | 10% to 12% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Normalized)<sup>4</sup> | 5% to 7% growth |
| Global Medical Products and Distribution:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue | 3% to 5% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit | $140M+ |
| Other<sup>5</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue (Reported) | 26% to 28% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Reported) | 25% to 27% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue (Normalized)<sup>4</sup> | 10% to 12% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Normalized)<sup>4</sup> | ~10% growth |

---

------

**Long-term targets**

The company is providing updated long-term targets (fiscal years 2026 to 2028 CAGRs<sup>3</sup>):

---

| | |
|:---|:---|
| Non-GAAP diluted EPS | 12% to 14% growth |
| Pharmaceutical and Specialty Solutions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue | 8% to 10% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Reported) | 7% to 9% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Normalized)<sup>4</sup> | 5% to 7% growth |
| Global Medical Products and Distribution: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue | 2% to 4% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit | $50M+ of profit growth per year after FY26 |
| Other<sup>5</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue (Reported) | 16% to 18% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Reported) | 15% to 17% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue (Normalized)<sup>4</sup> | 10% to 12% growth |
| &nbsp;&nbsp;&nbsp;&nbsp; Segment profit (Normalized)<sup>4</sup> | ~10% growth |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Free Cash Flow (FY26 to FY28 total) | At least $10B |
| &nbsp;&nbsp;&nbsp;&nbsp;Share Repurchases (FY26 to FY28 total) | At least $2.25B |

---

**Capital deployment updates**

Cardinal Health continues to deploy capital according to its disciplined capital allocation framework.

The company anticipates robust cash flow generation and plans to invest at least $600 million per year in capital expenditures to drive organic growth across its businesses. Additionally, the company expects at least $750 million in baseline share repurchases each of the next 3 years, above its previous annual baseline expectation of $500 million annually.

**Webcast**

Cardinal Health will host a webcast today from 9:00 a.m. to approximately 12:00 p.m. ET. To access the webcast and corresponding slide presentation, go to the Investor Relations page at <u>ir.cardinalhealth.com</u>. No access code is required. Presentation slides and a webcast replay will be available on the Investor Relations page for 12 months.

**About Cardinal Health** 

Cardinal Health is a distributor of pharmaceuticals and specialty products; a global manufacturer and distributor of medical and laboratory products; a supplier of home-health and direct-to-patient products and services; an operator of nuclear pharmacies and manufacturing facilities; and a provider of performance and data solutions. Our company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day. Learn more about Cardinal Health at <u>cardinalhealth.com</u> and in our <u>Newsroom</u>.

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**Contacts**

Media: Erich Timmerman, Erich.Timmerman@cardinalhealth.com and 614.757.8231

Investors: Matt Sims, Matt.Sims@cardinalhealth.com and 614.553.3661

<sup>1</sup>GAAP 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.

<sup>2</sup>The 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.

<sup>3</sup>FY26 to FY28 CAGR; as of FY25 guidance baseline.

<sup>4</sup>Normalized ranges for Pharmaceutical and Specialty Solutions and Other exclude contributions from recent Integrated Oncology Network (ION), GI Alliance (GIA) and Advanced Diabetes Supply (ADS) acquisitions.

<sup>5</sup>Other includes the following three operating segments: Nuclear and Precision Health Solutions (NPHS), at-Home Solutions and OptiFreight Logistics, which are not significant enough individually to require reportable segment disclosure.

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 <u>ir.cardinalhealth.com</u>. 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 the risk that we may fail to achieve our strategic objectives, including the continued execution of the GMPD Improvement Plan initiatives, whether as a result of tariffs on products we source or manufacture, an uncertain global economic environment, Cardinal Health Brand sales or ongoing inflationary pressures; 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, whether due to price increases or otherwise; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals, including as a result of legislative or executive actions; risks associated with litigation matters, including a Department of Justice investigation focused on potential violations of the Anti-Kickback Statute and False Claims Act; the risk that events outside of our control, such as weather or geopolitical events, may impact demand for our products or may cause supply shortages that impact our cost and ability to fulfill customer demand; 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; risks associated with recently completed and pending acquisitions, including risks arising as a result from our entry into new lines of businesses.. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8K reports and exhibits to those reports. This release reflects management's views as of June 12, 2025. 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

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