Raised fiscal 2026 EPS guidance to $10.70-$10.80, up 30-31%
Cardinal Health reported strong Q3 results, raised full-year EPS and FCF guidance, and highlighted robust pharma demand, particularly in specialty. Management provided a positive outlook for fiscal 2027, citing the durability of its business model and a strong pipeline of growth opportunities, while managing through tariff and IRA-related headwinds. Total revenue grew 11% to $61B, with pharma profit up 18%, driven by strong demand and specialty growth >20%.
Buzzberg 분석Raised fiscal 2026 EPS guidance to $10.70-$10.80, up 30-31%Cardinal Health reported strong Q3 results, raised full-year EPS and FCF guidance, and highlighted robust pharma demand, particularly in specialty. Management provided a positive outlook for fiscal 2027, citing the durability of its business model and a strong pipeline of growth opportunities, while managing through tariff and IRA-related headwinds. Total revenue grew 11% to $61B, with pharma profit up 18%, driven by strong demand and specialty growth >20%.전체 분석 보기분석 접기
Cardinal Health reported strong Q3 results, raised full-year EPS and FCF guidance, and highlighted robust pharma demand, particularly in specialty. Management provided a positive outlook for fiscal 2027, citing the durability of its business model and a strong pipeline of growth opportunities, while managing through tariff and IRA-related headwinds. Total revenue grew 11% to $61B, with pharma profit up 18%, driven by strong demand and specialty growth >20%.
raised full-year FY2026 non-GAAP EPS guidance to $10.70-$10.80 (from prior outlook) and adjusted FCF to $3.3B-$3.7B.
Confirmed the start of Solaris distribution volume onboarding in Q4, a positive for future growth.
Addressed a $184M non-cash goodwill impairment on NovaSTAT, attributing it to a strategic pivot towards the equity-based MSO model.
Revenue$60.94B
-7% QoQ
EPS$3.17
+21% QoQ
Gross margin4.1%
reported
Op margin0.84%
reported
이번 분기에 달라진 점
01
Guidance
Raised fiscal 2026 EPS guidance to $10.70-$10.80, up 30-31%
Guidance tone
02
Specialty
Specialty revenue on track to exceed $50 billion in fiscal 2026
Total revenue grew 11% to $61B, with pharma profit up 18%, driven by strong demand and specialty growth >20%.
03
M&A
Solaris distribution volume onboarding in Q4, not previously in guidance
raised full-year FY2026 non-GAAP EPS guidance to $10.70-$10.80 (from prior outlook) and adjusted FCF to $3.3B-$3.7B.
04
Specialty
Navista impairment driven by pivot away from non-equity MSO model
Confirmed the start of Solaris distribution volume onboarding in Q4, a positive for future growth.
수요 및 자본지출
수요
수주 및 전환
Management raised full-year EPS and FCF guidance, citing strong pharma demand, operational execution, and robust performance across growth businesses, indicating confidence in continued momentum.
자본지출
투자 및 생산능력
Management highlighted continued investment in distribution centers through automation and productivity initiatives, and signed a lease for a new Sacramento Distribution Center to expand capacity on the West Coast. They also noted an expansion of Actinium-225 production capabilities at the Center for Theranostics Advancement. Total capex so far this fiscal year was $385 million.
톤 · Confident
Management raised full-year guidance, cited broad-based strength and durable business model, and reaffirmed long-term targets despite uncertainties.
공급망 알파
A1
Around half of the $200 million in IEEPA tariffs paid by Cardinal could be refunded, with ~$100 million flowing to the P&L as a future net benefit.
“we would anticipate the potential future net benefit to Cardinal to be about half of that $200 million, primarily driven by the repayment of the IEEPA pricing”
GLP-1 drugs added 6 percentage points to revenue growth but were offset by a similar impact from IRA and WAC pricing adjustments, which are 'empty calorie' dollars for profit.
“GOP 1s added six percentage points to our revenue growth. ... The growth from GOP 1s was generally offset in the quarter by a six percentage point impact to revenue from inflation reduction and WAC pricing adjustments.”
GLP-1 drugs added 6 percentage points to revenue growth but were offset by a similar impact from IRA and WAC pricing adjustments, which are 'empty calorie' dollars for profit.