Cardinal Health (CAH) increased its fiscal 2024 outlook for non-GAAP earnings per share by $0.05 to $6.50 to $6.75 from the preliminary outlook of $6.45 to $6.70, which primarily reflects increased expectations for Pharmaceutical segment profit. The company reiterated its fiscal 2024 Pharmaceutical segment profit outlook for 4% to 6% growth on higher ending fiscal 2023 Pharmaceutical segment profit. The company also increased its fiscal year 2024 Pharmaceutical revenue outlook, driven by continued growth of GLP-1 medications, which do not meaningfully contribute to segment profit.
Fourth-quarter GAAP operating earnings were $137 million, primarily due to a non-cash, pre-tax goodwill impairment charge of $368 million in the Medical segment. Net loss attributable to Cardinal Health was $64 million compared to profit of $138 million, previous year. GAAP loss per share was $0.25, compared to profit of $0.50. The GAAP loss was primarily due to the impairment, net of tax effects.
Fourth quarter non-GAAP operating earnings increased 24% to $560 million, driven by increases in Medical and Pharmaceutical segment profit. Non-GAAP earnings per share increased 48% to $1.55. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.49, for the quarter. Analysts’ estimates typically exclude special items.
Fourth-quarter pharmaceutical segment profit increased 12% to $504 million, primarily driven by positive generics program performance.
Fourth-quarter revenues were $53.5 billion, an increase of 13% from the fourth quarter of last year. Analysts on average had estimated $52.72 billion in revenue. Revenue for the Pharmaceutical segment increased 15% to $49.7 billion, driven by brand and specialty pharmaceutical sales growth from existing customers.
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