CARDINAL HEALTH INC Annual Report, Year Ended Jun 30, 2023

Cardinal Health, Inc. reported a significant increase in revenue for fiscal year 2023, reaching $205.0 billion, driven primarily by its Pharmaceutical segment. The company's consolidated GAAP operating earnings improved to $727 million from a loss of $596 million in the prior year, largely benefiting from litigation recoveries. On a non-GAAP basis, operating earnings increased by 3% to $2.1 billion, reflecting growth in the Pharmaceutical segment's profit, partially offset by a decline in the Medical segment's profit. The company faced challenges in its Medical segment, which saw a 5% decrease in revenue due to lower volumes and unfavorable product mix, compounded by ongoing inflationary impacts. Significant goodwill impairment charges totaling $1.2 billion were recognized in the Medical segment during fiscal 2023, following a $2.1 billion charge in fiscal 2022, reflecting revised long-term financial plan assumptions. The company continues to manage substantial long-term liabilities, including a significant accrual for opioid litigation, with payments expected through 2038. Financially, Cardinal Health returned $2.0 billion to shareholders through share repurchases and paid $525 million in dividends in fiscal 2023. The company maintained a strong liquidity position, with cash and equivalents of $4.0 billion at year-end. Looking ahead, the company expects continued inflationary impacts in the Medical segment, albeit at a reduced level, and anticipates sales growth in its branded medical products.