Cardinal Health, Inc. Wells Fargo 21st Annual Healthcare Conference

Perfect. Yeah. Thanks for hosting us, Steve. It's great to be here. As you mentioned before we began, a little housekeeping. We will be making forward-looking statements today, which are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied. For a description of these factors, please review our SEC filings, which can be found on our investor relations website at ir.cardinalhealth.com. All right, let's get started.

Mind if I give a couple introductory remarks?

I'd love you to. Good morning.

I see many familiar faces in the room. Good to see you all again. I am looking forward to the cross-examination that will ensue over the course of the rest of today, knowing this crowd. I smiled as Steve was talking about our business because, no doubt you have heard Jason Hollar or I now describing our business a little bit differently, which is we view the portfolio we have and we are evolving to as being the beginning, the middle, and the end of the healthcare ecosystem, and believe that we have an increasingly important and relevant role to play across the full spectrum of American healthcare. Now, those of you that are paying attention to our business and our story know that we just delivered Q4 results, which were very strong.

They capped a year for FY 2026 for us, which was also very strong, driven by a couple of key parts of our business. Certainly, the specialty business, which grew at double digits. We surpassed $50 billion in the year-end specialty. That is a key sign of progress against our strategy. Our generics business was quite strong as well. Really what we saw was strong demand across our entire portfolio in Q4, and indeed over the course of the year. Indeed, we saw outsized demand in the first half of last year as well. I want to be reflective of the fact that we have just released excellent results, capping our FY 2026. We also issued guidance for FY 2027, which is above our long-range guide from an EPS perspective.

If you think back to our investor day, our investor day EPS, adjusted EPS guide, I guess we call it non-GAAP here, is 12%-14% growth, and we guided FY 2027 at 13%-15% growth, driven by a couple assumptions I am sure we will talk about, so I will not drain them now.

Thank you. But just to call out the fact that we are expecting a very positive year in fiscal year 2027.

That's partly because we're executing on the strategy we laid out. First investor day, three or four years ago, most recent investor day, the strategy hasn't really evolved. We're doing what we said we would do, executing against it and reporting back. Strong operational momentum. Service levels are at their highest levels ever across our businesses. We're executing against the integration on the MSOs that we've acquired over time as well. And we're investing against the growth businesses, which I hope we get a chance to talk about.

Yeah. Particularly around the at-home business, where we recently announced a couple of acquisitions, and so we're integrating those now as well.

Coming back to really where I started, which is the beginning, middle, and the end, and our business has proven to be incredibly resilient, notwithstanding economic factors, notwithstanding regulatory change, notwithstanding uncertainty. We are able to leverage our full portfolio, and that's part of why we believe so strongly in the future for Cardinal Health.

Well, I now call us the beginning, the middle, and the end of that.

Okay. The 10-K has to govern, I suppose.