CARDINAL HEALTH INC (CAH)

Cardinal Health, Inc. is a global healthcare services and products company that provides customized solutions to hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home, operating through several segments. Its Pharmaceutical and Specialty Solutions segment distributes branded and generic pharmaceuticals and over-the-counter healthcare products to retailers, hospitals, and other providers; maintains prime vendor relationships; offers manufacturer support services such as distribution, inventory management, data reporting, and chargeback administration; distributes specialty pharmaceutical products (including oncology, rheumatology, gastroenterology, urology, and nephrology products, as well as human-derived plasma products) with related consulting and patient support services; provides pharmacy management and physician practice management (MSO) support; and offers data analytics services to biopharmaceutical manufacturers and providers. This segment also participates in Red Oak Sourcing, LLC, a generic pharmaceutical sourcing venture with CVS Health extending through June 2029.

The Global Medical Products and Distribution (GMPD) segment manufactures and sources Cardinal Health branded medical, surgical, and laboratory products—including gloves, needles, wound care, incontinence, and operating room supplies—sold directly or through distributors across the U.S., Canada, Europe, and Asia, and also distributes national brand products, assembles procedure kits, and provides inventory management technology through its Wavemark division. Other operating segments include Nuclear and Precision Health Solutions, which operates nuclear pharmacies and manufactures radiopharmaceuticals (including Xofigo and Lymphoseek); at-Home Solutions, comprising Edgepark, ADS, and Cardinal Health at-Home, which supply medical products directly to patients and providers; and OptiFreight Logistics, which optimizes shipping for healthcare providers. The company has pursued significant recent acquisitions to expand its specialty and MSO offerings, including Solaris Health ($1.9 billion), Urology America ($381 million), ADS ($1.0 billion), GI Alliance ($2.8 billion), and Integrated Oncology Network ($1.1 billion), while also periodically pursuing divestitures.

Cardinal Health's largest customer, CVS Health, represented 28% of fiscal 2026 revenue, with its top five customers accounting for 43%, and it maintains key group purchasing organization relationships with Vizient and Premier representing 29% of revenue; its top five suppliers accounted for 39% of revenue. The company operates in highly competitive markets, facing competition from McKesson, Cencora, Medline, Owens & Minor, and other regional and specialty distributors. As of June 30, 2026, Cardinal Health employed approximately 63,900 people globally, with about 18,100 based outside the U.S., and maintains various human capital programs covering culture, talent development, compensation and benefits, employee feedback, and workplace health and safety.