Cardinal Health, Inc.

Cardinal Health reported strong results for the third quarter of fiscal year 2023, with total revenue increasing by 13% to $50.5 billion and gross margin increasing by 6% to $1.8 billion.

The Pharma segment led the growth, with revenue increasing by 14% to $47 billion and segment profit increasing by 23% to $600 million. This was driven by strong demand for pharmaceutical products, particularly from large customers, as well as a higher contribution from brand and specialty products.

The Medical segment saw a decline in revenue of 5% to $3.7 billion and a significant decrease in segment profit of 66% to $20 million. This was primarily due to lower product volumes and unfavorable sales mix, although there were some positive non-recurring adjustments in the quarter.