Cardinal Health Inc.
Cardinal Health Announces Nonrenewal of OptumRx Contracts and Reiterates Financial Guidance
Summary
On April 22, 2024, Cardinal Health, Inc. announced via a news release that it will not renew its pharmaceutical distribution contracts with OptumRx, which expire at the end of June 2024. Despite this decision, the company has reaffirmed its fiscal 2024 non-GAAP diluted EPS guidance of $7.20 to $7.35 and maintains its long-term targets. Sales to OptumRx accounted for 16% of Cardinal Health's consolidated revenue in fiscal year 2023, with approximately 90% of these sales serviced by the Pharmaceutical Distribution business.
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About Cardinal Health Inc.
Cardinal Health Inc. is a major global healthcare services and products company, distinguished for providing end-to-end medical solutions. Specializing in healthcare distribution and supply chain management, Cardinal Health serves a comprehensive array of clients including hospitals, pharmacies, and healthcare providers. Notably, the company distributes pharmaceuticals, medical products, and laboratory supplies, ensuring efficient delivery to improve healthcare outcomes. Based in Dublin, Ohio, Cardinal Health plays a pivotal role in enhancing healthcare operational efficiency, offering extensive services like inventory management, logistics optimization, and integrated healthcare solutions that empower providers to focus on patient care. As one of the largest pharmaceutical distributors in the United States, it holds substantial influence in the healthcare sector, pivotal in ensuring the availability of drugs and medical supplies across various platforms, contributing significantly to the healthcare infrastructure worldwide.
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