Cardinal Health, Inc. · NYSE:CAH
Cardinal Health — Investor Day (June 2025)
109 slides from Cardinal Health's investor day presentation, Jun 12, 2025
Slide 1: Continuing our multi-year growth journey
Continuing our multi-year growth journey Cardinal Health 2025 Investor Day June 12, 2025 1 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 2: Welcome and overview
Welcome and overview MATT SIMS | INVESTOR RELATIONS & ENTERPRISE FP&A 2 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 3: Overview of the day
CARDINAL HEALTH 2025 INVESTOR DAY Overview of the day 9:00am Welcome and overview 10:25am Break Matt Sims, Investor Relations & Enterprise FP&A 10:40am GMPD turnaround 9:05am Evolving to reach our full potential Steve Mason, Global Medical Product & Distribution Jason Hollar, Chief Executive Officer
Slide 4: Cautions Concerning Forward-Looking Statements
CARDINAL HEALTH 2025 INVESTOR DAY Cautions Concerning Forward-Looking Statements This presentation contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words su
Slide 5: Evolving to reach our full potential
Evolving to reach our full potential JASON HOLLAR | CHIEF EXECUTIVE OFFICER 5 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 6: Today's focus
CARDINAL HEALTH 2025 INVESTOR DAY Today’s focus Strategic Pillars 1 Clear and consistent strategy 2 Continued momentum and evolution 3 Talented and experienced team 6 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 7: Consistent strategy
CARDINAL HEALTH 2025 INVESTOR DAY | STRATEGIC PRIORITIES Consistent strategy Relentless focus on simplification Build upon the growth and resiliency Execute GMPD Accelerate other of Pharmaceutical and Improvement growth businesses Specialty Solutions by Plan initiatives expanding in Specialty and sh
Slide 8: Strategic progress
LOOKING BACK: 2023 INVESTOR DAY Strategic progress Executed simplification Expanded in Specialty and actions, including streamlined accelerated our growth organizational structure businesses Invested $1B back into the Completed five acquisitions1 business over last two years to of high-quality asset
Slide 9: Acceleration in performance
LOOKING BACK: 2023 INVESTOR DAY Acceleration in performance Pre-FY24 period1,2 FY24 – FY251,2 EPS CAGR +2% EPS CAGR +18% Operating earnings CAGR (4)% Operating earnings CAGR +16% Adjusted free cash flow ~$5B Adjusted free cash flow ~$6B 1FY22 to FY23 2-yr CAGR, as of FY21 baseline, and FY24 to FY25
Slide 10: Financial progress
LOOKING BACK: 2023 INVESTOR DAY Financial progress Long-term targets (FY24-FY26) Current outlook (FY24-FY26) 1 Pharma segment profit growth of 4% to 6% 8% CAGR GMPD segment profit of $300M in FY26 2 Nearly $300M improvement since FY23; taking actions to mitigate externalities and drive profit growth
Slide 11: Continuation of momentum
CARDINAL HEALTH 2025 INVESTOR DAY | LOOKING AHEAD Continuation of momentum 1 Raising FY25 EPS guidance Strong 2 Providing FY26 guidance for ~13% EPS growth1 financial 3 Targeting 12% to 14% EPS CAGR for FY26-28 outlook 4 Raising long-term targets for Pharma & Specialty Solutions and Other profit gro
Slide 12: Our business leadership team
Our business leadership team Jason Hollar Aaron Alt Debbie Weitzman Rob Schlissberg Emily Gallo Mike Pintek Steve Mason Chief Executive Officer Chief Financial Officer Pharmaceutical & Specialty at-Home Solutions OptiFreight Nuclear & Precision Global Medical Products Solutions Logistics Health Solu
Slide 13: Critical link in healthcare
CARDINAL HEALTH 2025 INVESTOR DAY | CRITICAL ROLE Manufacturers Providers and innovators and customers L T HCARE Biopharma E A ’ S innovators H Generic Rx Retail and grocery Mail order pharmacies pharmacies manufacturers Consumer health manufacturers Health systems Specialty physician CR offices Nuc
Slide 14: Positioned at the forefront of key trends
CARDINAL HEALTH 2025 INVESTOR DAY | ON TREND Patient demographics Increasing utilization of pharmaceutical and medical products and services Positioned at Pharmaceutical innovation Novel specialty therapies and radiopharmaceuticals the forefront of requiring complex forms of logistics and clinical s
Slide 15: Confidence in our resilient business model
CARDINAL HEALTH 2025 INVESTOR DAY | RESILIENT MODEL Confidence in our resilient business model Stable industry Leading value Proven trends proposition adaptability Defensive industry characteristics Strong and diverse customer base Fee for service model and leading partnerships Demographic tailwinds
Slide 16: Confidence in our resilient business model
CARDINAL HEALTH 2025 INVESTOR DAY | RESILIENT MODEL Confidence in our resilient business model Administration action Tariffs Engagement on drug pricing Confident in essential role of safely, ~95% of segment profit largely Continuing to work with securely and efficiently providing unimpacted by curre
Slide 17: Confidence in our resilient business model
CARDINAL HEALTH 2025 INVESTOR DAY | RESILIENT MODEL Confidence in our resilient business model Revenue Operating Cash Flow 8% 9% CAGR CAGR 2000 2005 2010 2015 2020 2000 2005 2010 2015 2020 17 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 18: Building on our core
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Building on our core Investing in pharmaceutical distribution The Consumer Health Logistics Center 1 will be fully operational in July 2025 Announcing plans for a new state of the art 2 forward distribution center New customer ordering platform,
Slide 19: Continuing to prioritize growth in Specialty
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Continuing to prioritize growth in Specialty Launching Expanding The Specialty Alliance Biopharma Solutions 1 Launching The Specialty Alliance multi-specialty MSO platform Specialty Networks' data and insights platforms, 2 PPS Analytics and SoNaR
Slide 20: Accelerating our growth
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Accelerating our growth Investing across Nuclear & Precision Health Solutions (NPHS), at-Home Solutions (AHS) and OptiFreight Investing over $150M in NPHS over the next three years 1 1 • Expanding our cyclotron network for PET products in 11 mark
Slide 21: Turning around GMPD
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Turning around GMPD Continuing to execute the GMPD Improvement Plan Growing Cardinal Health Brand revenue 3% to 5% 1 • Seeing ongoing commercial progress with our five-point plan • Executing mitigation actions to minimize tariff costs for our cus
Slide 22: Portfolio overview
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Portfolio overview 1 large core business | 3 growth businesses | 1 turnaround business Nuclear and at-Home Precision Health Solutions Solutions Growth and Resiliency Accelerating Growth Pharmaceutical Turnaround & Specialty Solutions Strategic in
Slide 23: Longer-term opportunities
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Longer-term opportunities Examples of potential value creation from CAH’s unique assets and capabilities Manufacturer MSO Platforms at-Home Solutions Pharmacy expertise Nuclear and Precision Health Pharmaceutical & Solutions Specialty Solutions B
Slide 24: Our ongoing evolution
CARDINAL HEALTH 2025 INVESTOR DAY | WHERE WE’RE GOING Our ongoing evolution Total operating earnings growth by segment FY24 + FY25 Outlook FY26 to FY28 Outlook1 GMPD GMPD 36% Pharma & 11% Pharma & Specialty Specialty 50% 60% Other Other 14% 29% Pharma & Specialty expanding, Other contribution doubli
Slide 25: Key takeaways
CARDINAL HEALTH 2025 INVESTOR DAY | BRINGING IT ALL TOGETHER Key takeaways Consistent Unique breadth Resilient Strong core Specialty key track record of capabilities model Pharma opportunity Higher-margin Progress Increasing Disciplined 12% to 14% growth with GMPD cash flow capital non-GAAP EPS busi
Slide 26: Pharmaceutical & Specialty Solutions
Pharmaceutical & Specialty Solutions DEBBIE WEITZMAN JAMES WEBER, MD CRAIG COWMAN 26 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 27: Who we are today
PHARMACEUTICAL & SPECIALTY SOLUTIONS | WHO WE ARE AND WHAT WE DO Who we are today Key areas Pharmaceutical Biopharma MSO & Specialty Solutions Platforms Distribution MSO: Managed Services Organization Platforms 27 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 28: Specialty represents the fastest growing segment of the industry
PHARMACEUTICAL & SPECIALTY SOLUTIONS | INDUSTRY CONTEXT Specialty represents the fastest growing segment of the industry US Pharmaceutical Industry 5-yr CAGR Specialty 10% Industry Growth Traditional & Specialty Mix Traditional 6% (Invoice prices at $ in billions) (Invoice prices at $ in billions) 6
Slide 29: Segment strategy
Pharmaceutical & Specialty Solutions Segment 1 Strengthen our core strategy Pharmaceutical Distribution Continuing to 2 Expand in Specialty execute our plan MSO Platforms Biopharma Solutions 29 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 30: Commercial momentum
PHARMACEUTICAL & SPECIALTY SOLUTIONS | STRONG CORE FOUNDATION Commercial momentum Disciplined Customer-oriented service + onboarding and ongoing execution = Momentum across classes of trade Retail chain / Health Retail Long-term Physician grocery systems independents care office 30 © 2025 Cardinal H
Slide 31: Strategic sourcing
PHARMACEUTICAL & SPECIALTY SOLUTIONS STRONG CORE FOUNDATION Strategic Leading scale in U.S. generic 2-3% projected generic unit market growth sourcing purchasing between 2024-20291 Brand sales loss of exclusivity (Small molecule only)1,2 Partnerships with CVS Health enabling sourcing scale and exper
Slide 32: Consumer Health Logistics Center
PHARMACEUTICAL & SPECIALTY SOLUTIONS | STRONG CORE FOUNDATION Consumer Health Logistics Center Customer experience and operational efficiency investment Opens Enables growth: Deploys July 2025 • Frees network automation capacity for operational • Improves service efficiency levels • Opens new revenu
Slide 33: Continuing to invest for growth in the core
PHARMACEUTICAL & SPECIALTY SOLUTIONS | STRONG CORE FOUNDATION Continuing to invest for growth in the core Distribution Inventory Technology Customer network optimization architecture solutions Warehouse and Inventory management Modern technology Innovative, transportation focused and forecasting for
Slide 34: Segment strategy
Pharmaceutical & Specialty Solutions Segment 1 Strengthen our core strategy Pharmaceutical Distribution Continuing to 2 Expand in Specialty execute our plan MSO Platforms Biopharma Solutions 34 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 35: Accelerating growth in Specialty
PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Accelerating growth in Specialty Specialty is now over $40B in revenue, growing at a 14% CAGR over the last 3 years1 Accelerate growth in 14% 1 autoimmune , urology and oncology 2 3-yr CAGR Specialty Revenue1 ($ in billions) $40+ $36 Scale a
Slide 36: Managed Service Organizations
PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Managed Service Organizations Other specialties Multi-Specialty Oncology Contributing ~$3B of higher-margin revenue and positioned for future growth 36 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 37: Focus on autoimmune, urology and oncology
PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Focus on autoimmune, urology and oncology Similar practice Treatment of economic profiles certain cancers AUTOIMMUNE1 UROLOGY ONCOLOGY • Significant use of • Partner in treatment • Single largest infusible therapies for of certain cancers th
Slide 38: Oncologics and autoimmune represent large and growing opportunities
PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Oncologics and autoimmune represent large and growing opportunities Pharmaceutical industry sales (Net manufacturer prices) Oncologics Industry sales Autoimmune 1 Urology Oncology Total growth rate (2024-2029 CAGR) 8% 7% 10% 9% Source: Marke
Slide 39: Community practices have diverse revenue streams
PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Community practices have diverse revenue streams 1 with similar mix across Autoimmune and Urology Autoimmune2 Urology Medical Oncology 6% Office visits 28% 25% 41% 40% Infusion and ancillary services Procedures 31% 35% 94% Source: Bain & Co.
Slide 40: Building a platform to support community-based physicians
PHARMACEUTICAL & SPECIALTY SOLUTIONS | EXPAND IN SPECIALTY Building a platform to provide best-in-class support to community-based physicians Advanced Data and MSO Platforms Technology Solutions Multi-Specialty Oncology Approx 60% of market Approx 40% of market Specialty Community Physicians PPS Ana
Slide 41: James Weber, MD
PHARMACEUTICAL & SPECIALTY SOLUTIONS JAMES WEBER, MD THE SPECIALTY ALLIANCE 41 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 42: Community physicians are a large population of providers
PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS Community physicians are a large population of providers committed to providing high quality, convenient and cost-effective care Community Physicians 18 ~17K Gastroenterology ~6K 12 6 Other ~5K ~5K ~11K 0 Percentage of Autoimmune Urology Oncology
Slide 43: How a managed service organization helps
PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS How a managed service organization helps Anesthesia services Chronic care management Pathology services Doctor / patient Specialized centers of excellence relationship Specialty and retail pharmacy Clinical research Radiology Infusion therapy Surg
Slide 44: Partnering with Cardinal Health
PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS Partnering with Cardinal Health + Other specialties Multi-Specialty 1 Physicians maintain clinical autonomy 2 Continued physician ownership and governance 3 Access to capital to fund growth 4 Complementary expertise 44 © 2025 Cardinal Health. All
Slide 45: Our MSO platforms are positioned for growth
PHARMACEUTICAL & SPECIALTY SOLUTIONS | MSO PLATFORMS Our MSO platforms are positioned for growth Total MSO providers1 ~2,200 ~1,900 0 FY22 FY25 Outlook FY28 Outlook As of Transaction Close Incremental Adds 1Includes physicians and advanced practice providers supported by The Specialty Alliance and N
Slide 46: Craig Cowman - Biopharma Solutions
PHARMACEUTICAL & SPECIALTY SOLUTIONS CRAIG COWMAN BIOPHARMA SOLUTIONS 46 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 47: Biopharma Solutions overview
PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS Biopharma Solutions overview Manufacturer needs for commercialization Cardinal Health capabilities Specialty group purchasing Specialty Networks Solutions Real world data / evidence Supply chain management 3rd Party Logistics (3PL) Sonexus A
Slide 48: Specialty Networks Solutions creates holistic value
PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS Specialty Networks Solutions creates holistic value for physicians and manufacturers Group purchasing Patient Real world organizations (GPO) insights data/evidence Economic Clinical Manufacturers Customer value 48 © 2025 Cardinal Health. All
Slide 49: 3PL growth driven by investments in technology and infrastructure
PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS 3PL growth driven by investments in technology and infrastructure All 3PL new drug launches First-time 3PL launches 2024 2024 63% 79% CAH 3PL All Others CAH 3PL All Others Source: 2024 Novel Drug Approvals per FDA.gov, FiercePharma 49 © 2025
Slide 50: Sonexus to more than double its supported therapies by FY28
PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS Sonexus to more than double its number of supported therapies by FY28 Sonexus Access & Patient Support, combines pharmacy operations with smart digital tools to streamline patient onboarding and increase adherence to prescribed care FY22 FY2
Slide 51: Advanced Therapy Solutions' go-to-market offerings
PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS Advanced Therapy Solutions’ suite of go-to-market offerings are uniquely designed to meet evolving market needs Current offerings 183 Advanced Therapies (cumulative number of approved therapies for each year) 147 116 Evidence planning 3rd Pa
Slide 52: Biopharma Solutions will continue to deliver strong double-digit growth
PHARMACEUTICAL & SPECIALTY SOLUTIONS | BIOPHARMA SOLUTIONS Biopharma Solutions will continue to deliver strong double-digit growth Biopharma Solutions revenue FY28 outlook ~$1B FY25 outlook ~$550M FY22 $320M 52 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 53: Bringing it all together – delivering results
PHARMACEUTICAL & SPECIALTY SOLUTIONS BRINGING IT ALL TOGETHER FY26-28 1 2 Growth and Strong core Expanding resiliency foundation in Specialty Bringing it all together – delivering results Segment to deliver 8% to 10% revenue and 7% to 9% segment profit CAGR1 1 CAGR over FY26 to FY28 period, as of FY
Slide 54: Higher-margin growth businesses
GROWTH BUSINESSES | ACCELERATING GROWTH Higher-margin growth businesses at-Home Solutions OptiFreight Logistics Nuclear & Precision Health Solutions Care shifting to more cost-effective Increasing pressures on providers to Acceleration of biopharma Key trends and comfortable settings reduce costs an
Slide 55: at-Home Solutions
at-Home Solutions ROB SCHLISSBERG 55 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 56: Complementary businesses focused on the home
AT-HOME SOLUTIONS l WHO WE ARE AND WHAT WE DO Complementary businesses focused on the home Leading direct-to- Leading direct providers of home medical supplies medical supplies to people distributor – B2B in their homes – B2C • 3,000+ customers that care for people in their homes • Access to nearly
Slide 57: Compelling opportunities
AT-HOME SOLUTIONS l INDUSTRY CONTEXT Compelling opportunities Aging population at-Home Solutions competes in a segment $45B 8% Americans 65+ expected to grow 15% the next 5 years projected TAM of the HME industry CAGR Rise in chronic conditions >50% American adults have multiple chronic conditions W
Slide 58: Consistent above-market growth
AT-HOME SOLUTIONS l ACCELERATING GROWTH Consistent above-market growth at-Home Solutions revenue by business unit ($B) ~20% CAGR 1 $4.3 13% CAGR $3.5 $2.9 $2.6 $2.4 FY22 FY23 FY24 FY25 Outlook FY25 Pro-forma at-Home Edgepark ADS 1ADS acquisition closed 4/1/25; Pro-forma includes ADS annualized $1.1B
Slide 59: Clear and connected strategy
AT-HOME SOLUTIONS l ACCELERATING GROWTH Clear and Strategic connected strategy Pillars 1 Building on our strengths as a scaled supply chain and logistics leader through our dedicated direct-to-home network 2 Accelerating core growth across chronic conditions as both a direct-to-home distributor and
Slide 60: Strong foundation to build on
AT-HOME SOLUTIONS l ACCELERATING GROWTH Strong foundation to build on Customer experience (FY22 vs. FY25) Capacity to support growth 4.0 More than doubling $3.1K 90% 96% revenue per physical +6 pp square foot prime fill prime fill 3.0 Physical 1.0M square feet Additional effective 2.0 $1.5K square f
Slide 61: Significant opportunity in diabetes
AT-HOME SOLUTIONS l ACCELERATING GROWTH Significant opportunity in diabetes Growing patient population, expanding access and increasing CGM penetration 45 U.S. diabetes population 40 35 U.S. Population (M) 30 25 CGM-eligible 20 population 15 10 ~45% CGM users through insurance1 5 ~35% 0 2022 2025 20
Slide 62: Enabling a platform for future growth
AT-HOME SOLUTIONS l ACCELERATING GROWTH Enabling a platform for future growth Omnichannel customer experience Category expansion Navigate all payment and benefit models Large and growing patient base provides at scale – medical benefit (DME), opportunities to expand our portfolio and pharmacy benefi
Slide 63: Differentiated approach to growth
AT-HOME SOLUTIONS l BRINGING IT ALL TOGETHER Differentiated approach to growth Consistent track record of double-digit revenue growth Our intent is to reach 10M+ Dual strategy to win in attractive growth industry patients annually in Operating at peak levels with the next five years a strong foundat
Slide 64: OptiFreight Logistics
OptiFreight Logistics EMILY GALLO 64 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 65: Our OptiFreight Logistics business is driving strong growth
OPTIFREIGHT LOGISTICS l WHO WE ARE AND WHAT WE DO Our OptiFreight Logistics business is driving strong growth Delivering cost savings and efficiencies for healthcare customers’ direct shipments Intersection of value and performance Breadth, scale, satisfaction1 23M+ Manufacturers shipments managed f
Slide 66: Combination of technology and expertise provides differentiated value
OPTIFREIGHT LOGISTICS l WHO WE ARE AND WHAT WE DO Combination of technology and expertise provides differentiated value Realized value + Operational efficiency + Extension of customer’s team OptiFreight® Logistics provides: Parcel and Competitive Management Robust audits Action-driving, freight ship
Slide 67: TotalVue Insights Platform
OPTIFREIGHT LOGISTICS l WHO WE ARE AND WHAT WE DO TotalVue Insights Platform Using AI and machine learning benchmarking to inform actions, drive performance and create value Reporting Tracking TotalVue Insights Analytics 67 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 68: Consistent above-market growth
OPTIFREIGHT LOGISTICS l INDUSTRY CONTEXT Consistent above-market growth OptiFreight® Volume CAGR Market Growth Logistics Inbound Low single-digit Exceeding market (supplier-direct) volume growth Outbound Double-digit At least rate of market (customer-initiated) volume growth OptiFreight Logistics 15
Slide 69: Positioned for tomorrow's growth
OPTIFREIGHT LOGISTICS l ACCELERATING GROWTH Positioned for tomorrow’s growth PRIORITY 1: GROW Delivering Expand and win in current market a predictive, integrated and frictionless PRIORITY 2: INNOVATE Introduce new and enhanced products to customer meet growing pharmacy needs experience 69 © 2025 Ca
Slide 70: Delivering double-digit growth
OPTIFREIGHT LOGISTICS BRINGING IT ALL TOGETHER Proven track record Delivering double-digit Significant investment growth Core business growth Robust growth roadmap + Customer expansion + Technology transformation Strong CAGR and forward momentum Unmatched expertise 70 © 2025 Cardinal Health. All Rig
Slide 71: Nuclear & Precision Health Solutions
Nuclear & Precision Health Solutions MIKE PINTEK 71 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 72: Oral tablet vs. radiopharmaceutical
NUCLEAR & PRECISION HEALTH SOLUTIONS | WHO WE ARE AND WHAT WE DO Oral tablet vs. radiopharmaceutical Oral tablet Radiopharmaceutical Typically, longer Decays constantly, expires within SHELF-LIFE expiration dates hours or days Federally regulated Complex regulatory landscape, REGULATIONS by FDA, DEA
Slide 73: Partner of choice with comprehensive portfolio
NUCLEAR & PRECISION HEALTH SOLUTIONS | WHO WE ARE AND WHAT WE DO Consistent above-market growth Partner of choice with comprehensive portfolio 1 2 3 SPECT1 (low-energy PET2 (high-energy Theranostics radiodiagnostics) radiodiagnostics) • Leading Contract Development • Prepare, dispense and • Manufact
Slide 74: National scale and service excellence shaping the future of precision health
NUCLEAR & PRECISION HEALTH SOLUTIONS | WHO WE ARE AND WHAT WE DO National scale and service excellence shaping the future of precision health Serve 130 30 6,600+ nuclear PET sites customers pharmacies Supported Dispense 1,700+ ~75% of and distribute professional FDA approved 12M+ time-critical, heal
Slide 75: Nuclear medicine industry in early innings of growth
NUCLEAR & PRECISION HEALTH SOLUTIONS | INDUSTRY CONTEXT Nuclear medicine industry in early innings of growth with a strong trajectory Market outlook Growth drivers Potential accelerants $10B in radiopharma M&A1 Aging population Drug performance with novel isotopes Superior imaging and Combination $5
Slide 76: Industry growth will evolve with novel theranostics
NUCLEAR & PRECISION HEALTH SOLUTIONS | INDUSTRY CONTEXT Industry growth will rapidly evolve with the commercialization of novel theranostics Radiopharmaceutical R&D pipeline by clinical stage Radiopharmaceutical R&D pipeline by disease state Phase III All Other 5% Cardiology 7% 4% 20% 8% Phase II Ne
Slide 77: Enabling innovators to bring new radiopharmaceuticals to market
NUCLEAR & PRECISION HEALTH SOLUTIONS | ACCELERATING GROWTH Enabling pharmaceutical innovators to bring new radiopharmaceuticals to market Early investments in Theranostics & PET are paving the way for 70+ projects in the NPHS pipeline Center for Theranostics Advancement Innovation Pre-commercial Com
Slide 78: Recent product launches will serve as growth engine
NUCLEAR & PRECISION HEALTH SOLUTIONS | ACCELERATING GROWTH Recent product launches will serve as growth engine until next wave of entrants Top growth drivers1 Next wave Novartis Product 7 Product 13 Pluvicto® PRD2 GE Product 1 Product 3 Product 5 Product 9 Product 11 Vizamyl 2025 2026 2027 2028 2029
Slide 79: Theranostics and PET underpinning long-term growth
NUCLEAR & PRECISION HEALTH SOLUTIONS | ACCELERATING GROWTH Theranostics and PET underpinning long-term growth ~25% ~65% ~50% ~50% ~75% ~35% Revenue by business mix Revenue by business mix Revenue by business mix FY22 actuals FY25 outlook FY28 outlook SPECT Theranostics + PET 79 © 2025 Cardinal Healt
Slide 80: Strong profile for sustainable growth
NUCLEAR & PRECISION HEALTH SOLUTIONS | BRINGING IT TOGETHER Strong profile for sustainable growth Capabilities Investments Outlook Robust operational Investing $150M+ over infrastructure enabling Large, growing industry with the next 3 years best-in-class service levels favorable tailwinds Expanding
Slide 81: Global Medical Products and Distribution
Global Medical Products and Distribution STEVE MASON 81 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 82: Provide the right product at the right place and time
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | WHO WE ARE AND WHAT WE DO Provide the right product at the right place and time Products and distribution Revenue by region1 Cardinal Health ~$1.1B ~$0.6B Brand Products Canada Rest of the world National $4.2B Brand Products $8.2B Cardinal Health Brand Produc
Slide 83: Our strengthened and integrated model delivers value
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | WHO WE ARE AND WHAT WE DO Our strengthened and integrated model delivers value Scaled platform Broad portfolio of innovative and essential products expertise Scaled dis in t a rib ply ch ution Sup Presource® Drapes and Incontinence Infection control Laborator
Slide 84: Our Improvement Plan priorities set the path
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | SIGNIFICANT TURNAROUND Our Improvement Plan priorities set the path to successfully return the GMPD segment to profitable growth and positive cash flow Returned to profitability Segment profit ($M) and growth Stabilization Results of GMPD Improvement Plan Seg
Slide 85: We are consistent in our strategic focus
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH We are consistent in our strategic focus Strategic pillars Key priorities (FY26 to FY28) Grow Cardinal Health • 3%-5% revenue growth CAGR 1 Brand o 2-3% industry growth o Modestly increase penetration of existing customers o C
Slide 86: Continue to deliver our Five Point Plan for product growth
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Continue to deliver our Five Point Plan for product growth FIVE POINT PLAN 1 2 3 4 5 Customer New product Portfolio Commercial Conversion experience development and and supply structure and pipeline commercialization chain hea
Slide 87: Continue to deliver our Five Point Plan for product growth
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Continue to deliver our Five Point Plan for product growth SERVICE BREADTH CUSTOMER GROWTH RESULTS EXPERIENCE +11 pt Next generation flagship product +18 pt Service level launches Customer loyalty Grew Cardinal Health Brand (C
Slide 88: Significant progress in mitigating tariff exposure
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Significant progress in mitigating tariff exposure to ensure we continue to deliver value to our customers and stakeholders INCREASED DOMESTIC FOCUS Global Cardinal Health Brand cost of goods by country of origin The U.S. is n
Slide 89: Setting a clear approach to mitigate tariff exposure
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Setting a clear approach to mitigate tariff exposure to ensure we continue to deliver value to our customers and stakeholders ~$450M $250M - $300M $150M - $200M $100M - $125M $50M - $75M Gross tariff costs Operational mitigati
Slide 90: Continuing our strong track record of cost optimization
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | STRENGTHENED PLATFORM FOR GROWTH Continuing our strong track record of cost optimization and simplification while driving resiliency COMMERCIAL MANUFACTURING DISTRIBUTION Reduced countries with Simplified global Continued reduction of commercial operations ma
Slide 91: GMPD is well positioned for sustainable growth
GLOBAL MEDICAL PRODUCTS & DISTRIBUTION | BRINGING IT ALL TOGETHER GMPD is well positioned for sustainable growth We are We continue to optimize our commercial engine to win with our integrated value proposition mission We are taking the actions across the business to mitigate the impact of tariffs c
Slide 92: Value creation
Value creation AARON ALT | CHIEF FINANCIAL OFFICER 92 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 93: Financial performance since FY23
LOOKING BACK: 2023 INVESTOR DAY | VALUE CREATION Financial performance since FY23 2-Year CAGR 1,2 Total shareholder return FY23 to present 3 230% EPS CAGR +18% 180% +214% Operating +16% 130% earnings CAGR 80% +66% Adjusted free ~$6B 30% +10% cash flow 6/30/2022 6/30/2023 6/30/2024 -20% Cardinal Heal
Slide 94: Raising FY25 guidance
VALUE CREATION | FY25 GUIDANCE Raising FY25 guidance New FY25 outlook Non-GAAP EPS $8.15 - $8.20 Previously $8.05 - $8.15 Interest and Other ~$200M Previously $200M - $215M Non-GAAP ETR ~23.0% Previously 23.0% - 23.5% Diluted weighted average shares outstanding ~242M Share repurchases $750M Capital
Slide 95: Updating FY25 segment outlooks
VALUE CREATION | FY25 GUIDANCE Updating FY25 segment outlooks Revenue and segment profit Pharmaceutical and Revenue decline of Segment profit growth of Specialty Solutions 1% to 3% 12% to 13% Previously growth of 11.5% to 12.5% Revenue growth of Segment profit of Global Medical Products and Distribu
Slide 96: Value creation framework
VALUE CREATION | FRAMEWORK Value creation framework Growth from + = + = + strategic Operating Sustainable Robust Disciplined portfolio Working capital efficiency / profitable cash flow and customer capital focus allocation leverage growth generation positioning CONTINUED SHAREHOLDER VALUE CREATION 9
Slide 97: Our updated long-term targets
VALUE CREATION | LT TARGETS Our updated long-term targets FY26 – FY28 1 At least 5% to 7% ~10% $50M+ $2.25B 12% to 14% Growth CAGR Growth CAGR Profit growth Share repurchases Growth CAGR normalized2 normalized2 per year after FY26 Pharma and Other GMPD Capital Non-GAAP diluted Specialty Solutions Se
Slide 98: Preliminary enterprise FY26 guidance
VALUE CREATION | FY26 GUIDANCE Preliminary enterprise FY26 guidance EPS Cash flow and Other growth deployment assumptions non-GAAP diluted EPS: Adjusted free cash flow Interest and other: $9.10 to $9.30 $2.75B to $3.25B ~$275M FY25: $8.15 to $8.20 non-GAAP ETR: +13% Capital expenditures Growth at th
Slide 99: Pharmaceutical and Specialty Solutions normalized profit growth
VALUE CREATION | PHARMA & SPECIALTY Pharmaceutical and Specialty Solutions Preliminary Long-term target FY26 guidance (FY26 to FY28 CAGR1) Revenue growth 11% to 13% 8% to 10% Profit growth 10% to 12% 7% to 9% Reported basis 5% to 7% normalized profit growth 2 1FY26 to FY28 CAGR, as of FY25 Outlook b
Slide 100: Other: NPHS, at-Home Solutions and OptiFreight normalized profit growth
VALUE CREATION | GROWTH BUSINESSES Other: NPHS, at-Home Solutions and OptiFreight Preliminary Long-term target FY26 guidance (FY26 to FY28 CAGR1) Revenue growth 26% to 28% 16% to 18% Profit growth 25% to 27% 15% to 17% Reported basis ~10% normalized profit growth 2 1FY26 to FY28 CAGR, as of FY25 Out
Slide 101: Global Medical Products and Distribution
VALUE CREATION | GMPD Global Medical Products and Distribution Preliminary Long-term target FY26 guidance (FY26 to FY28) Revenue growth 3% to 5% 2% to 4% CAGR $140M+ $50M+ of profit growth Profit per year after FY26 101 © 2025 Cardinal Health. All Rights Reserved. | CAH 2025 INVESTOR DAY
Slide 102: Enterprise operating earnings FY26 bridge
VALUE CREATION | FY26 GROWTH Enterprise operating earnings FY26 bridge ~14% growth at the mid-points $3.2B $2.8B GIA & ION ADS Pharma & Specialty 1 FY25 Outlook Other FY26 Outlook 1 Operating Earnings Operating Earnings Key drivers 1Excluding ION, GIA & ADS acquisitions Other includes: Nuclear and P
Slide 103: Robust cash flow generation
VALUE CREATION | CASH FLOW Robust cash flow generation Anticipate generating: Adjusted free cash flow $10B+ in total adjusted free cash ~$2B $2.75B to $3.25B $3.5B+ flow over the next 3 years >125% FY25 FY26 FY27 - FY28 Adj. FCF conversion1 Outlook Outlook Avg. Outlook 1Adjusted FCF / Non-GAAP Net E
Slide 104: Our disciplined capital allocation framework remains unchanged
VALUE CREATION | CAPITAL ALLOCATION Our disciplined capital allocation framework remains unchanged: FY26 – FY28 Table stakes Opportunistic levers 1 Investing back into the business to drive organic growth 4a Disciplined and strategic M&A 2 4b Maintain investment Additional opportunistic grade balanc
Slide 105: Organic investment in business
VALUE CREATION | CAPITAL ALLOCATION Organic investment in business Capital expenditures | ($ in millions) $600+ Automation MSO platform ~$525 technology capabilities $496 11 nuclear PET New customer expansions solutions FY23 - FY24 FY25 FY26 - FY28 Avg Outlook Avg. Outlook Supply chain 3 new DCs tec
Slide 106: Near term maturities and deleveraging plans support current rating
VALUE CREATION | CAPITAL ALLOCATION Near term maturities and deleveraging plans support current rating Adjusted Debt/EBITDA1 Moody’s View Quickly returning 4.0X to our updated 3.8x 3.5x 3.5X 2.75x – 3.25x 3.3x Debt/EBITDA target 1 3.0X 2.75x – 3.25x 2.9x with $500M+ of 2.5X FY26 debt paydown 2.0X 1.
Slide 107: Increasing our baseline return of capital to shareholders
VALUE CREATION | CAPITAL ALLOCATION Increasing our baseline return of capital to shareholders + Consistently growing Baseline share our dividend: repurchases: Nearly $500M in dividend payments At least expected in FY26 $750M each of the next We are a Dividend Aristocrat 3 years previously $500M per
Slide 108: Robust cash flow generation + disciplined capital deployment
VALUE CREATION | CAPITAL ALLOCATION Robust cash flow generation + disciplined capital deployment ~$1.5B Dividend Baseline $5B+ return of FY26-FY28 capital Opportunistic $11B+ ~$3.75B deployment $10B+ FY26-28 ~$2.25B total adj FCF + Baseline share Opportunistic levers $1B+ of projected ending FY25 st
Slide 109: Compelling Investment Thesis
CARDINAL HEALTH 2025 INVESTOR DAY | BRINGING IT ALL TOGETHER Compelling Investment Thesis Consistent Unique breadth Resilient Strong core Specialty key track record of capabilities model Pharma opportunity Higher-margin Progress Increasing Disciplined 12% to 14% growth with GMPD cash flow capital no