Cardinal Health, Inc. · NYSE:CAH
Cardinal Health — 44th Annual J.P. Morgan Healthcare Conference 2026
21 slides from Cardinal Health's conference presentation, Jan 13, 2026
Slide 1: Continuing our multi-year growth journey
Continuing our multi-year growth journey 44th Annual JP Morgan Conference Jason Hollar | CEO © 2026 Cardinal Health. All Rights Reserved. 1 © 2026 Cardinal Health. All Rights Reserved.
Slide 2: Cautions Concerning Forward-Looking Statements
JP MORGAN CONFERENCE 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 such as "expect
Slide 3: Today's announcements
JP MORGAN CONFERENCE Today’s announcements Continuing our momentum 1 Raising 2 Accelerating 3 Successfully 4 Introducing Guidance: Specialty Growth: Navigating IRA ContinuCare Fiscal 2026 non-GAAP Now expecting $50B+ Changes: Pathway: diluted EPS to at least of Specialty revenue in $10.00, from prio
Slide 4: Track record of execution and value creation
JP MORGAN CONFERENCE Track record of execution and value creation FY23 – FY26 Outlook1 Total Shareholder Return FY23 – CY252 Non-GAAP +18% +320% Diluted EPS CAGR Non-GAAP +14% Op Earnings CAGR +90% +28% Average Adjusted 6/30/2022 6/30/2023 6/30/2024 6/30/2025 $3.1B Free Cash Flow Cardinal Health S&P
Slide 5: Crucial link between manufacturers and providers
JP MORGAN CONFERENCE Manufacturers Providers and innovators and customers L T HCAR Biopharma E A E ’S innovators H Generic Rx Retail and grocery Mail order pharmacies pharmacies manufacturers Consumer health manufacturers Health systems Specialty physician CR offices UCIAL LINK Nuclear innovators Me
Slide 6: Company snapshot
JP MORGAN CONFERENCE Company snapshot 1 ~$255B in revenue Revenue FY26 Guidance1 Segment profit Pharma & Specialty Pharma & Specialty 99%+ of revenue generated in the U.S. 92% GMPD 5% 77% Other GMPD ~$3.4B in operating earnings 3% 4% Other ~$3.25B in adjusted free cash flow 19% Other includes: at-Ho
Slide 7: Portfolio overview
JP MORGAN CONFERENCE Portfolio overview 1 large core business | 3 growth businesses | 1 turnaround business Nuclear and at-Home Solutions Precision Health Solutions Growth and resiliency Accelerating growth Pharmaceutical Turnaround & Specialty Solutions Strategic investment prioritization OptiFreig
Slide 8: Positioned at the forefront of key trends
JP MORGAN CONFERENCE Patient demographics Increasing utilization of pharmaceutical and medical products and services Positioned at Pharmaceutical innovation Novel specialty therapies and radiopharmaceuticals requiring complex forms of logistics and clinical support the forefront of Site of care shif
Slide 9: Confidence in our resilient business model
JP MORGAN CONFERENCE Confidence in our resilient business model Stable industry Leading value Proven trends proposition adaptability Defensive industry characteristics Strong and diverse customer Fee for service model base and leading partnerships Demographic tailwinds drive History of managing thro
Slide 10: Our continued momentum
JP MORGAN CONFERENCE Our continued momentum Raising fiscal 2026 non-GAAP EPS guidance to: at least $10.00 per share Cardinal Health to provide further details and updates on its upcoming Q2 FY26 earnings call on February 5th 10 © 2026 Cardinal Health. All Rights Reserved.
Slide 11: Strategic priorities
JP MORGAN CONFERENCE Strategic priorities Relentless focus on simplification 1 2 3 Build upon the growth and resiliency Execute GMPD Accelerate other of Pharmaceutical and Improvement Plan growth businesses Specialty Solutions by initiatives expanding in Specialty and shareholder value creation 11 ©
Slide 12: Accelerating growth in Specialty
JP MORGAN CONFERENCE Accelerating growth in Specialty Specialty is growing to over $50B in revenue in FY26, with a 16% CAGR over 3 years1 ~16% • Prioritizing growth in the therapeutic areas of 3-yr CAGR autoimmune2, urology and oncology • Supporting ~3,000 providers through our MSO Specialty Revenue
Slide 13: Supporting community-based physicians with a comprehensive model
JP MORGAN CONFERENCE Supporting community-based physicians with a comprehensive model Advanced Data and MSO Platforms Technology Solutions Multi-Specialty Oncology Approx 60% of market Approx 40% of market Specialty Community Physicians PPS Analytics and SoNaR Real World Evidence/Data Broad Distribu
Slide 14: Community practices have diverse revenue streams
JP MORGAN CONFERENCE Community practices have diverse revenue streams 1 with similar mix across Autoimmune and Urology Autoimmune2 Urology Medical Oncology 6% Office visits 28% 25% Infusion and 41% 40% ancillary services Procedures 31% 35% 94% Source: Bain & Co.; Ancillaries includes infusion, surge
Slide 15: Expanding in BioPharma Solutions
JP MORGAN CONFERENCE Strategic Pillars Expanding in BioPharma Solutions On the path to $1B in higher-margin revenue by FY28 • Providing suite of services to support manufacturers’ holistic needs • Outsourced services market expanding rapidly • Expecting over 30% revenue growth in BioPharma Solutions
Slide 16: Longer-term opportunities
JP MORGAN CONFERENCE 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 Biopharma Solutions OptiFreight Lo
Slide 17: Introducing ContinuCare Pathway
JP MORGAN CONFERENCE Introducing ContinuCare Pathway Simplifying diabetes supply management for pharmacies and patients • Connecting pharmacies nationwide with a seamless referral pathway for diabetes supplies covered under the medical benefit • Driving growth in at-Home Solutions • Helping pharmaci
Slide 18: Leading in urology
JP MORGAN CONFERENCE Leading in urology Strength across the enterprise Pharmaceutical MSO At-Home Nuclear and & Specialty Platforms Solutions Precision Health Distribution 18 © 2026 Cardinal Health. All Rights Reserved.
Slide 19: Significant opportunity in Nuclear medicine
JP MORGAN CONFERENCE Significant opportunity in Nuclear medicine Robust pipeline of novel theranostics creates long-term opportunity for Cardinal Health 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
Slide 20: Our disciplined capital allocation framework
JP MORGAN CONFERENCE Our disciplined capital allocation framework Table stakes Opportunistic levers 1 Investing back 2 Baseline return 3 Maintain 4a Strategic M&A 4b Additional into the business of capital to investment grade Prioritizing tuck-in opportunistic share to drive organic shareholders bal
Slide 21: Compelling investment thesis
JP MORGAN CONFERENCE 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 non-GAAP EPS businesses turnaround generat
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