Cardinal Health Week Day 2: The Pharmaceutical and Specialty Solutions Segment

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Cardinal Health Week Day 2: The Pharmaceutical and Specialty Solutions Segment

J P M O R G A N North America Equity Research

16 June 2026

Cardinal Health Neutral

CAH, CAH US

Cardinal Health Week Day 2: The Pharmaceutical and Price (15 Jun 26):$226.40

Specialty Solutions Segment

Managed Care and Facilities

For Day 2 of Cardinal Health Week, we provide a detailed look at Cardinal’s Lisa C. Gill AC

Pharmaceutical and Specialty Solutions business, which currently accounts for the (1-212) 622-6466

majority of the company’s revenue and profits. The core business has performed lisa.c.gill@jpmorgan.com

well, and the company has invested in building its specialty offerings with a series John Stansel, CFA

of acquisitions over the past several years, which it targets as a long-term growth (1-212) 622-0083

driver (underpinning the +7-9% FY26-28 operating profit CAGR). PSS is set to john.stansel@jpmorgan.com

grow segment operating profit by +22% to +23% in FY26E, which we believe Benjamin Rossi

reflects organic growth above its normalized long-term targets as well as several (1-212) 622-9603

benjamin.rossi@jpmorgan.com

new contract wins and the Solaris Health acquisition. We use this note to track the

Cole Harris

segment’s performance and highlight the different offerings and several notable (1-212) 622-9068

growth opportunities in which the company has invested.We will host a cole.harris@jpmorgan.com

conference call with CEO Jason Hollar and CFO Aaron Alt on Thursday, J.P. Morgan Securities LLC

June 18 at 1:30pm ET. Please reach out to us or your J.P. Morgan sales contact

for details.

• We project the Pharmaceutical and Specialty Solutions segment to

account for ~92% of Cardinal’s revenue and ~77% of adjusted adj.

operating profit in FY26E.