Cardinal Health: Cardinal Health Week Day 3: GMPD and Other Businesses

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Cardinal Health: Cardinal Health Week Day 3: GMPD and Other Businesses

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

17 June 2026

Cardinal Health Neutral

CAH, CAH US

Cardinal Health Week Day 3: GMPD and Other Price (16 Jun 26):$227.88

Businesses

Managed Care and Facilities

For Day 3 of Cardinal Health Week, we focus on Cardinal’s GMPD and Other Lisa C. Gill AC

businesses, including Nuclear & Precision Health Solutions, Cardinal Health at- (1-212) 622-6466

Home, and OptiFreight Logistics. We walk through the history of GMPD and the lisa.c.gill@jpmorgan.com

current initiatives underway in the segment as well as the growth profiles of the John Stansel, CFA

business units within Other that are growing above the enterprise average. We are (1-212) 622-0083

hosting a conference call with CEO Jason Hollar and CFO Aaron Alt john.stansel@jpmorgan.com

tomorrow (June 18) at 1:30pm ET. Please reach out to us or your J.P. Morgan Benjamin Rossi

sales contact for details. (1-212) 622-9603

benjamin.rossi@jpmorgan.com

• Cardinal’s Global Medical Products and Distribution (GMPD) segment is Cole Harris

one of the largest players in acute care med/surg distribution. Cardinal (1-212) 622-9068

cole.harris@jpmorgan.com

operates a nearly $13B business that includes manufacturing, sourcing, and J.P. Morgan Securities LLC

distribution, primarily for the inpatient setting. In recent years, management

has spoken to visible results from streamlining efforts and cost optimization

initiatives, while highlighting consistent positive Cardinal Health Brand

performance (at least ~MSD% revenue growth for five consecutive quarters).

The company is guiding to FY26 adj. operating profit of ~$150M (+11% y/y)

with tariff impacts appearing to have played out in line with expectations to

date.