Cardinal Health: Cardinal Week Day 4: Takeaways from Our Cardinal Health C-Suite Call

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Cardinal Health: Cardinal Week Day 4: Takeaways from Our Cardinal Health C-Suite Call

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

18 June 2026

Cardinal Health Neutral

CAH, CAH US

Cardinal Week Day 4: Takeaways from Our Cardinal Price (18 Jun 26):$221.77

Health C-Suite Call

Managed Care and Facilities

For Day 4 of Cardinal Week, we discuss key points from the conference call we Lisa C. Gill AC

hosted this afternoon with CEO Jason Hollar and CFO Aaron Alt. We found the (1-212) 622-6466

discussion informative in driving home the continued momentum in the business. lisa.c.gill@jpmorgan.com

On the topic of FY27, we thought management sounded solid while addressing John Stansel, CFA

discussion points around GLOBE, GUARD, WAC changes, and CMS DME (1-212) 622-0083

Competitive Bidding. We discuss the takeaways from the call in greater detail john.stansel@jpmorgan.com

below. Please reach out to us or your J.P. Morgan sales contact for a replay. Benjamin Rossi

(1-212) 622-9603

• CAH will provide FY27 guidance in early August as part of F4Q26 earnings, benjamin.rossi@jpmorgan.com

but we thought management sounded confident in reiterating drivers of its Cole Harris

long-term targets and the durability of the business. In PSS, management (1-212) 622-9068

cole.harris@jpmorgan.com

appears to expect solid core demand, ongoing specialty expansion (including J.P. Morgan Securities LLC

annualizing the Solaris acquisition and onboarding distribution volumes), and

consistent generic market dynamics, while flagging that WAC changes will

moderate overall revenue growth rates, which we see as broadly expected. On

the company’s Other segment businesses, management reiterated secular

trends supporting OptiFreight, Nuclear, and at-Home, anticipating strong