卡地纳健康周第二天：药品及专业解决方案部门

North America Equity Research17 June 2025JPMORGANCardinal HealthCardinal Health Week Day 2: The Pharmaceutical and Specialty Solutions SegmentNeutralCAH, CAH USPrice (16 Jun 25):$162.41Managed Care and FacilitiesLisa C. Gill AC(1-212) 622-6466lisa.c.gill@jpmorgan.comJohn Stansel, CFA(1-212) 622-0083john.stansel@jpmorgan.comBenjamin Rossi(1-212) 622-9603benjamin.rossi@jpmorgan.comCole Harris(1-212) 622-9068cole.harris@jpmorgan.comJ.P. Morgan Securities LLCFor Day 2 of Cardinal Health Week, we provide a detailed look at Cardinal’s Pharmaceutical and Specialty Solutions business, which currently accounts for the majority of the company’s revenue and profits. The core business has performed well, and the company has invested in building its specialty offerings with a series of acquisitions in 2024, which it targets to be a long-term growth driver (underpinning the +7-9% FY26-28 operating profit CAGR), and is set to grow segment operating profit by +10-12% in FY26E. We use this note to trac