Cardinal Health, Inc. (NYSE:CAH) Morgan Stanley 22nd Annual Global Healthcare Conference September 5, 2024 8:30 AM ET Company Participants Matt Sims - VP, IR Aaron Alt - CFO Conference Call Participants Erin Wright – Morgan Stanley Erin Wright Hi, good morning, everyone. My name is Erin Wright. I'm the Head Healthcare Services Analyst at Morgan Stanley, and we're happy to have with us this morning Cardinal Health in a very kind of dynamic morning for drug distribution. And with us today, we have Aaron Alt, ...

会议主要讨论的核心内容 公司业务表现及展望 - 公司预计2025财年医药和专科解决方案EBIT增长1%-3%,主要受益于核心医药业务低个位数增长和专科业务的持续贡献 [6][9][10] - 公司医药业务收入将下降4%-6%,但剔除大客户合同不续约的影响,实际增长15%-18%,反映公司组合中快速增长的业务 [7][8] - 公司预计未来将获得100亿美元的新客户和现有客户的扩展业务,这将有助于利润增长 [8] 医药行业动态 - 公司预计医药需求环境保持稳定,并能够通过规模优势和组合管理在仿制药领域保持一致的市场动态 [9] - 公司密切关注药品价格环境,能够利用规模优势和成本优势管理仿制药组合,并预计品牌药价格上涨趋势将保持一致 [20][21] - 公司关注医改政策IRA的影响,认为作为一个相对低利润且资本密集的行业,公司的服务将需要得到适当补偿 [22] 专科业务发展 - 公司专科业务过去3年复合增长率达14%,未来将继续保持增长势头 [24] - 公司正在通过内生和外延方式投资专科业务,如收购Specialty Networks拓展肿瘤、胃肠和风湿等治疗领域 [25][27][29] - 专科网络收购带来了治疗领域的渠道和技术能力,有助于公司进一步发展专科业务 [27][28] 医疗业务转型 - 公司医疗业务2024财年利润增加2.4亿美元,主要通过控制通胀、提升Cardinal Health品牌和简化优化组合实现 [38] - 公司预计2026财年医疗业务EBIT将达3亿美元,未来将继续推进上述三大策略 [38][40][42] - 公司预计医疗行业整体需求将保持低个位数增长 [40] 其他业务发展 - 公司将加大对核medicine、居家医疗和OptiFreight等其他业务的投资,预计2025财年这些业务利润将增长10% [51][52] - 公司未来将在保持财务稳健的前提下,审慎考虑在专科、居家医疗等领域的并购机会 [54][55][56]

文章核心观点 - 公司通过收购驱动战略、多元化产品组合和强大的制药业务,前景看好 [1] - 但通胀压力仍是一个关切 [1] 公司表现亮点 - 制药业务表现强劲,为公司带来竞争优势 [2] - 与多家公司签订长期供应协议,有利于公司核心销售和盈利 [3][4] - 第四季度业绩出色,毛利增长5% [5] 公司发展动态 - 开设新的配送中心,支持公司的居家医疗解决方案业务 [6] - 计划在俄亥俄州沃尔顿山开设新的先进配送中心,提升效率和服务质量 [6] 潜在风险因素 - 主要客户流失风险,如与OptumRx的合同到期 [7] - 部分产品如注射器遭遇监管问题,存在进一步监管风险 [8] 财务表现 - 预计2025财年收入将下降4.5% [9] - 预计2025财年调整后每股收益将增长0.9% [9]

Cardinal Health (CAH) recently announced the opening of a new distribution center in Greenville, SC. The distribution center is dedicated solely to the company’s at-Home Solutions business, which is also expected to add roughly 200 jobs to the region over time.Cardinal Health’s at-Home Solutions is a leading supplier of medical supplies for home healthcare, supporting a significant number of customers countrywide in meeting their supply needs, including individuals with serious or chronic illnesses.The open ...

'Warehouse of the Future' to expand nationwide distribution network in support of home healthcare growthDUBLIN, Ohio, Aug. 28, 2024 /PRNewswire/ -- Cardinal Health (NYSE: CAH) officially announced today the recent opening of a new distribution center in Greenville, South Carolina dedicated solely to its at-Home Solutions business, expected to add roughly 200 jobs to the region over time. Cardinal Health at-Home Solutions is a leading provider of home healthcare medical supplies, helping more than five milli ...

Luis Alvarez/DigitalVision via Getty Images I am updating my previous analysis on Cardinal Health (NYSE:CAH) in light of Q4 and Full-Year 2024 earnings, which were released pre-market on Wednesday, August 14th. I previously rated Cardinal Health a buy for the following reasons: Q3 earnings were strong with the company raising full-year guidance The OptumRx loss was a short-term blip with no change to the long-term investment thesis The specialty pharmaceutical business had the potential to drive even m ...

Cardinal Health Inc. CAH is a global pharmaceutical and medical products distributor serving over 100,000 hospitals. It's also the largest distributor of medical supplies and surgical products in the United States. Cardinal Health provides medical supplies and specialty therapeutics to 90% of the hospitals in the United States, as well as 60,000 pharmacies and over 10,000 specialty physician offices. The rising trend in acute care utilization from emergency rooms, ambulatory and surgical care centers, and i ...

Cardinal Health, Inc. (CAH) recently announced plans to open a new state-of-the-art distribution center in Walton Hills, OH, to support its medical products and distribution business in the United States.The 249,000-square-foot facility will be more than 30% larger than its predecessor in Solon, OH and is expected to be fully operational by spring of 2025. This new center will integrate cutting-edge technology and automation, enhancing efficiency, storage capacity and the overall quality of service.Signific ...

New facility opening in Walton Hills demonstrates ongoing commitment to increase U.S. warehouse capacity and modernize operations  DUBLIN, Ohio, Aug. 21, 2024 /PRNewswire/ -- Cardinal Health (NYSE: CAH) announced today its plans to open a new distribution center in Walton Hills, Ohio, supporting its U.S. Medical Products and Distribution business. The facility will integrate new technology solutions, deliver operational efficiencies, and provide expanded capacity in the Cleveland, Ohio area. With constructi ...

报告行业投资评级 - 报告给予Cardinal Health Inc的评级为"买入",目标价为125美元 [4] 报告的核心观点 - 报告认为Cardinal Health Inc目前面临的挑战是可控的,包括Optum业务的流失以及运营成本的上升,但公司的盈利能力和现金流表现良好,为公司提供了相对的操作和财务灵活性 [1][2] - 报告预计公司2025财年的业绩将有所改善,主要得益于新合同的获得以及现有业务的扩张 [1][2] - 报告认为公司在国内制造业的投资是对应中国关税的举措,也是一个良好的机会,因为该产品类别目前由一家主导企业垄断,公司有信心提高产能 [11] 报告内容总结 行业投资评级 - 报告给予Cardinal Health Inc的评级为"买入",目标价为125美元 [4] 公司业绩表现 - 报告认为公司2025财年的业绩将有所改善,主要得益于新合同的获得以及现有业务的扩张 [1][2] - 报告预计公司2025财年的每股收益将达到7.61美元,高于之前的预测 [2][7] - 报告认为公司的现金流表现良好,为公司提供了相对的操作和财务灵活性 [1] 公司战略 - 报告认为公司在国内制造业的投资是对应中国关税的举措,也是一个良好的机会,因为该产品类别目前由一家主导企业垄断,公司有信心提高产能 [11] 行业挑战 - 报告认为公司目前面临的挑战是可控的,包括Optum业务的流失以及运营成本的上升 [1][2]