Cardinal Health Q4 revenues up 20%

DUBLIN, Ohio — Cardinal Health on Thursday reported that its fiscal year fourth-quarter revenues increased by 20%, to $27.5 billion.

"We finished our fiscal year 2015 with a very strong fourth quarter, capping off an outstanding year,” George Barrett, chairman and CEO of Cardinal Health, said. "It was also a year of meaningful strategic initiatives, including: operationalizing Red Oak Sourcing, our generic sourcing venture with CVS Health; agreeing to acquire The Harvard Drug Group, which reinforces our position in generic drugs and telemarketing; and acquiring Metro Medical, which enhances the position of our fast-growing Specialty Solutions group."

Fourth-quarter revenue for the pharmaceutical segment increased by 23% to $24.7 billion, due to growth from existing and new customers, the company said. Pharmaceutical segment profit increased by 42% to $535 million, due to strong performance of the generics program, which includes the net benefit of Red Oak Sourcing — Cardinal Health’s generic sourcing venture with CVS Health — and growth from customers. 

For the full year, revenue for the pharmaceutical segment increased by 14%, to $91.1 billion, and segment profit increased by 20%, to $2.1 billion.

Overall, Cardinal Health fiscal year 2015 revenues increased by 13%, to $102.5 billion, and non-GAAP diluted earnings per share from continuing operations increased by 14%, to $4.38. Non-GAAP operating earnings increased by 16%, to $2.5 billion. On a GAAP basis, operating earnings and diluted earnings per share from continuing operations for FY 2015 were $2.2 billion and $3.61, respectively, an increase of 15% and 7%, from the prior fiscal year.

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