Cardinal Health, Inc. distributes pharmaceuticals and specialty products and manufactures and distributes medical, laboratory, home-health and direct-to-patient products and services. The company also operates nuclear pharmacies and manufacturing facilities and provides performance and data solutions for healthcare customers.
Recurring company updates cover financial results and fiscal outlooks, dividend actions, share repurchases, debt activity, segment performance in Global Medical Products and Distribution, at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics. Other developments include biosimilars and advanced-therapy research reports, Actinium-225 production capacity for radiopharmaceutical applications, and board governance changes.
AmerisourceBergen (ABC), Cardinal Health (CAH), and McKesson (MCK) have settled opioid-related claims with the Cherokee Nation for approximately $75 million over 6.5 years. This agreement resolves ongoing litigation and allows the companies to focus on safe medication delivery. The settlement is part of broader negotiations with federally recognized Native American tribes, despite the companies disputing the allegations against them. The firms emphasize their commitment to addressing the opioid epidemic's impact on communities.
Cardinal Health (NYSE: CAH) will release its first-quarter financial results for fiscal year 2022 on November 9, prior to market opening. A webcast discussion will follow at 8:30 a.m. Eastern. Investors can access the webcast and presentation through the Investor Relations page. Replay of the presentation will be available until November 8, 2022. Cardinal Health is a key player in the healthcare sector, distributing pharmaceuticals and manufacturing medical products globally.
On September 20, 2021, Cardinal Health (NYSE: CAH) announced a goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 50% by 2030. This commitment aligns with the Paris Agreement's climate goals. The company also plans to validate its Scope 3 emissions targets through the Science-Based Targets initiative. Environmental highlights include powering its global headquarters with renewable energy and expanding its Total Waste Management initiative, achieving significant waste reduction. Cardinal Health aims to enhance diversity by increasing the representation of women and underrepresented groups by 2030.
AmerisourceBergen (ABC), Cardinal Health (CAH), and McKesson (MCK) announced progress on the opioid claims settlement involving U.S. states and territories. As of August 21, 2021, 42 states, 5 territories, and Washington, D.C. have joined the settlement, allowing the process to move forward. This next phase includes a 120-day period for political subdivisions to join, ending January 2, 2022. If enough subdivisions participate, the settlement will take effect 60 days after that. The companies aim to focus on secure medication delivery while providing relief to affected communities.
Cardinal Health (CAH) unveiled a new talent strategy aimed at enhancing diversity in leadership roles by 2030. Key goals include increasing the representation of African American and Black employees to 11% and Asian, Latinx, Indigenous, and other diverse groups to 23% among managers. Additionally, the global representation of women in leadership is set to rise to 48%. The strategy focuses on recruitment, development, and retention of diverse talent, including programs for underrepresented groups. The initiative is supported by enhanced DEI metrics in compensation plans, underscoring its significance for long-term growth.
Cardinal Health (CAH) announced an irrevocable early redemption of its outstanding 2.616% notes due June 2022, totaling $572,171,000. The redemption date is set for September 15, 2021. This measure aligns with the terms outlined in the June 2, 2008 indenture, allowing the redemption at greater of 100% principal or the present value of remaining scheduled payments. The company emphasizes this does not constitute a sale or solicitation of securities. Cardinal Health is a leading distributor of pharmaceuticals and medical products.
Cardinal Health (NYSE: CAH) has extended its partnerships with CVS Health for pharmaceutical distribution until June 30, 2027. CEO Mike Kaufmann emphasized the value of this long-standing collaboration, which enhances the delivery of healthcare products. The company maintains its fiscal year 2022 earnings guidance at a non-GAAP diluted EPS of $5.60 to $5.90. This agreement underscores Cardinal Health's critical role in the healthcare supply chain and its commitment to meeting customer needs through innovative solutions.
Cardinal Health (NYSE: CAH) has announced its collaboration with Abbott and Quidel to enhance access to over-the-counter COVID-19 tests. This initiative utilizes Cardinal Health's distribution network to provide consumers with Abbott's BinaxNOW™ and Quidel's QuickVue® antigen tests. According to company representatives, these rapid tests will support safe reopening efforts amid rising COVID-19 cases, especially the Delta variant. The company aims to expand its laboratory products portfolio, facilitating testing solutions for various sectors, including workplaces and schools.
Cardinal Health reported a 16% increase in fourth-quarter fiscal 2021 revenue to $42.6 billion, with full-year revenue at $162.5 billion, a 6% growth. However, operating earnings were adversely affected by a $197 million inventory reserve for PPE and $1.17 billion in opioid-related charges, leading to a 40% drop in GAAP operating earnings and diluted EPS of $0.40. Despite challenges, the company identified $250 million in cost savings and projects a non-GAAP EPS of $5.60 - $5.90 for fiscal 2022.
Cardinal Health has finalized the sale of its Cordis business to Hellman & Friedman for approximately $1 billion. This sale includes the assumption of certain liabilities and retention of specific working capital accounts. CEO Mike Kaufmann emphasized the company's strategic portfolio evaluation approach and commitment to growth, while H&F's CEO Shar Matin expressed excitement about Cordis's independent future and innovative product offerings. Cardinal Health will report its fiscal year 2021 results on August 5, prior to market opening.