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Cardinal Health Reports Fiscal 2015 Third-Quarter Results
Date:4/30/2015

DUBLIN, Ohio, April 30, 2015 /PRNewswire/ -- Cardinal Health today reported fiscal year 2015 third-quarter revenue of $25.4 billion and non-GAAP diluted earnings per share (EPS) from continuing operations of $1.19. Non-GAAP operating earnings increased 17 percent to $657 million. On a GAAP basis, operating earnings increased 16 percent to $591 million, and diluted EPS from continuing operations increased 20 percent to $1.09.

"We're pleased to report strong overall results for the third quarter while continuing to make the moves to lead and create value in today's dynamic healthcare environment," said George Barrett, chairman and chief executive officer of Cardinal Health. "During this past quarter, we announced our plan to acquire Cordis, significantly enhancing our scale, product line and capabilities in the cardiovascular area. This move aligns squarely with our strategy around physician preference items. Further, our recent acquisition of the specialty distribution business of Metro Medical expands our scale in specialty pharma and extends our reach into additional therapeutic areas."

He continued, "In light of our performance to date, we are increasingly comfortable with the upper half of the guidance range of $4.28 to $4.38 for our fiscal 2015 non-GAAP diluted earnings per share from continuing operations."

Q3 FY15 SUMMARYQ3 FY15Q3 FY14Y/YRevenue

$25.4 billion

$21.4 billion

18%Operating Earnings

 

$591 million

 

$508 million

 

16%Non-GAAP Operating Earnings

 

$657 million

 

$561 million

 

17%Earnings from Continuing Operations

 

$365 million

 

 $315 million

 

16%Non-GAAP Earnings from Continuing Operations

 

$396 million

 

$349 million

 

13%Diluted EPS from Continuing Operations

 

$1.09

 

$0.91

 

20%Non-GAAP Diluted EPS from Continuing Operations

 

$1.19

 

$1.01

 

18%SEGMENT RESULTSPharmaceutical segmentRevenue for the Pharmaceutical segment increased 20 percent to $22.6 billion due to growth from existing and new customers. Segment profit increased 25 percent to $567 million, driven by strong performance under the company's generics program, which includes the net benefit of Red Oak Sourcing as well as the growth from existing and new customers.Q3 FY15Q3 FY14Y/YRevenue

$22.6 billion

$18.8 billion

20%Segment Profit

$567 million

$452 million

25%Medical segmentRevenue for the Medical segment was up 4 percent to $2.8 billion, primarily due to contributions from acquisitions. Segment profit decreased 8 percent to $102 million as a result of reduced contribution from national brand distribution and the continued impact of market pressures in Canada. Q3 FY15Q3 FY14Y/YRevenue

$2.8 billion

$2.7 billion

4%Segment Profit

$102 million

$111 million

(8)%ADDITIONAL THIRD-QUARTER AND RECENT HIGHLIGHTS 

  • Announced intent to acquire Cordis, a worldwide leader in cardiovascular medical products
  • Acquired the specialty distribution business of Metro Medical Inc., expanding scale and deepening reach into rheumatology, oncology and nephrology segments
  • Named one of the "Top 50 Companies for Executive Women" by the National Association for Female Executives
  • Ohio Children's Hospitals' Solutions for Patient Safety, a national program supported by Cardinal Health, announced estimated savings of more than $60 million and prevention of serious harm for 2,500 children
  • CONFERENCE CALLThe company will host a webcast and conference call today at 8:30 a.m. Eastern to discuss the results. To access the call and corresponding slide presentation, go to the Investors page at ir.cardinalhealth.com or dial 913.312.0400, using conference ID# 9697371. There is no access code required for the call.  There is no pre-registration for the call. Participants are advised to dial into the call at least 10 minutes prior to the start time.

    Presentation slides and an audio replay will be archived on the Cardinal Health website after the conclusion of the meeting. The audio replay will also be available until May 29 by dialing 719.457.0820, passcode 9697371.

    UPCOMING WEBCASTED INVESTOR EVENTS

  • Bank of America Merrill Lynch 2015 Health Care Conference on May 13 at 8:00 a.m. local time in Las Vegas
  • Goldman Sachs 36th Annual Global Healthcare Conference on June 10 at 10:00 a.m. local time in Rancho Palos Verdes, Calif.
  • At these events, Cardinal Health executives will discuss the company's diverse products and services, company performance and strategies for continued growth. To access more details and live webcasts of these events, go to the Investors page at ir.cardinalhealth.com.

    About Cardinal Health Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $91 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers, clinical laboratories and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products and services to more than 100,000 locations each day and is also the industry-leading direct-to-home medical supplies distributor. The company is a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company operates the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #22 on the Fortune 500, Cardinal Health employs 34,000 people worldwide. More information about the company may be found at www.cardinalhealth.com and @CardinalHealth on Twitter.

    1 See the attached tables for definitions of the non-GAAP financial measures presented in this news release and reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures.

    Cardinal Health uses its website as a channel of distribution for material company information. Important information, including news releases, financial information, earnings and analyst presentations, and information about upcoming presentations and events is routinely posted and accessible on the Investors page at ir.cardinalhealth.com. In addition, our website allows investors and other interested persons to sign up automatically to receive e-mail alerts when we post news releases, SEC filings and certain other information on our website.

    Cautions Concerning Forward-Looking Statements
    This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and expense accruals. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include competitive pressures in Cardinal Health's various lines of business; the ability to achieve the expected benefits from the generic sourcing venture with CVS Health; the frequency or rate of pharmaceutical price appreciation or deflation and the timing of generic and branded pharmaceutical introductions; the ability to successfully complete the acquisition of Cordis on a timely basis and if completed to achieve the anticipated results from the Cordis acquisition; the non-renewal or a default under one or more key customer or supplier arrangements or changes to the terms of or level of purchases under those arrangements; the ability to achieve anticipated results from the AccessClosure acquisition; uncertainties due to government health care reform including federal health care reform legislation; changes in the distribution patterns or reimbursement rates for health care products and services; the effects of any investigation or action by any regulatory authority; and changes in the cost of commodities such as oil-based resins, cotton, latex and diesel fuel. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This news release reflects management's views as of April 30, 2015. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.

     Schedule 1Cardinal Health, Inc. and SubsidiariesCondensed Consolidated Statements of Earnings (Unaudited)Third Quarter(in millions, except per common share amounts)

    20152014% ChangeRevenue

    $

    25,375$

    21,42718

    %Cost of products sold

    23,91620,13019

    %Gross margin

    1,4591,29712

    %Operating expenses:Distribution, selling, general and administrative expenses

    8037369

    %Restructuring and employee severance

    75N.M.Amortization and other acquisition-related costs

    7756N.M.Impairments and (gain)/loss on disposal of assets

    (1)N.M.Litigation (recoveries)/charges, net

    (18)(8)N.M.Operating earnings

    59150816

    %Other income, net

    (2)(33)N.M.Interest expense, net

    35344

    %Earnings before income taxes and discontinued operations

    55850710

    %Provision for income taxes

    193192

    %Earnings from continuing operations

    36531516

    %Earnings from discontinued operations, net of tax

    N.M.Net earnings$

    365$

    31516

    %Basic earnings per common share:Continuing operations

    $

    1.10$

    0.9220

    %Discontinued operations

    N.M.Net basic earnings per common share$

    1.10$

    0.9220

    %Diluted earnings per common share:Continuing operations

    $

    1.09$

    0.9120

    %Discontinued operations

    N.M.Net diluted earnings per common share$

    1.09$

    0.9120

    %Weighted-average number of common shares outstanding:Basic

    330342Diluted

    334347 

     

     Schedule 2Cardinal Health, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (Unaudited)Year-to-Date(in millions, except per common share amounts)

    20152014% ChangeRevenue

    $

    74,983$

    68,19010

    %Cost of products sold

    70,72964,28510

    %Gross margin

    4,2543,9059

    %Operating expenses:Distribution, selling, general and administrative expenses

    2,3932,2337

    %Restructuring and employee severance

    3325N.M.Amortization and other acquisition-related costs

    190160N.M.Impairments and (gain)/loss on disposal of assets

    (19)10N.M.Litigation (recoveries)/charges, net

    54(21)N.M.Operating earnings

    1,6031,4987

    %Other income, net

    (6)(43)N.M.Interest expense, net

    1051005

    %Loss on extinguishment of debt

    60N.M.Earnings before income taxes and discontinued operations

    1,4441,441

    %Provision for income taxes

    5245122

    %Earnings from continuing operations

    920929(1)

    %Earnings from discontinued operations, net of tax

    3N.M.Net earnings$

    920$

    932(1)

    %Basic earnings per common share:Continuing operations

    $

    2.77$

    2.722

    %Discontinued operations

    0.01N.M.Net basic earnings per common share$

    2.77$

    2.731

    %Diluted earnings per common share:Continuing operations

    $

    2.74$

    2.692

    %Discontinued operations

    0.01N.M.Net diluted earnings per common share$

    2.74$

    2.701

    %Weighted-average number of common shares outstanding:Basic

    332341Diluted

    336346 

     

     Schedule 3Cardinal Health, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(in millions)March 31,
     2015June 30,
     2014(Unaudited)AssetsCurrent assets:Cash and equivalents

    $

    3,183$

    2,865Trade receivables, net

    6,0955,380Inventories, net

    9,1638,266Prepaid expenses and other

    1,1901,428Total current assets

    19,63117,939Property and equipment, net

    1,4071,459Goodwill and other intangibles, net

    6,0335,870Other assets

    817765Total assets$

    27,888$

    26,033Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable

    $

    13,851$

    12,149Current portion of long-term obligations and other short-term borrowings

    283801Other accrued liabilities

    2,2612,165Total current liabilities

    16,39515,115Long-term obligations, less current portion

    3,7203,171Deferred income taxes and other liabilities

    1,4041,346Total shareholders' equity

    6,3696,401Total liabilities and shareholders' equity$

    27,888$

    26,033 

     

     Schedule 4Cardinal Health, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (Unaudited)Third QuarterYear-to-Date(in millions)

    2015201420152014Cash flows from operating activities:Net earnings

    $

    365$

    315$

    920$

    932Earnings from discontinued operations, net of tax

    (3)Earnings from continuing operations

    365315920929Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:Depreciation and amortization

    116110336344Loss on extinguishment of debt

    60Gain on sale of other investments

    (32)(5)(32)Impairments and (gain)/loss on disposal of assets

    (1)(19)10Share-based compensation

    27248072Provision for bad debts

    1624231Change in operating assets and liabilities, net of effects from acquisitions:Decrease/(increase) in trade receivables

    (427)53(718)1,473Decrease/(increase) in inventories

    287450(850)350Increase/(decrease) in accounts payable

    219(304)1,657(1,392)Other accrued liabilities and operating items, net

    5620216923Net cash provided by operating activities

    6588201,6721,808Cash flows from investing activities:Acquisition of subsidiaries, net of cash acquired

    (233)(118)(319)(168)Additions to property and equipment

    (56)(48)(139)(138)Purchase of available-for-sale securities and other investments

    (27)(27)(134)(27)Proceeds from sale of available-for-sale securities and other investments

    224712947Proceeds from maturities of available-for-sale securities

    824Proceeds from divestitures and disposal of held for sale assets

    53Net cash used in investing activities

    (286)(146)(386)(286)Cash flows from financing activities:Payment of contingent consideration obligation

    (3)(3)Net change in short-term borrowings

    9(8)(9)65Reduction of long-term obligations

    (1)(1,221)(1)Proceeds from long-term obligations, net of issuance costs

    1,182Net proceeds from issuance of common shares

    248059219Tax proceeds/(disbursements) from share-based compensation

    14(3)5636Dividends on common shares

    (113)(104)(346)(312)Purchase of treasury shares

    (339)(686)(389)Net cash used in financing activities

    (70)(374)(968)(382)Net increase in cash and equivalents

    3023003181,140Cash and equivalents at beginning of period

    2,8812,7412,8651,901Cash and equivalents at end of period$

    3,183$

    3,041$

    3,183$

    3,041 

     

     Schedule 5Cardinal Health, Inc. and SubsidiariesTotal Company Business AnalysisNon-GAAPThird QuarterThird Quarter(in millions)

    2015201420152014RevenueAmount

    $

    25,375$

    21,427Growth rate

    18

    %(13)

    %Operating earningsAmount

    $

    591$

    508$

    657$

    561Growth rate

    16

    %7

    %17

    %(3)

    %Earnings from continuing operationsAmount

    $

    365$

    315$

    396$

    349Growth rate

    16

    %(9)

    %13

    %(15)

    %Return on equity

    23.4

    %19.2

    %25.4

    %21.3

    %Effective tax rate from continuing operations

    34.6

    %38.0

    %36.5

    %37.7

    %Debt to total capital

    39

    %38

    %Net debt to total capital11

    %12

    % Non-GAAPYear-to-DateYear-to-Date(in millions)

    2015201420152014RevenueAmount

    $

    74,983$

    68,190Growth rate1

    10

    %(10)

    %Operating earningsAmount

    $

    1,603$

    1,498$

    1,861$

    1,672Growth rate

    7

    %4

    %11

    %6

    %Earnings from continuing operationsAmount

    $

    920$

    929$

    1,136$

    1,040Growth rate

    (1)

    %1

    %9

    %3

    %Return on equity

    19.5

    %19.6

    %24.1

    %21.9

    %Effective tax rate from continuing operations

    36.3

    %35.5

    %35.6

    %35.6

    %1Revenue from Walgreens was $3.3 billion for the nine months ended March 31, 2014.  Excluding the impact of the Walgreens contract expiration, the fiscal 2015 year-to-date revenue growth rate would have been 16 percent.Refer to the GAAP/Non-GAAP reconciliation for definitions and calculations supporting the Non-GAAP balances. 

     

     Schedule 6Cardinal Health, Inc. and SubsidiariesSegment Business AnalysisThird QuarterThird Quarter(in millions)

    20152014(in millions)

    20152014PharmaceuticalMedicalRevenueRevenueAmount

    $

    22,605$

    18,762Amount

    $

    2,774$

    2,657Growth rate

    20

    %(15)

    %Growth rate

    4

    %7

    %Segment profitSegment profitAmount

    $

    567$

    452Amount

    $

    102$

    111Growth rate

    25

    %(9)

    %Growth rate

    (8)

    %11

    %Segment profit margin

    2.51

    %2.41

    %Segment profit margin

    3.66

    %4.16

    %Refer to definitions for an explanation of calculations.Total consolidated revenue for the three months ended March 31, 2015 was $25,375 million, which included total segment revenue of $25,379 million and Corporate revenue of $(4) million. Total consolidated revenue for the three months ended March 31, 2014 was $21,427 million, which included total segment revenue of $21,419 million and Corporate revenue of $8 million. Corporate revenue consists primarily of elimination of inter-segment revenue and other revenue not allocated to the segments. Total consolidated operating earnings for the three months ended March 31, 2015 were $591 million, which included total segment profit of $669 million and Corporate costs of $(78) million. Total consolidated operating earnings for the three months ended March 31, 2014 were $508 million, which included total segment profit of $563 million and Corporate costs of (55) million. Corporate includes, among other things, restructuring and employee severance, amortization and other acquisition-related costs, impairments and (gain)/loss on disposal of assets, litigation (recoveries)/charges, net and certain investment spending that are not allocated to the segments.  

     

     Schedule 7Cardinal Health, Inc. and SubsidiariesSegment Business AnalysisYear-to-DateYear-to-Date(in millions)

    20152014(in millions)

    20152014PharmaceuticalMedicalRevenueRevenueAmount

    $

    66,440$

    60,018Amount

    $

    8,540$

    8,168Growth rate1

    11

    %(12)

    %Growth rate

    5

    %11

    %Segment profitSegment profitAmount

    $

    1,559$

    1,368Amount

    $

    330$

    348Growth rate

    14

    %2

    %Growth rate

    (5)

    %30

    %Segment profit margin

    2.35

    %2.28

    %Segment profit margin

    3.86

    %4.26

    %1Revenue from Walgreens was $3.3 billion for the nine months ended March 31, 2014.  Excluding the impact of the Walgreens contract expiration, the fiscal 2015 year-to-date Pharmaceutical segment revenue growth rate would have been 17 percent.Refer to definitions for an explanation of calculations.Total consolidated revenue for the nine months ended March 31, 2015 was $74,983 million, which included total segment revenue of $74,980 million and Corporate revenue of $3 million. Total consolidated revenue for the nine months ended March 31, 2014 was $68,190 million, which included total segment revenue of $68,186 million and Corporate revenue of $4 million. Corporate revenue consists primarily of elimination of inter-segment revenue and other revenue not allocated to the segments. Total consolidated operating earnings for the nine months ended March 31, 2015 were $1,603 million, which included total segment profit of $1,889 million and Corporate costs of $(286) million. Total consolidated operating earnings for the nine months ended March 31, 2014 were $1,498 million, which included total segment profit of $1,716 million and Corporate costs of $(218) million. Corporate includes, among other things, restructuring and employee severance, amortization and other acquisition-related costs, impairments and (gain)/loss on disposal of assets, litigation (recoveries)/charges, net and certain investment spending that are not allocated to the segments. 

     

     Schedule 8Cardinal Health, Inc. and SubsidiariesGAAP / Non-GAAP ReconciliationThird Quarter 2015OperatingEarnings BeforeProvisionEarningsEarnings fromDiluted EPSDiluted EPSEarningsIncome TaxesforfromContinuingfromfrom Continuing(in millions, except per common share amounts)OperatingGrowthand DiscontinuedIncomeContinuingOperationsContinuingOperationsEarningsRateOperationsTaxesOperationsGrowth RateOperationsGrowth RateGAAP$

    59116

    %

    $

    558$

    193$

    36516

    %

    $

    1.0920

    %Restructuring and employee severance

    77340.01Amortization and other acquisition-related costs

    777729480.15Impairments and (gain)/loss on disposal of assets

    (1)(1)(1)Litigation (recoveries)/charges, net

    (18)(18)3(21)(0.07)Non-GAAP$

    65717

    %

    $

    624$

    228$

    39613

    %

    $

    1.1918

    %Third Quarter 2014GAAP

    $

    5087

    %

    $

    507$

    192$

    315(9)

    %

    $

    0.91(9)

    %Restructuring and employee severance

    55230.01Amortization and other acquisition-related costs

    565620360.10Impairments and (gain)/loss on disposal of assets

    Litigation (recoveries)/charges, net

    (8)(8)(3)(5)(0.01)Non-GAAP

    $

    561(3)%$

    560$

    211$

    349(15)

    %

    $

    1.01(16)

    % Year-to-Date 2015OperatingEarnings BeforeProvisionEarningsEarnings fromDiluted EPSDiluted EPSEarningsIncome TaxesforfromContinuingfromfrom Continuing(in millions, except per common share amounts)OperatingGrowthand DiscontinuedIncomeContinuingOperationsContinuingOperationsEarningsRateOperationsTaxesOperationsGrowth RateOperationsGrowth RateGAAP$

    1,6037

    %

    $

    1,444$

    524$

    920(1)

    %

    $

    2.742

    %Restructuring and employee severance

    333312210.06Amortization and other acquisition-related costs

    190190691210.36Impairments and (gain)/loss on disposal of assets

    (19)(19)(10)(9)(0.03)Litigation (recoveries)/charges, net

    54548460.14Loss on extinguishment of debt

    6023370.11Non-GAAP$

    1,86111

    %

    $

    1,763$

    627$

    1,1369

    %

    $

    3.3812

    %Year-to-Date 2014GAAP

    $

    1,4984

    %

    $

    1,441$

    512$

    9291

    %

    $

    2.69

    %Restructuring and employee severance

    25259160.05Amortization and other acquisition-related costs

    160160581020.30Impairments and (gain)/loss on disposal of assets

    1010460.02Litigation (recoveries)/charges, net

    (21)(21)(8)(13)(0.04)Loss on extinguishment of debt

    Non-GAAP

    $

    1,6726

    %

    $

    1,615$

    575$

    1,0403

    %

    $

    3.012

    %The sum of the components may not equal the total due to rounding.We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. 

     

     Schedule 9Cardinal Health, Inc. and SubsidiariesGAAP / Non-GAAP ReconciliationThird Quarter(in millions)

    20152014GAAP return on equity23.4

    %19.2

    %Non-GAAP return on equityNet earnings

    $

    365$

    315Restructuring and employee severance, net of tax, in continuing operations

    43Amortization and other acquisition-related costs, net of tax, in continuing operations

    4836Impairments and (gain)/loss on disposal of assets, net of tax, in continuing operations

    Litigation (recoveries)/charges, net, net of tax, in continuing operations

    (21)(5)Adjusted net earnings

    $

    396$

    349Annualized

    $

    1,584$

    1,396ThirdSecondThirdSecondQuarterQuarterQuarterQuarter2015201520142014Total shareholders' equity

    $

    6,369$

    6,100$

    6,532$

    6,589Divided by average shareholders' equity

    $

    6,235$

    6,560Non-GAAP return on equity25.4

    %21.3

    %We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. 

     

     Schedule 10Cardinal Health, Inc. and SubsidiariesGAAP / Non-GAAP ReconciliationYear-to-Date(in millions)

    20152014GAAP return on equity19.5

    %19.6

    %Non-GAAP return on equityNet earnings

    $

    920$

    932Restructuring and employee severance, net of tax, in continuing operations

    2116Amortization and other acquisition-related costs, net of tax, in continuing operations

    121102Impairments and (gain)/loss on disposal of assets, net of tax, in continuing operations

    (9)6Litigation (recoveries)/charges, net, net of tax, in continuing operations

    46(13)Loss on extinguishment of debt, net of tax, in continuing operations

    37Adjusted net earnings

    $

    1,136$

    1,043Annualized

    $

    1,515$

    1,391ThirdSecondFirstFourthThirdSecondFirstFourthQuarterQuarterQuarterQuarterQuarterQuarterQuarterQuarter20152015201520142014201420142013Total shareholders' equity

    $

    6,369$

    6,100$

    6,256$

    6,401$

    6,532$

    6,589$

    6,297$

    5,975Divided by average shareholders' equity

    $

    6,281$

    6,348Non-GAAP return on equity24.1

    %21.9

    %We apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. 

     

     Schedule 11Cardinal Health, Inc. and SubsidiariesGAAP / Non-GAAP ReconciliationThird QuarterYear-to-Date(in millions)

    2015201420152014GAAP effective tax rate from continuing operations34.6

    %38.0

    %36.3

    %35.5

    %Non-GAAP effective tax rate from continuing operationsEarnings before income taxes and discontinued operations

    $

    558$

    507$

    1,444$

    1,441Restructuring and employee severance

    753325Amortization and other acquisition-related costs

    7756190160Impairments and (gain)/loss on disposal of assets

    (1)(19)10Litigation (recoveries)/charges, net

    (18)(8)54(21)Loss on extinguishment of debt

    60Adjusted earnings before income taxes and discontinued operations

    $

    624$

    560$

    1,763$

    1,615Provision for income taxes

    $

    193$

    192$

    524$

    512Restructuring and employee severance tax benefit

    32129Amortization and other acquisition-related costs tax benefit

    29206958Impairments and (gain)/loss on disposal of assets tax benefit/(expense)

    (1)(10)4Litigation (recoveries)/charges, net tax benefit/(expense)

    3(3)8(8)Loss on extinguishment of debt tax benefit

    23Adjusted provision for income taxes

    $

    228$

    211$

    627$

    575Non-GAAP effective tax rate from continuing operations36.5

    %37.7

    %35.6


    SOURCE Cardinal Health
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    11. Valeritas Receives 2014 Cardinal Health Supply Chain Excellence Award
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    (Date:10/10/2017)... --  West Pharmaceutical Services, Inc. (NYSE: WST), a ... today shared the results of a study highlighting the ... administration of polio vaccines. The study results were presented ... by Dr. Ondrej Mach , Clinical Trials and ... and recently published in the journal Vaccine. i ...
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