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Pharmaceutical Distribution Agreement Between Cardinal Health And Walgreens To End August 2013
Date:3/19/2013

DUBLIN, Ohio, March 19, 2013 /PRNewswire/ -- Cardinal Health announced today that its pharmaceutical distribution contract with Walgreen Co. (Walgreens), which is scheduled to expire at the end of August 2013, will not be renewed.

"Although we are not yet ready to provide fiscal 2014 earnings guidance, our portfolio has considerable balance and we have prepared strategies to mitigate the impact of a Walgreens nonrenewal.  Based on this, we will target a 2014 non-GAAP diluted earnings per share from continuing operations1 to be at least similar to the fiscal year 2013 guidance range of $3.42 to $3.50 we provided in our fiscal 2013 second quarter earnings release. We intend to provide more color on fiscal 2014 during our fiscal 2013 third and fourth quarter earnings calls," said George Barrett , Chairman and CEO.

The company also noted that earnings for the current fiscal year 2013 would not be negatively impacted as the current Walgreens agreement remains in place throughout fiscal 2013.

Sales to Walgreens, one of Cardinal Health's two largest customers, generated approximately 21 percent of consolidated revenue for fiscal 2012.  For this period, approximately 60 percent of revenue from Walgreens was classified as bulk sales, which, as described in the Form 10-K for the fiscal year ended June 30, 2012, has significantly lower segment profit as a percentage of revenue than non-bulk sales. Walgreens bulk and non-bulk sales have meaningfully less segment profit as a percentage of revenue than average bulk and non-bulk sales.  After the expiration of this contract, the company also anticipates a significant net working capital decrease based on reduced inventory and accounts receivable, partially offset by reduced accounts payable.  Based on the expected working capital decrease and other factors, it is anticipated that the expiration of the Walgreens cont
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SOURCE Cardinal Health
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