Cardinal Health year-end revenues up 19% to $121.5 billion

DUBLIN, Ohio - Cardinal Health on Tuesday closed out its fiscal year 2016 on quarterly revenues of $31.4 billion, representing an increase of 14%. For the year, Cardinal Health posted revenues of $121.5 billion, an increase of 19%.

"We finished fiscal 2016 having generated the highest revenues, the largest GAAP and non-GAAP operating earnings and the greatest operating cash flow in our company's history," stated George Barrett, chairman and CEO Cardinal Health. "Our teams worked incredibly hard this past year while never losing sight of the ultimate goal – serving patients and their families," he said. "The Cardinal Health team is well-positioned to adapt, innovate and lead during a time of great change in the healthcare industry."

Fourth-quarter revenue for the Pharmaceutical segment increased 14% to $28.2 billion due to growth from existing and net new Pharmaceutical Distribution customers and, to a lesser extent, performance from the Specialty business. Segment profit for the quarter increased 1% to $542 million due to contributions from acquisitions, largely offset by the loss of a large customer contract, which expired on March 31, 2016.

For the full year, revenue for the Pharmaceutical segment increased 20% to $109.1 billion, and segment profit increased 19% to $2.5 billion.    

For the quarter, the company reported growth in GAAP operating earnings of 11% to $620 million and in non-GAAP operating earnings of 5% to $643 million. GAAP operating earnings for fiscal year 2016 were $2.5 billion, an increase of 14% , and non-GAAP operating earnings for the fiscal year were $2.9 billion, an increase of 17% from the prior fiscal year.

GAAP diluted earnings per share from continuing operations for the quarter increased 16% to $1.02, while non-GAAP diluted EPS increased 14% to $1.14. GAAP diluted EPS for fiscal year 2016 increased 20% to $4.32, and non-GAAP diluted EPS increased 20% to $5.24.