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October 29, 2008

Cardinal Health Sales Up 11% in 1Q

Cardinal Health, Dublin, OH, drug and medical products distributor, reported an 11% increase in revenue to $24 billion for the quarter ended Sept. 30, 2008, driven by strong sales in the Healthcare Supply Chain Services segment and continued growth within Clinical and Medical Products.
 
The Healthcare Supply Chain Services segment achieved double-digit revenue growth, which helped partially offset the expected year-over-year profit decline from previously disclosed contract re-pricings and anti-diversion efforts for controlled substances.
 
“The company performed as expected with double-digit revenue and profit performance from Clinical and Medical Products, and I am encouraged by continued signs of early progress in the pharmaceutical supply chain business,” said R. Kerry Clark, CEO of Cardinal Health. “We remain focused on driving growth for both segments, while working diligently toward completing the spin-off of our clinical and medical products businesses by the middle of calendar 2009.”
 
The company announced on Sept. 29 that its board of directors had approved plans for a tax-free spin-off of most of its clinical and medical products businesses as a separate, publicly traded company.

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