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Cardinal Health Sales Down 11.9% in 2Q

Cardinal Health (NYSE: CAH), Dublin, OH, reported sales for the second quarter, ended Dec. 31, 2013, of $22.2 billion, a decrease of 11.9 percent. Profit decreased 8.3 percent to $278 million.

For the first six months of the fiscal year, sales were $46.8 billion, an 8.5 percent decrease from the previous year. The company reported a profit of $617 million, an increase of 7.3 percent from the same period in 2013.

"The signing of our generic sourcing joint venture with CVS Caremark reflects (our) focus and strengthens our long-term positioning in our pharmaceutical segment," said George Barrett, CEO of Cardinal Health. "Our medical segment continues to pursue new ways to serve the health care system, building out our preferred medical products portfolio and expanding our platform to serve patients in alternate sites of care, including the home."

Revenue for the pharmaceutical segment declined 15 percent to $19.4 billion while profit increased 9 percent to $482 million. Revenue for the medical segment was up 13 percent to $2.8 billion, while profit increased 40 percent to $131 million.

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