Drug distributor Cardinal Health Inc on Tuesday raised fiscal 2024 expectations for sales at its pharmaceutical unit, banking on growing demand for newer weight-loss drugs, including GLP-1 treatments.
have also flagged a potential boost to revenues for drug distributors due to high demand for these drugs.
"Looking forward, we see that there's nothing that we can foresee in the near term that will change those trends," Cardinal CFO Aaron Alt said on a conference call, referring to demand for GLP-1 drugs. It now expects revenue from its pharmaceuticals unit to rise 10% to 12% in fiscal 2024, compared with its previous expectation of about 10% growth.
However, the company added the trend would not add to its profit. It raised its 2024 profit forecast slightly to a range of $6.50 to $6.75 per share, from $6.45 to $6.70 it had forecast previously.Excluding one-off items, Cardinal Health reported a profit of $1.55 per share in the fourth quarter ended June 30, topping expectations of $1.49 per share.
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