Cardinal Health : 2Q FY2022 Earnings Presentation

Q2 FY22

CARDINAL HEALTH, INC. EARNINGS CALL

FEBRUARY 3, 2022

Forward-looking statements and GAAP reconciliation

Cautions Concerning Forward-Looking Statements

This presentation contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue, "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include risks arising from the ongoing COVID-19 pandemic and our critical role in the global healthcare supply chain, including our ability to recoup or mitigate cost increases and inflation, including costs to source certain personal protective or other equipment, increased costs for transportation, shipping, freight and commodities, reduced price or demand for certain products, which may result in additional inventory reserves, possible workforce issues resulting from COVID-19 vaccine mandates and the possible impact of disruptions of our distribution or manufacturing facilities; the possibility that our Medical unit goodwill could be impaired due to the decreased outlook for Medical segment profit or possible unfavorable changes in the U.S. statutory tax rate; competitive pressures in Cardinal Health's various lines of business; the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial and strategic benefits through our generic sourcing venture with CVS Health; risks associated with the distribution of opioids, including the financial impact associated with the proposed settlement agreement and process we have negotiated with governmental authorities, including the risk that we may fail to reach a final settlement agreement or that a significant number of states and subdivisions may not agree to the proposed settlement agreement, the risk that challenges to our plans to take tax deductions for opioid-related losses could adversely impact our financial results and risks arising from the Department of Justice investigation which we believe concerns our anti-diversion program; risks associated with the manufacture and sourcing of certain products, including risks related to our ability and the ability of third-party manufacturers to comply with applicable regulations; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals; and risks associated with our cost savings initiatives including the possibility that they could fail to achieve the intended results. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits

to those reports. This presentation reflects management's views as of February 3, 2022. Except to the extent required by applicable

law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed. Cardinal Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at ir.cardinalhealth.com.

2 © 2022 Cardinal Health. All Rights Reserved.

Q2 results

3

Q2 FY22 financial summary

		GAAP Basis ($M)	Non-GAAP Basis ($M)
		Q2 FY22	Q2 FY22
	Revenue	$45,457	N/A
	% change	9%
	Gross Margin	$1,616	$1,617
	% change	(9)%	(9)%
	SG&A	$1,151	$1,151
	% change	0%	0%
	Operating Earnings/(Loss)1	$(950)	$467
	% change	N.M.	(26)%
	Interest and Other2	$24	N/A
	% change	(30)%
	Net Earnings3,4	$49	$357
	% change	(31)%
	N.M.
	Diluted EPS3,4	$0.17	$1.27
	% change	N.M.
	(27)%

1GAAP Operating Loss due to a non-cash,pre-tax impairment charge of $1.3 billion related to the Medical segment 2The sum of "other (income)/expense, net" and "interest expense, net"

3GAAP Net Earnings and GAAP Diluted EPS reflect the tax effect of the goodwill impairment charge being included in the company's estimated annual GAAP effective tax rate 4Attributable to Cardinal Health, Inc.

Please see appendix for GAAP to Non-GAAP reconciliations.

4 © 2022 Cardinal Health. All Rights Reserved.

Q2 FY22 Pharmaceutical segment results

	Q2 FY22 ($M)	Q2 FY21 ($M)	YoY change
Revenue	$41,375	$37,236	11%
Segment profit	$426	$413	3%
Segment profit margin	1.03%	1.11%	-8 bps

Drivers:

Revenue

• Pharmaceutical Distribution
• Specialty

Segment profit

• Generics program

• Investments in technology enhancements and higher operations expenses

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