cardinal health Q2 2007 Earnings Presentation

2007

January 25, 2007

Second Quarter Earnings

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Forward-Looking Statements and GAAP Reconciliation

Except for historical information, all other information in this presentation consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those reports, and include (but are not limited to) the following: competitive pressures in its various lines of businesses; the loss of one or more key customer or supplier relationships or changes to the terms of those relationships; changes in the distribution patterns or reimbursement rates for health-care products and/or services; the results, consequences, effects or timing of any inquiry or investigation by or settlement discussions with any regulatory authority or any legal and administrative proceedings, including shareholder litigation; uncertainties related to divesting the PTS segment, including uncertainties as to the amount of proceeds and timing; the costs, difficulties and uncertainties related the integration of acquired businesses; with respect to future dividends, the decision by the board of directors to declare such dividends, which is expected to consider Cardinal Health’s surplus, earnings, cash flows, financial condition and prospects at the time any such action is considered; with respect to future share repurchases, the approval of the board of directors, which is expected to consider Cardinal Health’s then-current stock price, earnings, cash flows, financial condition and prospects as well as alternatives available to Cardinal Health at the time any such action is considered; and general economic and market conditions. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. In addition, this presentation includes non-GAAP financial measures. Cardinal Health provides definitions and a reconciliation between GAAP and non-GAAP financial information at the end of this presentation and on its investor relations page at www.cardinalhealth.com.

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Today’s Agenda

Opening remarks Kerry ClarkPresident & ChiefExecutive Officer

Financial overview Jeff HendersonChief FinancialOfficer

Q&A

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Financial Overview

• FY 2007 Q2 Results – Consolidated• FY 2007 Q2 Results – Segments• Key Value Drivers• FY 2007 Financial Targets and Goals• Historical M&A update• Other Items

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RevenueOperating earningsEarnings from continuing

operationsDiluted EPS from continuing

operations

Operating cash flowReturn on equity 2

Q2 FY 2007 Recap

$ M % Change 1

$21,785 13% $ 512 12%$ 316 10%

$ 0.77 17%

$ (52)34.1%

$ M % Change 1

$ 544 16%$ 341 15%

$ 0.83 20%

15.2%

GAAP Basis

Note: 1 % change over prior year quarter2 See definitions for an explanation of changes in

calculating Return on Equity from prior periods

Non-GAAP Basis

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Operating Earnings and EPSQ2 Operating Earnings and EPS

6

Operating Earnings ($M)

Diluted EPS from Continuing Operations

Operating Earnings ($M)

Diluted EPS from Continuing Operations

GAAP Consolidated $512 $0.77 $457 $0.66

Special Items $20 $0.03 $14 $0.03

Impairment Charges & Other $13 $0.03 ($3) $0.00

Non-GAAP Consolidated $544 $0.83 $469 $0.69

Non-Recurring & Other Items ($3) ($0.01)

Q2 FY 2007 Q2 FY 2006

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Cardinal Health Business AnalysisHealthcare Supply Chain Services - Pharmaceutical

Q2 FY ‘07 Q2 FY ‘06$ M $ M % change

Revenue $ 19,238 $ 16,977 13%Operating earnings $ 328 $ 276 19%Non-recurring and other items $ (3)

Highlights:• Economic profit margin1 increased 9 basis points to 0.82% vs. prior year• Direct-store-door (DSD) pharmaceutical sales grew 14% and bulk customer sales grew 22%• Strong growth in generics driven by recent new item launches and strategic sourcing• Earnings growth partially offset by lower pricing in the renewal of several large customer agreements• Integration of F. Dohmen Co. and Parmed progressing well• Strong earnings growth from nuclear pharmacy services• Q2’ 07 equity compensation expense of $13.7 million vs. $15.3 million in prior year

Note: 1 Non-GAAP financial measure

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Cardinal Health Business AnalysisHealthcare Supply Chain Services - Medical


Revenue $ 1,872 $ 1,770 6%Operating earnings $ 78 $ 70 12%

Highlights:• Economic profit margin1 declined 6 basis points to 1.12% vs. prior year• Revenue growth driven by strong sales in laboratory business, private brand product portfolio and

continued momentum with surgery center customers and within the Canadian operations• SG&A growth moderating due to focused cost controls and One Cardinal Health benefits• Customer service transition metrics improving; however, still negatively impacting results• Q2 ’07 equity compensation expense of $8.1 million vs. $9.9 million in prior year

Note: 1 Non-GAAP financial measure

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Cardinal Health Business AnalysisClinical Technologies and Services


Revenue $ 662 $ 603 10%Operating earnings $ 92 $ 79 16%

Highlights:• New product release of upgraded Pyxis MedStation 3500• Strong demand for both Pyxis and Alaris products as committed contracts were up significantly

over prior year and sequentially• Good progress with integrated medication safety and management offering (Alaris, Pyxis and Care

Fusion)• Continued investments in international markets to support future growth• Continued investments in product quality and customer service resulting in improved customer

service ratings• Q2 ’07 equity compensation expense of $10.7 million vs. $12.4 million in prior year

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Cardinal Health Business AnalysisMedical Products Manufacturing


Revenue $ 455 $ 397 15%Operating earnings $ 51 $ 42 21%

Highlights:• Solid demand across the segment contributed to revenue growth, including infection prevention

products, medical specialties and in international markets• Raw material cost pressures offset by contract and pricing discipline• Operating margin improvements driven by manufacturing improvements, facility restructurings and

other One Cardinal initiatives• Product innovation – synthetic gloves, respiratory and interventional radiology• Continued investment in international markets and R&D spending• Q2 ’07 equity compensation expense of $7.7 million vs. $9.1 million in prior year

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FY 2007 – Key Value Drivers

Operating Growth– Strong demand for products and services drive revenue growth– Within Healthcare Supply Chain Services, leverage of scale, capital

efficiency and operational excellence should drive economic profit margin expansion

– Within Pharmaceutical and Medical Products, operational excellence, product innovation and international expansion should drive operating margin expansion

– SG&A moderation, including declining equity compensation expense

Balance sheet management– Focus on return on capital, economic profit margin and economic profit– Continued portfolio optimization

Disciplined capital deployment

FY 2007 Financial Targets & Goals

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As of January 25, 2007

Over FY'07 - FY'09 3 Year Period: Fiscal Year 2007

Revenue: + 8 - 10% At or above the high end of long-term goal

EPS 1: + 12 - 15% 2 $3.25 - $3.40 per share 2 (includes equity compensation expense)

Operating FY07 OE 3 growthSegment Revenue Earnings 3 vs. long-term target DriversHSCS - Pharma + 7 - 10% + 7 - 10% In range * Strong bulk growth; generic launches; cost control; stable to increasing

EP margins driven by efficient capital usage; impact of Dohmen acquisition* Sell margin pressure; stable to declining operating margins due to sales mix (driven by lower-margin bulk revenue growth)

HSCS - Medical + 4 - 7% + 6 - 9% In range * Strong corporate brand sales growth; cost control; stable to increasingoperating margins; stable EP margins

* Launch of IPS and customer service consolidationsMPM + 6 - 8% + 10 - 12% Above range * New contracts; product innovation; international growth; impact of

restructuring and sourcing initiatives; impact of DBI acquisitionCTS + 10 - 15% + 15 - 20% Below range * Strong product demand for Alaris and Pyxis products; new product

launches; continued impact of operational improvements; international expansion; impact of MedMined acquisition* Increased investment in innovation, quality and service* Current estimate of SE pump fix; impact of Care Fusion acquisition

Return on Equity 4: 15% - 20% In line with long-term goal

Operating Cash Flow: > 100% of net earnings In line with long-term goal

Cash Returned up to 50% of OCF, via share - Quarterly dividend increased 50% to $0.09 per shareto Shareholders: repurchase and dividends 2 - Plan to repurchase $1.5 Billion in FY'07

Credit Rating: Strong investment grade Continued progress from BBB

1 Non-GAAP diluted EPS from continuing operations.2 Excludes the impact of proceeds from the PTS divestiture.3 Segment operating earnings growth rates represent organic growth only (except as noted), and exclude the impact of equity compensation.4 Non-GAAP return on equity.

One Year TargetsLong-Term Financial Goals

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Acquisition Scorecard

Acquisition Date ResultsCare Fusion (CTS) October ’06 (+)MedMined (CTS) July ’06 (+)Dohmen (HSCS-P) June ’06 (+)Denver Biomedical (MPM) May ’06 (+)Parmed (HSCS-P) March ’06 (+)Source Medical (HSCS-M) November ’05 (+)Geodax (HSCS-P) July ’04 (+)Alaris (CTS) June ’04 (+)Snowden Pencer (MPM) March ’04 (–)

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Other Items

Segment reporting changes– Re-class of PTS corporate expense allocation– Equity compensation allocation

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Q&A

CARDINAL HEALTH, INC. AND SUBSIDIARIESGAAP / NON-GAAP RECONCILIATION

(1) Tangible Capital is a quarterly average calculated as total assets allocated to the segment less (total liabilities allocated to the segment, goodwill and intangibles, cash and equivalents and short term investments available for sale)

(2) The sum of the components may not equal due to rounding

(in millions)

HEALTHCARE SUPPLY CHAIN SERVICES Fiscal 2007Pharmaceutical July August September Total October November December Total YTD

Economic Profit MarginOperating earnings 288.7$ 328.0$ 616.7$ Effective tax rate from continuing operations 36.2% 36.2% 36.2%

Net operating earnings, after-tax (NOPAT) 184.2$ 209.3$ 393.5$

Total assets 11,549.8$ 12,206.9$ 11,527.6$ 11,781.8$ 11,624.6$ 11,663.1$ Less: assets from discontinued operations 107.5 109.4 - - - - Less: accounts payable 6,644.9 7,115.6 6,979.1 6,897.3 6,836.3 6,912.9 Less: other accrued liabilities 1,069.5 1,088.6 942.2 1,092.8 1,100.2 1,036.3 Less: liabilities from businesses held for sale - - - - - - Less: deferred income taxes and other liabilities 82.1 82.1 52.8 89.3 89.7 71.6 Less: goodwill and other intangibles, net 1,354.5 1,361.8 1,332.4 1,328.7 1,335.0 1,335.7 Less: cash and equivalents 42.2 57.4 75.0 91.3 102.7 113.6 Less: short-term investments available for sale - - - - - -

Tangible capital 2,249.1$ 2,392.0$ 2,146.1$ 2,262.4$ 2,282.4$ 2,160.7$ 2,193.0$ 2,212.0$ 2,237.2$

Multiplied by weighted average cost of capital 2.3% 2.3% 2.3%

Capital charge 52.0$ 50.9$ 51.5$

Economic profit 132.2$ 158.4$ 342.0$

Revenue 18,532.8$ 19,237.6$ 37,770.4$

Economic profit margin 0.71% 0.82% 0.91%

First Quarter Fiscal 2007 Second Quarter Fiscal 2007




(in millions)

HEALTHCARE SUPPLY CHAIN SERVICES Fiscal 2006Pharmaceutical July August September Total October November December Total YTD



Total assets 10,521.1$ 10,384.3$ 11,050.2$ 10,499.1$ 10,379.0$ 10,760.7$ Less: assets from discontinued operations 173.1 188.3 191.0 197.3 190.6 178.1 Less: accounts payable 5,506.3 5,692.3 6,238.9 5,626.8 5,867.5 6,167.7 Less: other accrued liabilities 970.8 912.7 890.1 929.7 899.0 847.0 Less: liabilities from businesses held for sale 222.9 222.9 222.9 186.3 186.3 186.3 Less: deferred income taxes and other liabilities 109.1 106.4 44.5 107.6 107.7 43.6 Less: goodwill and other intangibles, net 962.4 958.6 1,168.0 959.5 958.1 1,157.3 Less: cash and equivalents 59.2 66.6 70.3 80.3 88.9 108.2 Less: short-term investments available for sale - - - - - -




Economic profit 88.8$ 124.1$ 264.8$

Revenue 16,532.8$ 16,977.2$ 33,510.0$


Second Quarter Fiscal 2006First Quarter Fiscal 2006




(in millions)

HEALTHCARE SUPPLY CHAIN SERVICES Fiscal 2007Medical July August September Total October November December Total YTD



Total assets 2,443.2$ 2,438.5$ 2,457.8$ 2,493.1$ 2,523.5$ 2,505.3$ Less: assets from discontinued operations - - - - - - Less: accounts payable 534.8 478.7 510.4 510.6 524.1 544.4 Less: other accrued liabilities 119.3 125.3 96.5 124.5 109.6 67.3 Less: liabilities from businesses held for sale - - - - - - Less: deferred income taxes and other liabilities 59.5 59.7 55.6 59.8 57.8 50.3 Less: goodwill and other intangibles, net 378.8 377.8 377.7 385.3 384.7 378.3 Less: cash and equivalents 2.9 3.0 4.1 4.2 9.8 7.4 Less: short-term investments available for sale - - - - - -





Revenue 1,806.1$ 1,872.5$ 3,678.6$






(in millions)

HEALTHCARE SUPPLY CHAIN SERVICES Fiscal 2006Medical July August September Total October November December Total YTD



Total assets 2,259.7$ 2,197.7$ 2,255.0$ 2,315.9$ 2,357.9$ 2,379.9$ Less: assets from discontinued operations - - - - - - Less: accounts payable 496.2 439.0 534.4 530.4 481.4 498.2 Less: other accrued liabilities 186.0 182.9 143.5 167.9 174.1 138.9 Less: liabilities from businesses held for sale - - - - - - Less: deferred income taxes and other liabilities 74.1 74.9 69.5 75.6 58.5 52.6 Less: goodwill and other intangibles, net 396.5 397.6 396.8 396.8 415.9 416.2 Less: cash and equivalents 8.4 8.0 8.5 8.4 9.1 10.0 Less: short-term investments available for sale - - - - - -





Revenue 1,762.6$ 1,770.2$ 3,532.8$



(in millions) 2007 2006

Non-GAAP Operating MarginOperating earnings 512.1$ 457.1$ Special items 19.6 14.3 Impairment charges and other 12.6 (2.6) Non-GAAP operating earnings 544.3$ 468.8$

Revenue 21,784.6$ 19,346.9$

Non-GAAP operating margin 2.50% 2.42%

Second Quarter


(in millions, except per Common Share amounts) GAAPSpecial Items

Impairment Charges and

Other Non-GAAP GAAPSpecial Items


Other Non-GAAP

Operating EarningsAmount $512 $20 $13 $544 $963 $42 $14 $1,019Growth Rate 12 % 16 % 17 % 19 %

Provision for Income Taxes $164 $7 - $171 $286 $13 $1 $300

Earnings from Continuing OperationsAmount $316 $13 $13 $341 $607 $29 $13 $649Growth Rate 10 % 15 % 17 % 19 %

Diluted EPS from Continuing OperationsAmount $0.77 $0.03 $0.03 $0.83 $1.47 $0.07 $0.03 $1.57Growth Rate 17 % 20% 23 % 25%

GAAPSpecial Items


Other Non-GAAP GAAPSpecial Items


Other Non-GAAP

Operating EarningsAmount $457 $14 ($3) $469 $823 $35 ($1) $857Growth Rate 13 % 4 % 14 % 7 %

Provision for Income Taxes $145 $2 ($1) $146 $253 $9 - $262

Earnings from Continuing OperationsAmount $286 $12 ($2) $297 $519 $26 - $544Growth Rate 11 % 4 % 17 % 10 %

Diluted EPS from Continuing OperationsAmount $0.66 $0.03 - $0.69 $1.20 $0.06 - $1.26

The sum of the components may not equal the total due to rounding

CARDINAL HEALTH, INC. AND SUBSIDIARIES

Year-to-Date 2007

Year-to-Date 2006

GAAP / NON-GAAP RECONCILIATION

Second Quarter 2006

Second Quarter 2007

(in millions) 2007 2006 2007 2006

Return on Equity 1 34.1% 13.8% 23.5% 12.2%

Non-GAAP Return on EquityNet earnings 739.3$ 304.0$ 1,010.0$ 532.3$ Special items, net of tax, in continuing operations 12.5 12.7 28.7 25.5 Special items, net of tax, in discontinued operations 1.7 4.3 3.1 6.0 Income tax benefit related to PTS discontinued operations (425.0) - (425.0) - Adjusted net earnings 328.5$ 321.0$ 616.8$ 563.8$

Annualized 1,314.0 1,284.0 1,233.6 1,127.6

Divided by average shareholders' equity 2 8,664.5$ 8,815.0$ 8,606.5$ 8,741.0$

Non-GAAP return on equity1 15.2% 14.6% 14.3% 12.9%

(in millions) 2007 2006 2007 2006

Return on Invested Capital1 13.85% 5.70% 9.51% 5.02%

Non-GAAP Return on Invested CapitalNet earnings 739.3$ 304.0$ 1,010.0$ 532.3$ Special items, net of tax, in continuing operations 12.5 12.7 28.7 25.5 Special items, net of tax, in discontinued operations 1.7 4.3 3.1 6.0 Interest expense and other, net of tax 20.2 16.7 43.8 31.4 Income tax benefit related to PTS discontinued operations (425.0) - (425.0) - Adjusted net earnings 348.7$ 337.7$ 660.6$ 595.2$

Annualized 1,394.8$ 1,350.8$ 1,321.2$ 1,190.4$

21,349.1$ 21,324.7$ 21,245.3$ 21,190.2$

Non-GAAP return on invested capital1 6.53% 6.33% 6.22% 5.62%

1 See definitions for explanation of changes in method of calculating these financial measures from prior quarters.2

3 The average total invested capital shown above is calculated using the average of the prior and current quarters except for year-to-date which is calculated as the average of the prior year fourth quarter plus each of the current year quarters. Total invested capital is calculated as the sum of the current portion of long-term obligations and other short-term borrowings, long-term obligations, current portion of long-term obligations and other short-term borrowings in discontinued operations, long-term obligations in discontinued operations, total shareholders' equity and unrecorded goodwill. Unrecorded goodwill is $9.7 billion for all periods presented. Current portion of long-term obligations and other short-term borrowings in discontinued operations, and long-term obligations in discontinued operations were $59.2 million, $46.6 million and $41.3 million at June 30, 2006, September 30, 2006 and December 31, 2006, respectively, and $81.1 million, $84.7 million and $79.2 million at June 30, 2005, September 30, 2005 and December 31, 2005, respectively.

Second Quarter

Divided by average total invested capital 3


Year-to-Date

Year-to-DateSecond Quarter

The average shareholders' equity shown above is calculated using the average of the prior and current quarters except for year-to-date which is calculated as the average of the prior years' fourth quarter plus each of the current year quarters.

(in millions) 2007 2006 2007 2006

34.2% 33.6% 32.0% 32.8%

Earnings before income taxes and discontinued operations 479.7$ 430.5$ 893.3$ 772.5$ Special items 19.6 14.3 41.8 34.5 Adjusted earnings before income taxes and discontinued operations 499.3$ 444.8$ 935.1$ 807.0$

Provision for income taxes 164.0$ 144.7$ 286.0$ 253.2$ Special items tax benefit 7.1 1.6 13.1 9.0 Adjusted provision for income taxes 171.1$ 146.3$ 299.1$ 262.2$

34.3% 32.9% 32.0% 32.5%

2007 2006

Debt to Total Capital 25% 25%

Net Debt to CapitalCurrent portion of long-term obligations and other short-term borrowings 48.9$ 374.9$ Long-term obligations, less current portion and other short-term borrowings 2,935.8 2,555.5

Debt 2,984.7 2,930.4 Cash and equivalents (1,003.3) (2,115.0) Short-term investments available for sale (467.1) (419.0) Net debt 1,514.3$ 396.4$ Total shareholders' equity 8,907.8$ 8,751.0$ Capital 10,422.1$ 9,147.4$ Net debt to capital 15% 4%

Forward-Looking Non-GAAP Financial Measures


Second Quarter

Effective Tax Rate from Continuing Operations

Second Quarter

Year-to-Date

In addition, the Company's fiscal 2007 outlook and long-term growth rate goal for non-GAAP diluted EPS from continuing operations excludes the impact of the proceeds from the planned PTS sale. As previously announced, the Company plans to use the net proceeds from the PTS sale to repurchase shares, which is expected to add materially to fiscal 2008 earnings per share. The Company is unable to reliably forecast the impact of the proceeds from the planned sale. Please note that the unavailable reconciling items could significantly impact the Company's future earnings.

The Company presents non-GAAP diluted EPS from continuing operations and growth rate, non-GAAP return on equity, and non-GAAP effective tax rate from continuing operations on a forward-looking basis. The Company is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most comparable forward-looking GAAP measures because the Company cannot reliably forecast special items and impairment charges and other, which are difficult to predict and estimate and are primarily dependent on future events.

Non-GAAP effective tax rate from continuing operations

Non-GAAP Effective Tax Rate from Continuing Operations

GAAPDebt: long-term obligations plus short-term borrowingsDebt to Total Capital: debt divided by (debt plus total shareholders' equity)Diluted EPS from Continuing Operations: earnings from continuing operations divided by diluted weighted average shares outstanding

Effective Tax Rate from Continuing Operations: provision for income taxes divided by earnings before income taxes and discontinued operations

Operating Cash Flow: net cash provided by / (used in) operating activities from continuing operationsOperating Earnings Mix: segment operating earnings divided by total operating earnings for all segmentsReturn on Equity: annualized net earnings divided by average shareholders' equity 1

Return on Invested Capital: annualized net earnings divided by (average total shareholders’ equity plus debt plus unrecorded goodwill) 2

Revenue Mix: segment revenue divided by total revenue for all segments

NON-GAAPEconomic Profit: segment net operating earnings, after-tax minus (tangible capital multiplied by weighted average cost of capital); tangible capital is the quarterly average calculated as total assets allocated to the segment less (total liabilities allocated to the segment, goodwill and intangibles, cash and equivalents and short term investments available for sale) Economic Profit Margin: economic profit divided by revenueNet Debt to Capital: net debt divided by (net debt plus total shareholders' equity)Net Debt: debt minus (cash and equivalents and short-term investments available for sale)Non-GAAP Diluted EPS from Continuing Operations: non-GAAP earnings from continuing operations divided by diluted weighted average shares outstandingNon-GAAP Earnings from Continuing Operations: earnings from continuing operations excluding special items and impairment charges and other, both net of taxNon-GAAP Earnings from Continuing Operations Growth Rate: (current period non-GAAP earnings from continuing operations minus prior period non-GAAP earnings from continuing operations) divided by prior period non-GAAP earnings from continuing operationsNon-GAAP Effective Tax Rate from Continuing Operations: (provision for income taxes adjusted for special items) divided by (earnings before income taxes and discontinued operations adjusted for special items)

Non-GAAP Operating Earnings: operating earnings excluding special items and impairment charges and other

Non-GAAP Operating Earnings Growth Rate: (current period non-GAAP operating earnings minus prior period non-GAAP operating earnings) divided by prior period non-GAAP operating earningsNon-GAAP Operating Margin: non-GAAP operating earnings divided by revenueNon-GAAP Return on Equity: (annualized current period net earnings plus special items minus special items tax benefit plus $425.0 million income tax benefit related to PTS discontinued operations) divided by average shareholders' equity 1

Non-GAAP Return on Invested Capital: (annualized net earnings plus special items minus special items tax benefit plus interest expense and other plus $425.0 million income tax benefit related to PTS discontinued operations) divided by (average total shareholders’ equity plus debt plus unrecorded goodwill) 2

1 Due to the classification of the Company's PTS segment as discontinued operations, beginning with the fiscal 2007 second quarter, the Company calculates return on equity on both a GAAP and non-GAAP basis with net earnings in the numerator of the calculation instead of earnings from continuing operations as in prior quarters. On a non-GAAP basis, the Company excludes the $425.0 million income tax benefit related to PTS discontinued operations in addition to special items.

2 Due to the classification of the Company's PTS segment as discontinued operations, beginning with the fiscal 2007 second quarter, the Company calculates return on invested capital on both a GAAP and non-GAAP basis with net earnings in the numerator of the calculation instead of operating earnings as in prior quarters. On a non-GAAP basis, the Company excludes interest expense and other and the $425.0 million income tax benefit related to PTS discontinued operations in addition to special items.

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CARDINAL HEALTH, INC. AND SUBSIDIARIESDEFINITIONS

cardinal health Q2 2007 Earnings Presentation

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