US-based Cardinal Health has reported attributable net earnings of $5m for the first quarter of fiscal 2024 (Q1 FY24), compared with $110m in the same quarter a year ago.

Its GAAP earnings per share (EPS) for the July-September 2023 quarter dropped to 2 cents from 40 cents last year, driven by an impairment charge of $537m.

The company posted an operating loss of $14m in Q1 FY24, versus operating earnings of $137m in the prior year.

It generated $54.76bn in revenues for the three months ended 30 September 2023, a 10% rise from $49.6bn in the corresponding period of the previous year.

The medical segment’s revenues remained stable at $3.8bn, while the pharmaceutical segment’s revenues increased 11% to $51bn from $45.8bn.

In the medical segment, improvements in net inflationary impacts supported its return to profit. The segment posted a profit of $71m in Q1 FY24 compared with a loss of $8m a year earlier.

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The Pharmaceutical segment’s profit grew 18% to $507m from $431m. This was attributed to increased contribution from brand and specialty products, including COVID-19 vaccines.

The company also raised its fiscal 2024 non-GAAP EPS outlook from a range of $6.50 to $6.75 to $6.75 to $7.00.

Cardinal Health CEO Jason Hollar said: “In Q1, we delivered significant profit growth in both the Pharmaceutical and Medical segments, which along with our favourable capital structure and opportunistic capital deployment, gives us confidence to raise fiscal 2024 non-GAAP EPS guidance.” 

Cardinal Health is a distributor of pharmaceuticals, a manufacturer and distributor of medical and laboratory products, and a provider of data solutions for healthcare facilities.

The company operates in over 30 countries and has a workforce of around 48,000 worldwide.