WASHINGTON (dpa-AFX) - Cardinal Health (CAH) narrowed its fiscal 2023 guidance ranges for non-GAAP EPS and Pharmaceutical segment profit. The company now expects non-GAAP EPS in a range of $5.65 to $5.80, revised from $5.60 to $5.80. This corresponds to 13% growth at the mid-point, the company noted. Pharmaceutical segment profit is now projected 11% to 12% growth, from prior guidance range of 10.5% to 12% growth.
The company reiterated other fiscal 2023 guidance assumptions provided on May 4th, 2023.
For fiscal 2024, the company projects: non-GAAP EPS in a range of $6.45 to $6.70; and pharmaceutical segment profit in a range of 4% to 6% growth.
The company issued updated long-term targets for fiscal 2024 to 2026. Non-GAAP EPS growth is projected in a range of 12% to 14%. The company raised long-term financial target for Pharmaceutical segment profit to 4% to 6% growth, from low-single digit to mid-single digit growth.
The Board approved a new $3.5 billion share repurchase authorization expiring December 31, 2027, reflecting $4.75 billion in total capacity for share repurchases.
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