Revenue increases in its Pharmaceutical segment reflected overall growth for Cardinal Health of Dublin, OH, in its fiscal year 2010 (end-June 30).
Revenue increased 3% to $98.5 billion, compared with $96 billion in fiscal year 2009. The company's net earnings slipped 44% to $642.2 million, compared with $1.15 billion in fiscal year 2009.
In the fourth quarter, Cardinal Health's total revenues increased slightly to $24.4 billion, compared with $24.3 billion in the fourth quarter of fiscal 2009. Net earnings declined 18% to $223.5 million, compared with $273.2 million in the fourth quarter of fiscal 2009.
For fiscal year 2010, the company's Pharmaceutical segment revenue grew 2% to $89.8 billion, while profit declined 3% to $1 billion. Cardinal Health blamed the decrease on customer pricing changes, supply shortages in nuclear pharmacy, and fewer significant generic launches than in fiscal 2009.
Fourth-quarter revenue for the Pharmaceutical segment was $22.3 billion, compared with the same $22.3 billion in the fourth quarter of 2009. Segment profit declined 17% to $227 million, primarily due to year-over-year impact from customer pricing changes and supply disruptions in nuclear pharmacy.
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