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1 © 2026 Cardinal Health. All Rights Reserved. © 2026 Cardinal Health. All Rights Reserved. Continuing our multi-year growth journey Jason Hollar | CEO 44th Annual JP Morgan Conference
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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 our ability to navigate uncertainties arising from proposed or final regulatory changes, including those related to pharmaceutical pricing and tariffs; manage uncertainties associated with the pricing of branded pharmaceuticals, the risk that we may fail to achieve our strategic objectives, including the continued execution of the GMPD Improvement Plan initiatives ; risks associated with recent acquisitions, including as a result of entry into new lines of businesses and risks associated with the integration of such businesses; competitive pressures in Cardinal Health's various lines of business, including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts, whether due to price increases or otherwise; risks associated with litigation matters, including a Department of Justice investigations focused on potential violations of the Anti-Kickback Statute and False Claims Act; the risk that events outside of our control, such as weather or geopolitical events, may impact demand for our products or may cause supply shortages that impact our cost and ability to fulfill customer demand; and 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 or other components of our generics programs. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8K reports and exhibits to those reports. This presentation reflects management’s views as of January 13, 2026. 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 © 2026 Cardinal Health. All Rights Reserved. JP MORGAN CONFERENCE
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3 © 2026 Cardinal Health. All Rights Reserved. Today’s announcements Accelerating Specialty Growth: Now expecting $50B+ of Specialty revenue in FY26, a 16% CAGR over three years Introducing ContinuCare Pathway: Simplifying diabetes supply management for pharmacies and patients and announcing key partnership with Publix Super Markets Inc. Continuing our momentum Raising Guidance: Fiscal 2026 non-GAAP diluted EPS to at least $10.00, from prior guidance range of $9.65 to $9.85 1 Successfully Navigating IRA Changes: Transitioned manufacturer distribution service agreements for all branded Rx products impacted by the 2026 IRA changes JP MORGAN CONFERENCE 2 3 4
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4 © 2026 Cardinal Health. All Rights Reserved. Track record of execution and value creation Non-GAAP Op Earnings CAGR Average Adjusted Free Cash Flow Non-GAAP Diluted EPS CAGR +18% +14% $3.1B FY23 – FY26 Outlook1 +320% +90% +28% 2Reflects share price performance plus dividends reinvested for July 1, 2022 to December 31, 2025 period Total Shareholder Return FY23 – CY252 1FY26 Outlook figures based on guidance provided during Q1 FY26 earnings call on October 30, 2025; 4-year CAGR calculation uses FY22 as the baseline JP MORGAN CONFERENCE 6/30/2022 6/30/2023 6/30/2024 6/30/2025 Cardinal Health S&P 500 S&P Healthcare Index
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5 © 2026 Cardinal Health. All Rights Reserved. Biopharma innovators Generic Rx manufacturers Nuclear innovators Medical-surgical product manufacturers Consumer health manufacturers Specialty physician offices Health systems Government Patients in the home Mail order pharmacies Retail and grocery pharmacies Manufacturers and innovators Providers and customers HEALTHCARE’S CRUCIAL LINK JP MORGAN CONFERENCE
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6 © 2026 Cardinal Health. All Rights Reserved. ~$255B in revenue Company snapshot 1 ~$3.4B in operating earnings Other includes: at-Home Solutions | Nuclear and Precision Health Solutions | OptiFreight Logistics Pharma & Specialty 92% GMPD 5% Other 3% Revenue Segment profit GMPD 4% Other 19% Pharma & Specialty 77% FY26 Guidance1 1FY26 figures based on mid-point of guidance provided during Q1 FY26 earnings call on October 30, 2025 99%+ of revenue generated in the U.S. ~$3.25B in adjusted free cash flow JP MORGAN CONFERENCE
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7 © 2026 Cardinal Health. All Rights Reserved. JP MORGAN CONFERENCE at-Home Solutions Portfolio overview Growth and resiliency Accelerating growth Turnaround Strategic investment prioritization Pharmaceutical & Specialty Solutions Nuclear and Precision Health Solutions OptiFreight Logistics Global Medical Products and Distribution 1 large core business | 3 growth businesses | 1 turnaround business
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8 © 2026 Cardinal Health. All Rights Reserved. Patient demographics Increasing utilization of pharmaceutical and medical products and services Positioned at the forefront of key trends Pharmaceutical innovation Novel specialty therapies and radiopharmaceuticals requiring complex forms of logistics and clinical support Site of care shifts Care delivery shifting to more cost-effective and comfortable settings for the patient such as community practices and the home Technology advancements Deploying new technologies to provide clinical and economic value for customers and drive operational efficiencies Cardinal Health positioning JP MORGAN CONFERENCE
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9 © 2026 Cardinal Health. All Rights Reserved. Stable industry trends Leading value proposition Proven adaptability Fee for service model History of managing through regulatory and industry changes Strong balance sheet and financial flexibility Defensive industry characteristics Demographic tailwinds drive consistent and increasing demand for our services Consistent cash flow generation Strong and diverse customer base and leading partnerships Highly efficient model with ~1% operating margins Expanding suite of services with diverse revenue streams JP MORGAN CONFERENCE Confidence in our resilient business model
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10 © 2026 Cardinal Health. All Rights Reserved. Our continued momentum at least $10.00 per share Raising fiscal 2026 non-GAAP EPS guidance to: JP MORGAN CONFERENCE Cardinal Health to provide further details and updates on its upcoming Q2 FY26 earnings call on February 5th
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11 © 2026 Cardinal Health. All Rights Reserved. Strategic priorities Relentless focus on simplification 1 Build upon the growth and resiliency of Pharmaceutical and Specialty Solutions by expanding in Specialty 2 Accelerate other growth businesses 3 Execute GMPD Improvement Plan initiatives and shareholder value creation JP MORGAN CONFERENCE
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12 © 2026 Cardinal Health. All Rights Reserved. Specialty is growing to over $50B in revenue in FY26, with a 16% CAGR over 3 years 1 • Prioritizing growth in the therapeutic areas of autoimmune 2 , urology and oncology • Supporting ~3,000 providers through our MSO platforms, including The Specialty Alliance’s leading multi-specialty platform • Growing BioPharma Solutions over 30% in FY26 $32 $36 $41 $50+ FY23 FY24 FY25 FY26 Outlook Specialty Revenue1 ($ in billions) ~16% 3-yr CAGR 1Specialty Distribution + MSO platforms + Biopharma Solutions; anticipated FY24 to FY26 3-year CAGR, as of FY23 baseline 2Includes gastroenterology, neurology and rheumatology Accelerating growth in Specialty JP MORGAN CONFERENCE
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13 © 2026 Cardinal Health. All Rights Reserved. Supporting community-based physicians with a comprehensive model Broad Distribution and Scaled Contracting MSO Platforms Advanced Data and Technology Solutions Specialty Community Physicians Oncology Approx 40% of market Multi-Specialty Approx 60% of market PPS Analytics and SoNaR Real World Evidence/Data Pharmaceutical and Specialty Distribution GPO offerings JP MORGAN CONFERENCE
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14 © 2026 Cardinal Health. All Rights Reserved. Source: Bain & Co.; Ancillaries includes infusion, surgery center, laboratory, and other revenue streams; 1Includes revenue that is typically addressable to a community physician practice; 2Includes gastroenterology, neurology and rheumatology 28% 31% 41% Autoimmune2 25% 35% 40% Urology 6% 94% Medical Oncology Infusion and ancillary services Office visits Procedures JP MORGAN CONFERENCE Community practices have diverse revenue streams1 with similar mix across Autoimmune and Urology Cardinal Health’s MSOs contribute ~$4.5B in higher-margin revenue today3 3Annualized basis
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15 © 2026 Cardinal Health. All Rights Reserved. Strategic Pillars On the path to $1B in higher-margin revenue by FY28 Expanding in BioPharma Solutions JP MORGAN CONFERENCE • Focused investments driving increasing demand for our 3PL and Sonexus Patient Access and Support services • Includes Sonexus Next-Generation hub and 3PL cold chain expansion • Providing suite of services to support manufacturers’ holistic needs • Outsourced services market expanding rapidly • Recent Sonexus Access and Patient Support program wins totaling over 1 million patients served • Includes Sanofi and Regeneron’s Dupixent My Way patient support program, one of the largest programs in the industry, and several oncology programs from leading manufacturers • Expecting over 30% revenue growth in BioPharma Solutions in FY26 supported by key wins and market growth • Supports >20% long-term CAGR through FY28
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16 © 2026 Cardinal Health. All Rights Reserved. Longer-term opportunities at-Home Solutions Nuclear and Precision Health Solutions OptiFreight Logistics Pharmaceutical & Specialty Solutions Manufacturer MSO Platforms Biopharma Solutions Pharmacy expertise Examples of potential value creation from CAH’s unique assets and capabilities JP MORGAN CONFERENCE
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17 © 2026 Cardinal Health. All Rights Reserved. Simplifying diabetes supply management for pharmacies and patients JP MORGAN CONFERENCE • Building upon our pharmacy strength and expertise • Leverages synergistic capabilities from ADS acquisition • Connecting pharmacies nationwide with a seamless referral pathway for diabetes supplies covered under the medical benefit • 11,000+ pharmacies enrolled, including some of the country’s top retail and grocery chains • Announcing agreement with Publix Super Markets Inc. • Driving growth in at-Home Solutions • Helping pharmacies navigate Medicare Part B billing complexities • Ensuring patients receive essential diabetes supplies reliably Introducing ContinuCare Pathway
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18 © 2026 Cardinal Health. All Rights Reserved. Pharmaceutical & Specialty Distribution MSO Platforms At-Home Solutions Strength across the enterprise Leading in urology Nuclear and Precision Health JP MORGAN CONFERENCE
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19 © 2026 Cardinal Health. All Rights Reserved. Top growth drivers 1 1Non-exhaustive list of products in CAH portfolio. Reflective of top growth products in the period FY25-FY28; 2Patient ready dose Radiodiagnostic Radioligand therapyOncology Urology CardiologyNeurology / Alzheimer’s Isotope Next wave GE Vizamyl Telix Illuccix® Novartis Pluvicto® PRD2 Product 2 TerraPower Ac-225 GE Flyrcado Product 3 Product 12 Product 10 Product 13 Product 9 Product 11 Product 8 Product 5 Product 6 Product 7 Product 1 Product 4 2025 2026 2027 2028 2029 2030 2031 Significant opportunity in Nuclear medicine Robust pipeline of novel theranostics creates long-term opportunity for Cardinal Health JP MORGAN CONFERENCE
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20 © 2026 Cardinal Health. All Rights Reserved. Investing back into the business to drive organic growth Baseline return of capital to shareholders • Continue to grow the dividend • Baseline share repurchases Strategic M&A Prioritizing tuck-in M&A in Specialty and growth businesses Table stakes Opportunistic levers JP MORGAN CONFERENCE 1 4a Our disciplined capital allocation framework 2 Maintain investment grade balance sheet 3 Additional opportunistic share repurchases 4b
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21 © 2026 Cardinal Health. All Rights Reserved. Compelling investment thesis Consistent track record Unique breadth of capabilities Resilient model Strong core Pharma Specialty key opportunity Higher-margin growth businesses Progress with GMPD turnaround Increasing cash flow generation Disciplined capital allocation 12% to 14% non-GAAP EPS long-term CAGR JP MORGAN CONFERENCE