Cardinal Health sees 13% revenue boost in Q1

Cardinal Health noted a 13 percent increase in revenue, from $44 billion to $49.6 billion, in its first quarter of 2023. 

The company's pharmaceutical business reported a 15 percent hike in sales compared to 2022's first quarter. Its brand and specialty drugs drove most of the final sales numbers, which was $39.8 billion last year and $45.8 billion this quarter, according to Cardinal Health. 

Its medical segment fell 9 percent from $4.1 billion to $3.8 billion, which the devicemaker said was "primarily due to PPE pricing and volumes." 

Cardinal Health also attributed part of the loss to less investment in its Cordis business, a cardiology and endovascular device business it bought from Johnson & Johnson in 2015 for nearly $2 billion. Cardinal then sold it in 2021 for about $1 billion.

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