Aug 15 (Reuters) - Drug distributor Cardinal Health Inc (CAH.N) on Tuesday raised fiscal 2024 expectations for sales at its pharmaceutical unit, banking on growing demand for newer weight-loss drugs, including GLP-1 treatments.
Cardinal peers AmerisourceBergen (ABC.N) and McKesson (MCK.N) have also flagged a potential boost to revenues for drug distributors due to high demand for these drugs.
It now expects revenue from its pharmaceuticals unit to rise 10% to 12% in fiscal 2024, compared with its previous expectation of about 10% growth.
It raised its 2024 profit forecast slightly to a range of $6.50 to $6.75 per share, from $6.45 to $6.70 it had forecast previously.
Excluding one-off items, Cardinal Health reported a profit of $1.55 per share in the fourth quarter ended June 30, topping expectations of $1.49 per share.
Persons:
Novo, Eli Lilly's, it's, Cardinal, AmerisourceBergen, Aaron Alt, Vaibhav Sadhamta, Mariam Sunny, Pooja Desai
Organizations:
Health Inc, Cardinal Health, Thomson
Locations:
United States, Bengaluru