Cardinal Health
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| Type | Public |
|---|---|
| Traded as | NYSE: CAH S&P 500 Component |
| Industry | Pharmaceuticals |
| Founded | 1971 |
| Headquarters | Dublin, Ohio, U.S. |
| Area served | Worldwide |
| Key people | George S. Barrett (Chairman and CEO) |
| Products | Medical equipment Clinical services |
| Revenue |  US$ 98.5 billion (2010)[1] |
| Operating income | US$ 1.27 billion (2010)[1] |
| Net income | US$ 642 million (2010)[1] |
| Total assets | US$ 19.99 billion (2010)[1] |
| Total equity | US$ 5.28 billion (2010)[1] |
| Employees | 30,000 (2010) |
| Website | Cardinalhealth.com |
Cardinal Health, Inc. is a Fortune 500 health care services company based in Dublin, Ohio. The firm specializes in distribution of pharmaceuticals and medical products, serving more than 40,000 locations. The firm also manufactures of medical and surgical products, including gloves, surgical apparel and fluid management products. It also operates the nation’s largest network of radiopharmacies. [2]
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[edit] History
Founded in 1971 as Cardinal Foods by Robert D. Walter, it was initially a food wholesaler. After acquiring the Bailey Drug Company in 1979, it began wholesaling drugs as Cardinal Distribution, Incorporated. Following the introduction of the company on the NASDAQ stock exchange in 1983 it began a long string of acquisitions and mergers. It is now traded on the NYSE under symbol (CAH [3]). As of April, 2010, it was ranked 17th on the Fortune 500 list with 2009 annual revenue of over $99 billion.[3] The firm employs more than 30,000 people worldwide.
[edit] Acquisitions
In 1995, Medicine Shoppe International (St. Louis, est. 1970), the country’s largest franchise of retail pharmacies,[4] was acquired. The merger represented the first non-distribution acquisition by Cardinal Health.[5]
In 1997, in competition between Cardinal Health and McKesson Corporation, Cardinal Health had planned to purchase Bergen, to which McKesson responded with a bid to purchase Amerisource. Instead, Amerisource and Bergen merged into AmerisourceBergen.[6]
In 1999, the firm acquired the Chicago-based medical products manufacturer and distributor, Allegiance Healthcare (formerly a division of Baxter Healthcare). Allegiance made surgical drapes, gloves, and gowns, and distributed customized arrangements of medical supplies (called "custom sterile packs" and "procedure-based delivery systems") . [7]
On June 28, 2007, the firm announced the completion of a tender offer for VIASYS Healthcare.[8] The company also announced plans to spin off the Clinical and Medical Products business as a separate publicly traded company under the name CareFusion, with David Schlotterbeck as CEO.[9] The spin-off was completed on September 1, 2009.[10] CareFusion's anticipated annual revenue will be approximately $4 billion.[9]
In June 2010, the company announced plans to expand its presence in specialty pharmaceutical services with an agreement to purchase Healthcare Solutions Holding in an $517 million all-cash transaction.[11]
In December 2010, the company acquired Kinray, one of the last independent pharmaceutical wholesalers in the United States, increasing Cardinal's presence in the independent pharmacy market by 40 percent.[12] Kinray had annual revenue of over $3.5 billion, and served about 2,000 independent retail pharmacy customers.[12]
[edit] Leadership
In April 2005, Jeffrey W. Henderson joined the firm as the Chief Financial Officer (CFO). R. Kerry Clark was appointed as President and CEO on April 17, 2006, with Robert D. Walter retaining the Chairmanship. On September 29, 2008 the company announced Kerry Clark would retire and George Barrett would become the Chairman and CEO.
[edit] Controlled substances
On February 2, 2012, the Drug Enforcement Administration suspended the license of the firm's Lakeland, Florida distribution centner to distribute controlled substances, on charges that it had allowed four Florida pharmacies to purchase excessive amounts of controlled substances, in particular oxycodone. [13] Cardinal obtained a restraining order against the suspension, but the suspension was upheld on Feb 29 by the Federal district court.[14] The company asserted that it had already blocked two of the pharmacies, (Brooks Pharmacy. in Bonita Springs, Florida and Gulf Coast Medical in Panama City, Florida), and notified the corporate owners of the two pharmacies that were part of national chains. (two CVS stores in Sanford, Florida) [13].
[edit] References
- ^ a b c d e http://www.google.com/finance?q=NYSE:CAH&fstype=ii
- ^ About Cardinal Health.
- ^ Annual rankings of America's largest corporations. Fortune 500
- ^ Medicine Shoppe Company Description Hoover's, Inc. 2009
- ^ Cardinal Health history @ Cardinal.com
- ^ McKesson plans to buy rival Amerisource "Reuters", September 24, 1997, Accessed July 20, 2011.
- ^ Learning the business from the ground up: an interview with Steve Inacker DC Velocity Q & A
- ^ VIASYS
- ^ a b Cardinal Health to name spinoff after CareFusion line Healthcare IT News. February 18, 2009
- ^ Securities and Exchange Commission, Form 10 registration
- ^ Cardinal Health to Purchase Healthcare Solutions Holding News article from InfoGrok
- ^ a b Dinah Wisenberg Brin, "Cardinal Health to Purchase Kinray", Wall Street Journal, November 19, 2010
- ^ a b Donna Leinwand Leger "DEA aims big in Cardinal Health painkiller case" USA Today Feb 27, 2012 [1]
- ^ Donna Leinwand Leger "Judge blocks Cardinal Health drug shipments in Fla." USA Today Deb 29, 2012 [2]
