Upon Fresh Look, We Continue to Maintain Cardinal's Fair Value Estimate at $67

Cardinal Health is one of three leading domestic wholesalers of branded, generic, and specialty pharmaceutical products. With roughly $165 billion in annual U.S. drug distribution sales in fiscal year 2022, the company supplies roughly a quarter of the overall market. Its two close competitors are AmerisourceBergen and McKesson. Together, the three operate as a pharmaceutical wholesale and distribution oligopoly, supplying over 90% of the U.S. market.