Cardinal Health reported a bump in revenue in its third quarter, driven by gains in the company's pharmaceutical segment.
The Dublin, Ohio-based drug and medical products distributor reported $386 million in earnings during the last quarter, up 6% from last year. Total revenue increased 21% to $30.7 billion.
Cardinal narrowed its fiscal year earnings forecast to $5.17 to $5.27 from the prior range of $5.15 to $5.35.
Cardinal reported pharmaceutical revenue of $27.5 billion, a 22% increase from the prior year's period. The company credited that growth to acquisitions, as well as new and existing customers. Last year, the company bought Livonia, Mich.-based Harvard Drug Group for $1.1 billion.
Medical segment revenue grew 13% to $3.1 billion, Cardinal reported, thanks in part to acquisitions. Profit increased 26% to $128 million and included a $21 million negative impact of costs related to the acquisition of Cordis.