Cardinal Health, Inc.

Good day and welcome to the Cardinal Health Inc. First Quarter Fiscal Year 2022 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kevin Moran, Vice President of Investor Relations. Please go ahead.

Good morning and welcome. Today we will discuss Cardinal Health's First Quarter Fiscal 2022 results. You can find today's press release and presentation on the IR section of our website at ir.cardinalhealth.com. Joining me today are Mike Kaufman, Chief Executive Officer, and Jason Holler, Chief Financial Officer. During the call, we will be making forward-looking statements. The matters addressed in the statements are subject to the risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to our SEC filings and the forward-looking statement slide at the beginning of our presentation for a full description of these risks and uncertainties. Please note that during our discussion today, our comments will be on a non-GAAP basis unless they are specifically called out as GAAP. GAAP to non-GAAP reconciliations for all relevant periods can be found in the schedules attached to our press release. During the Q&A portion of today's call, we please ask that you try and limit yourself to one question so that we can try and give everyone an opportunity. With that, I'll now turn the call over to Mike.

Thank you, Kevin, and good morning, everyone. Our first quarter results were in line with our expectations. As we continue to manage through the global pandemic, We're staying focused on the near-term priorities and long-term strategies to drive growth and momentum across our businesses. In pharma, we continue to see sequential volume improvement and are encouraged by the profit growth that we saw in the first quarter. We believe our pharma business, inclusive of our strategic growth areas of specialty, nuclear, and outcomes, is well positioned for growth at FY22 and beyond. Our medical segment continues to be impacted by the disruptions in the global supply chain that we called out last quarter. Recently, these pressures have rapidly escalated, and we are experiencing significantly elevated product costs due to international freight and commodities. While we believe the majority of these elevated supply chain costs are temporary, we do not expect them to return to normalized levels this fiscal year. As a result, we are lowering our FY22 outlook for medical segment profit to adjust for these increased headwinds. We are taking action to mitigate these impacts across the enterprise, and we are reaffirming our FY22 EPS guidance of $5.60 to $5.90 per share. We have been on a journey to simplify our portfolio and strengthen our core businesses so we are positioned for broad-based, sustainable growth, as noted in the long-term targets we're announcing today. We are prioritizing investment in our strategic growth areas and in innovative solutions to meet our customers' needs today and tomorrow. And with our improved balance sheet, commitment to our dividend, and now an additional $3 billion share repurchase authorization, we're positioned to return capital to shareholders. Looking ahead, we remain confident in our strategy. Now, I'll turn it over to Jason to discuss our results.