Cardinal Health, Inc.

Hello and welcome to the first quarter fiscal year 2025 Cardinal Health Incorporated earnings conference call. My name is George and I'll be a coordinator for today's event. Please note this conference is being recorded and for the duration of the call your lines will be listen only mode. However, you will have the opportunity to ask questions at the end of the presentation and this can be done by pressing star 1 on your telephone keypad to register your question. Can you also please limit yourselves to one question each to allow the maximum attendees to ask a question? If you require assistance at any point, please press star zero and you will be connected to an operator. I'll now have the call over to your host today, Mr. Matt Sims, Vice President of Investment Relations, speaking at today's conference. Please go ahead, sir.

Welcome to this morning's Cardinal Health first quarter fiscal 25 earnings conference call, and thank you for joining us. With me today are Cardinal Health CEO, Jason Holler, and our CFO, Aaron Ault. You can find this morning's earnings press release and investor presentation on the investor relations section of our website at ir.cardinalhealth.com. Since we will be making forward-looking statements today, let me remind you that the matters addressed in the statements are subject to risks and uncertainties that could cause our 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 description of these risks and uncertainties. Please note that during our discussion today, the comments will be on a non-GAAP basis and less specifically called out as GAAP. GAAP to non-GAAP reconciliations for all relevant periods can be found in the supporting schedules attached to our press release. For the Q&A portion of today's call, we kindly ask that you limit questions to one per participant so that we can try and give everyone an opportunity. With that, I will now turn the call over to Jason.

Thanks, Matt. Good morning, everyone. Overall, Cardinal Health delivered a terrific start to fiscal 25 with strong operational and financial performance led by pharma and specialty solutions. The ongoing strength and resiliency of our largest and most significant business was evident, delivering 16% segment profit growth, reflecting the team's advanced preparations and excellent execution in managing through the previously communicated large customer transition. We continue to operate in a stable industry environment with positive utilization trends underpinning our growth. We saw particularly strong and broad-based pharmaceutical demand this quarter across brand, specialty, consumer health, and our generics program. We are pleased to again support our customers with commercial distribution of the COVID-19 vaccines in preparation for the fall immunization season. And as I alluded to, the team executed our customer transition plans with urgency, realigning operational processes to address inefficiencies, facilitate the ongoing growth of the business, and support new customer implementations. In GMPD, while the Q1 financial results were below our expectations due to some unanticipated health and welfare costs that Aaron will cover in detail, our team continues to make progress against the GMPD improvement plan, which is unchanged, and take actions to enhance our supply chain resiliency. We're confident in our plans to accelerate the performance of the GMPD business over the next two years, while also continuing our near-term value creation focus as we outlined last quarter. Across our other businesses, nuclear, at-home, and opti-free, we continue to be encouraged by the strong demand and underlying performance we are seeing as these businesses continue to expand and benefit from positive industry trends. In summary, we're pleased to be in a position to raise our enterprise guidance for fiscal 25 after the first quarter. Our business is strong, and we're confident as we look ahead. With that, let me turn it over to Aaron to review our results and updated guidance in more detail.