8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 18, 2008

Cardinal Health, Inc.

(Exact name of registrant as specified in its charter)

Ohio	1-11373	31-0958666
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

7000 Cardinal Place, Dublin, Ohio 43017

(Address of principal executive offices) (Zip Code)

(614) 757-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

Chairman and Chief Executive Officer of Cardinal Health, Inc. (the “Company”), R. Kerry Clark, will address investors at the Lehman Brothers Eleventh Annual Global Healthcare Conference on March 19, 2008. At the conference, Mr. Clark will provide an update on the Company’s businesses and reaffirm fiscal 2008 non-GAAP earnings-per-share guidance. The slides accompanying Mr. Clark’s presentation are attached as Exhibit 99.1 to this report.

Mr. Clark’s remarks on March 19 are scheduled to begin at 9:00 a.m. EDT and will be webcast live. To access the webcast, go to the Investors page at http://www.cardinalhealth.com.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Slide presentation.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Cardinal Health, Inc.
	(Registrant)
Date: March 18, 2008	By:	/s/ Jeffrey W. Henderson
	Name:	Jeffrey W. Henderson
	Title:	Chief Financial Officer

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EXHIBIT INDEX

99.1 Slide presentation.

-4-

EX-99.1

Essential to care

Lehman Brothers 11     Annual

Global Healthcare Conference

R. Kerry Clark, Chairman and CEO

Sally J. Curley, SVP, IR

Jon Lyons, Director, IR

Exhibit 99.1

th

2

Forward-looking statements and

GAAP reconciliation

This presentation contains forward-looking statements addressing expectations,

prospects, estimates and other matters that are dependent upon future events or

developments.

These

matters

are

subject

to

risks

and

uncertainties

that

could

cause

actual results to differ materially from those projected, anticipated or implied.

The most

significant of these uncertainties are described in Cardinal Health's Form 10-K, Form 10-Q

and Form 8-K reports (including all amendments to those reports) and exhibits to those

reports, and include (but are not limited to) the following: competitive pressures in Cardinal

Health’s various lines of business; the loss of one or more key customer or supplier

relationships or changes to the terms of those relationships; uncertainties relating to timing

of generic introductions and the frequency or rate of branded pharmaceutical price

appreciation or generic pharmaceutical price deflation; changes in the distribution patterns

or reimbursement rates for health-care products and/or services; the results,

consequences, effects or timing of any inquiry or investigation by any regulatory authority

or any legal and administrative proceedings; future actions of regulatory bodies or

government authorities relating to Cardinal Health’s manufacturing or sale of products and

other costs or claims that could arise from its manufacturing, compounding or repackaging

operations or from its other services; the costs, difficulties and uncertainties related to the

integration

of

acquired

businesses;

and

general

economic

and

market

conditions.

This

presentation reflects management’s views as of March 18, 2008.

Except to the extent

required by applicable law, Cardinal Health undertakes no obligation to update or revise

any forward-looking statement.

In addition, this presentation includes non-GAAP financial

measures.

Cardinal Health provides definitions and reconciling information at the end of

this presentation.

3

Key themes:  FY08

Focusing on the core and leveraging scale

Rebuilding the pharmaceutical distribution business via

superior execution

Leveraging the growth potential of CMP

Maintaining a shareholder-focused capital

deployment strategy

1

2

3

4

4

Focusing on the core, leveraging scale

Mission:  To make healthcare

safer and more productive

Safety

Productivity

HSCS-Pharmaceutical

HSCS-Medical

HSCS

Clinical Technologies & Services

Medical Products & Technologies

CMP

5

Focusing on the core, leveraging scale

HSCS-Pharmaceutical

HSCS-Medical

Pharmaceutical Distribution

Nuclear Pharmacy Services

Medical/Surgical Distribution

Presource

®

Kitting

HSCS

Clinical Technologies & Services

Medical Products & Technologies*

Infusion

Dispensing

Infection Prevention

Respiratory

*Formerly Medical Products Manufacturing

CMP

~33% of Profit

1

~67% of Profit

1

Industry leading distribution

businesses with good growth

and strong cash flow

High growth, higher margin

healthcare products and

technologies businesses

(1) Profit refers to combined H1 FY 08

segment profit for the respective segments of each sector before inter-

segment eliminations.

6

Focusing on the core, leveraging scale

•

We are executing on our stated capital deployment strategy

•

Sector organizations are in place

•

Executive leadership team is in place

•

Hospital salesforce

integration is complete

•

Integration of HSCS in Dublin is on schedule

•

We are performing well in CMP, HSCS-M, but not in HSCS-P

Corporate Update

7

Rebuilding pharma

distribution:

Accomplishments

•

New leadership in place

•

Most major contracts recently renewed

•

Dedicated focus on all key sales channels

•

Improved customer profitability measures

•

New generic plan for regional chains and

independents

•

Enhanced distribution center operational metrics

•

Strengthening anti-diversion controls

8

Rebuilding pharma

distribution:

Near-term

Expectations:

•

Calendar year 2008 (CY08) should be good for generics

•

Anticipate branded pharma

pricing increasing mid-single

digit percentages

•

CAH should grow revenue at, or slightly faster than,

market due to customer mix

•

No significant additional contract renewals CY08

•

Single-minded

focus on superior execution

9

Leveraging the growth potential of CMP

•

Business model remains very strong with revenue up

24% and profit up 44% (H1 FY’08)

•

Goal to be 35-40% of total segment profit by 2010

•

CMP has significant opportunities internationally

•

New product pipeline is strong

•

Medication management and infection prevention

platforms align well with core industry concerns

•

Viasys

acquisition tracking ahead of expectations

•

Enturia

acquisition is an excellent fit with our portfolio

10

MPT:  Enturia

acquisition

•

Strong strategic fit with existing infection prevention business

•

Clinically preferred solution in proprietary application technology

•

2007 revenues ~$140M

•

$490M cash transaction

•

Slightly dilutive to remainder of FY08, but remain within previous

FY08

non-GAAP

EPS

guidance

of

$3.75

-

$3.85

per

share

–

Accretive FY09 and beyond

–

HSR filed, anticipate close early May, dilutive in Q4 FY08

•

Expected to generate positive economic profit and returns

above cost of capital within third fiscal year after purchase

11

Viasys integration update

•

Developed three-year roadmap of global integration

initiatives to achieve cost / revenue synergies

•

Integration into MPT going well; on-track to achieve one-

and three-year commitments

–

Completed organizational and key process integration

–

Achieved first phase of operational offering efficiencies

12

Value-focused financial strategy

Value-focused

financial strategy that is targeted at driving growth

and returns

Balance sheet

management

Capital

Deployment

Capital

Structure

Growth

and

returns

Balance sheet management

–

Focus on working capital efficiency

–

Portfolio optimization

–

Q2 FY08 non-GAAP ROIC up            

156 bps Y/Y

Capital deployment

–

Shareholder value focused

–

$942M shares repurchased H1 FY08

Capital structure

–

Low cost of capital, BBB+ rating

–

Our structure provides sustainability in

current credit crisis

–

Debt to total capital increased from 25%

in Q2 FY07 to 36% in Q2 FY08

13

Guidance

•

Reaffirm FY08 non-GAAP EPS of $3.75 -

$3.85    

per share

•

FY09 guidance

–

FY09 guidance part of Q4 FY08 earnings

release/conference call in early August

14

Key themes:  FY08

Focusing on the core and leveraging scale

Rebuilding the pharmaceutical distribution business via

superior execution

Leveraging the growth potential of CMP

Maintaining a shareholder-focused capital

deployment strategy

1

2

3

4