Essential to care

Q2FY2009

Investor/Analyst Call

February 5, 2009

Exhibit

99.3

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: uncertainties related to the deferral in hospital capital spending affecting

Cardinal Health's Clinical and Medical Products segment and difficulties in forecasting the exact duration and potential long-term

changes

in

hospital

spending

patterns;

uncertainties

regarding

the

planned

spinoff

of

the

clinical

and

medical

products

businesses

as

a

new

stand-alone

entity,

including

the

timing

and

terms

of

any

such

spinoff

and

whether

such

spinoff

will

be

completed,

and

uncertainties

regarding

the

impact

of

the

planned

spinoff

on

Cardinal

Health,

the

new

clinical

and

medical

products

company

and

the potential market for their respective securities; 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 and branded pharmaceutical 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 or

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;

uncertainties

related

to

the

recent

disruptions

in

the

financial

markets,

including

uncertainties

related

to

the

availability

and/or

cost

of credit for Cardinal Health; the potential impact on Cardinal Health’s customers and vendors of declining economic conditions,

which could impact

Cardinal Health’s earnings and cash flow; and conditions in the pharmaceutical market and general economic

and market conditions.

This presentation reflects management's views as of Feb.

5, 2009.

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

and

on

its

investor

relations

page

at

www.cardinalhealth.com.

A

transcript

of

the

conference

call

will

be

available

on the investor relations page at www.cardinalhealth.com.

3

Agenda

Opening remarks

Kerry Clark

Chairman and Chief Executive Officer

Financial overview

Jeff Henderson

Chief Financial Officer

HSCS comments

George Barrett

Vice Chairman and CEO

Healthcare Supply Chain Services

CMP comments

Dave Schlotterbeck

Vice

Chairman

and

CEO

Clinical and Medical Products

Q&A

4

Q2 FY2009 Results

*

*

*

*

*

*

5

Q2 FY2009 Financial Review  

$25,100

$538

$319

$0.88

$271.5

15.8%

($M)

8%

4%

(2%)

(1%)

%

Change

GAAP Basis

$25,100

$565

$335

$0.93

16.6%

($M)

8%

7%

2%

3%

%

Change

Non-GAAP Basis

1

% change over prior year quarter

Revenue

Operating earnings

Earnings from continuing ops

Diluted EPS from continuing ops

Operating cash flow

Return on equity

1

1

6

Q2 FY2009 Operating Earnings and EPS

Note:

Costs

associated

with

the

spinoff

are

as

follows:

Operating      

Earnings ($M)

Diluted EPS from

Continuing

Operations

Operating       

Earnings ($M)

Diluted EPS from

Continuing

Operations

GAAP consolidated

$538

$0.88

$519

$0.89

Special items

(Note)

$20

$0.04

$30

$0.05

Impairments, (gain)/loss on sale of assets and other,

net (Note)

$7

$0.01

($23)

($0.04)

Spinoff costs not included in special items or

impairments, (gain)/loss on sale of assets and other,

net (Note)

$0.4

$0.00

-

-

Non-GAAP consolidated

$565

$0.93

$526

$0.90

Spinoff costs included in special items or

impairments, (gain)/loss on sale of assets and other,

net

$14.1

Spinoff costs not included in special items or

impairments, (gain)/loss on sale of assets and other,

net

$0.4

Total spinoff costs

$14.5

Q2 FY 2009

Q2 FY 2008

7

Healthcare Supply Chain Services

Business Analysis

Highlights:

•

Total

revenue

up

8%

on

growth

in

the

pharma

and

medical

supply

chain

business

•

Revenue from bulk pharmaceutical customers

up 15% on increased volumes from existing

customers

•

Revenue

from

non-bulk

pharmaceutical

customers

up

2%,

driven

by

growth

in

the

hospital

market

and

the

Borschow

acquisition,

partially

offset

by

the

previously

reported

shift

in

volume

from non-bulk to bulk from a large customer and residual impact of controlled substance anti-

diversion

•

Segment profit up 6%, driven by increased profit dollars from generic products, branded price

inflation, sales volume growth, and strong performance in nuclear pharmacy, partially offset by

pharma

customer repricings

and controlled substance anti-diversion impact

Revenue

Segment Profit

24,096

333

Q2 FY09

($M)

22,346

315

Q2 FY08

($M)

8%

6%

% Change

1

Bulk

pharmaceutical

customers

consist

of

Healthcare

Supply

Chain

Services

customers

towhich

the

segment

distributes

pharmaceutical,

radiopharmaceutical

and

over-the-counter

health

care

products

to

the

customers’

centralized

warehouse

operations and mail order businesses

2

Non-bulk

pharmaceutical

customers

consist

of

Healthcare

Supply

Chain

Services

customers

to

which

the

segment

distributes

pharmaceutical,

radiopharmaceutical

and

over-the-counter

health

care

products

other

than

bulk

customers

1

2

8

Clinical and Medical Products

Business Analysis

Highlights:

•

Segment revenue up 7% over prior year due to organic growth in dispensing, infusion, and infection

prevention,

and

the

Enturia

acquisition,

partially

offset

by

the

negative

impact

of

foreign

exchange

•

Segment

profit

up

16%

on

the

Enturia

acquisition

and

organic

growth,

significantly

dampened

by

the

impact of foreign exchange and the residual impact of the increases in the cost of raw materials

•

Enturia

performing above expectations

•

Committed

contracts

across

infusion,

dispensing,

respiratory

are

challenged

due

to

hospital

capital

spending deferral

Revenue

Segment Profit

1,215

198

Q2 FY09

($M)

1,133

171

Q2 FY08

($M)

7%

16%

% Change

9

FY09 Financial Goals

Flat to better

Flat to better

Clinical and Medical Products (CMP)

Flat to (5%)

>6%

Healthcare Supply Chain Services (HSCS)

Profit

Growth

Revenue

Growth

Segment

$3.50 -

$3.60

Non-GAAP EPS  :

6-7%

Total revenue growth:

February 5, 2009

1

Non-GAAP diluted earnings per share from continuing operations

1

10

FY09 Assumptions Update: 

February 5, 2009

•

Capital deployment

–

Share repurchases to no more than offset equity compensation issuances

–

Expect to continue regular $0.14 quarterly dividend until spinoff is completed

•

Portfolio rationalization/review

–

MedSystems

sale closed 8/29/08

–

Tecomet

sale closed 9/26/08

–

Review of Medicine Shoppe International and Pharmacy Services ongoing

•

Non-GAAP effective tax rate of ~34% for the year

•

Interest and other slightly above $200M for the year

•

Special

items,

impairment

and

other

costs

related

to

spinoff

not

included

in

guidance

–

Anticipate a significant portion of costs related to spinoff may

be classified as special

items in accordance with company practices

–

May

incur

in

the

range

of

$200M

-

$230M

in

expenditures

in

connection

with

the

spinoff

up

to and including the effective date

11

HSCS Update

•

Pharmaceutical

–

All controlled substances distribution centers on-line

–

Regaining momentum with non-bulk customers

–

Solid progress with generic programs

–

Strong nuclear pharmacy quarter, with new contracts signed

•

Medical

–

Solid quarter in Med Supply Chain with double-digit profit

growth

–

Continued focus on efficiency and SKU management

12

CMP Update

•

Q2 results solid despite challenging market climate

–

Organic growth in dispensing, infusion, infection prevention

–

Strong contribution from Enturia

–

Substantial, negative impact from F/X, commodities

•

FY09(E) segment profit flat or better vs. FY08

–

Disposables (~40% of sales) are steady, recurring stream

–

Hospitals deferring capital spending

–

Investment in R&D continues

•

Future growth drivers

–

Pipeline of innovative, clinically differentiated products

–

Strong global expansion opportunities

–

Differentiated focus on patient safety

13

Summary

*

*

*

*

*

*

14

FY 2009 Priorities

•

Continue to invest in enhancing quality and

regulatory systems

•

Return HSCS to steady growth

•

Continue to invest in CMP growth

•

Complete integrations (VIASYS

®

, Enturia, Borschow)

•

Prepare organization for and execute spinoff

Q&A

*

*

*

17

Q2FY09 Trailing Five Quarters

*

*

*

*

*

*

18

Segment Analysis:  Q2FY09

$333

$24,096

Q2FY09

$292

$23,418

Q1FY09

$324

$21,863

Q4FY08

6%

8%

Q2FY09/

Q2FY08

% change

$377

$315

Segment

Profit ($M)

$21,923

$22,346

Revenue

($M)

Q3FY08

Q2FY08

Healthcare Supply Chain Services

$198

$1,215

Q2FY09

$167

$1,155

Q1FY09

$229

$1,270

Q4FY08

16%

7%

Q2FY09/

Q2FY08

% change

$190

$171

Segment

Profit ($M)

$1,170

$1,133

Revenue

($M)

Q3FY08

Q2FY08

Clinical and Medical Products

19

Segment Analysis:  Q2FY09

$31

$265

Q2FY09

$24

$273

Q1FY09

$27

$288

Q4FY08

25%

(12%)

Q2FY09/

Q2FY08

% change

$26

$25

Segment

Profit ($M)

$308

$301

Revenue

($M)

Q3FY08

Q2FY08

All Other Segment

20

GAAP to Non-GAAP

Reconciliation Statements

*

*

*

*

*

*

*

*

*

*

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Second Quarter 2009												Year-to-Date 2009
(in millions, except per Common Share amounts)	GAAP			Special Items		Other Spin-Off Costs	Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP 1			GAAP			Special Items		Other Spin-Off Costs	Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP 1
Operating Earnings
Amount	$	538		$	20	—	$	7		$	565		$	964		$	72	—	$	10		$	1,047
Growth Rate		4	%								7	%		(4	)%								1	%
Provision for Income Taxes	$	157		$	7	—	$	3		$	167		$	271		$	24	—	$	24		$	320
Earnings from Continuing Operations
Amount	$	319		$	13	—	$	4		$	335		$	569		$	48	—		($14	)	$	603
Growth Rate		(2	)%								2	%		(9	)%								(7	)%
Diluted EPS from Continuing Operations
Amount	$	0.88		$	0.04	—	$	0.01		$	0.93		$	1.57		$	0.13	—		($0.03	)	$	1.67
Growth Rate		(1	)%								3	%		(8	)%								(5	)%
	Second Quarter 2008												Year-to-Date 2008
	GAAP			Special Items		Other Spin-Off Costs	Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP 1			GAAP			Special Items		Other Spin-Off Costs	Impairments, (Gain)/Loss on Sale of Assets and Other, Net			Non-GAAP 1
Operating Earnings
Amount	$	519		$	30	—		($23	)	$	526		$	1,009		$	52	—		($23	)	$	1,038
Growth Rate		1	%								(3	)%		5	%								2	%
Provision for Income Taxes	$	144		$	11	—		($9	)	$	147		$	288		$	19	—		($9	)	$	298
Earnings from Continuing Operations
Amount	$	325		$	18	—		($14	)	$	329		$	628		$	33	—		($14	)	$	647
Growth Rate		3	%								(3	)%		4	%								—
Diluted EPS from Continuing Operations
Amount	$	0.89		$	0.05	—		($0.04	)	$	0.90		$	1.71		$	0.09	—		($0.04	)	$	1.76
Growth Rate		16	%								8	%		16	%								12	%

The sum of the components may not equal the total due to rounding

¹ See definitions for explanation of a change in the method of calculating these financial measures from prior quarters.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Second Quarter						Year-to-Date
(in millions)	2009			2008			2009			2008
GAAP Return on Equity		15.8	%		18.3	%		14.3	%		17.4	%
Non-GAAP Return on Equity
Net earnings	$	316.5		$	324.7		$	565.6		$	626.5
Special items, net of tax, in continuing operations		12.5			18.3			47.7			33.1
Other Spin-Off Costs, net of tax		0.2			—			0.2			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		3.5			(14.2	)		(13.8	)		(14.3	)
Adjusted net earnings	$	332.7		$	328.8		$	599.7		$	645.3
Annualized	$	1,330.8		$	1,315.2		$	1,199.4		$	1,290.6
Divided by average shareholders’ equity 1	$	8,023.0		$	7,088.2		$	7,931.2		$	7,184.4
Non-GAAP return on equity 2		16.6	%		18.6	%		15.1	%		18.0	%
	Second Quarter						Year-to-Date
	2009			2008			2009			2008
GAAP Return on Invested Capital		7.36	%		7.70	%		6.69	%		7.42	%
Non-GAAP Return on Invested Capital
Net earnings	$	316.5		$	324.7		$	565.6		$	626.5
Special items, net of tax, in continuing operations		12.5			18.3			47.7			33.1
Other Spin-Off Costs, net of tax		0.2			—			0.2			—
Impairments, (gain)/loss on sale of assets and other, net, net of tax, in continuing operations		3.5			(14.2	)		(13.8	)		(14.3	)
Interest expense and other, net of tax		39.9			32.0			79.8			59.4
Adjusted net earnings	$	372.6		$	360.8		$	679.5		$	704.7
Annualized	$	1,490.4		$	1,443.2		$	1,359.0		$	1,409.4
Divided by average total invested capital 3	$	19,372.5		$	18,529.9		$	19,292.8		$	18,483.2
Non-GAAP return on invested capital 2		7.69	%		7.79	%		7.04	%		7.63	%

¹ The average shareholders’ equity shown above is calculated using the average of the prior and current quarters except for year-to-date which is calculated as the average of shareholders’ equity at the end of the prior years’ fourth quarter plus each of the current year quarters.

² See definitions for explanation of a change in the method of calculating these financial measures from prior quarters.

³ Total invested capital is calculated as the sum of the current portion of long-term obligations and other short-term borrowings, long-term obligations, total shareholders’ equity and unrecorded goodwill. The average total invested capital is calculated using the average of total invested capital at the end of the prior and current quarters except for year-to-date which is calculated as the average of the prior years’ fourth quarter plus each of the current year quarters. Unrecorded goodwill is $7.5 billion for all periods presented.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

GAAP / NON-GAAP RECONCILIATION

	Second Quarter						Year-to-Date
(in millions)	2009			2008			2009			2008
GAAP Effective Tax Rate from Continuing Operations		33.0	%		30.7	%		32.3	%		31.4	%
Non-GAAP Effective Tax Rate from Continuing Operations
Earnings before income taxes and discontinued operations	$	475.5		$	469.2		$	839.4		$	916.1
Special items		19.7			29.5			72.1			52.0
Other Spin-Off Costs		0.4			—			0.4			—
Impairments, (gain)/loss on sale of assets and other, net		6.9			(23.0	)		10.5			(23.2	)
Adjusted earnings before income taxes and discontinued operations	$	502.5		$	475.7		$	922.4		$	944.9
Provision for income taxes	$	156.6		$	144.1		$	270.7		$	287.8
Special items tax benefit		7.2			11.2			24.4			18.9
Other Spin-Off Costs tax benefit		0.2			—			0.2			—
Impairments, (gain)/loss on sale of assets and other, net, tax impact		3.4			(8.8	)		24.3			(8.9	)
Adjusted provision for income taxes	$	167.4		$	146.5		$	319.6		$	297.8
Non-GAAP effective tax rate from continuing operations 1		33.3	%		30.8	%		34.6	%		31.5	%
	Second Quarter
	2009			2008
Debt to Total Capital		32	%		36	%
Net Debt to Capital
Current portion of long-term obligations and other short-term borrowings	$	467.4		$	673.6
Long-term obligations, less current portion and other short-term borrowings		3,389.2			3,396.5
Debt	$	3,856.6		$	4,070.1
Cash and equivalents		(772.6	)		(1,184.4	)
Net debt	$	3,084.0		$	2,885.7
Total shareholders’ equity	$	8,127.9		$	7,108.1
Capital	$	11,211.9		$	9,993.8
Net debt to capital		28	%		29	%

Forward-Looking Non-GAAP Financial Measures

The Company presents non-GAAP earnings from continuing operations and non-GAAP effective tax rate from continuing operations (and presentations derived from these financial measures) on a forward-looking basis. The most directly comparable forward-looking GAAP measures are earnings from continuing operations and effective tax rate from continuing operations. The Company is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most comparable forward-looking GAAP measures because the Company cannot reliably forecast special items, impairments, (gain)/loss on sale of assets and other, net and Other Spin-Off Costs, which are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could significantly impact the Company’s future financial results.

¹ See definitions for explanation of a change in the method of calculating this financial measure from prior quarters.

CARDINAL HEALTH, INC. AND SUBSIDIARIES

DEFINITIONS

GAAP

Debt: long-term obligations plus short-term borrowings

Debt to Total Capital: debt divided by (debt plus total shareholders’ equity)

Diluted EPS from Continuing Operations: earnings from continuing operations divided by diluted weighted average shares outstanding

Effective Tax Rate from Continuing Operations: provision for income taxes divided by earnings before income taxes and discontinued operations

Operating Cash Flow: net cash provided by / (used in) operating activities from continuing operations

Other Spin-Off Costs: costs incurred in connection with the Company’s plans to spin off most of its clinical and medical products businesses that are not included in special items or impairments, (gain)/loss on sale of assets and other, net

Segment Profit: segment revenue minus (segment cost of products sold and segment selling, general and administrative expenses)

Segment Profit Margin: segment profit divided by segment revenue

Segment Profit Mix: segment profit divided by total segment profit for all segments

Return on Equity: annualized net earnings divided by average shareholders’ equity

Return on Invested Capital: annualized net earnings plus interest expense and other divided by (average total shareholders’ equity plus debt plus unrecorded goodwill)

Revenue Mix: segment revenue divided by total segment revenue for all segments

NON-GAAP

Net Debt to Capital: net debt divided by (net debt plus total shareholders’ equity)

Net Debt: debt minus (cash and equivalents and short-term investments available for sale)

Non-GAAP Diluted EPS from Continuing Operations: non-GAAP earnings from continuing operations divided by diluted weighted average shares outstanding ¹

Non-GAAP Diluted EPS from Continuing Operations Growth Rate: (current period non-GAAP diluted EPS from continuing operations minus prior period non-GAAP diluted EPS from continuing operations) divided by prior period non-GAAP diluted EPS from continuing operations ¹

Non-GAAP Earnings from Continuing Operations: earnings from continuing operations excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs, each net of tax ¹

Non-GAAP Earnings from Continuing Operations Growth Rate: (current period non-GAAP earnings from continuing operations minus prior period non-GAAP earnings from continuing operations) divided by prior period non-GAAP earnings from continuing operations ¹

Non-GAAP Effective Tax Rate from Continuing Operations: (provision for income taxes adjusted for (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs) divided by (earnings before income taxes and discontinued operations adjusted for (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs) ¹

Non-GAAP Operating Earnings: operating earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs ¹

Non-GAAP Operating Earnings Growth Rate: (current period non-GAAP operating earnings minus prior period non-GAAP operating earnings) divided by prior period non-GAAP operating earnings ¹

Non-GAAP Return on Equity: (annualized current period net earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) Other Spin-Off Costs, each net of tax) divided by average shareholders’ equity ¹

Non-GAAP Return on Invested Capital: (annualized net earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net, (3) Other Spin-Off Costs and (4) interest expense and other, each net of tax) divided by (average total shareholders’ equity plus debt plus unrecorded goodwill) ¹

¹ During the second quarter of fiscal 2009, the Company began to exclude Other Spin-Off Costs from the calculation of this non-GAAP financial measure. Prior year results have been recast to reflect the new calculation methodology.